Stock Market News for Jul 17, 2025
How Did The Benchmarks Perform?
The Dow Jones Industrial Average (DJI) rose 0.5% or 231.49 points, to end at 44,254.78 points.
The S&P 500 gained 0.3%, or 19.94 points, to finish at 6,263.70 points. Real estate and healthcare stocks were the biggest gainers.
The Real Estate Select Sector SPDR (XLRE) gained 1.1%, while the Health Care Select Sector SPDR (XLV) rose 1.2%. The Technology Select Sector SPDR (XLK) added 0.3%. Ten of the 11 sectors of the benchmark index ended in positive territory.
The tech-heavy Nasdaq jumped 0.3%, or 52.69 points, to close at 20,730.49 points, posting a new all-time closing high.
The fear-gauge CBOE Volatility Index (VIX) was up 1.27% to 17.16.
Reports of Powell Firing Rattle Stocks Before Rebound
Wall Street saw a volatile first hour of trading on Wednesday after a White House spokesperson and news reports indicated that Trump was gearing up to fire Powell. However, Trump later denied the reports, saying that it is 'highly unlikely' that he will fire Powell anytime soon.
'No, we're not planning on doing it,' Trump said. However, he added that he does not 'rule out anything. Powell's term is set to end next May but Trump has been extremely critical of the Federal Reserve Chairman. The President has been calling for Powell's resignation for delaying interest rate cuts, which he claims is costing the economy billions of dollars.
Powell and most of the Federal Reserve officials have maintained a hawkish stance and said that they are in no rush to cut interest rates, as they would wait and watch how Trump's tariffs would impact the economy, as higher tariffs are likely to push inflation up.
Investors Monitor Fresh Inflation Data
Although Trump denied plans to fire Powell, investors remained concerned about the state of the economy. Fresh data released on Tuesday showed that the consumer price index (CPI) rose in June from May levels, which was primarily due to the new tariffs.
On Wednesday, a separate report showed that the producer price index (PPI), the Fed's preferred inflation gauge, remained unchanged in June. This was because the lower service prices balanced the tariff-driven goods costs.
Earnings Season Gathering Pace
The earnings season kicked off this week. On Wednesday, a fresh batch of banks reported their quarterly results. Shares of Bank of America Corporation (
BAC
) declined 0.3% despite beating on earnings. Bank of America Corporation reported second-quarter 2025 earnings of $0.89 per share, beating the Zacks Consensus Estimate of $0.86 per share. Bank of America has a Zacks Rank #3 (Hold). You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.
Shares of Morgan Stanley (
MS
) also ended 1.3% lower despite the company reporting higher profits. Morgan Stanley reported second-quarter 2025 earnings of $2.13 per share, surpassing the Zacks Consensus Estimate of $1.93 per share.
Economic Data
In other economic data released on Wednesday, industrial production rose 0.3% sequentially in June, surpassing analysts' expectations of a rise of 0.1%.
Capacity utilization rose to 77.6% in June from 77.5% in May, surpassing analysts' expectations of 77.4%.
Zacks' Research Chief Picks Stock Most Likely to "At Least Double"
Our experts have revealed their Top 5 recommendations with money-doubling potential – and Director of Research Sheraz Mian believes one is superior to the others. Of course, all our picks aren't winners but this one could far surpass earlier recommendations like Hims & Hers Health, which shot up +209%.
See Our Top Stock to Double (Plus 4 Runners Up) >>
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Toronto Sun
7 minutes ago
- Toronto Sun
Trump tells Justice to seek release of Epstein grand jury testimony
Published Jul 18, 2025 • 6 minute read President Donald Trump reacts to a question about Jeffrey Epstein during a Cabinet meeting at the White House on July 8. MUST CREDIT: Tom Brenner/For The Washington Post Photo by Tom Brenner / For the Washington Post President Donald Trump late Thursday told the Justice Department to seek the release of 'all pertinent' grand jury testimony in the sex trafficking case against Jeffrey Epstein as he tried to tamp down growing political outcry over his administration's handling of the case files. This advertisement has not loaded yet, but your article continues below. THIS CONTENT IS RESERVED FOR SUBSCRIBERS ONLY Subscribe now to read the latest news in your city and across Canada. Unlimited online access to articles from across Canada with one account. Get exclusive access to the Toronto Sun ePaper, an electronic replica of the print edition that you can share, download and comment on. Enjoy insights and behind-the-scenes analysis from our award-winning journalists. Support local journalists and the next generation of journalists. Daily puzzles including the New York Times Crossword. SUBSCRIBE TO UNLOCK MORE ARTICLES Subscribe now to read the latest news in your city and across Canada. Unlimited online access to articles from across Canada with one account. Get exclusive access to the Toronto Sun ePaper, an electronic replica of the print edition that you can share, download and comment on. Enjoy insights and behind-the-scenes analysis from our award-winning journalists. Support local journalists and the next generation of journalists. Daily puzzles including the New York Times Crossword. REGISTER / SIGN IN TO UNLOCK MORE ARTICLES Create an account or sign in to continue with your reading experience. Access articles from across Canada with one account. Share your thoughts and join the conversation in the comments. Enjoy additional articles per month. Get email updates from your favourite authors. THIS ARTICLE IS FREE TO READ REGISTER TO UNLOCK. Create an account or sign in to continue with your reading experience. Access articles from across Canada with one account Share your thoughts and join the conversation in the comments Enjoy additional articles per month Get email updates from your favourite authors Don't have an account? Create Account It was not immediately clear to which records he was referring in his social media post. Federal grand jury testimony is by law confidential, and Trump said in the post that the release is 'subject to court approval.' Records from a state grand jury that investigated Epstein in 2006 were released last year by a Florida judge. Trump's announcement came minutes after he pledged to sue the Wall Street Journal over its Thursday evening report, which said that he contributed a drawing of a naked woman to Epstein's 50th birthday album in 2003. The letter concluded with 'Happy Birthday – and may every day be another wonderful secret,' according to the Journal report. 'President Trump will be suing The Wall Street Journal, NewsCorp, and Mr. Murdoch, shortly,' Trump wrote on Truth Social. 'The Press has to learn to be truthful, and not rely on sources that probably don't even exist.' This advertisement has not loaded yet, but your article continues below. The Wall Street Journal declined to comment on Trump's lawsuit threat. The Trump administration earlier this month announced it would not release the files from the case against Epstein, who was federally charged in 2019 with sex trafficking minors. The court records released last year showed that Florida prosecutors in 2006 heard testimony that he had assaulted multiple teenage girls. The choice not to release the files outraged parts of Trump's base, which believes the government is shielding high-profile people involved in the criminal enterprise, and trusted the president to treat the case seriously in a broader fight against what they see as the corrupt elite. Attorney General Pam Bondi said she would act Friday: 'We are ready to move the court tomorrow to unseal the grand jury transcripts,' she wrote on X. Your noon-hour look at what's happening in Toronto and beyond. By signing up you consent to receive the above newsletter from Postmedia Network Inc. Please try again This advertisement has not loaded yet, but your article continues below. This advertisement has not loaded yet, but your article continues below. The grand jury testimony would constitute only a fraction of the evidence amassed by federal authorities – material broadly referred to by Bondi and others as the 'Epstein files.' Bondi said earlier this year that she was going to review a list of Epstein's clients. Her department later said there was 'no incriminating 'client list.'' The resulting political backlash has reverberated on Capitol Hill, with congressional Democrats delaying Trump's efforts to slash $9 billion in federal spending to force votes on releasing the Epstein files. The votes would put their GOP counterparts in a delicate situation, caught between constituents demanding more transparency and a reluctant administration. As the Wall Street Journal report circulated online Thursday evening, some prominent Trump allies who have been critical of the White House's handling of the case in recent days rushed to defend the president. This advertisement has not loaded yet, but your article continues below. 'I'm calling bullshit on this Trump 'birthday letter' to Epstein,' Laura Loomer wrote on X. 'It's totally fake.' I'm calling bullshit on this Trump 'birthday letter' to Epstein. It's totally fake. Everyone who actually KNOWS President Trump knows he doesn't type letters. He writes notes in big black me, I would know. He doesn't use email and he doesn't type write.… — Laura Loomer (@LauraLoomer) July 18, 2025 This advertisement has not loaded yet, but your article continues below. Even Trump's ally-turned-critic Elon Musk, who previously posted that Trump was listed in the Epstein files and continued calling for their release as late as Thursday night, downplayed the Journal report. 'It really doesn't sound like something Trump would say,' Musk wrote of the account. The Washington Post has not independently verified the letter described by the Journal. Trump, for years, has sued news outlets over what he deems unfair coverage. Many of his suits have been dismissed, including claims against CNN, the New York Times and The Washington Post over columns and coverage that tied his 2016 campaign to Russian election interference. In his second term, Trump has had more success, reaching hefty out-of-court settlements with ABC and Paramount. This advertisement has not loaded yet, but your article continues below. The Journal's report said pages from the leather-bound birthday album were examined by Justice Department officials who investigated Epstein and Ghislaine Maxwell, an Epstein associate who is serving a 20-year prison sentence for helping him sexually abuse girls. The Justice Department did not respond to a request for comment. The FBI declined to comment. In a memo last week announcing that no further disclosures of Epstein materials 'would be appropriate or warranted,' the Justice Department and the FBI said materials in the case were under court seal to protect victims. The sealed materials did not implicate any additional people in wrongdoing, the memo stated. 'We found no basis to revisit the disclosure of those materials,' the report concluded. This advertisement has not loaded yet, but your article continues below. Bondi stood by that assessment as recently as Tuesday, saying the memo 'speaks for itself.' The fight over the Epstein files has presented a challenge for Trump in part because he and some of his closest allies have spent years inflaming public suspicions about the case. Epstein died before his case was adjudicated – leaving many in the public wondering if other powerful people in his orbit were guilty of similar crimes. His 2019 death while in federal custody was ruled a suicide. Trump in recent years has given a platform to his supporters who have theorized, without evidence, that prominent Democrats were involved in Epstein's crimes or culpable in his death. Those suspicions have landed on fertile ground, with a large share of the American public primed to mistrust government institutions. This advertisement has not loaded yet, but your article continues below. Recent polling shows that a significant majority of Americans from both parties believe the government is withholding information about the case. The polling also shows, however, that not many voters have been following the issue closely, although search traffic shows attention has increased sharply in recent days. For nearly two decades, starting in the 1980s, Trump and Epstein, both wealthy businessmen, partied together at their homes in Manhattan and Palm Beach, often surrounded by models, cheerleaders and beautiful women. In a New York magazine profile of Epstein in 2002, years before he was accused of criminal conduct, Trump said he had known Epstein for 15 years. 'Terrific guy,' Trump said at the time. 'He's a lot of fun to be with. It is even said that he likes beautiful women as much as I do, and many of them are on the younger side. No doubt about it – Jeffrey enjoys his social life.' This advertisement has not loaded yet, but your article continues below. Those words came back to haunt Trump during his first term in 2019, when Epstein was charged with sex trafficking, and then again this summer, as the case drew renewed attention. 'Anyone who has paid attention to Epstein-related matters could not be surprised by any information related to the closeness of their relationship,' said Jack Scarola, who represented several teenage girls who sued Epstein. 'They clearly socialized with one another on a fairly regular basis.' They had a falling-out several years before Epstein pleaded guilty in state court on a prostitution solicitation charge in 2008. Trump has said that he banned Epstein from Mar-a-Lago but has never said when or why their relationship ruptured. This advertisement has not loaded yet, but your article continues below. 'The reason doesn't make any difference, frankly,' he once said. In 2004, the two men competed against each other to land an oceanfront manse in Palm Beach that was being sold out of bankruptcy. A few months later, local police began investigating allegations that Epstein was sexually abusing minors. 'The island of Palm Beach is a very close-knit community of wealthy people that socialize at the same parties and in the same sphere of influence,' said Spencer Kuvin, who represented the 14-year-old girl who first alerted police to Epstein's sexual abuse. 'They socialized regularly for years and then they stopped.' Kuvin called the Justice Department's decision not to release any more information about the case 'a whitewash.' There were reams of videotape seized from Epstein's homes by the FBI, he said, that have never been publicly explained. 'No one has never talked about what's on that video or who is on that video and what it shows,' he said. 'That evidence exists, and I assume someone at the FBI reviewed it to see if there were any crimes on it.' Read More Toronto & GTA Tennis Toronto & GTA MMA Toronto Maple Leafs
Toronto Sun
7 minutes ago
- Toronto Sun
Canada Lands set to tackle the housing crisis
With 4300 homes across 62 acres, Arbo (one of five neighbourhoods that comprise Downsview Lands) will feature a mature woodlot providing a quiet and relaxing retreat for future residents. IMAGE COURTESY OF CANADA LANDS Reviews and recommendations are unbiased and products are independently selected. Postmedia may earn an affiliate commission from purchases made through links on this page. Downsview Lands is crown corporation's most ambitious project ever This advertisement has not loaded yet, but your article continues below. THIS CONTENT IS RESERVED FOR SUBSCRIBERS ONLY Subscribe now to read the latest news in your city and across Canada. Unlimited online access to articles from across Canada with one account. Get exclusive access to the Toronto Sun ePaper, an electronic replica of the print edition that you can share, download and comment on. Enjoy insights and behind-the-scenes analysis from our award-winning journalists. Support local journalists and the next generation of journalists. Daily puzzles including the New York Times Crossword. SUBSCRIBE TO UNLOCK MORE ARTICLES Subscribe now to read the latest news in your city and across Canada. Unlimited online access to articles from across Canada with one account. Get exclusive access to the Toronto Sun ePaper, an electronic replica of the print edition that you can share, download and comment on. Enjoy insights and behind-the-scenes analysis from our award-winning journalists. Support local journalists and the next generation of journalists. Daily puzzles including the New York Times Crossword. REGISTER / SIGN IN TO UNLOCK MORE ARTICLES Create an account or sign in to continue with your reading experience. Access articles from across Canada with one account. Share your thoughts and join the conversation in the comments. Enjoy additional articles per month. Get email updates from your favourite authors. THIS ARTICLE IS FREE TO READ REGISTER TO UNLOCK. Create an account or sign in to continue with your reading experience. Access articles from across Canada with one account Share your thoughts and join the conversation in the comments Enjoy additional articles per month Get email updates from your favourite authors Don't have an account? Create Account A crown corporation formed 30 years ago to develop surplus government property is set to take on its biggest challenge yet; its positioning itself to accelerate housing supply across Canada while delivering social benefits to the community. Canada Lands Company, which recently marked its 30-year anniversary at its national head office in Toronto, also shared details regarding the development of the Downsview Lands, which it is calling its most ambitious project yet. At a briefing, Stéphan Déry, president and CEO, and James Cox, VP, real estate, central region, pulled back the curtain on how the crown corporation is uniquely positioned to address Canada's housing crisis. Déry, and Cox explained in detail how Canada Lands operates as a self-funded federal Crown corporation that develops surplus government property, but also to stress a new urgency, CL supports the delivery of more homes, faster and will unlock federally owned land to fast-track this development. Your noon-hour look at what's happening in Toronto and beyond. By signing up you consent to receive the above newsletter from Postmedia Network Inc. Please try again This advertisement has not loaded yet, but your article continues below. This may not be as straightforward as it sounds. Many times, land released by the government is not in good shape, Déry, cites the example of one site with contaminated soil, many millions of dollars had to be spent remediating it before it would be ready for development. Then there's all the other requirements for modern housing to consider: providing ample greenspace and parkland, achieving LEED certification, improving energy-efficiency, building amenities such as a community centre or a heritage site, and all while allowing for high-density, transit-oriented development now in demand in many urban centres such as Toronto. Providing social benefits is all-important to us, says Déry,. 'We understand there is a housing crisis, but we also want a place where people want to live.' This advertisement has not loaded yet, but your article continues below. Currently, the crown corporation has a portfolio of 23 real estate projects across the country, and safe to say, almost everywhere, the priority has become to build affordable housing. At one time, the threshold for affordable housing was 10 per cent of a project, Canada Lands is upping that to 20 per cent at many of its new hone sites now under development, and Déry envisions developments where a full 30 per cent of each project could be devoted to affordable housing. 'We are pushing the envelope, we are trying all kinds of ways to bring affordable housing into the picture, but really what we are also trying to do is enable more homes to be built faster,' he says. To that end, Canada Lands is working hard to getting zoning and approvals to move faster, 'it's a big issue for us and for developers, so what we now will do is start the planning while the building is still owned by the federal government, before we were not allowed to do that.' Déry, says he also wants to bring builders and developers earlier into the process. This advertisement has not loaded yet, but your article continues below. Canada Lands' largest development is underway at Downsview Lands, to be built on a former Canadian Forces Bases which when complete will be home to an estimated 38,000 people. It will consist of five master-planned communities: Stanley Greene, Arbo, Downsview West, Downsview East and Allen West; each of which will surround the fully protected Downsview Park. Stanley Green, consisting of 1300 homes, is already built out. Arbo and Downsview West are 10 years out, Downsview East and Allen West are likely more 20 years away. Cox describes the site as 'truly transformational,' in that the TTC and GO Station located in the north part of the area is already in place. 'Usually transit follows, here we are starting with that piece.' The other crucial piece is Downsview Park, which the crown corporation has promised not to touch. This advertisement has not loaded yet, but your article continues below. 'The was some fear, when we developed the Stanley Green part of the development, but we are building around it. The park stays, it will be the crown jewel of what we are doing,' says Cox. Next up is Arbo, which is shovel-ready and awaiting final registration with the city, it will consist of 4300 homes spread over 62 acres, with a first phase planned for 1700 homes. It will also include a new community centre. 'We are looking to build complete communities,' says Cox, including provisions for rentals and for senior living. 'We feel that with the five neighbourhoods, we are doing something really special, and at a scale and with designs never seen before,' says Cox. 'And it will all be led by affordable housing.' Toronto & GTA Tennis Toronto & GTA MMA Toronto Maple Leafs
CTV News
7 minutes ago
- CTV News
Ether-linked stocks jump as crypto coin hits 6-month high
A price chart on the Bybit website for the cryptocurrency Ethereum is seen on a computer screen in New York on Friday evening, Feb. 21, 2025. (AP Photo/Patrick Sison) Cryptocurrency-related stocks rose in premarket trading on Friday, with shares linked to ether leading the charge after the No. 2 crypto hit a six-month high. Shares of BitMine Immersion Technologies, which holds about US$1 billion worth of ether, soared 14 per cent. Other ether holding firms Bit Digital BTBT.O and BTCS BTCS.O added four per cent and 12.5 per cent, respectively. Ether ETH= climbed to US$3,675.81, its highest since January 6, and was last up five per cent at $3,601.40, outperforming bitcoin BTC=, which eased 0.7 per cent to US$118,961 after hitting a record high of $123,153 this week. BitMine, where tech billionaire Peter Thiel is the top investor and Fundstrat's Tom Lee serves as chairman of the board, said on Thursday it had accumulated 300,657 ether in just three weeks and aims to acquire about 5 per cent of over ether supply which currently stands at 120.71 million. A number of other companies recently decided to add ether to their balance sheets, following the example of Strategy, the largest corporate holder of bitcoin. Strategy's bitcoin stockpile was acquired at a sharp discount over the years to current price. SharpLink, which has funded its ether treasury through stock sale over the past seven weeks, said it had raised its current $1 billion share sale plan by an additional $5 billion. Its shares rose 5.6 per cent. Ether benefits from increased usage of U.S.-dollar-pegged tokens known as stablecoins. Most stablecoins are issued and transacted on the underlying blockchain Ethereum, driving up demand for ether to pay transaction fees. 'The standout proposition of institutional Ethereum accumulation seems to be stablecoin growth which has been further accelerated by the recent success of Circle IPO,' said Matthew Dibb, CIO at Astronaut Capital, a Singapore-based crypto asset manager. 'Ethereum is by far the biggest beneficiary of stablecoin usage.' The U.S. House of Representatives on Thursday passed a bill to create a regulatory framework for stablecoins, a watershed moment for the digital asset industry. 'Time will tell whether these treasury companies outperform the core ETH ETF, but given the success of (Strategy) in recent years, it won't stop them from trying.' BlackRock's iShares Bitcoin Trust ETF has gained 10 per cent so far this month, while the ether equivalent ETF ETHA.O has added nearly 36 per cent in the same period. Among other crypto stocks, stablecoin issuer Circle Internet gained 2.7 per cent, while crypto exchange Coinbase Global added two per cent on Friday. (Reporting by Medha Singh in Bengaluru; Editing by Saumyadeb Chakrabarty)
