Volatility surged across interest rate-sensitive assets Wednesday after reports circulated that President Donald Trump may be preparing to remove Federal Reserve Chair Jerome <a href="https://www.benzinga.com/markets/economic-data/25/07/46430675/trump-powell-june-inflation-fed-rate-cuts">Powell from his post.</a> The rumors sparked fears over the Fed's independence, triggering a broad flight to gold and a sell-off in the U.S. dollar.



While Wall Street was mostly flat during midday trading in New York, traders were on edge, digesting the potential implications of a leadership shake-up at the central bank. Speculators are already positioning for a more dovish monetary path, anticipating that Powell&#8217;s possible ouster could accelerate future interest rate cuts.



Gold prices jumped sharply, soaring from $3,325 to over $3,377 per ounce within minutes before paring gains to around $3,350.



Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) rallied 1.2% to $119,000, benefiting from dollar weakness and renewed demand for decentralized assets.



The U.S. dollar index fell 0.3%, on track to snap a four-day winning streak. At the same time, Treasury yields edged slightly lower as bond traders priced in increased political and monetary policy uncertainty.



Economic data released Wednesday added fuel to the rate-cut narrative. The <a href="https://www.benzinga.com/markets/economic-data/25/07/46440481/producer-prices-rise-less-than-expected-inflation">Producer Price Index was flat in June</a>, down from a 0.3% gain in May and below the 0.2% consensus forecast. On a year-over-year basis, producer prices rose 2.3%, the slowest pace since September 2024 and softer than the 2.5% economists had expected.



Core PPI, which excludes volatile food and energy prices, was also unchanged in June. The annual rate dropped to 2.6% from a revised 3.2% in May, falling short of the 2.7% consensus.



<h2 class="wp-block-heading">Wednesday&#8217;s Performance In Major U.S. Indices, ETFs</h2>



<figure class="wp-block-table is-style-stripes"><table class="has-fixed-layout"><tbody><tr><td>Major Indices</td><td>Price</td><td>Chg %</td></tr><tr><td>Russell 2000</td><td>2,212.86</td><td>+0.4%</td></tr><tr><td>Dow Jones</td><td>44,089.92</td><td>+0.2%</td></tr><tr><td>S&amp;P 500</td><td>6,246.61</td><td>+0.0%</td></tr><tr><td>Nasdaq 100</td><td>22,845.74</td><td>-0.2%</td></tr></tbody></table><figcaption class="wp-element-caption">Updated by 12:44 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>) flattened at $571.60.</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 $440.42.</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;dropped 0.3% to $555.24.</li>



<li>The&nbsp;iShares Russell 2000 ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IWM#NYSE">IWM</a>) rose 0.2% to $219.37.</li>



<li>The&nbsp;Health Care&nbsp;Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLV#NYSE">XLV</a>) outperformed, up 1%; the&nbsp;Materials&nbsp;Select Sector SPDR Fund&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLB#NYSE">XLB</a>) lagged, down 0.8%.</li>
</ul>



<h2 class="wp-block-heading">Wednesday&#8217;s Stock Movers</h2>



<ul class="wp-block-list">
<li>Shares of major banks were mixed despite beating earnings expectations, with Goldman Sachs Group Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GS#NYSE">GS</a>) finishing flat, Bank of America Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BAC#NYSE">BAC</a>) slipping 1.4% and Morgan Stanley (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MS#NYSE">MS</a>) falling 2.8%.</li>



<li>Other stocks reacting to earnings report included Progressive Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PGR#NYSE">PGR</a>) up 1.55%, Johnson &amp; Johnson (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/JNJ#NYSE">JNJ</a>) up 6.7%, Prologis Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PLD#NYSE">PLD</a>) up 1.9% and Kinder Morgan Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/KMI#NYSE">KMI</a>) up 0.4%.</li>



<li>Unity Software Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/U#NYSE">U</a>) surged 13% after Jefferies raised its price target to $35 from $29.</li>
</ul>



Read Now:



<ul class="wp-block-list">
<li><a href="https://www.benzinga.com/real-estate/25/07/46448654/real-estate-stocks-sp500-interest-rates">Cheaper Than 2008—Is This Wall Street&#8217;s Forgotten Sector A Screaming &#8216;Buy&#8217;?</a></li>
</ul>



Photo: Shutterstock

Equities

Government

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Macro Economic Events

Broad U.S. Equity ETFs

Econ #s

Economics

Federal Reserve

Trading Ideas

ETFs

$BTC

Gold, Bitcoin Surge As Trump Eyes Powell Ouster: What's Moving Markets Wednesday?

A day after the Consumer Price Index reignited concerns over sticky inflation, Wednesday's Producer Price Index (PPI) offered <a href="https://www.benzinga.com/markets/economic-data/25/07/46413961/june-inflation-cpi-report">a more benign view. </a>



Producer prices were flat in June, down from May's upwardly revised 0.3% increase and coming in below the 0.2% consensus estimate. On an annual basis, PPI slowed to 2.3%, the lowest since September 2024, also weaker than the expected 2.5% and down from 2.7% in May.



Core PPI, which strips out food and energy, also was also flat during the month, softer than the 0.2% forecast. The year-over-year rate cooled to 2.6% from an upwardly revised 3.2% previously, and 0.1 percentage point below the economist consensus.



Communication equipment led gains, rising 0.8%. Prices for gasoline, electricity, poultry, meat, and tree nuts also increased. Chicken egg prices plunged 21.8%. Plastics and natural gas liquids declined.



Service prices slipped 0.1% in June, after a 0.4% rise in May. Core services fell 0.1%. Transportation dropped 0.9%, while trade margins were flat.



Hotel prices dropped 4.1%, leading the decline. Auto retailing, airline fares, and deposit services also fell. Portfolio management fees increased by 2.2%, driven by gains in machinery and apparel retailing.



The softer PPI print comes just one day after headline CPI inflation surged to 2.7%—its highest level since February—and monthly CPI rose 0.3%, marking the biggest increase in five months. 



That report gave political cover to Fed Chair Jerome Powell, who has resisted President Donald Trump's demands for immediate rate cuts.



<h3 class="wp-block-heading">Market Reactions</h3>



Futures on major US indices edged up in the premarket trading Wednesday. Contracts on the S&amp;P 500 were 0.3% higher by 8:35 a.m. in New York. 



On Tuesday, the S&amp;P 500 – as tracked by the Vanguard S&amp;P 500 ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/VOO#NYSE">VOO</a>) – reached fresh record highs during the session but closed 0.4% lower. 



The U.S. dollar index – as closely represented by the Invesco DB USD Index Bullish Fund ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/UUP#NYSE">UUP</a>) – slipped 0.1%. 



Treasury yields slipped after cooler-than-expected producer price data eased concerns about building inflation pressures.



Read Next:



<ul class="wp-block-list">
<li><a href="https://www.benzinga.com/markets/equities/25/07/46437456/us-futures-trade-mixed-as-june-inflation-ticks-up-asml-morgan-stanley-goldman-sachs-bofa-earnings-in-focus">US Futures Trade Mixed As June Inflation Ticks Up: ASML, Morgan Stanley, Goldman Sachs, BofA Earnings In Focus</a></li>
</ul>



Photo: Shutterstock

June Producer Prices Flat—Is Inflation Finally Cooling?

Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) surged to <a href="https://www.benzinga.com/markets/25/07/46404410/bitcoin-shatters-all-time-high-to-hit-123-000-as-ethereum-cracks-3-000-and-xrp-taps-3">new all-time highs</a> last week, and a new poll now gauges whether it will retreat to $100,000 or rally toward $150,000 next.



What Happened: Bitcoin reached an all-time high of $123,091.61 on July 14. The milestone underscored the optimism felt by investors ahead of what Congress members dubbed "Crypto Week,&#8221; in which <a href="https://www.benzinga.com/crypto/cryptocurrency/25/07/46424764/trump-wishes-bitcoin-ethereum-xrp-happy-crypto-week-it-is-all-part-of-make-america-great-again">several cryptocurrency-related bills</a> are up for vote.



Bitcoin pulled back on Tuesday as the bills failed to gain traction in Congress, but it remains ahead of levels seen last week.



Benzinga recently polled its users on social media to ask where Bitcoin could trade next.



"With Bitcoin at record highs, what's the more likely move from here?" Benzinga asked on <a href="https://www.instagram.com/benzinga/?hl=en">its Instagram page.</a>



The results were:



<ul class="wp-block-list">
<li>Pulls back to $100,000: 47%</li>



<li>Breaks out to $150,000: 53%</li>
</ul>



The poll found that a slim majority believe Bitcoin could continue to set new all-time highs and hit the $150,000 milestone first before returning to $100,000 or under six figures.



Benzinga also polled its users on Threads with the same question:



<ul class="wp-block-list">
<li>Pulls back to $100,000: 54%</li>



<li>Breaks out to $150,000: 46%</li>
</ul>



That poll, which had significantly fewer responses than the Instagram poll, saw respondents take the other side of the options. A pullback to the $100,000 level won the poll with 54% of the vote.



Read Also: <a href="https://www.benzinga.com/crypto/cryptocurrency/25/07/46441190/600m-in-1-day-why-are-bitcoin-ethereum-etf-suddenly-so-bullish">$600M In 1 Day: Why Are Bitcoin, Ethereum ETF Suddenly So Bullish?</a>



Why It's Important: The contrasting results of the polls and slim majorities could indicate that investors are divided on what will happen to Bitcoin in the second half of 2025.



This follows <a href="https://www.benzinga.com/crypto/cryptocurrency/25/06/46053846/will-bitcoin-hit-new-all-time-highs-after-dip-under-100k-heres-what-new-poll-predicts">a June poll </a>conducted by Benzinga asking if Bitcoin would hit new all-time highs after its dip under $100,000 or would head back to the five-figure range. At the time with Bitcoin trading at $107,500, the poll was split 50%, 50%.



The price of Bitcoin would later hit new all-time highs and has yet to go below the $100,000 level since the poll was conducted.



Another&nbsp;<a href="https://www.benzinga.com/crypto/cryptocurrency/25/06/45871245/exclusive-bitcoin-to-hit-200k-in-2025-15-say-yes-while-many-see-new-all-time-highs-coming" target="_blank" rel="noreferrer noopener">recent Benzinga poll in May&nbsp;</a>asked readers to predict the highest price Bitcoin will hit before the end of the year.



&#8220;Bitcoin hit new all-time highs of nearly $112,000 in May 2025. Do you believe this will be the top price for BTC in 2025 or will the leading cryptocurrency hit new highs later this year?" Benzinga asked.



The results were:



<ul class="wp-block-list">
<li>Bitcoin will hit $112K to $130K: 32%</li>



<li>Bitcoin will hit $130K to $150K: 24%</li>



<li>Bitcoin will hit $150K to $200K: 15%</li>



<li>Bitcoin will hit $200K+: 15%</li>



<li>Bitcoin has already topped at $112K: 14%</li>
</ul>



The 14% who predicted that Bitcoin had already topped in 2025 ended up being wrong. So far, the top answer of the $112K to $130K range are right. Time will tell if Bitcoin can hit one of the higher ranges before the end of the year.



Read Next: 



<ul class="wp-block-list">
<li><a href="https://www.benzinga.com/crypto/cryptocurrency/25/07/46400732/if-you-invested-1000-in-bitcoin-when-donald-trump-said-cryptos-value-was-based-on-thin-air-heres-how-much-youd-have-now">If You Invested $1,000 In Bitcoin When Donald Trump Said Crypto&#8217;s Value Was &#8216;Based On Thin Air,&#8217; Here&#8217;s How Much You&#8217;d Have Now</a></li>
</ul>



The study was conducted by Benzinga from July 14, 2025, through July 16, 2025. It included the responses of a diverse population of social media followers. Opting into the survey was completely voluntary, with no incentives offered to potential respondents. The study reflects results from 3,470 people on Instagram and 89 people on Threads.



Image: Shutterstock

Cryptocurrency

Exclusives

Markets

Will Bitcoin Hit $150K Before Retesting $100K? This Answer Narrowly Wins New Poll

Goldman Sachs Group Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GS#NYSE">GS</a>) shares traded higher Wednesday after the <a target="_blank" href="https://www.goldmansachs.com/pressroom/press-releases/2025/2025-07-16-q2-results" rel="noreferrer noopener">firm reported second-quarter results</a> that beat analyst expectations, boosted by robust gains in its global banking and trading divisions.



Net revenue rose 15% year over year to $14.58 billion, topping the consensus estimate of $13.36 billion, though it declined 3% from the prior quarter.



GAAP earnings came in at $10.91 per share, up from $8.62 a year ago and above the $9.48 consensus. First-half EPS rose to $25.07 from $20.21 a year earlier.



Also Read: <a target="_blank" href="https://www.benzinga.com/analyst-stock-ratings/price-target/25/07/46343357/goldman-sachs-earnings-are-imminent-these-most-accurate-analysts-revise-foreca" rel="noreferrer noopener">Goldman Sachs Earnings Are Imminent; These Most Accurate Analysts Revise Forecasts Ahead Of Earnings Call</a>



Provision for credit losses increased to $384 million, compared with $282 million a year ago and $287 million last quarter, driven by credit card charge-offs and portfolio growth.



<h2 class="wp-block-heading">Segment Highlights</h2>



<ul class="wp-block-list">
<li>Global Banking and Markets revenue jumped 24% to $10.12 billion, led by a 26% rise in investment banking fees and strong performance in FICC (up 9%) and equities (up 36%).</li>



<li>Asset and Wealth Management revenue declined 3% to $3.78 billion due to lower returns from equity and debt investments, partially offset by higher fees and lending income. Wealth management client assets totaled approximately $1.7 trillion.</li>



<li>Platform Solutions revenue edged up 2% to $685 million, as gains in consumer platforms were offset by softer transaction banking results.</li>
</ul>



Operating expenses climbed 8% to $9.24 billion, driven by higher compensation and transaction-based costs. The firm's efficiency ratio improved to 62.0% for the first half, down from 63.8% a year ago.



<h2 class="wp-block-heading">Other Key Metrics</h2>



<ul class="wp-block-list">
<li>Assets Under Supervision (AUS) hit a record $3.29 trillion, up $120 billion in the quarter, aided by market appreciation and $5 billion in net inflows.</li>



<li>Loans rose quarter over quarter, with an average balance of $215 billion. Loan loss reserves totaled $5.29 billion, split between wholesale ($2.82 billion) and consumer ($2.47 billion).</li>



<li>Net Interest Income surged 56% to $3.10 billion, driven by lower funding costs, on $1.65 trillion in average interest-earning assets.</li>
</ul>



Goldman returned $3.96 billion to shareholders during the quarter, including $3 billion in buybacks and $957 million in dividends.



On July 14, the Board increased the quarterly dividend to $4.00 per common share from $3.00, payable on September 29, 2025, to common shareholders of record on August 29, 2025.



The firm's Standardized CET1 capital ratio stood at 14.5%, while the Advanced CET1 ratio declined to 15.5%. Return on average common equity was 12.8% for the quarter and 14.8% for the first half. Book value per share rose 1.6% to $349.74 in the second quarter, up 3.9% year to date.



David Solomon, Chairman and CEO of Goldman Sachs, commented, "At this time, the economy and markets are generally responding positively to the evolving policy environment. But as developments rarely unfold in a straight line, we remain very focused on risk management. Given the strategic decisions and investments we've made, we continue to believe that the firm is well-positioned to perform for our shareholders."



Price Action: GS shares were up 0.78% at $708 in premarket trading on Wednesday at last check.



Read Next:



<ul class="wp-block-list">
<li><a href="https://www.benzinga.com/analyst-stock-ratings/price-target/25/07/46440550/citigroup-analysts-boost-their-forecasts-after-upbeat-earnings" target="_blank" rel="noreferrer noopener">Citigroup Analysts Boost Their Forecasts After Upbeat Earnings</a></li>
</ul>



Photo by ioda via Shutterstock

Earnings

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Goldman Sachs Q2 Assets Under Supervision Hit Record, Net Interest Income Surges 56%

Johnson &amp; Johnson (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/JNJ#NYSE">JNJ</a>) on Wednesday&nbsp;reported a second-quarter 2025 adjusted earnings of $2.77 per share, down 1.8% year over year, beating the&nbsp;<a target="_blank" href="https://www.benzinga.com/calendars/earnings" rel="noreferrer noopener">consensus of $2.68</a>.



The pharmaceutical giant reported sales of $23.74 billion, up 5.8% year over year and beating the consensus&nbsp;<a target="_blank" href="https://www.benzinga.com/analyst-stock-ratings/analyst-color/25/07/46329068/johnson-johnson-outlook-clouded-by-2-billion-headwind" rel="noreferrer noopener">of $22.85 billion</a>. Operational growth was 4.6%, and adjusted&nbsp;operational growth was 3%.



Innovative Medicine sales increased 4.9% or 3.8% operationally to $15.20 billion.



Also Read: <a target="_blank" href="https://www.benzinga.com/news/legal/25/07/46193030/johnson-johnsons-drug-discount-plan-gets-thrown-out-in-court" rel="noreferrer noopener">Johnson &amp; Johnson&#8217;s Drug Discount Plan Gets Thrown Out In Court</a>



Growth was driven by Darzalex (daratumumab), Carvykti (ciltacabtagene autoleucel), Erleada (apalutamide), Rybrevant/Lazcluze in oncology, Tremfya (guselkumab) and Simponi/Simponi Aria in immunology, and Spravato (esketamine) in neuroscience.



Growth was partially offset by an approximate (1,170) basis points impact from Stelara&nbsp;<a target="_blank" href="https://www.benzinga.com/pressreleases/25/07/b46437556/johnson-johnson-reports-q2-2025-results-raises-2025-outlook" rel="noreferrer noopener">(ustekinumab) in immunology</a>, and an approximate (130) basis points impact from COVID-19 in infectious diseases.



Cancer sales increased to $6.31 billion, up 24% (+22.3% operational). Immunology sales fell to $3.99 billion, down 15.4% (down 16% operational).



Stelara sales&nbsp;<a target="_blank" href="https://s203.q4cdn.com/636242992/files/doc_financials/2025/q2/2Q25-Earnings-Press-Release-Final-7-15-with-Attachments.pdf" rel="noreferrer noopener">fell</a> 42.7% to $1.65 billion. Darzalex sales rose 23% to $3.54 billion. The company&#8217;s cancer cell therapy, Carvykti, generated sales of $439 million.



MedTech sales increased 7.3% to 8.54 billion. Growth was primarily driven by electrophysiology products and Abiomed in cardiovascular and wound closure products in General Surgery.



A slow ramp-up to tariffs would actually be good news, Johnson &amp; Johnson CFO Joe Wolk&nbsp;<a target="_blank" href="https://www.bloomberg.com/news/articles/2025-07-16/j-j-beats-sales-expectations-while-trump-threatens-tariffs" rel="noreferrer noopener">said</a> in an interview with Bloomberg.



The delay shows &#8220;there&#8217;s an understanding you can&#8217;t put up a biopharmaceutical manufacturing facility overnight,&#8221; Wolk told Bloomberg. &#8220;As long as those conversations continue to occur, I think we&#8217;re in a pretty good position.&#8221;



The report added that the company reduced its expected tariff costs for this year by half to $200 million.



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



Johnson &amp; Johnson revised its fiscal year 2025 guidance. The company expects adjusted earnings of $10.80-$10.90, up from <a target="_blank" href="https://www.benzinga.com/general/biotech/25/04/44812561/johnson-johnson-q1-earnings-strong-cancer-drug-sales-boosts-quarterly-dividend-anticipates-negative-currency-impact-for-2025-profit" rel="noreferrer noopener">prior guidance</a> of $10.50-$10.70, compared to the consensus of $10.62.



Johnson &amp; Johnson raised sales guidance from $91 billion-$91.8 billion to $93.2 billion-$93.6 billion versus $91.4 billion.



For Innovative Medicine, the company expects the negative impact of Part D redesign, as a percentage of sales, to be consistently applied throughout the year.



Johnson &amp; Johnson expects normalized procedure volume and seasonality for the MedTech segment.



Price Action: JNJ stock is trading higher by 1.28% to $157.15 during the premarket session at last check Wednesday.



Read Next:



<ul class="wp-block-list">
<li><a href="https://www.benzinga.com/markets/equities/25/07/46436723/trumps-tariff-threat-casts-shadow-over-asmls-2026-growth-plans-despite-strong-q2-ai-momentum" target="_blank" rel="noreferrer noopener">Trump&#8217;s Tariff Threat Casts Shadow Over ASML&#8217;s 2026 Growth Plans, Despite Strong Q2, AI Momentum</a></li>
</ul>



Photo by Tada Images via Shutterstock

Biotech

Guidance

Health Care

Movers

General

Johnson & Johnson Lifts Annual Forecast After Strong Cancer Drugs, Medtech Performance

Wedbush analyst Daniel Ives delivered an optimistic outlook for Nvidia Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>) and the broader tech and crypto markets, predicting a $5 trillion market capitalization for the tech giant led by Jensen Huang.



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



What Happened: In a <a href="https://omny.fm/shows/kabc-podcasts/mottek-on-money-07-15-25#description">podcast</a> &#8220;Mottek On Money,&#8221; hosted by Frank Mottek, Ives highlighted Nvidia&#8217;s recent surge past $170 per share, driven by a pivotal U.S. decision to <a href="https://www.benzinga.com/markets/tech/25/07/46407517/nvidia-resumes-h20-shipments-to-china-as-jensen-huang-meets-trump-beijing-officials-fully-compliant-rtx-pro-aims-to-bridge-ai-cold-war">allow its H20 AI chips</a> into China, calling it a &#8220;watershed decision&#8221; that could add $30 to $40 billion annually to the company's revenue. 



Ives boldly predicted, &#8220;I think it's on a march to $5 trillion,&#8221; underscoring Nvidia's potential to become the world's most valuable company, surpassing its current $4.17 trillion market cap.



This bullish stance comes as the Nasdaq also hit a record high, fueled by an AI revolution entering its &#8220;software phase, the consumer phase,&#8221; according to Ives. He envisions a tech bull market, forecasting the Nasdaq could reach 22,000 to 25,000 by year-end.



Further, Ives celebrated Nvidia CEO Huang's &#8220;Beltway political battle&#8221; win with the China deal and Donald Trump's $90 billion AI investment push, calling it a &#8220;golden age&#8221; where the U.S. leads China in tech.



He dismissed China's AI efforts, like DeepSeek, as reliant on Nvidia GPUs, reinforcing his belief that &#8220;we're still in the second inning&#8221; of the AI boom.



See Also: <a href="https://www.benzinga.com/markets/tech/25/07/46436493/nvidias-china-revenue-is-far-from-gone-but-it-outmaneuvered-us-for-rare-earth-in-exchange-for-ai-chips-says-craig-shapiro">Nvidia&#8217;s China Revenue &#8216;Is Far From Gone&#8217;, But It Outmaneuvered US For Rare Earth In Exchange For AI Chips, Says Craig Shapiro</a>



Why It Matters: The discussion extended to cryptocurrency, with Ives noting Bitcoin's (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) climb above $123,000 and Ethereum's (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/eth/usd">ETH</a>) resurgence past $3,000.



He attributed this to a &#8220;regulatory environment&#8221; with the Trump-led administration and growing investor appetite, predicting, &#8220;I think we're going to have a very strong second half of the year&#8221; for both Bitcoin and Ethereum.



Ives suggested tariffs would likely be delayed or scaled down, creating a &#8220;bullish for tech, bullish for crypto&#8221; environment.



Price Action: As of the publication of this article, Bitcoin was trading at $119,226.33 per coin, down from its all-time high of $123,091.61. Whereas Ethereum was at $3,155.72, 35.38% below its record of $$4,891.70.



Nvidia was 0.57% lower in premarket on Wednesday. the stock has advanced 23.42% on a year-to-date basis and 35.09% over a year.



Benzinga Edge Stock Rankings shows that NVDA had a stronger price trend over the short, medium, and long term. Its momentum ranking was solid, whereas its value ranking was poor; the details of all the metrics 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="160" src="https://editorial-assets.benzinga.com/wp-content/uploads/2025/07/16063259/Edge-NVDA-new-latest-1-1024x160.png" alt="" class="wp-image-987584" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2025/07/16063259/Edge-NVDA-new-latest-1-1024x160.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/07/16063259/Edge-NVDA-new-latest-1-300x47.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/07/16063259/Edge-NVDA-new-latest-1-768x120.png 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/07/16063259/Edge-NVDA-new-latest-1.png 1276w" 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 Wednesday. The SPY was down 0.051% at $621.82, while the QQQ declined 0.22% to $555.52, according to <a href="https://pro.benzinga.com/dashboard">Benzinga Pro</a> data.



Read Next:



<ul class="wp-block-list">
<li><a href="https://www.benzinga.com/markets/hedge-funds/25/07/46386374/stanley-druckenmillers-duquesne-dumps-palantir-bets-big-on-this-dividend-play-which-has-surged-nearly-50-in-2025">Stanley Druckenmiller&#8217;s Duquesne Dumps Palantir, Bets Big On This Dividend Play Which Has Surged Nearly 50% In 2025</a></li>
</ul>



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



Image via Shutterstock

$ETH

NVDA

Nvidia Is 'On A March To $5 Trillion' Market Capitalization, Says Dan Ives As He Predicts Bullish Environment For Tech And Crypto: 'Very Strong Second Half'

U.S. stock futures swung between gains and losses on Wednesday after ending on a mixed note on Tuesday. Futures of major benchmark indices were mixed.



President Donald Trump unveiled what he described as a &#8220;landmark&#8221; <a href="https://www.benzinga.com/markets/asia/25/07/46434093/trump-says-hes-finalized-the-trade-deal-with-indonesia-touts-orders-for-50-boeing-jets-will-china-face-tougher-times-ahead">trade pact with Indonesia</a>, providing U.S. businesses with access to the Southeast Asian country, while securing significant agreements for American aviation and energy firms. 



Markets were also assessing <a href="https://www.benzinga.com/markets/economic-data/25/07/46430675/trump-powell-june-inflation-fed-rate-cuts">Tuesday&#8217;s CPI report</a>, showing inflation accelerated in June. In recent months, Jerome Powell has consistently resisted political pressure to lower interest rates, maintaining a wait-and-see approach amid growing uncertainty from rising tariffs. 



Meanwhile, the 10-year Treasury bond yielded 4.48% and the two-year bond was at 3.95%. 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 97.4% likelihood of the Federal Reserve keeping the current interest rates unchanged in its July meeting. 



<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>0.02%</td></tr><tr><td>S&amp;P 500</td><td>-0.10%</td></tr><tr><td>Nasdaq 100</td><td>-0.28%</td></tr><tr><td>Russell 2000</td><td>0.04%</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, were lower in premarket on Wednesday. The SPY was down 0.093% at $621.56, while the QQQ declined 0.29% to $555.12, according to <a href="https://pro.benzinga.com/dashboard">Benzinga Pro</a> data.



Cues From Last Session:



On Tuesday, information technology stocks defied the broader market downturn, closing higher, while financial, materials, and healthcare stocks recorded the most significant losses.



U.S. stocks settled mixed, influenced by a mixed bag of earnings from major banks.



In contrast, the Nasdaq 100 surged to new record highs, breaking past the 23,000 mark, powered by a sharp rally in Nvidia Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>) and other chipmakers.



Wells Fargo &amp; Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/WFC#NYSE">WFC</a>) reported better-than-expected second-quarter adjusted EPS, and JPMorgan Chase &amp; Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/JPM#NYSE">JPM</a>) also reported upbeat second-quarter earnings.



Economic data showed U.S. inflation accelerating for a second consecutive month, with the headline consumer price index rising 2.7% year-over-year in June, the highest since February and in line with expectations.



However, core inflation, excluding food and energy, came in slightly below forecasts at 2.9%, against an expected 3.0%.



The Dow Jones index ended 436 points or 0.98% lower at 44,023.29, whereas the S&amp;P 500 index fell 0.40% to 6,243.76. Nasdaq Composite advanced 0.18% to 20,677.80, and the small-cap gauge, Russell 2000, also tumbled 1.99% to end at 2,205.05.



<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>0.18%</td><td>20,677.80</td></tr><tr><td>S&amp;P 500</td><td>-0.40%</td><td>6,243.76</td></tr><tr><td>Dow Jones</td><td>-0.98%</td><td>44,023.29</td></tr><tr><td>Russell 2000</td><td>-1.99%</td><td>2,205.05</td></tr></tbody></table></figure>



Insights From Analysts:



Louis Navellier said that the &#8220;Wall Street has finally figured out that this is how President Trump negotiates, namely by making the other side increasingly uncomfortable,&#8221; citing that stock market is largely ignoring the latest tariff news, such as 30% tariffs on the European Union (EU) and Mexico, and a whopping 50% on Brazil on Aug. 1st.



He added that &#8220;the CPI report is not a market mover, so the Producer Price Index (PPI) on Wednesday should provide more insight, especially any tariff impact on wholesale goods prices.&#8221;



Meanwhile, Ed Yardeni highlighted that the CPI report for June suggests that inflation is no longer declining toward the Fed&#8217;s 2.0% target. Instead, it might continue to hover around 3.0% for a while, as it has recently.



&#8220;Trump&#8217;s tariffs may be a contributing factor, though their impact remains debated. The core CPI inflation rate upticked to 2.9% last month, hinting that the core PCED inflation rate (at 2.7% in May) might have followed a similar trend.&#8221;



&#8220;The June CPI report reinforces the FOMC&#8217;s cautious stance,&#8221; Yardeni added.



Although Trump&#8217;s tariffs may not yet be significantly driving inflation, they appear to be contributing to inflation stalling at around 3.0%, supporting the FOMC&#8217;s hesitation to lower the FFR, he explained.



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 Wednesday:



<ul class="wp-block-list">
<li>June&#8217;s headline and core producer price index data will be out by 8:30 a.m. ET.</li>



<li>June&#8217;s industrial production and capacity utilization will be announced by 9:15 a.m. ET.</li>



<li>Federal Reserve Governor Michael Barr will speak at 10:00 a.m., Fed&#8217;s beige book data will be out by 2:00 p.m., and New York Fed President John Williams will speak at 6:30 a.m. ET.</li>
</ul>



Stocks In Focus:



<ul class="wp-block-list">
<li>ASML Holding NV (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ASML#NASDAQ">ASML</a>) dropped 7.88% in premarket on Wednesday after the critical semiconductor supply chain company said that it cannot confirm that it will grow in 2026, even as it beat its second-quarter sales and earnings per share expectations.</li>



<li>Graphjet Technology (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GTI#NASDAQ">GTI</a>) soared 11.27% after the company's CEO revealed a strategic plan to avoid delisting.</li>



<li>Nuwellis Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NUWE#NASDAQ">NUWE</a>) surged 62.44% following the news of the company securing a key patent for its fluid management technology. This development could potentially have an impact on the company's future prospects.</li>



<li>Data Storage Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/DTST#NASDAQ">DTST</a>) jumped 31.36% after the company announced plans to sell its subsidiary, CloudFirst, and initiate a share buyback.</li>



<li>BTCS Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/BTCS#NASDAQ">BTCS</a>) zoomed 19.37% after it reported significant growth in its crypto and cash market value, reaching $96.3 million, with substantial Ethereum (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/eth/usd">ETH</a>) holdings of 29,122 ETH valued at $87.3 million.</li>
</ul>



<ul class="wp-block-list">
<li>Gain Therapeutics Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GANX#NASDAQ">GANX</a>) shares sank 17.06% after the firm announced a proposed public offering of common stock and warrants. The offering includes shares of common stock (or equivalents) and warrants to purchase common stock, with a 30-day option for the underwriter to purchase up to 15% additional shares and/or warrants.</li>



<li>J B Hunt Transport Services Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/JBHT#NASDAQ">JBHT</a>) was 1.12% lower after posting downbeat earnings for the second quarter. The company reported quarterly earnings of $1.31 per share, missing market estimates of $1.33 per share.</li>



<li>Morgan Stanley (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MS#NYSE">MS</a>) was 0.51% lower as analysts expect it to report earnings of $2.01 per share on revenue of $16.12 billion before the opening bell.</li>



<li>Goldman Sachs Group Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GS#NYSE">GS</a>) was 0.050% below the flatline as it is expected to report earnings before the opening bell. Analysts estimate earnings of $9.56 per share on revenue of $13.36 billion.</li>



<li>Bank of America Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BAC#NYSE">BAC</a>) was down 0.24% as analysts expect it to report earnings of 87 cents per share on revenue of $26.81 billion before the opening bell.</li>
</ul>



Commodities, Gold, And Global Equity Markets:



Crude oil futures were trading lower in the early New York session by 0.38% to hover around $66.27 per barrel.



Gold Spot US Dollar rose 0.51% to hover around $3,341.98 per ounce. Its last record high stood at $3,500.33 per ounce. The U.S. Dollar Index spot was lower by 0.10% at the 98.5130 level.



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



Read Next:



<ul class="wp-block-list">
<li><a href="https://www.benzinga.com/markets/tech/25/07/46436493/nvidias-china-revenue-is-far-from-gone-but-it-outmaneuvered-us-for-rare-earth-in-exchange-for-ai-chips-says-craig-shapiro">Nvidia&#8217;s China Revenue &#8216;Is Far From Gone&#8217;, But It Outmaneuvered US For Rare Earth In Exchange For AI Chips, Says Craig Shapiro</a></li>
</ul>



Photo courtesy: Shutterstock

ASML

BTCS

DTST

GANX

JBHT

NUWE

US Futures Trade Mixed As June Inflation Ticks Up: ASML, Morgan Stanley, Goldman Sachs, BofA Earnings In Focus

Dutch semiconductor company, ASML Holding NV (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ASML#NASDAQ">ASML</a>), warned investors that its growth outlook for 2026 is now under a cloud, citing rising macroeconomic uncertainties and escalating trade tensions.



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



What Happened: During the company&#8217;s second quarter results on Wednesday, ASML&#8217;s CEO, Christophe Fouquet, said <a href="https://www.asml.com/en/news/press-releases/2025/q2-2025-financial-results">in</a> a statement, &#8220;while we still prepare for growth in 2026, we cannot confirm it at this stage,&#8221; citing growing uncertainties driven by macroeconomic and geopolitical developments.



He adds that the fundamentals of AMSL&#8217;s key AI customers remain strong, but acknowledges the growing threat of tariffs. 



See Also: <a href="https://www.benzinga.com/analyst-stock-ratings/price-target/25/07/46338991/top-wall-street-forecasters-revamp-asml-expectations-ahead-of-q2-earnings">Top Wall Street Forecasters Revamp ASML Expectations Ahead Of Q2 Earnings</a>



&#8220;Tariffs on new systems and parts going into the U.S., as well as reciprocal measures from other countries, could impact our gross margin,&#8221; Fouquet says.



The company, nonetheless, witnessed strong bookings during the quarter, at $6.4 billion, compared to consensus estimates at $5.6 billion, according <a href="https://www.bloomberg.com/news/articles/2025-07-16/asml-orders-beat-expectations-after-ai-investment-fuels-demand">to</a> a report by Bloomberg. 



Its forecast for third quarter sales, however, estimated between $8.6 billion and $9.2 billion, fell short of analyst consensus estimates.



Why It Matters: While <a href="https://www.benzinga.com/news/global/25/04/44631606/trumps-tariff-exemptions-include-semiconductors-pharmaceuticals-oil-and-more">semiconductors were exempt</a> from President Donald Trump&#8217;s &#8220;Liberation Day&#8221; tariffs, there is a lot of uncertainty surrounding chipmaking equipment. 



During its second quarter results, ASML posted $8.9 billion in sales, ahead of consensus estimates at $8.7 billion, with a profit of $2.66 billion, against estimates at $2.37 billion. 



Price Action: Shares of ASML were up 2.02% on Tuesday, trading at $823.02, but are now down 7.10% after hours, following its second quarter results. 



<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="148" src="https://editorial-assets.benzinga.com/wp-content/uploads/2025/07/16042258/Screenshot-2025-07-16-at-1.51.48-PM-1024x148.png" alt="" class="wp-image-987358" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2025/07/16042258/Screenshot-2025-07-16-at-1.51.48-PM-1024x148.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/07/16042258/Screenshot-2025-07-16-at-1.51.48-PM-300x43.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/07/16042258/Screenshot-2025-07-16-at-1.51.48-PM-768x111.png 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/07/16042258/Screenshot-2025-07-16-at-1.51.48-PM.png 1524w" sizes="(max-width: 1024px) 100vw, 1024px" /></a></figure>



According to Benzinga&#8217;s Edge Stock Rankings, ASML scores well on Growth and Quality, while having a favorable price trend in the short, medium and long 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. 



Read More: 



<ul class="wp-block-list">
<li><a href="https://www.benzinga.com/markets/tech/25/07/46397545/nvidias-jensen-huang-china-doesnt-need-us-chips">Nvidia&#8217;s Jensen Huang: China Doesn&#8217;t Need US Chips</a></li>
</ul>



Photo courtesy: Skorzewiak / Shutterstock.com

Trump's Tariff Threat Casts Shadow Over ASML's 2026 Growth Plans, Despite Strong Q2, AI Momentum

President&nbsp;Donald Trump&nbsp;is reportedly set&nbsp;to sign an executive order&nbsp;that would make it easier for U.S. retirement plans to invest in private-market assets.



What Happened:&nbsp;The executive order, expected to be signed in the next few days, would direct the Labor Department and the Securities and Exchange Commission to issue guidance for employers and plan administrators on incorporating investments such as private assets into 401(k) plans, <a href="https://www.wsj.com/finance/investing/trump-executive-order-to-help-open-up-401-k-s-to-private-markets-c90c6788?">reported</a>&nbsp;the Wall Street Journal.



The order is still under review and its details are not yet final. If implemented, it could potentially allow large private asset managers such as Apollo Global Management (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/APO#NYSE">APO</a>) and Blackstone (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BX#NYSE">BX</a>) to tap into the significant retirement savings held by workers without traditional pensions.



Although some retirement plan sponsors already allocate funds to private investments, many remain wary of potential employee lawsuits stemming from the higher fees tied to private-market products.



Industry executives believe that additional steps, such as action by Congress, will be needed to make companies more comfortable with including private-asset funds in employees&#8217; retirement plans.



Private-market fund managers have been urging the Trump administration to relax rules to allow easier inclusion of their products in retirement portfolios. Firms such as Apollo and State Street (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/STT#NYSE">STT</a>) have already launched target-date funds that incorporate a private-markets component.



SEE ALSO:&nbsp;<a href="https://benzinga.com/crypto/cryptocurrency/25/07/46424764/trump-wishes-bitcoin-ethereum-xrp-happy-crypto-week-it-is-all-part-of-make-america-great-again" target="_blank" rel="noreferrer noopener">Trump Wishes Bitcoin, Ethereum, XRP &#8216;Happy Crypto Week!&#8217; — &#8216;It Is All Part Of Make America Great Again&#8217; &#8211; Benzinga</a>



Why It Matters: In May, the Financial Times reported that the Trump administration was considering a potential directive involving private funds in 401(k) retirement plans.



The move to open 401(k)s to private markets comes amid increasing <a href="https://www.benzinga.com/personal-finance/management/25/07/46372518/the-super-rich-have-a-new-favorite-alternative-investment-hint-its-not-cryptocurrency">interest in</a> private-market investments and reports of the world&#8217;s super-rich have shown a growing affinity for private credit offerings.



However, the decision to offer private equity as an investment option in workplace retirement plans has been met with criticism. Senator Elizabeth Warren (D-Mass) has <a href="https://www.benzinga.com/personal-finance/management/25/07/46391778/elizabeth-warren-grills-retirement-giant-empower-over-private-equity-in-401k-plans-how-you-would-shield-plan-participants">challenged Empower</a>, a major retirement plan provider, over its decision to include private equity investments for their employees.



Despite the criticism, Empower CEO Ed Murphy has defended the move, likening it to the introduction of 401(k) plans decades ago and emphasizing the importance of making private markets more accessible.



READ MORE: 



<ul class="wp-block-list">
<li><a href="https://www.benzinga.com/markets/25/07/46381958/blackstone-gobbles-up-another-2-billion-in-commercial-real-estate-loans">Blackstone Gobbles Up Another $2 Billion In Commercial Real Estate Loans</a></li>
</ul>



Image via Shutterstock



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

Trump Set To Sign Executive Order To Unlock 401(k) Access For Private Equity Giants Like Blackstone, Apollo: Report

The CNN Money Fear and Greed index showed a decline in the overall market sentiment, while the index moved to the &#8220;Greed&#8221; zone on Tuesday.



U.S. stocks settled mostly lower on Tuesday, with the Dow Jones index falling more than 400 points during the session following a mixed bag of earnings from big banks. The Nasdaq 100 surged to fresh record highs on Tuesday, breaking above the 23,000 mark as Nvidia Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>) and other chipmakers powered a sharp rally.



Wells Fargo &amp; Company (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/WFC#NYSE">WFC</a>) reported better-than-expected second-quarter adjusted EPS results. JPMorgan Chase &amp; Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/JPM#NYSE">JPM</a>) reported upbeat second-quarter earnings.



On the economic data front, U.S. inflation accelerated for a second straight month. The headline consumer price index rose 2.7% year-over-year in June, the highest since February and in line with expectations. However, core inflation, which strips out food and energy, came in slightly below forecasts at 2.9%, versus 3.0% expected.



Most sectors on the S&amp;P 500 closed on a negative note, with financial, materials and health care stocks recording the biggest losses on Tuesday. However, information technology stocks bucked the overall market trend, closing the session higher.



The Dow Jones closed lower by 436 points to 44,023.29 on Tuesday. The S&amp;P 500 fell 0.40% to 6,243.76, while the Nasdaq Composite gained 0.18% to 20,677.80 during Tuesday's session.



Investors are awaiting earnings results from Morgan Stanley (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MS#NYSE">MS</a>), Goldman Sachs (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GS#NYSE">GS</a>) and Bank of America Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BAC#NYSE">BAC</a>) today.



What is CNN Business Fear &amp; Greed Index?



At a current reading of 73.6, the index moved to the &#8220;Greed&#8221; zone on Tuesday, versus a prior reading of 76.2.



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.



Read Next: 



<ul class="wp-block-list">
<li><a href="https://www.benzinga.com/trading-ideas/short-ideas/25/07/46415122/top-2-tech-telecom-stocks-that-may-keep-you-up-at-night-this-month">Top 2 Tech &amp; Telecom Stocks That May Keep You Up At Night This Month</a></li>
</ul>



Photo courtesy: Shutterstock

Pre-Market Outlook

Dow Tumbles Over 400 Points As Inflation Rises Faster Than Expected: Fear Index Moves To 'Greed' Zone

Bitcoin dipped, but other major cryptocurrencies spiked Tuesday as capital rotated away from the apex cryptocurrency.



<figure class="wp-block-table"><table class="has-fixed-layout"><thead><tr><th>Cryptocurrency</th><th>Gains +/-</th><th>Price (Recorded at 10:05 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>-0.59%</td><td>$117,739.91</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>+5.56%</td><td>$3,140.22</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>+1.01%</td><td>$0.1989</td></tr></tbody></table></figure>



What Happened: The world's leading cryptocurrency dipped to an intraday low of $115,765.69 before recovering to $117,000 overnight. The sharp retreat from recent highs coincided with high profitability, with nearly <a href="https://www.benzinga.com/crypto/cryptocurrency/25/07/46414002/99-of-bitcoin-holders-are-in-profit-is-btc-dipping-because-some-are-cashing-out">99% of Bitcoin's supply now in profit</a>, a historically rare event.



Ethereum, on the other hand, crossed the key resistance at $3,000, with trading volume slightly increasing in the last 24 hours.



Bitcoin's market dominance fell from 63.6% to 62.9% in the last 24 hours, as capital rotated into Ethereum, whose share increased to 10.2%.



The so-called ‘Crypto Week' was off to a bumpy start as the <a href="https://www.benzinga.com/crypto/cryptocurrency/25/07/46433854/trumps-happy-crypto-week-gets-off-to-rocky-start-as-house-suspends-votes-on-key-bills">House suspended votes</a> on key cryptocurrency bills.



About $465 million was liquidated from the market in the last 24 hours, with long positions accounting for more than 50%.



Bitcoin's open interest fell 1.15% in the last 24 hours, while Ethereum recorded a 6.33% spike.&nbsp; The "Greed" sentiment weakened in the last 24 hours, 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 10:05 p.m. ET)</th></tr></thead><tbody><tr><td>Ethereum Name Service (ENS)</td><td>+16.63%</td><td>$26.01</td></tr><tr><td>Curve DAO Token (CRV)&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td><td>+12.48%</td><td>$0.7852</td></tr><tr><td>Pump.fun (PUMP)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td><td>+12.29%</td><td>$0.006531 </td></tr></tbody></table></figure>



The global cryptocurrency market capitalization stood at $3.74 trillion, following a modest increase of 0.55% in the last 24 hours.



Major stock averages dropped in Tuesday's trading. The Dow Jones Industrial Average lost 436.36 points, or 0.98%, to end at 44,023.29. The S&amp;P 500 fell 0.40% to end at 6,243.76. The tech-heavy Nasdaq Composite was the silver lining, gaining 0.18% to post a record close of 20,640.33.



The <a href="https://www.benzinga.com/markets/economic-data/25/07/46413961/june-inflation-cpi-report">June inflation report</a> was released Tuesday, with the headline Consumer Price Index matching forecasts, while core inflation came in slightly cooler-than-expected.



Meanwhile, the odds of a 25 basis point rate cut at the Federal Reserve&#8217;s September meeting fell to 53.25% from 59% the day before, <a href="https://www.cmegroup.com/markets/interest-rates/cme-fedwatch-tool.html">according </a>to the CME FedWatch tool.&nbsp;



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



Analyst Notes: Widely followed cryptocurrency trader Mercury compared Bitcoin's recent breakout above a key resistance level to similar occurrences in 2023 and 2024.



"Those breakouts saw us trade ~50% higher within the next ~2 months. This rally likely still has more legs to it," the analyst said.



<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/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$BTC</a> five days ago, Bitcoin began trending above a key level for the first time in eight months we did the same thing in 2023 and 2024 those breakouts saw us trade ~50% higher within the next ~2 months this rally likely still has more legs to it. dream bigger. <a href="https://t.co/V09JRJRtwH">pic.twitter.com/V09JRJRtwH</a>&mdash; Mercury (@TraderMercury) <a href="https://twitter.com/TraderMercury/status/1945207170389164378?ref_src=twsrc%5Etfw">July 15, 2025</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



Rekt Capital, another cryptocurrency market researcher, said Ethereum needs a clear break above 10% market dominance to enter a historically bullish phase.



<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/search?q=%24ETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$ETH</a> Dominance Ethereum Dominance would need to convincingly break 10% market-dominance to enter the green circled phase<a href="https://twitter.com/hashtag/ETH?src=hash&amp;ref_src=twsrc%5Etfw">#ETH</a> <a href="https://twitter.com/hashtag/Crypto?src=hash&amp;ref_src=twsrc%5Etfw">#Crypto</a> <a href="https://twitter.com/hashtag/Ethereum?src=hash&amp;ref_src=twsrc%5Etfw">#Ethereum</a> <a href="https://t.co/wyUu2GamjI">https://t.co/wyUu2GamjI</a> <a href="https://t.co/CjxaVMCk0A">pic.twitter.com/CjxaVMCk0A</a>&mdash; Rekt Capital (@rektcapital) <a href="https://twitter.com/rektcapital/status/1945200702201946559?ref_src=twsrc%5Etfw">July 15, 2025</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



Photo Courtesy: Rido on Shutterstock.com



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<li><a href="https://www.benzinga.com/trading-ideas/movers/25/07/46433046/cantor-equity-partners-i-cepo-soars-on-potential-bitcoin-deal-with-satoshi-nakamoto-linked-adam-back">Cantor Equity Partners I (CEPO) Soars On Potential Bitcoin Deal With Satoshi Nakamoto-Linked Adam Back</a></li>
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$DOGE

Bitcoin Slides Amid Uncertainty On Crypto Bills; Ethereum, Dogecoin Gain: ETH Dominance Needs To 'Convincingly Break' 10% For Bullish Bias, Says Analyst

Leading economists react to June&#8217;s Consumer Price Index report, which showed that inflation was largely in line with expectations, while speculating on what this means for Federal Reserve policy and growing tariff-related pressures.



What Happened: U.S. consumer prices rose 0.3% <a href="https://www.bls.gov/news.release/archives/cpi_07152025.htm">in</a> June, the Bureau of Labor Statistics reported Tuesday, following a 0.1% increase in May. On an annual basis, the Consumer Price Index climbed 2.9%. Core inflation, which excludes food and energy, rose 2.7% from the prior year.



University of Michigan economist Justin Wolfers had a positive take on the results, posting on X that, &#8220;The absence of bad news is good news,&#8221; while noting that the &#8220;numbers are pretty much in line with expectations.&#8221;



See Also: <a href="https://www.benzinga.com/markets/economic-data/25/07/46392923/une-cpi-inflation-preview-tariffs-markets-fed">June Inflation May Be Hiding A Nasty Surprise For Wall Street</a>



<figure class="wp-block-embed aligncenter 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">Latest inflation numbers just dropped. Headline CPI rose 0.3% in May, and has now risen 2.7% over the past year. Core CPI rose 0.2%, and is running at 2.9%. These numbers are pretty much in line with expectations. The absence of bad news is good news.&mdash; Justin Wolfers (@JustinWolfers) <a href="https://twitter.com/JustinWolfers/status/1945099367158886477?ref_src=twsrc%5Etfw">July 15, 2025</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



Economist Mohamed El-Erian, the former CEO of Pimco, believes the figures would &#8220;undoubtedly intensify the administration&#8217;s pressure on the Federal Reserve to reduce rates,&#8221; but warned that it's &#8220;unlikely to sway most Fed officials given their stated criteria for resuming the rate-cutting cycle.&#8221;



<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">Both stock and bond markets have reacted favorably to the June U.S. CPI data, which largely aligned with, or came in slightly softer than, consensus forecasts. Specifically: Monthly headline inflation was 0.3%, bringing the annual measure to 2.6%. Core inflation, both monthly and…&mdash; Mohamed A. El-Erian (@elerianm) <a href="https://twitter.com/elerianm/status/1945101202984706065?ref_src=twsrc%5Etfw">July 15, 2025</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



Jason Furman, a Harvard economist and former economic advisor to President Barack Obama, posted on X with a more cautious message. 



Furman noted that while core CPI remains below 3%, key inflation segments are being distorted by tariffs. &#8220;You can see signs of tariffs in these numbers,&#8221; he said. &#8220;That is only likely to grow,&#8221; he says, pointing to unusually high prices in tariff-sensitive categories such as appliances and apparel.



Furman added that &#8220;everything ex-housing is worse for the month of June,&#8221; referring to prices excluding rent, which he sees as a reversal of prior trends. 



He also believes that companies are still working through their &#8220;pre-tariff inventories,&#8221; suggesting that the inflation could get worse going forward.



<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">Inflation rose in June, with core CPI at an annual rate of: 1 month: 2.8% 3 months: 2.4% 6 months: 2.7% 12 months: 2.9% You can see signs of tariffs in these numbers and that is only likely to grow. <a href="https://t.co/9VITyEogES">pic.twitter.com/9VITyEogES</a>&mdash; Jason Furman (@jasonfurman) <a href="https://twitter.com/jasonfurman/status/1945105607062622384?ref_src=twsrc%5Etfw">July 15, 2025</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



Why It Matters: While President Donald Trump was quick to react to this news, asking the Fed to <a href="https://www.benzinga.com/markets/economic-data/25/07/46430675/trump-powell-june-inflation-fed-rate-cuts">lower the rates</a>, experts such as Mike Konczal&nbsp;of the Economic Security Project have cautioned, saying that, &#8220;This does not strike me as a good CPI print.&#8221;



Last month, Federal Reserve Chair Jerome Powell told Congress that <a href="https://www.benzinga.com/markets/economic-data/25/06/46077396/powell-interest-rates-trump-inflation-tariffs">potential rate cut</a> decisions in 2025 would depend on the tariffs. 



&#8220;Increases in tariffs this year are likely to push up prices and weigh on economic activity,&#8221; Powell told lawmakers, acknowledging risks to both consumer prices and business investment.



Photo Courtesy: Leka Sergeeva on Shutterstock.com



Read More: 



<ul class="wp-block-list">
<li><a href="https://www.benzinga.com/markets/economic-data/25/07/46413961/june-inflation-cpi-report">June Inflation Lands As Expected — But Cooler Core Reading Fuels Fed Rate Cut Hopes</a></li>
</ul>

Economists On June CPI Numbers: 'The Absence Of Bad News Is Good News' — But Fed 'Unlikely To Sway' On Interest Rates

On Tuesday, Jensen Huang-led Nvidia Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>) applauded <a href="https://www.benzinga.com/etfs/sector-etfs/25/07/46423852/nvidias-china-chip-deal-signals-new-tailwind-for-chip-and-ai-etfs">Washington's AI strategy</a> after Donald Trump's AI advisor, David Sacks, highlighted the need for U.S. tech to outpace global adversaries by becoming the international standard.



What Happened: Nvidia's Newsroom X handle said, "Washington gets it: Winning the AI race means making the American stack the global standard," while sharing a video of Sacks on CNBC.&nbsp;



In the video, Sacks can be heard saying, "We have to basically export American technology around the world," adding, "We want American technology to be the global standard&#8230; We want data centers across the world to be adopting the American technology stack."



Trump's on AI and crypto czar drew parallels between Silicon Valley&#8217;s success and the nation's AI ambitions, stressing that winning means building the biggest ecosystem globally.



See Also: <a href="https://www.benzinga.com/markets/tech/25/07/46407075/nvidia-ceo-jensen-huang-to-attend-china-supply-chain-expo-in-beijing-on-wednesday-says-state-tv">Nvidia CEO Jensen Huang To Attend China Supply Chain Expo In Beijing On Wednesday, Says State TV</a>



<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">Washington gets it: Winning the AI race means making the American stack the global standard.<a href="https://twitter.com/DavidSacks?ref_src=twsrc%5Etfw">@DavidSacks</a> on <a href="https://twitter.com/CNBC?ref_src=twsrc%5Etfw">@CNBC</a>: "We have to outcompete our global adversaries. There&#39;s just no substitute for innovation. You can&#39;t regulate your way to winning the AI race." <a href="https://t.co/iznmHtQfF6">pic.twitter.com/iznmHtQfF6</a>&mdash; NVIDIA Newsroom (@nvidianewsroom) <a href="https://twitter.com/nvidianewsroom/status/1945215978939252801?ref_src=twsrc%5Etfw">July 15, 2025</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



Why It's Important: The remarks came as <a href="https://www.benzinga.com/markets/tech/25/07/46412125/trumps-latest-move-on-ai-and-china-propels-chip-stocks">AI chip stocks soared Tuesday</a>, with Nvidia, Advanced Micro Devices, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMD#NASDAQ">AMD</a>) and Taiwan Semiconductor Manufacturing Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TSM#NYSE">TSM</a>) among the top gainers.



The rally was driven by major Trump investments in AI and energy infrastructure, particularly in Pennsylvania and reports emerging that the U.S. would ease some chip export restrictions to China.



On Monday, Nvidia also announced that it will <a href="https://www.benzinga.com/markets/tech/25/07/46407517/nvidia-resumes-h20-shipments-to-china-as-jensen-huang-meets-trump-beijing-officials-fully-compliant-rtx-pro-aims-to-bridge-ai-cold-war">restart sales</a> of its H20 GPU in China and has introduced a new RTX PRO graphics processor tailored specifically for the Chinese market.



Nvidia's China strategy came under scrutiny after reports came that a Chinese AI firm, DeepSeek, used shell companies to acquire H100 chips while <a href="https://www.benzinga.com/markets/tech/25/07/46397545/nvidias-jensen-huang-china-doesnt-need-us-chips">aiding China's military</a> and intelligence agencies.



The AI chip giant <a href="https://www.benzinga.com/25/05/45644145/nvidia-stock-is-bullish-ahead-of-q1-earnings-but-will-h20-chip-woes-dampen-the-party">had to suspend shipments</a> of its China-specific H20 AI chips when the U.S. government ruled that a special license was needed, costing the company an estimated $2.5 billion in first-quarter revenue.



Price Action: Nvidia shares dipped 0.29% in after-hours trading after climbing 4.04% during Tuesday's regular session, according to <a href="https://pro.benzinga.com/dashboard">Benzinga Pro data</a>.



Benzinga's Edge Stock Rankings indicate that Nvidia continues to show strong upward momentum over the short, medium and 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/2025/07/15233447/Screenshot-2025-07-16-at-9.02.58%E2%80%AFAM.png" alt="" class="wp-image-986874"/></a></figure>



Read More:



<ul class="wp-block-list">
<li><a href="https://www.benzinga.com/news/politics/25/07/46308025/get-ready-for-800-hours-of-blackouts-trumps-doe-warns?utm_source=articleShare" target="_blank" rel="noreferrer noopener">Get Ready For 800 Hours Of Blackouts, Trump&#8217;s DOE Warns</a>&nbsp;</li>
</ul>



Photo: Hepha1st0s On Shutterstock.com



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

Tech

Nvidia Says 'Washington Gets It' After Trump's AI Czar David Sacks Says US Has To 'Outcompete' Global Rivals

President Donald Trump's repeated calls for aggressive rate cuts collided with economic reality Tuesday, as June's rising inflation dynamics offered a win—at least temporarily—for Federal Reserve Chair<a href="https://www.benzinga.com/topic/jerome-powell"> Jerome Powell's cautious stance.</a>



Headline inflation in June accelerated to 2.7% year over year, up from 2.4% in May and the highest reading since February. 



On a monthly basis, the Consumer Price Index rose 0.3%—the largest increase in five months. Both figures were in line with economists forecasts.



Core inflation, which strips out food and energy, rose 2.9% from a year ago, slightly below the 3% consensus. Monthly core CPI came in at 0.2%, a touch under the expected 0.3%, but still above May's 0.1%.



In recent months, Powell has consistently resisted political pressure to lower interest rates, maintaining a wait-and-see approach amid growing uncertainty from rising tariffs. 



That patience now appears warranted.



See Also: <a href="https://www.benzinga.com/news/politics/25/07/46235830/trump-wants-rate-cuts-will-big-beautiful-bill-help-answer-big-fat-no">Trump Wants Rate Cuts, Will &#8216;Big Beautiful Bill&#8217; Help? Answer: Big Fat &#8216;No&#8217;</a>



<h2 class="wp-block-heading">June Inflation Data Validates Powell&#8217;s Trump Pushback </h2>



"Consumer Prices low. Bring down the Fed Rate, now!!!," Trump commented about the June&#8217;s inflation report. 



But the underlying details told a more nuanced picture.



"This does not strike me as a good CPI print," said Mike Konczal of the Economic Security Project, noting that goods and non-housing services rose, even if lower shelter prices masked the full impact. 



"It's just one month, but this is a clear win for the Fed having paused rate cuts."



"Today's report finally provided ample evidence that tariffs are being passed onto consumers," said Bank of America&#8217;s economist Stephen Juneau in a note. 



Core goods prices rose 0.2% month over month and 0.3% when excluding used cars, which declined again. Price hikes were broad-based across categories like appliances, apparel and recreational items.



Juneau expects this dynamic to carry into the Fed's preferred inflation metric, projecting a 0.3% monthly increase in core Personal Consumption Expenditures (PCE) that could keep the year-over-year rate near 3% by the third quarter.



"If our PCE tracking estimate is correct, the case for the Fed to remain on hold this year (our call) would strengthen," he said.



"Inflation's not going quietly. June's 2.7% CPI reading tells us the road back to 2% won't be smooth and gives the Fed reason to pause before cutting rates," Gina Bolvin, president of Bolvin Wealth Management Group, added. 



Bill Adams, chief economist at Comerica Bank, said CPI data shows inflation is still running above target, though within range. "Core CPI has ranged from 2.8% to 3.3% since last June, and total CPI from 2.3% to 3.0%. Both currently sit at around the middle of those ranges."



Given that the unemployment rate edged lower in June, Adams said the Fed has room to wait. "There's no smoking gun forcing a rate cut in July."



<h2 class="wp-block-heading">What's Next For The Fed?</h2>



Markets now widely expect the Federal Reserve to hold rates steady at its July meeting. However, rate futures still reflect hopes for two cuts in the second half of 2025, and another two in 2026—bets that look increasingly fragile as inflation proves sticky.



Powell's term ends in May 2026 and speculation over his successor is intensifying.



According to Kalshi, the leading betting platform, former Fed governor Kevin Warsh leads with a 36% chance of taking the role, followed by economist Kevin Hassett at 30%. 



Fed Governor Christopher Waller trails at 19%, while Trump&#8217;s Treasury Secretary Scott Bessent holds a 14% probability.



<iframe loading="lazy" src="https://kalshi.com/external-widgets/events/KXFEDCHAIRNOM-29?color_scheme=light&#038;widget_size=medium&#038;variant=a&#038;ids=KXFEDCHAIRNOM-29-KW&#038;ids=KXFEDCHAIRNOM-29-KH&#038;ids=KXFEDCHAIRNOM-29-CWAL&#038;utm_campaign=benzinga_widget" width="488px" height="196px" style="border:0"></iframe>



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</ul>



Image: Shutterstock

Analyst Color

Politics

Analyst Ratings

June Inflation Data Validates Powell's Trump Pushback

Bank of America Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BAC#NYSE">BAC</a>) looks to keep a streak of beating analyst estimates alive when the company reports second-quarter financial results before<a href="https://www.benzinga.com/earnings" target="_blank" rel="noopener"> the market opens Wednesday.</a>



Here's a look at the current analyst estimates, what analysts are saying ahead of the report, and key items to watch.



Earnings Estimates: Analysts expect Bank of America to report second-quarter revenue of $26.81 billion, up from $25.54 billion in last year's second quarter, according to data<a href="https://www.benzinga.com/pro/register?utm_adType=bzprocontent&amp;utm_campaign=14daytrial&amp;utm_ad=0715"> from Benzinga Pro.</a>



The company has beaten analyst estimates for revenue in five straight quarters and in nine of the last 10 quarters overall.



Analysts expect Bank of America to report second-quarter earnings per share of 87 cents, up from 83 cents per share. The company has beaten analyst estimates for earnings per share in more than 10 straight quarters.



Read Also: <a href="https://www.benzinga.com/trading-ideas/dividends/25/07/46390407/how-to-earn-500-a-month-from-bank-of-america-stock-ahead-of-q2-earnings-2">How To Earn $500 A Month From Bank of America Stock Ahead Of Q2 Earnings</a>



What Analysts Are Saying: Several analysts have downgraded Bank of America stock ahead of the quarterly financial results.



HSBC recently downgraded the stock from Buy to Hold, while also raising the price target from $47 to $51.



Analyst Saul Martinez said there are "downside risks" that are not priced into large U.S. banks like Bank of America. The analyst also downgraded JPMorgan and Goldman Sachs.



The analyst noted that factors such as macroeconomic uncertainty, the potential for economic growth to slow going forward, and future interest rate cuts in 2025 and 2026 could impact the stock's future valuation.



Martinez said regional banks may be more favorably valued and ripe for rallies.



Here are other recent <a href="https://www.benzinga.com/quote/BAC/analyst-ratings">analyst ratings for Bank of America </a>and their price targets:



<ul class="wp-block-list">
<li>Truist: Maintained Buy rating, raised price target from $51 to $53</li>



<li>RBC Capital: Maintained Outperform rating, raised rice target from $45 to $53</li>



<li>Baird: Downgraded from Outperform to Neutral, with price target of $52</li>



<li>Citigroup: Maintained Buy rating, raised price target from $50 to $54</li>
</ul>



Key Items to Watch: Bank of America's earnings report comes a day after peer JPMorgan &amp; Chase <a href="https://www.benzinga.com/markets/earnings/25/07/46416888/jpmorgan-q2-earnings-dimon-warns-tariffs-risks">reported results. </a>JPMorgan beat analyst estimates for both revenue and earnings per share and set the table for high expectations being placed on the banking sector.



One person who will be paying close attention to Bank of America's earnings report is Berkshire Hathaway Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BRK#NYSE">BRK</a>)(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BRK#NYSE">BRK</a>) CEO Warren Buffett. The banking company is the third-largest holding in the conglomerate's investment portfolio.



The Bank of America stake is valued at $29.2 billion. Berkshire has been cutting its stake in Bank of America in recent quarters. Buffett may be looking for specifics or overall health to determine if it makes sense to further trim the position.



Bank of America's earnings report and subsequent stock move will also be closely followed by owners of the SPDR Select Sector – Financials ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLF#NYSE">XLF</a>), with the bank the fifth largest holding at 4.2% of assets.



Recent stress tests were passed by major banks, which could lead to increased dividend payouts and share buybacks, and also open banks to more capital-intensive uses. Analysts may ask the company how it plans to use its cash after the recent stress test.



BAC Price Action: Bank of America stock was down 1.9% to $46.15 on Tuesday versus a 52-week trading range of $33.06 to $49.30. Bank of America stock is up 4.6% year-to-date in 2025.



Read Next: 



<ul class="wp-block-list">
<li><a href="https://www.benzinga.com/news/25/07/46396595/jpmorgan-citi-to-kick-off-bank-earnings-as-wall-street-sees-profit-boom">JPMorgan, Citi To Kick Off Bank Earnings As Wall Street Sees Profit Boom</a></li>
</ul>



Photo: Shutterstock

Previews

Bank Of America Q2 Earnings Preview: Can Top Warren Buffett Holding Keep Beating Analyst Estimates?

JPMorgan Chase &amp; Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/JPM#NYSE">JPM</a>) CEO <a href="https://www.benzinga.com/topic/jamie-dimon">Jamie Dimon </a>addressed a pressing question on the bank's earnings call Tuesday: Why haven't major banks collaborated to create a joint tokenized deposit solution, similar to the Zelle payments network, to counter the rise <a href="https://www.benzinga.com/markets/earnings/25/07/46416888/jpmorgan-q2-earnings-dimon-warns-tariffs-risks">of stablecoin providers? </a>



What To Know: During a discussion with TD Cowen analyst Steven Alexopoulos, Dimon acknowledged the logic behind tokenized deposits for customers operating within a single bank's ecosystem. 



Tokenized deposits, which are digital representations of traditional bank deposits on a blockchain, can streamline internal transactions and offer efficiency for customers already inside a bank's network.&nbsp;



Read Next: <a href="https://www.benzinga.com/markets/tech/25/07/46422009/rare-earth-royalty-meet-the-power-players-shaping-the-industry?utm_source=articleShare">Rare Earth Royalty: Meet The Power Players Shaping The Industry</a>



However, Dimon conceded that these benefits are limited when it comes to transacting with customers outside that ecosystem.



The analyst pressed further and asked what&#8217;s preventing banks from joining forces to create a unified, interoperable solution that could compete with the convenience and reach of stablecoins. 



Dimon's response was candid: "That's a great question. I believe it remains a question."&nbsp;



He went on to highlight the core issue of interoperability between stablecoins, traditional deposits and the broader movement of money.&nbsp;



"You're raising a very important point about interoperability of stablecoins and deposits and movement of money and what problem you're trying to solve, but you're raising great points. You can assume we're thinking about all that," Dimon said.&nbsp;



Why It Matters: The JPMorgan CEO's comments addressed the complex issues facing traditional banks as they navigate the rapidly evolving payments landscape. 



While tokenized deposits offer promise, their utility is hampered by a lack of cross-bank interoperability.&nbsp;



Meanwhile, stablecoin companies like Circle Internet Group, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CRCL#NYSE">CRCL</a>) have gained traction by offering seamless, borderless payment solutions that appeal to both consumers and businesses.



Dimon's comments highlight a pivotal moment for the banking industry: to remain competitive, banks may need to move beyond their individual "walled gardens" and collaborate on interoperable digital solutions or risk losing ground to digital finance challengers.



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Consumers facing inflation concerns and worries of <a href="https://www.benzinga.com/markets/25/04/44656119/trump-tariffs-could-blow-up-apple-analyst-estimates-39-5-billion-impact">future tariffs on products</a> from Apple Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>) could be in for a surprise sale during July and August, thanks to annual state sales tax holidays in participating states.



What Happened: Each year, many states offer sales tax-free shopping periods for back-to-school items. While the list typically includes clothing, shoes and school supplies, some states offer the tax reprieve on electronics such as laptops, tablets and even<a href="https://www.benzinga.com/tech/25/03/44366890/apple-stock-faces-pressure-from-declining-iphone-revenue-could-companys-first-foldable-smartphone-in-2026-reverse-course"> iPhones from Apple.</a>



While there are 17 states that offer sales tax holidays in July and August, only nine of them apply to products available from Apple, as <a href="https://9to5mac.com/2025/07/15/you-may-be-able-to-buy-apple-products-without-paying-state-sales-tax/">reported </a>by 9to5Mac.



Here are the states included, the dates of the tax-free holiday and what items are included:



<ul class="wp-block-list">
<li>Alabama: July 18 to July 20, maximum price $750, computers and accessories</li>



<li>Arkansas: Aug. 2 to Aug. 3, no maximum price, good on iPhones, iPads, Mac computers and more</li>



<li>Massachusetts: Aug. 9 to Aug. 10, maximum price $2,000 one item, no total limit, good on all items</li>



<li>New Mexico: July 25 to July 27, maximum price $1,000 for Mac/iPad, $500 for accessories</li>



<li>Ohio: Aug. 1 to Aug. 14: maximum price $500 savings on one item, all items</li>



<li>South Carolina: Aug. 1 to Aug. 3: no maximum price, good on all items</li>



<li>Tennessee: July 25 to July 27, maximum price $1,500, good on computers and accessories</li>



<li>Virginia: Aug. 1 to Aug. 3, maximum price $60 per item, good on some accessories</li>



<li>West Virginia: Aug. 1 to Aug. 4, maximum price $500, good on iPads</li>
</ul>



Apple lists the sales tax holiday on its <a href="https://www.apple.com/shop/campaigns/tax-holiday#:~:text=%E2%80%9310%2C%202025.-,To%20qualify%20for%20the%20tax%20exemption%2C%20the%20purchase%20must%20be,together%20cost%20more%20than%20$2500.">website </a>and says the purchases can be made online and in-store. Local taxes may apply for some of the items purchased during the state sales tax holiday.



Here are the local and state tax <a href="https://taxfoundation.org/data/all/state/sales-tax-rates/">rates </a>for the participating states:



<ul class="wp-block-list">
<li>Alabama: 9.44%</li>



<li>Arkansas: 9.48%</li>



<li>Massachusetts: 6.25%</li>



<li>New Mexico: 7.67%</li>



<li>Ohio: 7.30%</li>



<li>South Carolina: 7.49%</li>



<li>Tennessee: 9.61%</li>



<li>Virginia: 5.77%</li>



<li>West Virginia: 6.58%</li>
</ul>



Of the nine states that participate in the state sales tax reprieve and offer Apple products as an option, three are among the five highest states for local and sales taxes. Tennessee ranks second in the country, followed by Arkansas, which ranks third and Alabama, which ranks fifth.



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Why It's Important: Apple could see a boost in revenue in the U.S. during the July and August back-to-school months thanks to sales like these.



Apple reported revenue of $40.31 billion in the Americas segment in <a href="https://www.benzinga.com/news/earnings/25/05/45152493/apple-reports-strong-q2-earnings-revenue-beat-eps-beat-installed-base-hits-all-time-high-across-all-segments-100-billion-buyback-and-more">the second quarter</a>. iPhone sales declined year-over-year, while Mac and iPad sales were up on a year-over-year basis.



For Apple, selling more devices to students can also set up revenue opportunities down the road for its growing Services business, which set a record of $26.65 billion in the second quarter.



The National Retail Federation <a href="https://www.usatoday.com/story/money/2025/07/10/back-to-school-shopping-sales-tax-holiday-2025/84459340007/">estimates </a>that the average K-12 shopper budgeted $875 last year and college student shoppers budgeted $1,365. An NRF survey found that 76% of shoppers expect higher prices on the back-to-school items they need for the 2025 school year.



"These tax-free events can help drive customers to stores, and result in increased sales because customers may purchase additional items that they were not shopping for that day," said Katherine Cullen, NRF vice president of industry and consumer insights.



Time will tell if Apple sees a greater impact from the state sales tax holiday than in recent years, given that higher costs could drive more consumers to shop during sales and periods of deals to help offset the increased costs of having kids in school.



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