Trade hope sends Wall Street futures higher; earnings kick into high gear
S&P 500 E-minis rose 15.75 points, or 0.25%, at 7:03 a.m. ET, and Nasdaq 100 E-minis climbed 66.25 points, or 0.29%, hovering near all-time highs hit last week.
Dow E-minis were up 92 points, or 0.21%.
With President Donald Trump's August 1 tariff deadline looming, investors are hopeful that there will soon be signs of fresh trade deals.
The European Union is, however, gearing up with an arsenal of potential counter-measures against the United States, EU diplomats said, as hopes for a breakthrough trade deal with Washington dwindled.
This comes after U.S. Commerce Secretary Howard Lutnick on Sunday expressed confidence over striking a trade deal with the EU.
Trump has sent letters to other trading partners including Canada, Japan and Brazil, setting blanket tariff rates ranging from 20% to 50%.
The S&P 500 (.SPX), opens new tab and the Nasdaq (.IXIC), opens new tab notched new records last week as investors shrugged off tariff threats, betting the economic fallout might not be as dire as once feared.
Meanwhile, the blue-chip Dow hovered just 1.64% shy of its all-time high.
Markets delivered a mixed reaction to the earnings season that kicked off last week, showing that even a blockbuster report was not enough to impress investors. Netflix (NFLX.O), opens new tab, for instance, posted its steepest intraday tumble in over three months on Friday despite beating earnings' estimates.
Now, all eyes are on marquee names such as Alphabet (GOOGL.O), opens new tab and Tesla (TSLA.O), opens new tab, whose results this week will kick off the "Magnificent Seven" earnings parade, and could set the tone for Wall Street.
Shares of Tesla and Alphabet were up over 1% each in premarket trading. Verizon (VZ.N), opens new tab gained 4.2% after boosting its annual profit forecast.
Meanwhile, shares of Domino's Pizza rose 5.2% after the world's largest pizza chain surpassed analysts' expectations for second-quarter U.S. same-store sales.
Of the 59 S&P 500 companies that have reported quarterly earnings so far this season, 81.4% have surpassed Wall Street's earnings expectations, compared with a long-term average of 67.1%, according to LSEG I/B/E/S data as of Friday.
The week is light on the economic data front, with only notable indicators being weekly jobless claims figures and the July business activity report expected on Thursday.
Investors will closely analyze Federal Reserve Chair Jerome Powell's remarks on Tuesday for any clues on the central bank's next move, especially after last week's mixed inflation signals.
Traders have largely ruled out a July rate cut, and are now pegging the odds at about 60% for a September reduction, according to CME Group's FedWatch tool.
Ethereum-linked companies Bitmine Immersion Technologies , Gamesquare Holdings (GAME.O), opens new tab, BTCS (BTCS.O), opens new tab and Sharplink Gaming (SBET.O), opens new tab advanced between 5.5% and 6.7% as ether traded near its highest level this year after Trump signed into law a bill regulating stablecoins in the United States.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Daily Mail
12 minutes ago
- Daily Mail
Harsh reality behind Colbert's 'cancellation' as DNC spokesperson
The chairman of the Federal Communications Commission served a brutal dose of reality to Stephen Colbert (pictured) fans 'wailing' over the loss of the liberal comedian's show. Brendan Carr explained how the drama over Colbert's Late Show cancellation was nothing more than political theater - and the actual motive was just dollars and cents. On Thursday, CBS announced that the comedian's decade-long run as the host of CBS' late night flagship will end next May. The sudden move s parked immediate backlash from left-wing celebrities and politicians, who claim the decision was strictly politically-motivated. The cancellation was revealed two days after Colbert used the term 'big fat bribe' to describe Paramount's $16million settlement with President Trump. Paramount, which owns CBS, decided to settle on the lawsuit over deceptive editing of a 60 Minutes interview with Kamala Harris. The entire affair came amid a pending merger between CBS parent company Paramount and Skydance - a deal still awaiting regulatory approval under the oversight of the Trump administration. CBS - long known as the 'Tiffany Network' - insisted that canceling Colbert's show was 'purely a financial decision against a challenging backdrop in late night.' 'It is not related in any way to the show's performance, content or other matters happening at Paramount,' it added. Though the program regularly topped its timeslot on network TV, it reportedly hemorrhaged $40 million a year in revenue - a staggering loss that ultimately proved unsustainable. However, the network instantly faced widespread accusations, including from US senators, of cancelling Colbert for political reasons, particularly given the timing following his vocal criticism of Trump. 'Stephen Colbert, an extraordinary talent and the most popular late night host, slams the deal, days later, he's fired. Do I think this is a coincidence? NO,' Bernie Sanders wrote to X. Actress Jamie Lee Curtis added her voice to the backlash, telling the Associated Press : 'They just cut NPR and, you know, public broadcasting. Yes, they're trying to silence people, but that won't work. It won't work. We will just get louder.' Massachusetts Senator Elizabeth Warren wrote to X : 'CBS canceled Colbert's show just THREE DAYS after Colbert called out CBS parent company Paramount for its $16M settlement with Trump – a deal that looks like bribery. America deserves to know if his show was canceled for political reasons,' she added. 'If Paramount and CBS ended the Late Show for political reasons, the public deserves to know. And deserves better,' California Senator Adam Schiff (pictured) wrote to X. Jon Stewart, Colbert's former Comedy Central colleague, also weighed in on the controversy during Monday's episode of The Daily Show, questioning the network's decision to cancel the program. 'Watching Stephen exceed all expectations in the role and become the number one late-night show on network television has been an undeniable great pleasure for me as a viewer and as his friend, and now Stephen has been canceled for "purely financial reasons," Stewart said. Colbert ultimately gained a reputation as one of Trump's fiercest critics, departing from the traditional late-night in favor of a more overtly partisan approach. Following the announcement of The Late Show's cancellation, President Trump took to Truth Social on Friday to gloat over the news in a celebratory post. 'I absolutely love that Colbert' got fired. His talent was even less than his ratings,' he wrote. Colbert, who briefly addressed the move Friday, devoted much of his Monday show to the controversy, eventually uniting with almost every other liberal late-night talk show host in a show of support, as well as Adam Sandler and even Lin-Manuel Miranda. The 61-year-old comic opened after a standing ovation and a lengthy applause from the New York City crowd by saying 'cancel culture has gone too far' and then joked now that the show is ending, he can say whatever he feels. Colbert said sarcastically of Paramount: 'They made one mistake, they left me alive! For the next ten months, the gloves are off!' The Late Show host then referenced Trump's comments, turning to an 'Eloquence Cam' and said: 'How dare you, sir? Would an untalented man be able to compose the following satirical witticism? Go [expletive] yourself.' He then referenced Trump stating in the same Truth Social post: 'I hear Jimmy Kimmel is next.' Colbert replied: 'Nope, no, no. Absolutely not. Kimmel, I am the martyr. There's only room for one on this cross. And the view is fantastic from up here. I can see your house!' He also said that cancellation meant he could finally admit what he felt about the president. In contrast to his often over-the-top anti-Trump monologues, he dryly, quietly said: 'I don't care for him. Doesn't seem to have the skill set to be president. Just not a good fit, that's all.' Colbert also referenced a story from The New York Post saying the show lost $40-$50million last year, though some have suggested its as high as $100million. 'I could see us losing $24 million but where would Paramount have possibly spent the other $16 million, oh...' he quipped, naming the amount the company settled with Trump for over his 60 Minutes lawsuit. He then went back to bashing Trump and the recent news accusing him of writing a 'bawdy' letter to Jeffrey Epstein for his 50th birthday. 'I'll have more to say about all this after the commercial break. The only other story is a small one... the president is buddies with a [expletive],' he said. In a follow-up post on X, Carr chimed in again, taking aim at the comedian and slamming him for his reaction to the cancellation. 'I'm surprised to learn that CBS didn't find this stuff profitable,' he wrote.
ITV News
13 minutes ago
- ITV News
Why are Ukrainians protesting President Zelenskyy's anti-corruption bill?
Crowds of protesters have gathered in Kyiv and other cities across Ukraine to urge President Volodymyr Zelenskyy to reject changes to the law that would threaten anti-corruption measures in the country. It is the first major protest against the government in more than three years of war. Zelenskyy, who was elected in 2019 on a pledge to rid his country of graft, signed a bill reducing the autonomy of two Ukrainian anti-corruption bureaus on Tuesday. Here, ITV News explains what the bill does and why Ukrainians are protesting against it. What is the bill, and why is it so controversial? The controversial bill removed the independence of two key anti-corruption agencies - the national anti-corruption bureau, known as Nabu, and the anti-corruption prosecutor's office. It will mean Ukraine's prosecutor general, who is a political appointee, will have new authority over which investigations and cases are pursued. The agencies themselves and critics say the changes could significantly weaken their independence and give President Zelenskyy's circle more influence over investigations. Despite public outrage, President Zelenskyy signed the bill into law on Tuesday. Why are people protesting the changes? Fighting entrenched corruption is seen as crucial for Ukraine's bid to join the European Union and maintain access to billions of dollars in Western aid. In a post on X, the EU's Enlargement Commissioner Marta Kos called the recent vote in Ukraine's parliament 'a serious step back.' Some protesters have accused Ukraine's leadership of putting loyalty and personal connections ahead of stopping corruption. 'Those who swore to protect the laws and the Constitution have instead chosen to shield their inner circle, even at the expense of Ukrainian democracy," said Oleh Symoroz, a veteran at one of the protests. 'Instead of setting an example of zero tolerance for corruption, the president is using his power to take control of criminal cases involving his allies." What has Zelenskyy said? On X, President Zelenskyy defended the changes that had been made, saying the agencies needed to be cleared of "Russian influence." The changes to the law came a day after Kyiv's domestic security agency arrested two officials from one of the anti-corruption organisations (Nabu) on suspicion of ties to Russia. President Zelenskyy continued: "It is important that the Prosecutor General is determined to ensure that in Ukraine the inevitability of punishment for those who go against the law is actually ensured. This is what Ukraine really needs. "The cases that have been lying dormant must be investigated. For years, officials who have fled Ukraine have been casually living abroad for some reason – in very nice countries and without legal consequences – and this is not normal."
The Independent
13 minutes ago
- The Independent
Fossil fuels are ‘flailing and failing' as world enters new energy era, says UN chief
The age of fossil fuels is nearing its end and a clean energy revolution is well underway, UN secretary-general António Guterres said on Tuesday, urging governments to accelerate the shift before it is too late. 'We are on the cusp of a new era. Fossil fuels are running out of road. The sun is rising on a clean energy age,' Mr Guterres said in a speech in New York. 'I have never been more confident that they will fail – because we have passed the point of no return.' Backed by the latest figures from the International Renewable Energy Agency (IRENA), Mr Guterres said that renewables made up 92.5 per cent of new electricity capacity last year. Investment in clean energy reached $2 trillion in 2024 – nearly $800bn more than what flowed into fossil fuels. 'The clean energy future is no longer a promise. It's a fact,' he said. 'No government. No industry. No special interest can stop it.' Despite his optimistic tone, the UN chief warned that the transition is still too slow and uneven, particularly in developing nations that lack access to finance and technology. He called on wealthy countries and major tech firms to lead the charge by committing to 100% renewable-powered operations by 2030. 'The energy transition is unstoppable,' he said. 'But the transition is not yet fast enough or fair enough.' The remarks marked a notable shift in tone from previous UN warnings that focused on the escalating dangers of global heating. This time, Mr Guterres framed the energy transition as an economic and security imperative. 'Countries that cling to fossil fuels are not protecting their economies – they are sabotaging them,' he said. 'Driving up costs. Undermining competitiveness. Locking-in stranded assets. And missing the greatest economic opportunity of the 21st century.' 'There are no price spikes for sunlight. No embargoes on wind. Renewables mean real energy security. Real energy sovereignty. And real freedom from fossil-fuel volatility.' More than 90 per cent of renewable energy projects today are cheaper than fossil fuel alternatives, according to IRENA. Solar power is now 41 per cent cheaper than the lowest-cost fossil fuel option, while onshore wind is less than half the price. Still, major gaps remain. A UN report released alongside IRENA's data warned that grid investment is failing to keep pace with the boom in renewables. For every dollar spent on clean generation, only 60 cents is going into infrastructure – when parity is needed to support the transition. Critical mineral supplies also remain a concern, as do geopolitical tensions and trade disputes that could raise costs or slow momentum. Yet Mr Guterres insisted the shift is already transforming lives – and holds vast potential for regions like sub-Saharan Africa and South Asia where energy access remains limited. 'You can't build a coal plant in someone's backyard,' he said. 'But you can deliver solar panels to the most remote village on earth.' Environmental groups welcomed the speech. Bill Hare, CEO of Climate Analytics, said: 'Any investment in new fossil fuels now is a fool's gamble, while joining the race to renewables can only bring benefits – not just jobs and cheaper energy at stable prices, but energy independence and access where it's needed most.' Shady Khalil, senior global policy strategist at Oil Change International, said the speech sent a clear signal that 'the fossil fuel era is ending and the renewable energy transition is now unstoppable.' But he warned that 'Global North countries like the US, Canada, Norway, and Australia are still gearing up for massive oil and gas expansion,' calling it 'reckless and gluttonous short-termism' that would backfire on their economies. Jacobo Ocharan, head of political strategies at Climate Action Network International, said Guterres was 'on the money' in calling for a transition that delivers 'equity, dignity and opportunity for all.' He said COP30 must produce a roadmap 'grounded in human rights, justice and equity' rather than remaining stuck in 'the polluting and unfair past, which is where the fossil fuel industry wants us trapped.' Mr Guterres called on countries to use their updated national climate plans – due in September – to slash fossil fuel subsidies and invest in clean energy. The message, he said, was not about sacrifice but smart economics. 'This is not just a shift in power,' he said. 'This is a shift in possibility. This is our moment of opportunity.'
