
In short, futures are muted but stable, reflecting cautious optimism ahead of new economic data and earnings.
President Trump’s public frustration with Fed Chair Jerome Powell resurfaced this week, triggering market jitters on Wednesday. Stocks sold off midday after reports circulated that Trump might fire Powell — something he’s previously threatened. However, markets quickly bounced back when Trump clarified he’s “not planning” to take such action, at least for now.
Still, this drama isn't new. Trump has long criticized the Fed for its handling of interest rates, urging it to cut more aggressively. According to the CME Group’s FedWatch Tool, almost 100% of traders are betting that the Fed will hold rates steady at its next meeting, despite mixed signals on inflation.
Investors are now left trying to balance political uncertainty with expectations for steady policy — a tricky tightrope that’s keeping market moves limited ahead of major announcements.
Trump vs. Powell: Central bank independence rattled?
Markets briefly dipped yesterday after reports emerged that President Trump considered firing Federal Reserve Chair Jerome Powell—a move that could shake investor confidence in Fed independence. Though Trump later denied the rumor, the episode triggered a jump in Treasury yields and some dollar weakness, showing how sensitive markets are to Fed leadership uncertainty.Tariff storm ahead: What’s Trump planning?
Adding fuel to the fire, Trump also confirmed he will roll out a sweeping “tariff barrage” starting August 1, targeting over 150 countries. This includes: Economists warn this could , especially after June's CPI came in hotter at , driven in part by import-sensitive goods.Here are the top pre-market gainers as of July 17:
Company | Price | % Gain |
$35.50 | (Railroad earnings boost) | |
$388.18 | (AI & enterprise software strength) | |
$266.88 | ||
$63.44 | ||
$137.50 | (Consumer staples recovery) |
Other early risers include Hewlett Packard Enterprise, GE Vernova, Blackstone, and Tesla.
In the broader S&P 500, Johnson & Johnson also surged +6.2%, and Global Payments (GPN) rallied +6.5%, showing investor confidence in healthcare and fintech.
Here are the top pre-market losers as of this morning:Company | Price | % Loss |
$50.70 | ||
$126.43 | ||
$111.90 | ||
$44.00 | ||
$225.00 |
Also dropping: , , , , and Enphase Energy.
These declines suggest cyclicals, semiconductors, and banks are under pressure from macro fears and tariff anxiety.
Another critical market driver Thursday is the release of June retail sales — a direct look at how American consumers are spending. Economists expect a slight rebound in spending after a dip in May, where early purchases ahead of potential tariff-driven price hikes caused a short-term pullback.
Major banks reporting earnings this week, including JPMorgan Chase, Bank of America, and Citigroup, all suggested that consumers are still relatively healthy. However, any softness in June’s numbers could raise concerns about consumer resilience in the face of inflation and policy uncertainty.
Netflix (NFLX) will report quarterly earnings after the bell Thursday, marking the first of the big tech names to post results this season. Shares of Netflix have surged in 2025, riding high on optimism around new content launches and global subscriber growth.The market will be watching Netflix’s performance closely, especially its subscriber growth, ad-supported tier expansion, and international revenue trends. The results could set the mood for upcoming earnings from Apple, Microsoft, Google (Alphabet), and Amazon — all key drivers of this year’s tech rally.
Beyond Netflix, Thursday also brings key earnings from Taiwan Semiconductor Manufacturing Company (TSMC) and PepsiCo (PEP). TSMC, a major chip supplier for Apple and others, is expected to give important insight into the global semiconductor supply chain and tech demand. PepsiCo, on the other hand, will provide clues on consumer staples spending and inflation pressures on household goods.These early earnings will help shape expectations for the broader earnings season, especially as companies face tighter margins, changing consumer behavior, and unpredictable policy shifts.
Right now, Wall Street is moving cautiously. The Trump–Powell tension and aggressive tariff strategy are raising red flags for investors, especially with inflation already heating up. While some sectors like railroads, healthcare, and AI-driven tech are doing well, others like banks, consumer goods, and semiconductors are taking a hit.Investors are watching closely for signs that trade policy could derail the soft-landing narrative.
What's next for the stock market amid mixed signals?
As it stands, the US stock market is holding near record highs — but it's walking a tightrope. Political risk, uncertain economic data, and high valuations are keeping traders cautious. With inflation data sending mixed messages and the Fed unlikely to budge in the near term, much will depend on how companies perform this quarter.And with Trump once again turning his attention to the Federal Reserve, Wall Street will likely keep one eye on earnings and the other on political headlines coming out of Washington.
Q1: What is the latest update on the stock market today?Dow, S&P 500, and Nasdaq futures are mostly flat amid Trump-Powell tensions and earnings watch.
Q2: Why are investors watching Netflix earnings today?
Netflix is the first Big Tech name to report, and its results may set the tone for tech stocks.
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