Stocks Tumble as Earnings Season Heats Up before Fed Decision
There are many articles and news briefs included in the text, and I’ll highlight some of the main ones:
Business/Economy
- P&G shares slip as it warns of $1 billion tariff hit: Procter & Gamble (PG) stock dipped about 1% due to a $1 billion hit to profits from tariffs.
- Job openings slide in June, as hiring rate hits 7-month low: Job openings decreased in June while hiring also decreased, leading investors to closely watch for signs of slowing in the labor market.
- Nvidia leads Mag 7 higher on sign of ‘enormous pent-up demand’ from China: Nvidia (NVDA) led the Big Tech "Magnificent Seven" stocks higher, climbing 1.4%, due to reports of enormous pent-up demand for its chips in China.
Tech
- Microsoft, Meta, and Amazon rise ahead of quarterly earnings: Microsoft (MSFT), Meta (META), and Amazon (AMZN) rose fractionally ahead of their quarterly earnings reports later this week.
- Nvidia ordered 300,000 H20 chips from TSMC: Nvidia had ordered a significant number of its H20 chips from contract manufacturer TSMC.
Healthcare
- AstraZeneca rises on strong Q2 results: British drugmaker AstraZeneca (AZN) rose almost 2% due to stronger-than-expected second quarter revenue.
- Merck’s Keytruda patents will expire in 2028: Merck’s (MRK) patent for its blockbuster cancer drug Keytruda will expire in 2028, affecting the company’s future profits.
Politics
- Trump’s DOJ puts companies on notice: Don’t evade tariffs: The Justice Department is putting American companies on notice that they could be prosecuted if they choose to evade President Trump’s tariffs.
Healthcare and Finance
- UnitedHealth stock falls after reporting mixed Q2 earnings: UnitedHealth Group (UNH) stock fell due to mixed second quarter earnings.
- Spotify stock slides after Q2 earnings and revenue miss: Spotify (SPOT) stock slid due to weaker-than-expected second quarter earnings and revenue.
Trade
- US, EU rush to clinch final details and lock in trade deal: The US and European Union are racing to finalize the last pieces of their massive trade agreement.
- Stellantis faces $1.7B hit from US tariffs this year: Stellantis (STLA) will face a $1.7 billion tariff hit this year.
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