US PREMARKET ACTIONS: July 23, 2025
Futures Indices
Dow Futures: +0.5%
S&P 500 Futures: +0.4%
Nasdaq 100 Futures: +0.2%
US 10-Year Rate: 4.38% (+3 bps)
Market Environment
US indices are making slight gains in pre-market trading, supported by the announcement of a “massive” trade deal between the United States and Japan. Donald Trump spoke of reducing automotive tariffs and $550 billion in Japanese investments in the US, with “90% of profits coming back to America.”
“The market is reacting positively to this development, as it raises hopes for similar deals that could avoid the wave of tariff hikes expected on August 1,” according to Henry Allen (Deutsche Bank).
However, the risk of a sudden return of tariffs still looms, especially towards the EU (30%), Canada (35%), and Brazil (50%).
“Trade agreements reduce the uncertainty that has hampered investment and hiring in the US. The question remains whether they will last,” notes Paul Donovan (UBS).
Investors are also closely watching quarterly results from tech giants, with Tesla and Alphabet expected after the close.
On the macro front, existing home sales for June are expected at 4M, versus 4.03M in May. The Atlanta Fed Business Inflation Index is also on the agenda.
Stocks to Watch
Abivax (ABVX) +470%
The stock soared after a successful late-phase trial in ulcerative colitis, boosting investor enthusiasm for this drug candidate.
Toyota (TM) +12.69%
The Japanese brand benefits directly from the US-Japan trade deal, particularly from reduced automotive tariffs.
Fiserv (FI) -14.57%
The group dropped after disappointment in its Q2 organic growth, despite acquiring TD’s payment processing operations in Canada.
Enphase Energy (ENPH) -7.69%
Sharp decline following disappointing Q3 outlook, amid concerns about tariffs.
Telix Pharmaceuticals (TLX) -9.71%
The stock is under pressure following the opening of an SEC investigation into reported information regarding a cancer treatment.
Opendoor Technologies (OPEN) -11.81%
Suffering heavy sell-offs despite renewed interest in some “meme stocks.”
AT&T (T) -3.54%
Despite a 7% rise in mobility revenue in Q2, the market penalizes a lack of overall momentum.
Have a good session, everyone.
Sylvain Mouilhaud: Coach Actions