US PREMARKET ACTIONS: July 24, 2025
**Futures Indices**
Dow Futures: -0.3%
S&P 500 Futures: +0.1%
Nasdaq 100 Futures: +0.4%
US 10-year Yield: 4.40%
Market Environment
Markets are digesting a series of major results, including Alphabet and Tesla, while tensions mount around the Federal Reserve. Donald Trump plans an unprecedented visit to the Fed this Thursday at 10 p.m. (French time), the first for a sitting president in 20 years. This visit raises serious concerns about the central bank's independence.
Howard Lutnick (Cantor Fitzgerald) intensified the criticism: "Rates must be cut and Powell must go." Such statements feed fears of a politicized Fed, which weighed on the dollar according to UBS.
On the geopolitical side, markets are showing optimism. "The 'risk-on' tone continues with the S&P 500 hitting new records thanks to progress on trade deals," comments Jim Reid (Deutsche Bank). Progress has been announced with Japan, the EU, Indonesia, and even China.
On the macro front, weekly jobless claims are expected to rise to 225K, signaling a more fragile labor market. July's Flash PMI and new home sales will also be watched.
Stocks to Watch
ServiceNow (NOW) +6%
Results above expectations and upgraded 2025 outlook, thanks to increasing adoption of its AI platform "Now Assist," used notably by Nvidia and Starbucks.
Alphabet (GOOGL) +3%
The tech giant beat forecasts with strong Cloud growth (+$50B annualized revenue). Capex raised to $85B, hinting at AI acceleration.
Chipotle (CMG) -10%
Disappointing quarter, with comparable sales down 4%, worse than expected. High base effect and Easter timing weighed on results. Operating margin declined.
Tesla (TSLA) -6%
Elon Musk warns of tough times ahead. Revenue dropped by 12% and adjusted net profit fell 23%. The impending reduction of the $7,500 tax credit is also weighing on demand.
IBM (IBM) -5%
Solid overall results, but software division disappointed. Strong growth in generative AI, but market expectations were higher.
T-Mobile (TMUS) +4.95%
Q2 results beat expectations. Revenue and subscriber growth continue to positively surprise.
STMicroelectronics (STM) -9.95%
Operational losses due to restructuring costs. Market punishes despite expected long-term improvement.
Have a great session everyone
Sylvain Mouilhaud: Action Coach
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