The U.S. labor market just offered the first major reality check on President Donald Trump's tariff-driven economic uncertainty—and it's not the message investors or the White <a href="https://www.benzinga.com/news/econ-s">House were hoping for.</a>



<ul class="wp-block-list">
<li>TLT ETF is moving fast. <a href="https://www.benzinga.com/quote/TLT">Check live prices here. </a></li>
</ul>



Friday's official July jobs report revealed a sharp hiring slowdown, a rise in unemployment, and deep downward revisions to past data that flipped solid gains into significant disappointments. 



The only bright spot: wages are still holding up.



<h3 class="wp-block-heading">July Hiring Disappoints; May, June Numbers Crash</h3>



Nonfarm payrolls rose by just 73,000 in July, far below the 110,000 expected by economists. The private sector added 83,000 jobs, while government employment contracted by 10,000. 



Yet the biggest surprise wasn't July's soft print—it was the massive downward revisions to previous months. 



May's job growth was slashed from 144,000 to 19,000, while June was revised from 147,000 to just 14,000. 



These revisions made both May and June the worst months for employment growth since December 2020.



That's a combined 258,000 jobs wiped from earlier estimates, highlighting the fragility behind what were believed to be strong numbers.



The unemployment rate ticked up to 4.2% from June's 4.1%, in line with forecasts. 



Average hourly earnings rose 3.9% year-over-year, a notch above June's 3.7% and better than the 3.8% expected. 



On a monthly basis, wages climbed 0.3%, matching expectations and accelerating from 0.2% in June.



<h2 class="wp-block-heading">Trump Blasts Powell, Calls For Fed Takeover</h2>



The disappointing jobs report came just one day after June's hotter-than-expected PCE inflation data gave cover to the Federal Reserve's decision to hold rates steady.



Now, weak job creation risks putting the Fed's dual mandate—price stability and full employment—on a collision course.



President Donald Trump wasted no time renewing his attacks on Jerome Powell.



In a post on Truth Social on Friday, he wrote: "Jerome &#8216;too late&#8217; Powell, a stubborn moron, must substantially lower interest rates, now. If he continues to refuse, the board should assume control, and do what everyone knows has to be done!"



Fed Governors Michelle Bowman and Christopher Waller, who dissented at July's FOMC meeting in favor of a rate cut, explained why they believe the Fed should act now.



"I believe beginning to move the policy rate at a gradual pace toward neutral will help maintain the labor market near full employment," Bowman said, adding that the risk of waiting is a further deterioration in jobs and growth.



"Upside risks to price stability have diminished," she said.



Waller added that tariffs are a one-time price event and shouldn&#8217;t deter policy action. 



"I see no reason we should hold the policy rate at its current level and risk a sudden decline in the labor market."



<h2 class="wp-block-heading">Markets React Sharply</h2>



Markets quickly adjusted to the softer-than-expected labor data. 



Futures traders fully priced in two rate cuts by December, while assigning a 65% chance of a 25 basis-point cut in September, according to CME FedWatch data.



The U.S. dollar is now on track for a six-day winning streak, while Treasury yields have plunged, with the 2-year yield falling 18 basis points to 3.78%.



Gold – as tracked by the SPDR Gold Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GLD#NYSE">GLD</a>) – surged nearly 1.5% to $3,340 per ounce, and U.S. equity futures extended early losses in premarket trading, as investors braced for more economic uncertainty from tariffs and a surprising labor market weakness. 



Read Next:



<ul class="wp-block-list">
<li><a href="https://www.benzinga.com/markets/tech/25/07/46760627/magnificent-seven-microsoft-meta-nvdia-earnings-sp500-market-cap">Magnificent Seven Now Worth Over $19 Trillion—And They Make Up 35% Of The S&amp;P 500</a></li>
</ul>



Photo: Shutterstock

Equities

Macro Economic Events

Broad U.S. Equity ETFs

Commodities

Forex

Econ #s

Economics

Federal Reserve

ETFs

Labor Market Is Cracking–And Trump Now Threatens Fed Takeover

Chevron Corp. (NYSE CVX) on Friday reported <a target="_blank" href="https://www.benzinga.com/pressreleases/25/08/b46787965/chevron-reports-second-quarter-2025-results" rel="noreferrer noopener">second-quarter</a> 2025 results, with adjusted earnings and sales surpassing Wall Street estimates despite a decline in reported net earnings.



The energy giant&#8217;s adjusted earnings were $1.77 per share, down from $2.55 a year ago but above the consensus estimate of $1.76. Sales for the quarter were $44.82 billion, a 12.5% year-over-year decline that still beat the estimated $43.43 billion.



Reported earnings fell to $2.5 billion ($1.45 per diluted share) from $4.4 billion a year earlier, a drop attributed to lower crude oil prices and a one-time net loss of $215 million related to the fair value measurement of Hess shares.



Also Read: <a href="https://www.benzinga.com/markets/earnings/25/07/46758761/shell-ceo-warns-chemicals-weakness-may-persist" target="_blank" rel="noreferrer noopener">Shell CEO Warns Chemicals Weakness May Persist</a>



Segment performance varied. U.S. upstream earnings were $1.42 billion, down from $2.16 billion a year ago, while international upstream earnings fell to $1.31 billion from $2.31 billion. Both segments were impacted by lower liquids realizations, among other factors.



In contrast, downstream operations showed growth, with U.S. earnings increasing to $404 million from $280 million and international earnings rising to $333 million from $317 million.



Operationally, the company set new quarterly records for worldwide and U.S. net oil-equivalent production, reaching 3.396 million barrels per day. This was driven by significant growth at the Tengizchevroil (TCO) affiliate (up 34%), the Gulf of America (up 22%), and the Permian Basin, which hit a milestone of 1 million barrels per day.



Cash flow from operations increased to $8.6 billion from $6.3 billion, largely due to higher distributions from the TCO affiliate. The company returned $5.5 billion to shareholders in the quarter through $2.9 billion in dividends and $2.6 billion in share repurchases.



Chevron&#8217;s board of directors also declared a quarterly dividend of $1.71 per share, payable September 10, 2025, to all holders of common stock as shown on the transfer records at the close of business on August 19, 2025.



CEO Mike Wirth said the completion of the Hess Corp. <a href="https://www.benzinga.com/m-a/25/07/46521105/chevron-wins-hess-related-arbitration-targets-1b-merger-synergies" target="_blank" rel="noreferrer noopener">acquisition</a> &#8220;further strengthens our diversified portfolio and positions us to extend our production and free cash flow growth profile well into the next decade.&#8221;



Other business milestones included entering the U.S. lithium sector, winning new exploration blocks, and starting production at the expanded Geismar renewable diesel plant.



Price Action: CVX shares are trading 0.61% higher to $152.55 premarket at last check Friday.



Read Next:



<ul class="wp-block-list">
<li><a href="https://www.benzinga.com/analyst-stock-ratings/price-target/25/08/46784616/exxon-mobil-gears-up-for-q2-print-here-are-the-recent-forecast-changes-from-wall-streets-most-accurate-analysts" target="_blank" rel="noreferrer noopener">Exxon Mobil Gears Up For Q2 Print; Here Are The Recent Forecast Changes From Wall Street&#8217;s Most Accurate Analysts</a></li>
</ul>



Photo via Shutterstock

Earnings

News

Chevron Achieves Record Production, Sees Future Growth After Hess Deal

Cryptocurrency markets are down on Friday morning but rebounding after a weak jobs report sparked hopes for a September rate cut by the Federal Reserve.



<figure class="wp-block-table"><table class="has-fixed-layout"><tbody><tr><td>Cryptocurrency</td><td>Ticker</td><td>Price</td></tr><tr><td>Bitcoin</td><td>(CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>)</td><td>$115,487</td></tr><tr><td>Ethereum</td><td>(CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/eth/usd">ETH</a>)</td><td>$3,646</td></tr><tr><td>Solana</td><td>(CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/sol/usd">SOL</a>)</td><td>$168.37</td></tr><tr><td>XRP</td><td>(CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/xrp/usd">XRP</a>)</td><td>$2.99</td></tr><tr><td>Dogecoin</td><td>(CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/doge/usd">DOGE</a>)</td><td>$0.207</td></tr><tr><td>Shiba Inu</td><td>(CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/shib/usd">SHIB</a>)</td><td>$0.00001227</td></tr></tbody></table></figure>



Notable Statistics:



<ul class="wp-block-list">
<li>IntoTheBlock data shows Bitcoin and Ethereum large transaction increased by 8.6% and dropped 6.5%, respectively. Daily active addresses moved higher by 5.3% and decreased 0.1%, respectively.</li>



<li>Coinglass data shows 184,797 traders were liquidated in the past 24 hours for $758.65 million.</li>



<li>SoSoValue data shows net outtflows of $114.8 million from spot Bitcoin ETFs on Wednesday. Spot Ethereum ETFs saw net inflows of $17 million.</li>
</ul>



Trader Notes: Stockmoney Lizards observed that Bitcoin has partially filled its fair value gap and has begun building a trading position in the $114,000–$115,000 zone. While it&#8217;s uncertain if the pullback has concluded, this level is seen as a strategic entry point.



<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true"><a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw">#Bitcoin</a> Fair value gap partially filled. Not sure if this is already it, but I have been starting to fill up my BTC trading position between 114 and 115k. <a href="https://t.co/isUqaHQPCK">https://t.co/isUqaHQPCK</a> <a href="https://t.co/vKf3NpOG5n">pic.twitter.com/vKf3NpOG5n</a>&mdash; Stockmoney Lizards (@StockmoneyL) <a href="https://twitter.com/StockmoneyL/status/1951224416337088887?ref_src=twsrc%5Etfw">August 1, 2025</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



Ted Pillows <a href="https://x.com/TedPillows/status/1951226399487844454">noted</a> that Bitcoin has returned to its range low and currently looks weak. However, he remains long-term bullish, expecting strength to return in the coming months. For Ethereum, he <a href="https://x.com/TedPillows/status/1951223882905690570">identified</a> key liquidity zones at $3,500 and $4,000, suggesting a potential liquidity sweep before a move upward toward $4,000.



Michael van de Poppe called Ethereum's ongoing correction normal and projected it could extend to around $4,100 before resuming its uptrend.



<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Fairly normal correction until <a href="https://twitter.com/search?q=%24ETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$ETH</a> touches $4,100. <a href="https://t.co/2658cqz8ap">pic.twitter.com/2658cqz8ap</a>&mdash; Michaël van de Poppe (@CryptoMichNL) <a href="https://twitter.com/CryptoMichNL/status/1951216836575478150?ref_src=twsrc%5Etfw">August 1, 2025</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



Crypto Tony <a href="https://x.com/CryptoTony__/status/1951229671217177024">pointed</a> out XRP's current dip as part of a broader market pullback, emphasizing that bulls must defend the $2.60 level to preserve short-term upside momentum. 



Degen Hardy <a href="https://x.com/Degen_Hardy/status/1951101468632817859">exited</a> his Solana long trade at a slight loss due to heavy liquidation pressure. He now watches the $140–$150 range as a potential re-entry zone, highlighting more than $100 billion in liquidation levels below current price.



Trader Tardigrade <a href="https://x.com/TATrader_Alan/status/1951206802911273332">observed </a>a long-term channel formation on Dogecoin that may pave the way for renewed bullish momentum in the meme coin's next leg higher.



Read Next:



<ul class="wp-block-list">
<li><a href="https://www.benzinga.com/crypto/cryptocurrency/25/07/46770557/bitcoin-consolidates-after-fomc-meeting-what-does-powells-decision-mean-for-eth-xrp-dogecoin">Bitcoin Consolidates After FOMC Meeting: What Does Powell&#8217;s Decision Mean For ETH, XRP, Dogecoin?</a></li>
</ul>



Image: Shutterstock

Cryptocurrency

$BTC

$DOGE

$ETH

$SHIB

$SOL

$XRP

Bitcoin Slides To $115,000, Ethereum, XRP, Dogecoin Attempt Bounce On Rate Cut Hopes

U.S. stock futures fell sharply on Friday after ending lower on Thursday. Futures of major benchmark indices were down.



Despite a week of positive earnings, the sentiment on Wall Street was subdued, as today marked the "<a href="https://www.benzinga.com/news/politics/25/07/46716020/trump-is-yet-to-sign-a-trade-deal-with-over-85-of-humanity-here-are-the-major-countries-that-are-ye">hard deadline</a>" for countries that haven't yet signed a trade deal with the U.S. to start paying the tariffs. 



Meanwhile, President Donald Trump has launched a sweeping new round of <a href="https://www.benzinga.com/markets/macro-economic-events/25/07/46781583/trump-slaps-35-tariff-on-canadian-goods-hits-68-other-nations-with-new-trade-war-amid-fentanyl-security-china-tensions">tariffs on 69 countries</a>, intensifying a global trade standoff and escalating tensions over fentanyl, national security and China.



Goods from Brazil will face a 50% tariff, while India, Taiwan and Switzerland are among others hit with new rates of 20% to 39%. A baseline 10% tariff will apply to all nations not listed in the annex.



One of the most severe penalties was <a href="https://www.benzinga.com/news/politics/25/08/46784739/trump-slams-canadas-palestine-recognition-as-roadblock-in-trade-deal-signs-agreement-with-pakistan-">aimed at Canada</a>, with tariffs on many goods rising from 25% to 35% over what Trump described as Ottawa&#8217;s &#8220;failure to cooperate&#8221; on combating fentanyl flows into the U.S. 



The 10-year Treasury bond yielded 4.38% and the two-year bond was at 3.94%. The CME Group's FedWatch<a href="https://www.cmegroup.com/markets/interest-rates/cme-fedwatch-tool.html"> tool</a>&#8216;s projections show markets pricing a 61% likelihood of the Federal Reserve keeping the current interest rates unchanged for the Sept. 17 decision.



<figure class="wp-block-table is-style-stripes"><table class="has-fixed-layout"><tbody><tr><td>Futures</td><td>Change (+/-)</td></tr><tr><td>Dow Jones</td><td>-0.91%</td></tr><tr><td>S&amp;P 500</td><td>-0.98%</td></tr><tr><td>Nasdaq 100</td><td>-1.11%</td></tr><tr><td>Russell 2000</td><td>-1.48%</td></tr></tbody></table></figure>



The SPDR S&amp;P 500 ETF Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>) and Invesco QQQ Trust ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>), which track the S&amp;P 500 index and Nasdaq 100 index, respectively, dropped in premarket on Friday. The SPY was down 0.94% at $626.13, while the QQQ declined 1.09% to $558.85, according to <a href="https://pro.benzinga.com/dashboard">Benzinga Pro</a> data.



Cues From Last Session:



Sectors that gained and lost on Thursday marked a decline for U.S. stocks. Most S&amp;P 500 sectors ended in the red, with materials, real estate, and health care stocks experiencing the largest declines. Conversely, communication services and utilities stocks defied the broader market trend, closing the session higher.



Meta Platforms Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/META#NASDAQ">META</a>) soared 11% following stellar second-quarter results and positive revenue guidance. Microsoft Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSFT#NASDAQ">MSFT</a>) climbed approximately 4% after strong Azure revenue reports.



The combined market value of the Magnificent Seven surpassed $19.4 trillion, with both Microsoft and Nvidia Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>) exceeding $4 trillion in worth.



The Personal Consumption Expenditures (PCE) price index in June increased to 2.6% from 2.3% in May, exceeding the 2.5% forecast. Core PCE, the Fed's preferred inflation gauge, remained at 2.8%, above the 2.7% consensus.



U.S. initial jobless claims in the fourth week of July rose by 1,000 from the prior week to 218,000, which was below market estimates of 224,000.



<figure class="wp-block-table is-style-stripes"><table class="has-fixed-layout"><tbody><tr><td>Index</td><td>Performance (+/-)</td><td>Value</td></tr><tr><td>Nasdaq Composite</td><td>-0.034%</td><td>21,122.45</td></tr><tr><td>S&amp;P 500</td><td>-0.37%</td><td>6,339.39</td></tr><tr><td>Dow Jones</td><td>-0.74%</td><td>44,130.98</td></tr><tr><td>Russell 2000</td><td>-0.93%</td><td>2,211.65</td></tr></tbody></table></figure>



Insights From Analysts:



Ed Yardeni of Yardeni Research highlighted that the April 2 Liberation Day reciprocal tariffs were postponed on April 9 to July 9 and again to Aug. 1.



He said that Thursday&#8217;s sell-off on mostly good news suggests that investors and traders might be starting to take profits before going on their August vacations. &#8220;They might also be betting that September could be a weak month for stocks, as it often has been in the past,&#8221; he said.



On the tariff front, Yardeni added that &#8220;Trump seems intent on using them as a revenue-raising and foreign policy tool. However, the courts might soon rule that he doesn&#8217;t have the legal authority to impose them in the first place.&#8221;



&#8220;Sure, reciprocal tariffs will be imposed on all America&#8217;s trading partners today. But that doesn&#8217;t mean that they won&#8217;t be changed again,&#8221; he noted.



Meanwhile, Louis Navellier of Navellier &amp; Associates highlighted that &#8220;Just based on the commitments that the EU, Japan and South Korea have made, a cumulative $1.5 trillion of onshoring has been promised, so the Trump Administration has secured over $10 trillion in onshoring, so 5% annual GDP growth is becoming more likely in the next few years.&#8221;



Talking about the June PCE report, Kathy Jones, chief fixed income strategist at Schwab, said, &#8220;Looking at today&#8217;s numbers, the Fed can say there isn&#8217;t yet enough evidence to warrant a rate cut.&#8221;



She added, &#8220;Inflation is above target and turning higher. Tariffs will increase prices while the job market seems steady.&#8221;



Meanwhile, Chris Zaccarelli, CIO at Northlight Asset Management said, &#8220;Boom times are back – at least for now – as GDP is running at 3%, unemployment is low and inflation remains in check. As with so many things in the economy, the situation is very fluid and we have yet to see the full impact of tariffs flowing through to inflation. The Fed is on hold (but has a bias to cut rates) and tech firms blowing out their earnings reports, so the market is poised to keep climbing.&#8221;



Talking about its impact on stock markets, he added, &#8220;While we remain concerned about elevated valuations, we understand that they are a necessary, but not sufficient, cause for markets to pull back. We are priced for perfection as they say, and that is a risk, but one that will likely be ignored by the market as long as corporate profits are still growing.&#8221;



See Also: <a href="https://www.benzinga.com/money/how-to-trade-futures">How to Trade Futures</a> 



Upcoming Economic Data



Here&#8217;s what investors will keep an eye on Friday:



<ul class="wp-block-list">
<li>July&#8217;s U.S. employment report, unemployment rate, and hourly wages data will be announced by 8:30 a.m. ET.</li>



<li>July&#8217;s S&amp;P final U.S. manufacturing PMI will be released at 9:45 a.m., whereas July&#8217;s ISM manufacturing, construction spending, and consumer sentiment will be announced by 10:00 a.m. ET.</li>



<li>July&#8217;s auto sales data will also be released on Friday.</li>
</ul>



Stocks In Focus:



<ul class="wp-block-list">
<li>Chevron Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CVX#NYSE">CVX</a>) was up 0.22% in premarket on Friday as analysts expect it to report earnings of $1.76 per share on revenue of $43.43 billion before the opening bell.</li>



<li>Exxon Mobil Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XOM#NYSE">XOM</a>) was down 0.37% as it is expected to report earnings before the opening bell. Analysts estimate earnings of $1.47 per share on revenue of $79.34 billion.</li>



<li>Apple Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>) was up 1.88% posting stronger-than-expected third-quarter results as the iPhone maker reported fiscal third-quarter revenue of $94 billion, beating analyst estimates of $89.04 billion by 5.6%. Earnings per share came in at $1.57, surpassing the consensus estimate of $1.42 per share.</li>



<li>Amazon.com Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMZN#NASDAQ">AMZN</a>) dropped over 8.14% despite better-than-expected results as the street was not convinced by the cloud revenue and demand dwarfing the capacity amid power constraints.</li>



<li>WW Grainger Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GWW#NYSE">GWW</a>) was 0.44% lower as analysts expect it to report earnings of $10.04 per share on revenue of $4.52 billion before the opening bell.</li>



<li>GoPro Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GPRO#NASDAQ">GPRO</a>) slid 5.43% as it declined from peak levels following the short squeeze last week. Thursday's announcement also did not help the stock as it launched an opt-in AI training program, allowing subscribers to monetize cloud-based video content.</li>



<li>Reddit Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/RDDT#NYSE">RDDT</a>) jumped 13.77% after reporting second-quarter results that crushed Wall Street expectations and issued bullish third-quarter guidance.</li>



<li>Coinbase Global Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/COIN#NASDAQ">COIN</a>) dropped 11.10% as it reported second-quarter revenue of $1.5 billion, down 26% quarter-over-quarter. The revenue missed a Street consensus estimate of $1.69 billion.</li>
</ul>



Commodities, Gold, And Global Equity Markets:



Crude oil futures were trading lower in the early New York session by 0.58% to hover around $68.86 per barrel.



Gold Spot US Dollar rose 0.14% to hover around $3,294.77 per ounce. Its last record high stood at $3,500.33 per ounce. The U.S. Dollar Index spot was higher by 0.17% at the 100.1360 level.



Asian markets declined on Friday, as Japan's Nikkei 225, India's S&amp;P BSE Sensex, China&#8217;s CSI 300, Hong Kong's Hang Seng, South Korea's Kospi, and Australia's ASX 200 indices fell. European markets were also lower in early trade.



Read Next:



<ul class="wp-block-list">
<li><a href="https://www.benzinga.com/markets/equities/25/08/46784642/mark-cuban-says-cutting-pbm-fees-wont-reduce-pharmaceutical-rd-funding-manufacturers-can-sell-to-us-for-more">Mark Cuban Says Cutting PBM Fees Won&#8217;t Reduce Pharmaceutical R&amp;D Funding: &#8216;Manufacturers Can Sell To Us For More&#8217;</a></li>
</ul>



Photo courtesy: godongphoto / Shutterstock.com

AAPL

AMZN

COIN

GPRO

MSFT

NVDA

RDDT

Stock Market Today: Futures Drop On 'Aug 1' Tariff Deadline Fears, Chevron, Exxon, Apple, Amazon In Focus

Following its second-quarter earnings report, Amazon.com Inc.&#8216;s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMZN#NASDAQ">AMZN</a>) stock experienced a significant sell-off. However, a closer look at the details from the earnings call reveals that the primary reason for the slowdown in Amazon&#8217;s cloud business, Amazon Web Services (AWS), is not a lack of demand, but a severe capacity issue, with CEO Andy Jassy specifically identifying power as the &#8220;single biggest constraint.&#8221;



Check out the <a href="https://www.benzinga.com/quote/AMZN">AMZN stock price over here</a>. 



What Happened: Even though the market appeared to react negatively to the 17% year-over-year revenue growth reported by AWS, Eric Allen, co-founder at Stealth, suggested in an X post that the market&#8217;s reaction was &#8220;totally wrong.&#8221;



Additionally, according to a chart from Fiscal.ai, AWS trailed behind Microsoft&#8217;s Azure at 30% and Google Cloud at 20% for the same quarter.



<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Is AWS falling behind?<a href="https://twitter.com/search?q=%24AMZN&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$AMZN</a> <a href="https://twitter.com/search?q=%24MSFT&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$MSFT</a> <a href="https://twitter.com/search?q=%24GOOG&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$GOOG</a> <a href="https://t.co/n2TDZVGbvV">pic.twitter.com/n2TDZVGbvV</a>&mdash; Fiscal.ai (formerly FinChat) (@fiscal_ai) <a href="https://twitter.com/fiscal_ai/status/1951024834642845854?ref_src=twsrc%5Etfw">July 31, 2025</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



Despite this, the company&#8217;s backlog figure, as reported by Vice President of Investor Relations, Dave Files, was a staggering $195 billion at the end of the quarter, up 25% year over year. This figure strongly supports CEO Jassy&#8217;s comments about the capacity issue on the earnings call.



&#8220;We have more demand than we have capacity at this point,&#8221; Jassy stated. &#8220;And I think that and you see, you know, some of the constraints, and they kind of exist in multiple places. The single biggest constraint is power.&#8221; Jassy also mentioned other challenges with chips and components for building servers and noted that he doesn&#8217;t believe the capacity issue will be fully resolved &#8220;in a couple of quarters.&#8221;



This sentiment was echoed by the tech expert Allen, who criticized the market&#8217;s interpretation.



&#8220;As usual, market gets $AMZN and AWS totally wrong,&#8221; he posted. &#8220;There's Literally a power capacity issue and a backlog of demand AWS as explained by CEO. Yet market sees 17% YoY and decided not fast enough so they sell off. Dummies. Long AMZN.&#8221;



Allen&#8217;s analysis highlights the central conflict: the market is punishing Amazon for a growth rate that is constrained by supply, not demand, which is arguably a more favorable long-term problem for a company to have.



<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">As usual, market gets <a href="https://twitter.com/search?q=%24AMZN&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$AMZN</a> and AWS totally wrong. There's Literally a power capacity issue and a backlog of demand AWS as explained by CEO. Yet market sees 17% YoY and decided not fast enough so they sell off. Dummies. Long AMZN <a href="https://t.co/SREZxDILA9">pic.twitter.com/SREZxDILA9</a>&mdash; Eric Allen (@ericallen99) <a href="https://twitter.com/ericallen99/status/1951117479356539106?ref_src=twsrc%5Etfw">August 1, 2025</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



See Also: <a href="https://www.benzinga.com/news/politics/25/08/46784739/trump-slams-canadas-palestine-recognition-as-roadblock-in-trade-deal-signs-agreement-with-pakistan-that-doesnt-even-recognize-israel">Trump Slams Canada&#8217;s Palestine Recognition As Roadblock In Trade Deal—Signs Agreement With Pakistan That Doesn&#8217;t Even Recognize Israel</a>



Why It Matters: Amazon reported <a href="https://www.benzinga.com/markets/earnings/25/07/46774978/amazon-q2-earnings-highlights-double-beat-ai-progress-across-the-board-continues">second-quarter </a>net sales of $167.7 billion, up 13% year-over-year. The net sales total beat a Street consensus estimate of $161.9 billion. Meanwhile, its quarterly earnings per share of $1.68 beat a Street estimate of $1.30.



The company expects third-quarter net sales to come in a range between $174.0 billion and $179.5 billion, versus a Street estimate of $172.8 billion. It expects operating income to be in a range of $15.5 billion to $20.5 billion, compared to $17.4 billion in the third quarter of 2024.



Price Action: AMZN stock fell 7.55% in premarket on Friday after declining by 6.63% in after-hours on Thursday. The stock was up 6.31% year-to-date and 27.19% over a year.



Benzinga's Edge Stock Rankings indicate that AMZN maintains a strong price trend across the short, medium, and long term. However, the stock scores moderately on value rankings. Additional performance details are <a href="https://www.benzinga.com/premium/ideas/benzinga-edge-3/#:~:text=Turn%20Market%20Chaos,when%20markets%20rebound">available here</a>.



<figure class="wp-block-image size-large"><a href="https://www.benzinga.com/premium/ideas/benzinga-edge-3/#:~:text=Turn%20Market%20Chaos,when%20markets%20rebound"><img loading="lazy" decoding="async" width="1024" height="157" src="https://editorial-assets.benzinga.com/wp-content/uploads/2025/08/01070409/AMZN-Edge-1024x157.png" alt="" class="wp-image-1010698" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2025/08/01070409/AMZN-Edge-1024x157.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/08/01070409/AMZN-Edge-300x46.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/08/01070409/AMZN-Edge-768x117.png 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/08/01070409/AMZN-Edge.png 1282w" sizes="(max-width: 1024px) 100vw, 1024px" /></a></figure>



The SPDR S&amp;P 500 ETF Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>) and Invesco QQQ Trust ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>), which track the S&amp;P 500 index and Nasdaq 100 index, respectively, were lower in premarket on Thursday. The SPY was down 0.38% at $632.08, while the QQQ declined 0.53% to $565.01, according to <a href="https://pro.benzinga.com/dashboard">Benzinga Pro</a> data.



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Disclaimer:&nbsp;This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors. 



Image Via Imagn Images

Amazon Post-Earnings Decline 'Totally Wrong,' Says Analyst As CEO Points Out AWS Has 'More Demand Than We Have Capacity'

Tech giant, Apple Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>), has warned investors that it expects to incur a $1.1 billion hit from the tariff-related costs during its fiscal fourth quarter.



Check out the current price of&nbsp;<a href="https://www.benzinga.com/quote/AAPL" target="_blank" rel="noreferrer noopener">AAPL stock here.</a>



What Happened: During its <a href="https://www.benzinga.com/markets/equities/25/07/46781721/apple-surges-after-hours-as-q3-earnings-crush-estimates-iphone-and-services-lead-growth">third-quarter earnings</a> call on Thursday, Apple CEO Tim Cook confirmed that the company&#8217;s tariff costs are set to increase from $800 million during its June quarter to over $1 billion. 



According to Cook, tariff expenses are &#8220;up quarter over quarter because our volume is up quarter over quarter,&#8221; while he added that &#8220;there was some build ahead in the previous quarter,&#8221; which refers to Apple ramping up production to get ahead of the tariffs and the resulting supply-chain disruptions. 



See Also: <a href="https://www.benzinga.com/markets/tech/25/07/46729379/six-years-late-apples-foldable-iphone-could-still-flip-everything">Six Years Late, Apple&#8217;s Foldable iPhone Could Still Flip Everything</a>



Cook further outlined how Apple&#8217;s manufacturing footprint has evolved in recent months, saying that &#8220;the majority of the iPhones sold in the United States have a country of origin of India,&#8221; while the rest of its product portfolio, comprising MacBooks, iPads, iWatches, and more, that are sold in the U.S., now come from Vietnam.



Discussing the measures the company has since undertaken to mitigate these costs, Cook says, &#8220;we will do more in the United States,&#8221; referring to the $500 billion in investments that the company has committed to the U.S. over the next four years. 



The company&#8217;s CFO, Kevan Parekh, echoed Cook&#8217;s comments, saying that &#8220;The tariffs are currently… pretty linear with volume,&#8221; but warned that they were still uncertain regarding what the rates will be. 



Why It Matters: Amid growing tensions between the United States and China, India has become the <a href="https://www.benzinga.com/markets/tech/25/07/46681044/india-becomes-top-us-smartphone-exporter-as-trade-war-pressures-drive-supply-chain-shift-from-china">top exporter of smartphones</a> to the U.S., with Apple&#8217;s iPhone making a significant chunk of this trade. 



Yet, early this week, President Donald Trump announced that India would be paying a <a href="https://www.benzinga.com/markets/macro-economic-events/25/07/46745168/trump-leaves-good-friend-india-in-the-cold-strikes-trade-deal-with-arch-rival-pakistan-over-massive-oil-reserves">25% tariff on exports</a> to the U.S., &#8220;plus a penalty&#8221; for buying Russian energy and military equipment.



Early this year, Apple committed to <a href="https://www.benzinga.com/tech/25/02/43910982/apple-commits-500-billion-in-us-investment-for-ai-push-boost-us-manufacturing-tech">investing $500 billion</a> in the United States, across data centers, Apple Intelligence infrastructure, and even Apple TV+ productions.



Leading Apple analyst, Ming-Chi Kuo, however, believes that the company would rather absorb the 25% tariff on the iPhones than move assembly lines back to the U.S.



The company released its <a href="https://www.benzinga.com/markets/equities/25/07/46781721/apple-surges-after-hours-as-q3-earnings-crush-estimates-iphone-and-services-lead-growth">third-quarter results</a> on Thursday, reporting $94 billion in revenue, significantly ahead of estimates at $89.04 billion. It posted a profit of $1.57 per share, which was again ahead of consensus estimates at $1.42 per share.



Price Action: Apple shares were down 0.71% on Thursday, trading at $207.57, but have since surged 2.42% after hours.



<figure class="wp-block-image size-large"><a href="https://www.benzinga.com/premium/ideas/benzinga-edge-2#:~:text=Turn%20Market%20Chaos,when%20markets%20rebound"><img loading="lazy" decoding="async" width="1024" height="149" src="https://editorial-assets.benzinga.com/wp-content/uploads/2025/08/01032949/Screenshot-2025-08-01-at-12.59.38-PM-1024x149.png" alt="" class="wp-image-1010310" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2025/08/01032949/Screenshot-2025-08-01-at-12.59.38-PM-1024x149.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/08/01032949/Screenshot-2025-08-01-at-12.59.38-PM-300x44.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/08/01032949/Screenshot-2025-08-01-at-12.59.38-PM-768x112.png 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/08/01032949/Screenshot-2025-08-01-at-12.59.38-PM.png 1526w" sizes="(max-width: 1024px) 100vw, 1024px" /></a></figure>



According to Benzinga&#8217;s Edge Stock Rankings, Apple currently scores poorly on most key metrics, but has a favorable price trend in the short and medium terms. Click <a href="https://www.benzinga.com/premium/ideas/benzinga-edge-2#:~:text=Turn%20Market%20Chaos,when%20markets%20rebound">here</a> for deeper insights into the stock, its peers and competitors. 



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Photo courtesy: jamesteohart / Shutterstock.com

Tech

Apple Braces For $1.1 Billion Tariff Hit In Q4 Even As iPhone Production Shifts To India: Tim Cook Says, 'We Will Do More In The United States'

Elon Musk, the CEO of Tesla Inc. and SpaceX, donated $15 million to President Donald Trump and the Republican Party, days before he called for the formation of a third party.



<h2 class="wp-block-heading">Musk&#8217;s Donations Disclosed In Campaign Finance Report</h2>



Musk made the donations in late June. The donations were disclosed in the campaign finance reports of the pro-Trump MAGA Inc., Senate Leadership Fund,&nbsp;and Congressional Leadership Fund super&nbsp;PACs, <a href="https://us.cnn.com/2025/08/01/politics/trump-maga-inc-fundraising">reported </a>CNN.



On June 27, Musk contributed $5 million each to pro-Trump MAGA Inc., the Senate Leadership Fund and the Congressional Leadership Fund. The donations were disclosed in the campaign finance report of each entity. However, on June 30, he threatened to establish a third party, the America Party, if Congress passed the &#8220;big, beautiful bill.&#8221; Musk also donated over $45 million to the America PAC in the first half of 2025.



See Also:&nbsp;<a href="https://benzinga.com/pressreleases/24/10/ab41310379/claritycheck-launches-innovative-reverse-lookup-tool-to-empower-users-against-digital-scams" target="_blank" rel="noreferrer noopener">ClarityCheck Launches Innovative Reverse Lookup Tool to Empower Users Against Digital Scams &#8211; Benzinga</a>



<h2 class="wp-block-heading">Trump's MAGA Inc. Raises Nearly $200 Million For 2026 Midterms</h2>



The Republican Party, under Trump&#8217;s leadership, has been aggressively&nbsp;fundraising&nbsp;for the 2026 midterm elections. Trump&#8217;s super PAC, MAGA Inc., raised $177 million in the first half of the year, leaving it with nearly $200 million in available funds. 



Besides Musk, the donor list featured billionaire Wall Street trader Jeffrey Yass with a $16 million contribution, cosmetics heir Ronald Lauder with $5 million, and Silicon Valley investor Marc Andreessen, who donated $3 million.



<h2 class="wp-block-heading">Trump-Musk Rift Complicates SpaceX's Role In US Defense</h2>



Musk&#8217;s relationship with the Trump administration has been tumultuous since he left in late May. Musk&#8217;s donations to the Republican Party and his subsequent change of heart are noteworthy in the context of the current political landscape.&nbsp;



Musk has been publicly critical of Trump&#8217;s policies, such as the axing of subsidies on renewable energy. This criticism has been accompanied by Musk&#8217;s&nbsp;<a href="https://www.benzinga.com/markets/tech/25/07/46623210/elon-musk-slams-trump-for-axing-subsidies-on-renewable-energy-says-spacex-won-nasa-contracts-by-doing-a-better-job-for-less-money">assertion</a>&nbsp;that SpaceX won NASA contracts by delivering superior performance at lower costs.&nbsp;



Meanwhile, the Trump administration&#8217;s reported consideration of other partners, including Amazon&#8217;s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMZN#NASDAQ">AMZN</a>) Project Kuiper, for the Golden Dome missile defense system has raised questions about SpaceX&#8217;s future role in national defense projects.



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Disclaimer:&nbsp;This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

Elon Musk Donated $15 Million To Trump's MAGA And GOP Just 3 Days Before His Third Party Bid

President Donald Trump criticized Canada's move to back statehood for Palestine as a major roadblock to a new trade deal, even as his administration announced a new partnership with Pakistan, a country that does not recognize Israel.



What Happened: The conflicting approaches to foreign policy were highlighted by a series of statements and social media posts from the White House and other news outlets on Thursday.



In a post on Truth Social, President Trump declared, &#8220;Wow! Canada has just announced that it is backing statehood for Palestine. That will make it very hard for us to make a Trade Deal with them.&#8221;



<figure class="wp-block-image size-full"><a href="https://truthsocial.com/@realDonaldTrump/posts/114945962278773358"><img loading="lazy" decoding="async" width="679" height="222" src="https://editorial-assets.benzinga.com/wp-content/uploads/2025/08/01013846/Trump-Canada.png" alt="" class="wp-image-1010204" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2025/08/01013846/Trump-Canada.png 679w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/08/01013846/Trump-Canada-300x98.png 300w" sizes="(max-width: 679px) 100vw, 679px" /></a></figure>



The statement came just ahead of an Aug. 1st deadline for new U.S. trading terms, with<a href="https://www.benzinga.com/markets/macro-economic-events/25/07/46747584/trump-blasts-canada-over-palestine-stance-says-it-makes-striking-a-trade-deal-with-"> Canada facing a potential 35% tariff</a> on goods not covered by the USMCA agreement. 



Canadian Prime Minister Mark Carney announced that his country's recognition of a Palestinian state at the UN General Assembly would be predicated on reforms excluding Hamas.



Meanwhile, in a separate Truth Social post, Trump detailed a <a href="https://www.benzinga.com/markets/macro-economic-events/25/07/46745168/trump-leaves-good-friend-india-in-the-cold-strikes-trade-deal-with-arch-rival-pakistan-over-massive-oil-reserves">new deal with Pakistan</a>. &#8220;We have just concluded a Deal with the Country of Pakistan, whereby Pakistan and the United States will work together on developing their massive Oil Reserves,&#8221; he wrote.



This partnership with Pakistan is notable given the country's strong anti-Israel stance, as detailed in a report <a href="https://crescent.icit-digital.org/articles/why-pakistan-should-not-recognize-israel">from</a> the Islamic newsmagazine Crescent International.



The magazine reported on an ongoing debate within Pakistan about whether to recognize Israel, with the majority of arguments against recognition, calling it a &#8220;colonial settler entity.&#8221;



<figure class="wp-block-image size-full"><a href="https://truthsocial.com/@realDonaldTrump/posts/114943927434273211"><img loading="lazy" decoding="async" width="691" height="664" src="https://editorial-assets.benzinga.com/wp-content/uploads/2025/08/01013858/Trump-Pak.png" alt="" class="wp-image-1010205" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2025/08/01013858/Trump-Pak.png 691w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/08/01013858/Trump-Pak-300x288.png 300w" sizes="(max-width: 691px) 100vw, 691px" /></a></figure>



See Also: <a href="https://www.benzinga.com/markets/macro-economic-events/25/07/46753311/delusional-world-analyst-slams-jerome-powells-inaction-as-experts-debate-possibility-of-six-cuts-starting-september">&#8216;Delusional World:&#8217; Analyst Slams Jerome Powell&#8217;s Inaction As Experts Debate Possibility Of Six Cuts Starting September</a>



Why It Matters: According to Reuters, Canada is the second-largest U.S. trading partner, following Mexico. It bought $349.4 billion of U.S. goods last year and exported $412.7 billion to the U.S.



Meanwhile, as per the <a href="https://ustr.gov/countries-regions/south-central-asia/pakistan#:~:text=Pakistan%20Trade%20Summary,(%2490.9%20million)%20from%202023.">U.S. Trade Representative</a> (USTR), total goods trade with Pakistan was an estimated $7.3 billion in 2024. U.S. goods exports to Pakistan in 2024 were $2.1 billion, up 4.4% or $90.9 million from 2023. 



The contrast between Trump's condemnation of Canada and his new deal with Pakistan, a non-recognizing nation, underscores a seemingly inconsistent foreign policy driven by trade priorities.



Trump told reporters on Tuesday this week that <a href="https://www.benzinga.com/news/politics/25/07/46714946/trump-warns-india-of-25-tariffs-as-trade-talks-stall-ahead-of-august-1-deadline">India could face tariffs of 20% to 25%</a> on exports to the United States as the Aug. 1 deadline approaches without a finalized agreement. As per <a href="https://ustr.gov/countries-regions/south-central-asia/india">USTR</a>, India exports nearly $130 billion of goods to the U.S. 



On Wednesday, in a Truth Social post, Trump added that India will also face a &#8220;penalty" for buying Russian energy and military equipment, "at a time when everyone wants Russia to STOP THE KILLING IN UKRAINE," he says.



Meanwhile, the U.S. Commerce Secretary Howard Lutnick warned that Aug. 1 would be the &#8220;<a href="https://www.benzinga.com/news/politics/25/07/46716020/trump-is-yet-to-sign-a-trade-deal-with-over-85-of-humanity-here-are-the-major-countries-that-are-ye">hard deadline</a>&#8221; for countries that haven&#8217;t yet signed a trade deal with the U.S. to start paying the tariffs. 



Price Action: The SPDR S&amp;P 500 ETF Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>) and Invesco QQQ Trust ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>), which track the S&amp;P 500 index and Nasdaq 100 index, respectively, declined on Thursday. The SPY was down 0.38% at $632.08, while the QQQ declined 0.53% to $565.01, according to <a href="https://pro.benzinga.com/dashboard">Benzinga Pr</a>o data.



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Photo courtesy: Shutterstock

Politics

Trump Slams Canada's Palestine Recognition As Roadblock In Trade Deal—Signs Agreement With Pakistan That Doesn't Even Recognize Israel

The CNN Money Fear and Greed index showed further decline in the overall market sentiment, while the index remained in the &#8220;Greed&#8221; zone on Thursday.



U.S. stocks settled mostly lower on Thursday, with the Dow Jones index falling more than 300 points during the session.



Meta Platforms Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/META#NASDAQ">META</a>) jumped 11% after delivering blockbuster second-quarter results and upbeat revenue guidance. Microsoft Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSFT#NASDAQ">MSFT</a>) climbed about 4% after reporting strong Azure revenues.



The combined market value of the Magnificent Seven swelled past $19.4 trillion, with both Microsoft and Nvidia Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>) worth more than $4 trillion.



On the economic data front, the Personal Consumption Expenditures (PCE) price index rose to 2.6% in June from 2.3% in May, surpassing the 2.5% forecast. Core PCE, the Fed&#8217;s preferred inflation gauge, held at 2.8%, above the 2.7% consensus. U.S. initial jobless claims rose by 1,000 from the previous week to 218,000 in the fourth week of July, compared to market estimates of 224,000.



Most sectors on the S&amp;P 500 closed on a negative note, with materials, real estate and health care stocks recording the biggest losses on Thursday. However, communication services and utilities stocks bucked the overall market trend, closing the session higher.



The Dow Jones closed lower by 330 points to 44,130.98 on Thursday. The S&amp;P 500 fell 0.37% to 6,339.39, while the Nasdaq Composite slipped 0.03% to 21,122.45 during Thursday's session.



Investors are awaiting earnings results from Chevron Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CVX#NYSE">CVX</a>), Exxon Mobil Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XOM#NYSE">XOM</a>) and WW Grainger Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GWW#NYSE">GWW</a>) today.



What is CNN Business Fear &amp; Greed Index?



At a current reading of 62.5, the index remained in the &#8220;Greed&#8221; zone on Wednesday, versus a prior reading of 65.3.



The Fear &amp; Greed Index is a measure of the current market sentiment. It is based on the premise that higher fear exerts pressure on stock prices, while higher greed has the opposite effect. The index is calculated based on seven equal-weighted indicators. The index ranges from 0 to 100, where 0 represents maximum fear and 100 signals maximum greediness.



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Photo courtesy: Shutterstock

Pre-Market Outlook

Dow Falls Over 300 Points Despite Strong Earnings: Investor Sentiment Declines, Fear Index Remains In 'Greed' Zone

Leading cryptocurrencies fell alongside stocks on Thursday as a jump in consumer prices dampened hopes of interest rate cuts. &nbsp;



<figure class="wp-block-table"><table class="has-fixed-layout"><thead><tr><th>Cryptocurrency</th><th>Gains +/-</th><th>Price (Recorded at 9:40 p.m. ET)</th></tr></thead><tbody><tr><td>Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>)</td><td>-2.17%</td><td>$115,531.73</td></tr><tr><td>Ethereum (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/eth/usd">ETH</a>) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td><td>-3.77%</td><td>$3,680.37</td></tr><tr><td>Dogecoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/doge/usd">DOGE</a>)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td><td>-5.72%</td><td>$0.2084</td></tr></tbody></table></figure>



What Happened: Bitcoin tumbled to an intraday low of $114,369.87, prompting a broader market decline. Ethereum sank below $3,700.



Bullish long traders were heavily hit by the slump, with over $570 million in long positions wiped out in the last 24 hours.



That said, the two cryptocurrency heavyweights recorded a profitable July. While Bitcoin rose nearly 8% in the month, Ethereum skyrocketed over 48%.



Bitcoin's open interest fell by 0.86% in the last 24 hours, while funds locked in Ethereum unsettled contracts dropped 1.83%.&nbsp;



The "greed" sentiment weakened further in the market, according to the Crypto Fear &amp; Greed Index.



Top Gainers (24 Hours)



<figure class="wp-block-table"><table class="has-fixed-layout"><thead><tr><th>Cryptocurrency</th><th>Gains +/-</th><th>Price (Recorded at 9:40 p.m. ET)</th></tr></thead><tbody><tr><td>Toncoin (TON)&nbsp;&nbsp;&nbsp;&nbsp;</td><td>+2.00%</td><td>$3.49</td></tr><tr><td>XDC Network (XDC)&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td><td>+1.77%</td><td>$0.09785</td></tr><tr><td>Story (IP)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td><td>+1.16%</td><td>$6.02 </td></tr></tbody></table></figure>



The global cryptocurrency market capitalization stood at $3.78 trillion, contracting 2.33% in the last 24 hours.



Stocks closed lower on Thursday. The Dow Jones Industrial Average dropped 330.30 points, or 0.74%, to end at 44,130.98. The S&amp;P 500 dipped 0.37%, ending at 6,339.39. The tech-focused Nasdaq Composite lost 0.03% to finish at 21,122.45.



The Personal Consumption Expenditures price index, the Federal Reserve's preferred inflation gauge,<a href="https://www.benzinga.com/markets/economic-data/25/07/46755543/inflation-pce-june-tariffs-trump-powell-interest-rates"> jumped to 2.6% year-over-year</a>, up from 2.3% in May and topping expectations of 2.5%, casting doubt on the future of rate cuts this year.



Investors have been anxious following Federal Reserve Chair Jerome Powell&#8217;s <a href="https://www.benzinga.com/markets/macro-economic-events/25/07/46736975/powell-holds-rates-copper-crashes-after-tariff-change-trump">hawkish tone after the central bank's July policy meeting</a>.



See More: <a href="https://www.benzinga.com/money/best-crypto-scanners">Best Cryptocurrency Scanners</a>



Analyst Notes: Widely followed cryptocurrency analyst and trader CW suggested that the retail demand for Bitcoin was on the rise.



"Transfer volumes have bottomed out and are gradually increasing. Transfer volume remains low, but growing demand from retail investors is a positive sign," the analyst said. "If they return to the market in earnest, the BTC rally will continue."



<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Retail investor demand for <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$BTC</a> is increasing. Transfer volumes have bottomed out and are gradually increasing. Transfer volume remains low, but growing demand from retail investors is a positive sign. If they return to the market in earnest, the <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$BTC</a> rally will continue. <a href="https://t.co/R9WTnMMgxa">pic.twitter.com/R9WTnMMgxa</a>&mdash; CW (@CW8900) <a href="https://twitter.com/CW8900/status/1950969335650120121?ref_src=twsrc%5Etfw">July 31, 2025</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



Another popular cryptocurrency analyst, Michaël van de Poppe, predicted that Ethereum may peak around $4,000 in the short term, followed by a brief pullback.



"Things are building up for a perfect bull market for the coming 12-24 months on altcoins," Van De Poppe stated.



<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Volatility dies down on <a href="https://twitter.com/search?q=%24ETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$ETH</a>, which makes it likely that we&#39;re going to be seeing a top around the $4K area in the short-term and then a short-lived correction. Things are building up for a perfect bull market for the coming 12-24 months on the <a href="https://twitter.com/hashtag/Altcoins?src=hash&amp;ref_src=twsrc%5Etfw">#Altcoins</a>. <a href="https://t.co/ic0oEE3YLX">pic.twitter.com/ic0oEE3YLX</a>&mdash; Michaël van de Poppe (@CryptoMichNL) <a href="https://twitter.com/CryptoMichNL/status/1950855456039051428?ref_src=twsrc%5Etfw">July 31, 2025</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



Read Next:&nbsp;&nbsp;&nbsp;&nbsp;



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<li><a href="https://www.benzinga.com/crypto/cryptocurrency/25/07/46770711/sec-launches-project-crypto-heres-what-it-means-for-you">SEC Launches &#8216;Project Crypto&#8217; — Here&#8217;s What It Means For You</a></li>
</ul>



Photo Courtesy: Rido on Shutterstock

Bitcoin, Ethereum, Dogecoin Slide As Hotter-Than-Expected Inflation Dims Rate Cut Hopes: Analyst Sees ETH Dip After $4,000 Peak

On Thursday, Apple Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>) CEO Tim Cook said the company is open to considering artificial intelligence acquisitions.



During Apple's <a href="https://www.benzinga.com/markets/earnings/25/07/46776239/apple-q3-earnings-revenue-eps-smash-estimates-as-iphone-sales-jump-active-installed-base-reaches-new-highs">third-quarter earnings call</a>, Citi analyst Atas Malik asked whether the company would accelerate its AI roadmap through major mergers and acquisitions.



Check out the current price of <a href="https://benzinga.com/quote/AAPL" target="_blank" rel="noreferrer noopener">AAPL stock here</a>.



Cook responded that Apple has already acquired around seven companies this year and remains "very open to M&amp;A that accelerates our roadmap."



<h2 class="wp-block-heading">Apple Is Open To M&amp;A, Says Tim Cook</h2>



"We are not stuck on a certain size company," Cook said. "Although the ones that we have acquired thus far this year are small in nature… we basically ask ourselves whether a company can help us accelerate a roadmap. If they do, then we're interested."



See Also: <a href="https://www.benzinga.com/markets/tech/25/07/46680504/apple-faces-18-month-deadline-to-deliver-on-ai-says-analyst" target="_blank" rel="noreferrer noopener">Apple Faces 18-Month Deadline To Deliver On AI, Says Analyst</a>



<h2 class="wp-block-heading">Apple's M&amp;A History Lags Behind Meta, Google</h2>



While Cook's comments reflect a willingness to act, Apple's past tells a different story. Its largest-ever acquisition <a href="https://www.benzinga.com/markets/equities/23/05/32613736/if-you-invested-1000-in-apple-when-it-made-its-biggest-acquisition-9-years-ago-heres-how-much-yo">remains the $3 billion</a> Beats Electronics deal in 2014.



By contrast, peers like Facebook-parent Meta Platforms, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/META#NASDAQ">META</a>) acquired WhatsApp <a href="https://www.benzinga.com/exclusives/15/01/5187867/facebook-may-not-need-to-prove-whatsapp-was-worth-19-billion">for $19 billion</a>, Alphabet Inc.'s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOG#NASDAQ">GOOG</a>) (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOGL#NASDAQ">GOOGL</a>) Google bought Motorola Mobility for $12.5 billion and Microsoft Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSFT#NASDAQ">MSFT</a>) spent a <a href="https://www.benzinga.com/general/gaming/24/10/41342256/microsoft-settles-antitrust-lawsuit-filed-by-gamers-over-activision-blizzard-acquisition">staggering $69 billion</a> on Activision Blizzard.



<h2 class="wp-block-heading">Apple Trails Rivals Like Meta, Microsoft In AI Spending</h2>



Apple also remains a relatively modest spender on capital expenditures compared to other big tech firms. In the June quarter, it reported $3.46 billion in capex—its highest since December 2022—up from $2.15 billion a year earlier. At that pace, annual spending would total around $14 billion, according <a href="https://www.cnbc.com/2025/07/31/tim-cook-apple-ai-acquisitions.html?taid=688bffe49f3972000101230c&amp;utm_campaign=trueanthem&amp;utm_content=main&amp;utm_medium=social&amp;utm_source=twitter">to</a> CNBC.



In comparison, Meta, Google and Microsoft have spent <a href="https://www.benzinga.com/markets/tech/25/07/46760252/meta-microsoft-and-google-are-unleashing-a-250-billion-ai-tsunami">tens of billions to dominate</a> the AI arms race. Meta alone projects up <a href="https://www.benzinga.com/markets/tech/25/07/46745285/meta-cfo-susan-li-says-company-may-tap-external-financing-for-2026-ai-infrastructure-as-capex-heads-toward-100-billion">to $72 billion in annual</a> CapEx, while Google expects $85 billion.



<h2 class="wp-block-heading">Apple Reportedly Eyes Perplexity AI, Mistral And Others</h2>



Meanwhile, it has been reported that <a href="https://www.benzinga.com/markets/tech/25/06/46041473/apple-eyes-perplexity-ai-acquisition-while-facing-shareholder-lawsuit-over-exaggerated-ai-progress-report">Apple is evaluating</a> Perplexity AI as a possible acquisition. Apple has also reportedly looked at other smaller AI companies like Cohere, Mistral and Thinking Machines Lab.



<h2 class="wp-block-heading">Apple Beats Earnings Expectations In Q3 Revenue</h2>



Apple posted fiscal third-quarter revenue of $94 billion, surpassing expectations of $89.04 billion. The company closed the quarter with $36.27 billion in cash and cash equivalents.



Price Action: Apple shares rose 2.42% in after-hours trading, according to <a href="https://pro.benzinga.com/dashboard">Benzinga Pro</a>.



Benzinga's Edge Stock Rankings show that AAPL continues to display strong upward momentum in the short and medium term, though it trends downward over the long term. <a href="https://www.benzinga.com/premium/ideas/benzinga-edge-2#:~:text=Turn%20Market%20Chaos,when%20markets%20rebound'">More detailed performance insights are available here</a>.



<figure class="wp-block-image size-full"><a href="https://www.benzinga.com/premium/ideas/benzinga-edge-2#:~:text=Turn%20Market%20Chaos,when%20markets%20rebound'"><img decoding="async" src="https://editorial-assets.benzinga.com/wp-content/uploads/2025/07/31215702/Screenshot-2025-08-01-at-7.22.20%E2%80%AFAM.png" alt="" class="wp-image-1010025"/></a></figure>



Read Next:&nbsp;



<ul class="wp-block-list">
<li><a href="https://www.benzinga.com/25/05/45396297/cathie-wood-dumps-palantir-as-stock-touches-peak-prices-bails-on-soaring-flying-taxi-maker-archer-aviation" target="_blank" rel="noreferrer noopener">Cathie Wood Dumps Palantir As Stock Touches Peak Prices, Bails On Soaring Flying-Taxi Maker Archer Aviation</a></li>
</ul>



Disclaimer:&nbsp;This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.



Photo courtesy: jamesteohart/Shutterstock

GOOG

GOOGL

Tim Cook Says Apple Is 'Very Open' To AI Acquisitions Amid Mounting Pressure To Catch Up With Google, Meta And Microsoft

Ecommerce giant Amazon.com Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMZN#NASDAQ">AMZN</a>) reported second-quarter financial results <a href="https://www.benzinga.com/earnings">after market close Thursday.</a>



Here are the highlights.



What Happened: Amazon reported second-quarter net sales of $167.7 billion, up 13% year-over-year. The net sales total beat a Street consensus estimate of $161.9 billion according to data <a href="https://www.benzinga.com/pro/register?utm_adType=bzprocontent&amp;utm_campaign=14daytrial&amp;utm_ad=0731">from Benzinga Pro.</a>



Sales were broken down as follows:



<ul class="wp-block-list">
<li>North America: $100.1 billion, +11% year-over-year</li>



<li>International: $36.8 billion, +16% year-over-year</li>



<li>AWS: $30.9 billion, +17.5% year-over-year</li>
</ul>



The company reported quarterly earnings per share of $1.68, beating a Street estimate of $1.30.



Operating income for the company was $19.2 billion, which was broken down by segment:



<ul class="wp-block-list">
<li>North America: $7.5 billion</li>



<li>International: $1.5 billion</li>



<li>AWS: $10.2 billion</li>
</ul>



The company said it had its biggest Prime Day event ever in the quarter, with independent sellers seeing record sales.



Amazon highlighted its DeepFleet AI model that helps Amazon's robots work smarter and improve efficiency.



In the entertainment sector, Amazon highlighted its NBA broadcast team for upcoming coverage of basketball and the fact that its NASCAR races are averaging two million viewers per race and the youngest audience among NASCAR broadcasts in over a decade.



"Our conviction that AI will change every customer experience is starting to play out as we've expanded Alexa+ to millions of customers, continue to see our shopping agent used by many millions of customers, launched AI models like DeepFleet," Amazon CEO Andy Jassy said. "Our AI progress across the board continues to improve our customer experiences, speed of innovation, operational efficiency, and business growth, and I'm excited for what lies ahead."



Read Also: <a href="https://www.benzinga.com/markets/tech/25/07/46760627/magnificent-seven-microsoft-meta-nvdia-earnings-sp500-market-cap">Magnificent Seven Now Worth Over $19 Trillion—And They Make Up 35% Of The S&amp;P 500</a>



What's Next: The company expects third quarter net sales to come in a range between $174.0 billion and $179.5 billion, versus a Street estimate of $172.8 billion, according to data from Benzinga Pro. This range represents year-over-year growth of 10% to 13%.



The company expects operating income for the third quarter to be in a range of $15.5 billion to $20.5 billion, compared to $17.4 billion in the third quarter of 2024.



AMZN Price Action: Amazon stock is down 2.4% to $228.55 in after-hours trading Thursday versus a 52-week trading range of $151.61 to $242.52.



Read Next: 



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<iframe loading="lazy" title="Amazon.com Earnings Call Q2 2025 &#x7C; $AMZN &#x7C; &#x1f534; WATCH LIVE" width="500" height="281" src="https://www.youtube.com/embed/1sKsiy7lg6U?feature=oembed" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" referrerpolicy="strict-origin-when-cross-origin" allowfullscreen></iframe>
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Photo: Shutterstock

Movers

Trading Ideas

Amazon Q2 Earnings Highlights: Double Beat, 'AI Progress Across The Board Continues'

Apple Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>) reported third-quarter financial results after the market close on Thursday. Here&#8217;s a look at the key details from the <a href="https://www.benzinga.com/pressreleases/25/07/b46775533/apple-reports-third-quarter-results">tech giant&#8217;s report</a>.



Q3 Earnings: Apple reported fiscal third-quarter revenue of $94 billion, beating analyst&nbsp;<a href="https://www.benzinga.com/quote/AAPL/earnings" target="_blank" rel="noreferrer noopener">estimates</a>&nbsp;of $89.04 billion. The iPhone maker reported third-quarter earnings of $1.57 per share, beating analyst estimates of $1.42 per share, according to <a href="http://pro.benzinga.com">Benzinga Pro</a>.



Total revenue was up 10% year-over-year, and earnings per share climbed 12% year-over-year. Americas sales totaled $41.2 billion in the quarter, Europe sales came in at $24.01 billion, Greater China sales were approximately $15.37 billion, Japan sales totaled $5.78 billion and the rest of Asia Pacific sales were $7.67 billion.



Apple noted that its active installed base of devices once again reached new all-time highs across all products and geographic segments. The company attributed the growth to high levels of customer satisfaction and loyalty.



Products revenue came in at $66.61 billion, up from $61.56 billion year-over-year. Services revenue totaled $27.42 billion, up from $24.21 billion year-over-year. Here's a breakdown of product sales by category:



<ul class="wp-block-list">
<li>iPhone: $44.58 billion, versus $39.3 billion last year</li>



<li>Mac: $8.05 billion, versus $7.01 billion last year</li>



<li>iPad: $6.58 billion, versus $7.16 billion last year</li>



<li>Wearables, Home and Accessories: $7.4 billion, versus $8.1 billion last year</li>
</ul>



&#8220;Today Apple is proud to report a June quarter revenue record with double-digit growth in iPhone, Mac and Services and growth around the world, in every geographic segment,&#8221; said&nbsp;Tim Cook, CEO of Apple.



&#8220;At WWDC25, we were excited to introduce a beautiful new software design that extends across all of our platforms, and we announced even more great Apple Intelligence features.&#8221;



Apple ended the quarter with $36.27 billion in cash and cash equivalents. The company&#8217;s board declared a quarterly cash dividend of&nbsp;26 cents&nbsp;per share, payable on Aug. 14 to shareholders of record as of Aug. 11.



Apple has an earnings call scheduled for 5 p.m. ET. A link to the third-quarter call can be found below. The company tends to provide commentary on the call on how it generally expects its different product lines to perform over the coming months.



AAPL Price Action: <a href="http://benzinga.com/quote/aapl" target="_blank" rel="noreferrer noopener">Apple shares</a> were up 3% in after-hours, trading at $213.79 at the time of publication Thursday, according to <a href="http://pro.benzinga.com/" target="_blank" rel="noreferrer noopener">Benzinga Pro</a>.



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<li><a href="https://www.benzinga.com/markets/tech/25/07/46680504/apple-faces-18-month-deadline-to-deliver-on-ai-says-analyst">Apple Faces 18-Month Deadline To Deliver On AI, Says Analyst</a></li>
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Photo: hanohiki/Shutterstock.com



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<iframe loading="lazy" title="Apple Earnings Call Q3 2025 &#x7C; $AAPL &#x7C; &#x1f534; WATCH LIVE" width="500" height="281" src="https://www.youtube.com/embed/DgePMQwv-m8?feature=oembed" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" referrerpolicy="strict-origin-when-cross-origin" allowfullscreen></iframe>
</div></figure>

Apple Q3 Earnings: Revenue, EPS Smash Estimates As iPhone Sales Jump, Active Installed Base Reaches New Highs

After focusing on earnings for the bulk of last week, we're going to shift gears a bit today. This week, the spotlight is on implied volatility (IV) and, more importantly, five stocks poised to explode in the next week.



We've discussed IV quite often and how, in many cases, it's easier to track than the price itself. And right now, it's where some of the best trading setups of the summer are hiding.



<h2 class="wp-block-heading">5 Dark Horse Stocks Most Investors Aren't, But Should Be, Following </h2>



Every Friday, five overlooked stocks land on our ‘Whisper Index', such as Coinbase before it surged 245% higher. And the biotech breakthrough, Insmed, before it jumped 20% in a single month. Beat Wall Street to these next potential winners. Access the Whisper Index <a href="https://www.benzinga.com/premium/ideas/benzinga-edge/?">HERE</a>.



So today, I'm going to give you the five names flashing the biggest volatility spikes, and what I'd consider doing with each.



<h2 class="wp-block-heading">Molina Healthcare</h2>



Molina Healthcare (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MOH#NYSE">MOH</a>) has been getting crushed. It traded around $360 in mid-March, and now it's scraping along near $180. That's a 50% haircut. Most of the drop occurred after a gap down earlier this month, when volatility started to intensify. IV jumped from 37 to 65. That's a huge move for a healthcare name.



If I were to trade this, I'd be looking to sell premium, either through a credit spread or a naked option, depending on how aggressive I wanted to be. Either way, I'm not buying options here. They're way too expensive.



<h2 class="wp-block-heading">QuantumScape</h2>



QuantumScape (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/QS#NYSE">QS</a>) was a $4 stock not long ago, but now it's bouncing between $12 and $15. That alone tells you volatility is running hot. In fact, it doubled in a month: IV went from 60 to 140. It's come off a bit since then, but this one's still cooking.



If I were bullish, I'd look to sell puts or put spreads. If I were leaning bearish, call spreads would be the safer play. Either way, you want to take advantage of that pumped-up premium.



<h2 class="wp-block-heading">Joby Aviation</h2>



Joby Aviation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/JOBY#NYSE">JOBY</a>) has been on a tear! It traded at $5 back in April and is now hovering around $18.22. The IV has ramped right alongside price, from 60 to 112.



Earnings are coming up on August 6, so we've got a little more time for that IV to climb. If this lines up with one of my bullish patterns, I'd probably go after a put credit spread, but I'm also open to fading it with a call spread if it starts to roll over. Again, selling premium is the play.



<h2 class="wp-block-heading">Centene</h2>



Centence (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CNC#NYSE">CNC</a>) has been an absolute disaster. It was in the mid-$60s a few months ago and is now trading around $27.77. It's been getting chopped in half for weeks. IV followed that drop, climbing from 30 to a peak of 86. That's nearly triple the baseline.



If I saw a bearish setup, I'd be interested in selling call spreads. For a bullish bet, selling puts would make sense, but only if the charts agree.



<h2 class="wp-block-heading">UnitedHealth Group</h2>



UnitedHealth (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/UNH#NYSE">UNH</a>) is the one that really has my attention. The stock dropped from $600 in mid-April to $250 in mid-May. It has since clawed back to around $284, but it's still way off the highs.



IV spiked from 30 to 74 during that drop, and while it's come down, we're back in the high 40s now. This stock is in the spotlight for all the wrong reasons at the moment. And that works in the seller's favor by keeping premiums expensive, exactly what we want when selling options.



If I'm bullish, I'd be looking at selling put spreads after earnings. If the setup turns bearish, I'd flip the script and look at call spreads. Either way, the premium gives us room to work with.



The bottom line is that each of these names is showing a clear pattern: surging IV heading and inflated premiums that are pricing in major moves.



So, buying options into this kind of volatility? Not your best move under these circumstances. The edge here isn't in buying options—it's in selling premium while IV is elevated.



If you've got a bullish or bearish setup that fits one of these charts, this is your window. Just remember that high volatility won't stick around forever.



Time your entry. Know your risk. And don't overstay the trade.



Editorial content from our expert contributors is intended to be information for the general public and not individualized investment advice. Editors/contributors are presenting their individual opinions and strategies, which are neither expressly nor impliedly approved or endorsed by Benzinga.



Photo: Shutterstock

Opinion

JOBY

The 5 Most Volatile Stocks This Week And How To Trade Them

Wall Street's most powerful tech giants are rewriting the <a href="http://www.benzinga.com/topic/magnificent-seven">rules of market dominance</a>.



What Happened: The so-called Magnificent Seven tech giants surged to a record-breaking $19.4 trillion in combined market value Thursday morning. This latest surge is reshaping the very structure of the S&amp;P 500—leaving investors stunned.



<ul class="wp-block-list">
<li>MAGS ETF is moving fast.<a href="https://www.benzinga.com/quote/MAGS"> Track live prices here</a>.</li>
</ul>



Indeed, <a href="https://www.benzinga.com/markets/market-summary/25/07/46759024/nasdaq-surges-over-1-microsoft-posts-upbeat-earnings">blowout earnings reports from</a> Microsoft Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MSFT#NYSE">MSFT</a>) and Meta Platforms Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/META#NASDAQ">META</a>) helped propel the overall valuation. 



The group—which also includes Nvidia Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>), Apple Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>), Amazon.com Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMZN#NASDAQ">AMZN</a>), Alphabet Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOGL#NASDAQ">GOOGL</a>) and Tesla Inc., (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>)—now makes up 35% of the S&amp;P 500's total value, a new all-time high for index concentration.



The combined market cap is now above China's entire economy, which was worth $18.7 trillion in 2024, according to the World Bank.



At $19.4 trillion, the group is nearly as large as the Eurozone and U.K. economies combined—$16.4 trillion and $3.6 trillion, respectively.



<figure class="wp-block-table is-style-stripes"><table class="has-fixed-layout"><thead><tr><th>Company</th><th>Market Cap (USD)</th></tr></thead><tbody><tr><td>Nvidia Corp.</td><td>$4.42 trillion</td></tr><tr><td>Microsoft Corp.</td><td>$4.04 trillion</td></tr><tr><td>Apple Inc.</td><td>$3.12 trillion</td></tr><tr><td>Amazon.com Inc.</td><td>$2.47 trillion</td></tr><tr><td>Alphabet Inc.</td><td>$2.35 trillion</td></tr><tr><td>Meta Platforms Inc.</td><td>$1.97 trillion</td></tr><tr><td>Tesla Inc.</td><td>$1.03 trillion</td></tr></tbody></table></figure>



<h2 class="wp-block-heading">AI Tailwind Fuels Microsoft, Meta</h2>



Shares of Meta Platforms rallied over 12% during Thursday&#8217;s morning trading in New York, while Microsoft rose 6%, with the latter topping $4 trillion value for the first time. 



Microsoft's gains were driven by robust AI momentum. 



Goldman Sachs analyst Kash Rangan said the company's performance "validates our thesis that AI percolates up the stack." 



He highlighted that Azure Databricks and OpenAI use cases are scaling rapidly, while CapEx surged 58% to over $88 billion without eroding margins. 



He sees Microsoft "well-positioned to capitalize on this shift and drive earnings reacceleration." to drive another cycle of earnings reacceleration, citing upside from OpenAI revenue sharing and cross-selling across its ecosystem.



Goldman Sachs raised Microsoft&#8217;s 12-month price target from $550 to $630, implying a 17% surge from current levels.



Bank of America's Brad Sills echoed that view, calling Microsoft a clear "AI beneficiary" across infrastructure and applications. He raised the firm's price objective to $640 from $515.



Meta's stock also climbed following its earnings beat and strong guidance. 



Goldman Sachs analyst Eric Sheridan said AI is driving upside in ad engagement, monetization and operating performance. 



"Instagram video watch time is up 20% YoY globally, and AI ad tools like Advantage+ are scaling fast," he said, highlighting the company's resilience even as expenses rise.



Goldman raised Meta&#8217;s 12-month price target from $775 to $830, stating that "visibility into 2026 and beyond topline growth will be critical" as Meta invests in long-term initiatives like its Superintelligence Lab and spatial computing projects.



Bank of America's Justin Post also remained bullish, saying Meta's growing ad capabilities and AI strength "reinforce our confidence" in the stock's long-term trajectory.



Now Read:



<ul class="wp-block-list">
<li><a href="https://www.benzinga.com/markets/economic-data/25/07/46755543/inflation-pce-june-tariffs-trump-powell-interest-rates">Trump&#8217;s Inflation Honeymoon Is Over—And Powell&#8217;s Patience Pays Off </a></li>
</ul>



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Magnificent Seven Now Worth Over $19 Trillion—And They Make Up 35% Of The S&P 500

A post-earnings surge in Meta Platforms Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/META#NASDAQ">META</a>) and Microsoft Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MSFT#NYSE">MSFT</a>) sent major tech-heavy indices to fresh record highs Thursday, capping a fourth consecutive month of <a href="https://www.benzinga.com/markets/tech/25/07/46760627/magnificent-seven-microsoft-meta-nvdia-earnings-sp500-market-cap">gains for U.S. equities.</a>



By midday in New York, the S&amp;P 500 rose 0.7% to break above 6,400, while the Nasdaq 100 climbed past 24,500 — each logging new intraday highs.



Meta jumped 11% after delivering blockbuster second-quarter results and upbeat revenue guidance. Microsoft climbed about 5% after reporting strong Azure revenues.



The combined market value of the Magnificent Seven swelled past $19.4 trillion, with both Microsoft and Nvidia Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>) <a href="https://www.benzinga.com/markets/tech/25/07/46760627/magnificent-seven-microsoft-meta-nvdia-earnings-sp500-market-cap">worth more than $4 trillion</a>.



Indexes with less tech exposure lagged: the Dow Jones added just 0.1%, while the Russell 2000 slipped 0.1%.



The broader market surge came despite hotter-than-expected inflation data that supported the Federal Reserve's decision to keep interest rates steady in July.



The Personal Consumption Expenditures (PCE) price index rose to 2.6% in June from 2.3% in May, surpassing the 2.5% forecast. Core PCE, the Fed's preferred inflation gauge, held at 2.8%, <a href="https://www.benzinga.com/markets/economic-data/25/07/46755543/inflation-pce-june-tariffs-trump-powell-interest-rates">above the 2.7% consensus.</a>



Traders are now pricing in just a 39% chance of a rate cut in September, according to the CME FedWatch Tool, down from 65% earlier this week.



On trade, President Donald Trump announced a new 15% tariff on select South Korean imports, while a deal with Mexico was extended for another 90 days.



The U.S. dollar index gained 0.1%, aiming for its sixth straight daily gain and the longest winning streak since 2022. 



Commodities remained under pressure. Copper fell another 5% to $4.39 per pound, nearing April's lows after Wednesday's historic 19.4% drop triggered by tariff exemptions on refined copper.



Silver lost 1.3%, while gold edged up 0.5% to $3,290 per ounce. 



In crypto, Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) rose 0.9% to $118,871.



<h1 class="wp-block-heading">Thursday&#8217;s Performance In Major U.S. Indices, ETFs</h1>



<figure class="wp-block-table is-style-stripes"><table class="has-fixed-layout"><tbody><tr><td>Major Indices</td><td>Price</td><td>1-day chg. %</td></tr><tr><td>S&amp;P 500</td><td>6,406.83</td><td>0.7%</td></tr><tr><td>Nasdaq 100</td><td>23,495.60</td><td>0.7%</td></tr><tr><td>Dow Jones</td><td>44,550.87</td><td>0.2%</td></tr><tr><td>Russell 2000</td><td>2,229.94</td><td>-0.1 %</td></tr></tbody></table><figcaption class="wp-element-caption">Updated by 12:35 p.m. ET</figcaption></figure>



According to&nbsp;<a href="https://www.benzinga.com/pro/?utm_source=BZprocontent&amp;t=be2bearmibe3na1">Benzinga Pro</a>&nbsp;data:



<ul class="wp-block-list">
<li>The&nbsp;Vanguard S&amp;P 500 ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/VOO#NYSE">VOO</a>) rose 0.6% to $586.59.</li>



<li>The&nbsp;SPDR Dow Jones Industrial Average&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DIA#NYSE">DIA</a>) inched 0.1% up to $444.99.</li>



<li>The tech-heavy&nbsp;Invesco QQQ Trust Series&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>)&nbsp;rose 0.5% to $570.89.</li>



<li>The&nbsp;iShares Russell 2000 ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IWM#NYSE">IWM</a>) eased 0.2% to $221.21.</li>



<li>The&nbsp;Communication Services&nbsp;Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLC#NYSE">XLC</a>) outperformed, up 1.6%; the&nbsp;Health Care&nbsp;Select Sector SPDR Fund&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLV#NYSE">XLV</a>) lagged, down 0.7%.</li>
</ul>



<h1 class="wp-block-heading">Thursday&#8217;s Stock Movers</h1>



Stocks moving on earnings reports included: 



<ul class="wp-block-list">
<li>Microsoft Corp. up 4.5%</li>



<li>Meta Platforms, Inc. up 12.3%</li>



<li>Mastercard Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MA#NYSE">MA</a>) up 3.0%</li>



<li>AbbVie Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ABBV#NYSE">ABBV</a>) up 2.5%</li>



<li>S&amp;P Global Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPGI#NYSE">SPGI</a>) up 4.3%</li>



<li>QUALCOMM Incorporated (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QCOM#NASDAQ">QCOM</a>) down 6.2%</li>



<li>KKR &amp; Co. Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/KKR#NYSE">KKR</a>) down 2.4%</li>



<li>Comcast Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CMCSA#NASDAQ">CMCSA</a>) up 2.4%</li>



<li>Lam Research Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/LRCX#NASDAQ">LRCX</a>) down 4.5%</li>



<li>Intercontinental Exchange, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ICE#NYSE">ICE</a>) up 0.4%</li>



<li>The Southern Company (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SO#NYSE">SO</a>) up 0.3%</li>



<li>Bristol-Myers Squibb Company (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BMY#NYSE">BMY</a>) down 4.6%</li>



<li>Carvana Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CVNA#NYSE">CVNA</a>) up 18.2%</li>



<li>CVS Health Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CVS#NYSE">CVS</a>) up 1.6%</li>



<li>Equinix, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/EQIX#NASDAQ">EQIX</a>) up 0.9%</li>



<li>The Cigna Group (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CI#NYSE">CI</a>) down 6%</li>



<li>Howmet Aerospace Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HWM#NYSE">HWM</a>) down 9.5%</li>



<li>Air Products and Chemicals, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/APD#NYSE">APD</a>) down 0.6%</li>



<li>Quanta Services, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PWR#NYSE">PWR</a>) down 2.6%</li>



<li>Allstate Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ALL#NYSE">ALL</a>) up 6.7%</li>



<li>Public Storage (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PSA#NYSE">PSA</a>) down 4.8%</li>



<li>Exelon Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/EXC#NASDAQ">EXC</a>) up 1.1%</li>



<li>Ford Motor Company (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/F#NYSE">F</a>) up 2.5%</li>



<li>AMETEK, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AME#NYSE">AME</a>) up 5.9%</li>



<li>eBay Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/EBAY#NASDAQ">EBAY</a>) up 18.6%</li>



<li>Xcel Energy Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/XEL#NASDAQ">XEL</a>) up 1.5%</li>



<li>Prudential Financial, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PRU#NYSE">PRU</a>) up 3%</li>



<li>Cognizant Technology Solutions Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CTSH#NASDAQ">CTSH</a>) up 0.1%</li>



<li>Vulcan Materials Company (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/VMC#NYSE">VMC</a>) down 0.7%</li>



<li>VICI Properties Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/VICI#NYSE">VICI</a>) up 1.5%</li>



<li>Xylem Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XYL#NYSE">XYL</a>) up 9.3%</li>



<li>Fair Isaac Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FICO#NYSE">FICO</a>) down 11.1%</li>



<li>DexCom, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/DXCM#NASDAQ">DXCM</a>) down 6.7%</li>



<li>Willis Towers Watson Public Limited Company (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/WTW#NASDAQ">WTW</a>) up 5.0%</li>



<li>Blue Owl Capital Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/OWL#NYSE">OWL</a>) down 0.7%</li>



<li>PG&amp;E Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PCG#NYSE">PCG</a>) down 0.8%</li>



<li>Ventas, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/VTR#NYSE">VTR</a>) up 1.1%</li>



<li>Extra Space Storage Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EXR#NYSE">EXR</a>) down 8.1%</li>



<li>Kellanova (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/K#NYSE">K</a>) up 0.1%</li>



<li>Albemarle Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ALB#NYSE">ALB</a>) down 0.6%</li>



<li>American Water Works Company, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AWK#NYSE">AWK</a>) up 1.0%</li>



<li>AvalonBay Communities, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AVB#NYSE">AVB</a>) down 2.9%</li>



<li>Western Digital Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/WDC#NASDAQ">WDC</a>) up 8.7%</li>



<li>PPL Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PPL#NYSE">PPL</a>) down 0.7%</li>



<li>PTC Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PTC#NASDAQ">PTC</a>) up 7.6%</li>



<li>International Paper Company (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IP#NYSE">IP</a>) down 8.9%</li>



<li>Tyler Technologies, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TYL#NYSE">TYL</a>) up 4.9%</li>



<li>FirstEnergy Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FE#NYSE">FE</a>) up 1.5%</li>



<li>Invitation Homes Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/INVH#NYSE">INVH</a>) down 0.7%</li>



<li>Biogen Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/BIIB#NASDAQ">BIIB</a>) up 1.8%</li>



<li>GFL Environmental Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GFL#NYSE">GFL</a>) up 5.6%</li>



<li>F5, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FFIV#NASDAQ">FFIV</a>) up 6.8%</li>



<li>Mid-America Apartment Communities, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MAA#NYSE">MAA</a>) down 2.0%</li>



<li>Aptiv PLC (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/APTV#NYSE">APTV</a>) up 4.2%</li>



<li>Sprouts Farmers Market, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SFM#NASDAQ">SFM</a>) down 3.4%</li>



<li>Hologic, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/HOLX#NASDAQ">HOLX</a>) up 2.6%</li>



<li>Kimco Realty Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/KIM#NYSE">KIM</a>) down 0.9%</li>



<li>Everest Group, Ltd. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EG#NYSE">EG</a>) up 2.0%</li>



<li>Masco Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MAS#NYSE">MAS</a>) up 3.9%</li>



<li>XPO, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XPO#NYSE">XPO</a>) down 8.9%</li>



<li>UDR, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/UDR#NYSE">UDR</a>) flat at -0.0%</li>



<li>C.H. Robinson Worldwide, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CHRW#NASDAQ">CHRW</a>) up 17.1%</li>



<li>Builders FirstSource, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BLDR#NYSE">BLDR</a>) down 2.8%</li>



<li>Baxter International Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BAX#NYSE">BAX</a>) down 19.1%</li>



<li>Norwegian Cruise Line Holdings Ltd. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NCLH#NYSE">NCLH</a>) up 8.9%</li>



<li>Host Hotels &amp; Resorts, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/HST#NASDAQ">HST</a>) down 1.5%</li>



<li>Huntington Ingalls Industries, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HII#NYSE">HII</a>) up 9.9%</li>



<li>Antero Resources Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AR#NYSE">AR</a>) up 2.7%</li>



<li>MGM Resorts International (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MGM#NYSE">MGM</a>) down 4.1%</li>
</ul>



Stocks slated to report earnings after the close include: Apple Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>), Amazon.com, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMZN#NASDAQ">AMZN</a>), MercadoLibre, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MELI#NASDAQ">MELI</a>), Stryker Corp (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SYK#NYSE">SYK</a>), KLA Corp (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/KLAC#NASDAQ">KLAC</a>), First Solar, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FSLR#NASDAQ">FSLR</a>), Roper Technologies, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ROP#NYSE">ROP</a>), Monolithic Power Systems, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MPWR#NASDAQ">MPWR</a>), Ingersoll Rand Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IR#NYSE">IR</a>), Eastman Chemical Company (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EMN#NYSE">EMN</a>), LPL Financial Holdings Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/LPLA#NASDAQ">LPLA</a>), AES Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AES#NYSE">AES</a>), Vale S.A. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/VALE#NYSE">VALE</a>), The Clorox Company (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CLX#NYSE">CLX</a>), Coinbase Global, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/COIN#NASDAQ">COIN</a>), Roku, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ROKU#NASDAQ">ROKU</a>), Mettler-Toledo International Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MTD#NYSE">MTD</a>), Edison International (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EIX#NYSE">EIX</a>), ResMed Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/RMD#NYSE">RMD</a>), Arthur J. Gallagher &amp; Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AJG#NYSE">AJG</a>), Ameren Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AEE#NYSE">AEE</a>), Essential Utilities, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/WTRG#NYSE">WTRG</a>), Camden Property Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CPT#NYSE">CPT</a>), Healthpeak Properties, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DOC#NYSE">DOC</a>), Huntsman Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HUN#NYSE">HUN</a>), Northern Oil and Gas, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NOG#NYSE">NOG</a>), Park Hotels &amp; Resorts Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PK#NYSE">PK</a>), Procore Technologies, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PCOR#NYSE">PCOR</a>), Rogers Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ROG#NYSE">ROG</a>), Ryan Specialty Holdings, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/RYAN#NYSE">RYAN</a>), and Essex Property Trust, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ESS#NYSE">ESS</a>).



Read Now:



<ul class="wp-block-list">
<li><a href="https://www.benzinga.com/markets/macro-economic-events/25/07/46733603/fed-holds-trump-powell-waller-bowman-interest-rates">Fed Skips Rate Cut Again—But Reveals Something We Haven&#8217;t Seen Since 1993</a></li>
</ul>



Photo: Shutterstock

Government

ABBV

APTV

BIIB

BLDR

CHRW

CMCSA

CTSH

CVNA

DXCM

EBAY

EQIX

FFIV

FICO

FSLR

HOLX

INVH

KLAC

LPLA

LRCX

MELI

MPWR

NCLH

PCOR

QCOM

ROKU

RYAN

SPGI

VALE

VICI

Meta, Microsoft Power Wall Street To New Records Despite Inflation Jump: What's Moving Markets Thursday?

The inflation lull that helped President Donald Trump keep pressure on the Federal Reserve is over as June's data show the tariffs are finally hitting consumer prices—and Fed Chair Jerome Powell was wise <a href="https://www.benzinga.com/topic/federal-reserve">to hold his ground.</a>



The most closely watched inflation gauge by the central bank, the Personal Consumption Expenditures (PCE) price index, jumped to 2.6% year-over-year, up from 2.3% in May and topping expectations of 2.5%. That's the highest annual rate since February.



Core PCE, which strips out food and energy and directly informs the Fed's rate decisions, held firm at 2.8%, unchanged from the upwardly revised May reading and above forecasts of 2.7%, underscoring the persistence of underlying inflation.



On a monthly basis, both headline and core inflation rose 0.3%, accelerating from 0.2% the prior month. 



These sequential increases suggest a broadening in price pressures, consistent with the delayed impact of tariffs imposed earlier this year.



<h3 class="wp-block-heading">Consumer Spending Still Strong, No Signs Of Stress From Labor Market</h3>



Despite hotter inflation, there's no evidence yet of weakening demand. 



Personal spending climbed 0.3% month-over-month, up from a flat reading in May, though slightly below the 0.4% forecast.



Personal income increased 0.3%, bouncing back from a 0.4% drop in May and beating expectations of a 0.2% gain, indicating that households remain in solid financial shape.



Weekly jobless claims came in at 218,000 for the week ending July 26, basically unchanged from the previous week and better than the 224,000 expected. Continuing claims also surprised to the downside at 1.946 million, below the forecast of 1.96 million.



The data reinforces Powell's argument that a "modestly restrictive" policy stance remains appropriate—and that the Fed was right not to pre-commit to a rate cut in September, despite relentless pressure from the White House.



For now, the Federal Reserve has room to breathe. But as the next rounds of jobs and inflation data approach, the case for easing—or staying put—will only grow more complex.



Following Thursday's hotter-than-expected PCE inflation report, markets now assign just a 39% chance of a September rate cut—down sharply from 65% before the Fed's decision on Wednesday.



The U.S. dollar index – as tracked by the Invesco DB USD Index Bullish Fund ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/UUP#NYSE">UUP</a>) – has rallied for five straight sessions thus far. Another gain today would extend the longest winning streak since August 2023.



Read Next:



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<li><a href="https://www.benzinga.com/markets/macro-economic-events/25/07/46736975/powell-holds-rates-copper-crashes-after-tariff-change-trump">Powell Puts Breaks On September Rate Cut—And Trump Triggers A Metal Market Crash </a></li>
</ul>



Photo: Shutterstock

Currency ETFs

Trump's Inflation Honeymoon Is Over—And Powell's Patience Pays Off

Just when the copper code had been cracked by traders (or so they thought), <a href="https://www.benzinga.com/topic/donald-trump">President Donald Trump</a>&#8216;s tariff surprise slammed copper prices, and in turn <a href="https://www.benzinga.com/etfs">copper ETFs</a>, into a loss spiral, resulting in a path of losses, confusion, and a storage facility full of losing wagers.



<h2 class="wp-block-heading">The Shock Tariff Move</h2>



In a shocking move this week, Trump rolled out a 50% tariff on semi-finished copper products. But here&#8217;s the twist: refined copper was exempt. That seemingly minor carve-out caused a massive shock wave through global copper markets. Why? Because traders had front-loaded U.S. imports of refined copper, anticipating broader tariffs. The tariff they received? A curveball that punished their positioning.



<h2 class="wp-block-heading">Copper Prices Collapse, CPER Gets Crushed</h2>



With refined copper exempt, the demand for domestic alternatives evaporated almost overnight. U.S. copper futures on the Comex exchange plummeted over 17%, wiping out the premium they held over London's benchmark. The United States Copper Index Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CPER#NYSE">CPER</a>), which tracks front-month Comex copper futures, bore the brunt, falling more than 19% in the after-hours trading session on Wednesday.



Prior to the announcement, importers had amassed refined copper anticipating across-the-board hostile tariffs on all types of the metal. The plan? Take advantage of tariff-driven price premiums. But with refined copper exempted, warehouses are now storing overpriced copper that&#8217;s losing value at a fast clip. Experts estimate hundreds of millions in losses as traders rush to sell overstock at depressed prices.



<h2 class="wp-block-heading">The ETF Fallout</h2>



Outside of CPER, several other copper-exposed ETFs caught some pain:



Global X Copper Miners ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/COPX#NYSE">COPX</a>): Off about 3% as big holdings such as Freeport-McMoRan (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FCX#NYSE">FCX</a>) and Hudbay Minerals (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HBM#NYSE">HBM</a>) declined.



SPDR S&amp;P Metals &amp; Mining ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XME#NYSE">XME</a>): Dropped due to overall weakness in U.S.-based metal producers.



iShares MSCI Global Metals &amp; Mining Producers ETF (BATS:<a class="ticker" href="https://www.benzinga.com/stock/PICK#BATS">PICK</a>): Lost ground on the back of global mining names with U.S. export exposure.



<h2 class="wp-block-heading">Arbitrage Dreams Dashed</h2>



Traders had been making money from arbitrage between LME prices and Comex for months. The U.S. premium, constructed on anticipated tariffs, <a href="https://www.benzinga.com/markets/commodities/25/07/46750963/copper-arbitrage-disappears-after-trumps-tariff-surprise">disappeared almost overnight</a>, gutting arbitrage and turning bullish positions into losers. Funds tracking the LME, insulated to some extent from U.S. politics, now appear reasonably stable by comparison.



Read Next:<a href="https://www.benzinga.com/etfs/broad-u-s-equity-etfs/25/07/46726348/trump-inflation-president-of-the-free-world-investors-run-for-cover"> </a>



<ul class="wp-block-list">
<li><a href="https://www.benzinga.com/etfs/broad-u-s-equity-etfs/25/07/46726348/trump-inflation-president-of-the-free-world-investors-run-for-cover">Trump, &#8216;Inflation President&#8217; Of The Free World—Investors Run For Cover</a></li>
</ul>



Photo: Shutterstock

Specialty ETFs

COPX

CPER

PICK

The $5 Billion Copper Trap: How One ETF Got Burned By Trump's Surprise Tariff Move

Meta Platforms Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/META#NASDAQ">META</a>) just dropped a <a href="https://www.benzinga.com/quote/META/earnings">blowout second quarter</a> — but the real headline isn't the numbers, it's the algorithm. According to JPMorgan's Doug Anmuth, Meta's AI isn't just writing code or generating Llama buzz. It's quietly monetizing user attention and paying for the next leap: Superintelligence.



Track META stock&#8217;s post-earnings move <a href="https://www.benzinga.com/quote/META">here</a>.



<h2 class="wp-block-heading">AI That Converts While You Scroll</h2>



Meta's second-quarter revenue surged 22%, powered by a sharp uptick in ad pricing (+9%) and impressions (+11%). At the core of this momentum are Meta's AI ranking tools — Andromeda, GEM, and Lattice — which are optimizing ad delivery across Instagram and Facebook, noted Anmuth. GEM alone boosted conversions by 5% on Instagram (IG); Lattice lifted Facebook (FB) conversions by 4%. Time spent watching video on IG and FB also jumped more than 20% year-over-year, thanks to smarter feed curation.



Read Also: <a href="https://www.benzinga.com/markets/tech/25/07/46750637/chamath-palihapitiya-laid-out-a-short-case-against-meta-alphabet-in-2020-both-have-since-rallied-over-160">Chamath Palihapitiya Laid Out A Short Case Against Meta, Alphabet In 2020—Both Have Since Rallied Over 160%</a>



Despite a bumpy rollout of Llama 4 and some AI team reshuffling, Meta's ad engine didn't flinch. Advantage+, its automated ad platform, drove stronger-than-expected returns, and Asia-based advertisers came roaring back. The result: a business that's humming, even as the spotlight shifts to AGI ambitions.



<h2 class="wp-block-heading">Super Capex For Superintelligence</h2>



While AI is monetizing today's engagement, Meta is prepping for something bigger — and much more expensive. Management hinted at a jaw-dropping $100 billion capex target in 2026, up sharply from this year's $66 billion–$72 billion. That investment will go toward compute-heavy infrastructure to support its vision of personal superintelligence.



For now, Meta's strong ad business gives it the financial runway to spend aggressively. But as Anmuth notes, the company remains compute-constrained and is eyeing co-development partnerships to stay flexible. Investors are rewarding the monetization story, but the stakes are rising fast.



If Meta's AI can keep converting engagement into dollars, it might just earn the right to chase the future.



Read Next: 



<ul class="wp-block-list">
<li><a href="https://www.benzinga.com/markets/tech/25/07/46748308/chamath-palihapitiya-weighs-in-on-metas-ai-ambitions-as-energy-bottlenecks-emerge-as-the-true-limiter">Chamath Palihapitiya Weighs In On Meta&#8217;s AI Ambitions As Energy Bottlenecks Emerge As The True Limiter</a></li>
</ul>



Photo: Shutterstock

Long Ideas

Social Media

General

Meta's AI Isn't Just Smart — It's Paying The Bills

Comcast Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CMCSA#NASDAQ">CMCSA</a>) reported better-than-expected <a href="https://www.benzinga.com/pressreleases/25/07/b46751526/comcast-reports-2nd-quarter-2025-results">second-quarter results</a> on Thursday, driven by steady execution across its media, connectivity, and theme park businesses. 



The Philadelphia-based company reported a quarterly growth of 2.1% year-over-year (Y/Y) to $30.31 billion, beating the <a href="https://www.benzinga.com/calendars/earnings" target="_blank" rel="noreferrer noopener">analyst consensus estimate</a> of $29.80 billion. 



Adjusted earnings per share came in at $1.25, beating analyst consensus estimates of $1.17. Its media segment posted revenue growth of 1.8% Y/Y to $6.44 billion.



Also Read: <a target="_blank" href="https://www.benzinga.com/markets/large-cap/25/07/46488931/comcast-hikes-peacock-prices-again-will-you-pay-11-a-month-for-ads" rel="noreferrer noopener">Comcast Hikes Peacock Prices Again: Will You Pay $11 A Month For Ads?</a>



Peacock&#8217;s paid subscribers remained steady quarter-over-quarter (Q/Q) at 41 million despite a seasonally light sports quarter, driven in part by the success of Love Island USA, while revenue grew by 18% Y/Y to $1.2 billion.



Studios&#8217; revenue increased by 8.0% Y/Y to $2.43 billion, primarily due to higher content licensing and theatrical revenue due to the successful performance of recent releases, including&nbsp;How to Train Your Dragon.



Theme Parks revenue increased by 18.9% Y/Y to $2.35 billion due to higher revenue at domestic theme parks, including the successful opening of Epic Universe, and international theme parks, which include the positive impact from foreign currency.



Connectivity &amp; Platforms adjusted EBITDA grew 0.5% Y/Y to $8.53 billion, with a margin decline of 10 bps to 41.8%.



Comcast said it generated $4.50 billion in free cash flow during the quarter. The company paid dividends totaling $1.2 billion and repurchased 49.3 million of its shares for $1.7 billion, resulting in a total return of capital to shareholders of $2.9 billion.



Despite these gains, Comcast continued to face headwinds in its core broadband and pay-TV segments. The company lost 226,000 broadband customers during the quarter, reflecting mounting pressure from telecom rivals. AT&amp;T (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/T#NYSE">T</a>) and Verizon (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/VZ#NYSE">VZ</a>) reported <a href="https://www.benzinga.com/markets/earnings/25/07/46570015/atts-discount-bundles-fuel-subscriber-gains-tax-savings-to-supercharge-fiber-expansion">401,000</a> and <a href="https://www.benzinga.com/markets/earnings/25/07/46518842/verizons-premium-plans-drive-higher-profit-projections-after-solid-quarter">293,000</a> broadband net additions, respectively.



Comcast also lost 325,000 video subscribers as consumers continued to shift to streaming platforms like Netflix (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NFLX#NASDAQ">NFLX</a>). Total domestic wireless line net additions reached 378 thousand.



Comcast Chairman and CEO Brian L. Roberts highlighted strong quarterly performance, citing a 3% rise in adjusted EPS and $4.5 billion in free cash flow. He emphasized early gains from Comcast&#8217;s new residential broadband strategy and celebrated the wireless segment&#8217;s best-ever quarter with 378,000 new lines added. Roberts also noted mid-single-digit growth in revenue and adjusted EBITDA for Business Services.



In the Content and Experiences segment, Roberts pointed to 6% revenue growth, driven by the launch of Epic Universe, which boosted traffic at Universal Orlando Resort. He also credited Peacock&#8217;s momentum to premium content and live sports, and said the upcoming addition of NBA coverage will strengthen its market position.



Price Action: Comcast stock was trading higher by 3.73% to $33.71 premarket at last check Friday.



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Photo via Shutterstock

NFLX

Comcast Rides High On Theme Park And Studio Success

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