Early Look

Friday, August 8, 2025

U.S. futures are looking higher on track for weekly gains as investor buying momentum continues to catapult global stock averages higher. The Nasdaq composite and the Nasdaq 100 registered record closing highs with small advances on Thursday on more AI related exuberance, while the S&P 500 ended slightly lower and the Dow was down 0.5% after a choppy session. Investors digested some weaker than expected earnings updates and monitored the latest tariff moves and worried about their impact on inflation. For the Nasdaq composite, it was its 17th record close so far this year. U.S. December gold futures surged to a record after reports the U.S. imposed tariffs on imports of 1 kg bullion bars, widening the spread between New York futures and spot prices. December U.S. gold futures rise +0.8% to $3,483, after hitting a record $3,534.10. The futures-spot spread ballooned to more than $100 on reports that the United States had imposed tariffs on imports of 1 kg gold bars, citing a July 31 Customs and Border Protection letter. Oil prices rose for the first time in seven sessions, with WTI crude futures climbing.

U.S. President Donald Trump’s higher tariffs on imports from dozens of countries kicked in on Thursday, leaving major trade partners such as Switzerland, Brazil and India hurriedly searching for a fix. The U.S. Customs and Border Protection agency began collecting tariffs ranging from 10% to 50% at 12:01 a.m. EDT (0401 GMT). Semiconductor chip stocks were some of the Nasdaq’s biggest boosts on Thursday after Trump’s announcement that tariffs of about 100% on imports of semiconductors would not apply to companies that are manufacturing in the U.S. or have committed to do so. Corporate earnings and the question of how companies like Apple might weather Trump’s latest tariffs largely drove investor sentiment throughout the week – with big earnings winners overnight being CART, DOCS, EXPE, LZ, REAL, SOUn, VIAV and XYZ while big decliners overnight on results include GT, IOVA, MCHP, PINS, SEZL, SG and TTD.

In trade news this morning, Reuters reported that India pauses plans to buy U.S. arms, including p8i aircraft, Stryker vehicles, javelin missiles while the Indian defense minister cancels planned visit to U.S. India waiting for U.S. trade, tariff clarity before resuming arms purchase discussions; country said open to reducing oil imports from Russia as part of tariff settlement. Also, the US confirmed it would end stacking of universal tariffs on Japan and cut car levies as promised, Tokyo’s top trade negotiator Ryosei Akazawa said after a meeting on Thursday with his counterparts in Washington sending markets higher. In Asia, the Nikkei Index surged 761 points to a new record high 41,820, the Shanghai Index fell -4 points to 3,635, and the Hang Seng Index fell -222 points to 24,858. In Europe, the German DAX is down -22 points to 24,170, while the FTSE 100 edges higher 7 points to 9,107. Overall, market momentum remains firmly to the upside as Bank America flows note also showed that investors poured nearly $107 billion into cash funds in the week through Aug. 6, the biggest inflows since January.

• The Dow Jones Industrial Average fell -224.48 points, or 0.51%, to 43,968.64
• The Nasdaq Composite gained 73.27 points, or 0.35%, to 21,242.70
• The Russell 2000 Index declined -6.57 points, or 0.30% to 2,214.72

• The US confirmed it would end stacking of universal tariffs on Japan and cut car levies as promised, Tokyo’s top trade negotiator Ryosei Akazawa said after a meeting on Thursday with his counterparts in Washington. The announcement sent Japanese markets higher overnight.

• Expedia Inc. (EXPE) shares rise; Q2 adj EPS $4.24 vs est. $4.10, adj EBITDA $908Mm vs est. $853.6Mm, gr bookings $30,409B on revs $3.786B vs est. $3.708B; guides FY revs +3-5% vs est. +3.56% and gr bookings +3-5%.
• Flutter Inc. (FLUT) Q2 adj EPS $2.95 tops consensus $2.11 on revs rose 16% y/y to $4.187B vs. est. $3.08B; since Q1, Flutter gained additional US index inclusion and accelerated ownership of FanDuel to 100%; raised its forecast for full-year profit growth to $3.3 billion from $3.18 billion in May, which would represent 40% y/y growth; Core profit at FanDuel, which had market-leading 41% and 27% shares of the U.S. sports betting and iGaming markets, jumped 54%.
• Goodyear Tire (GT) Q2 adj EPS ($0.17) vs est. $0.07 on revs $4.5B vs est. $4.418B; Adjusted net income for Q2 2025 missed expectations, with a loss of $48 mln; expects market conditions to stabilize in coming quarters; aims to exceed Goodyear Forward cost savings and asset sale goals; anticipates completing chemical business sale by late 2025.
• Instacart (CART) Q2 revs $914M vs. est. $896M; Q2 EPS $0.41 vs. est. $0.38; Q2 GTV $9.08B vs. est. $8.93B with orders growing 17% y/y; guides Q3 gross transaction value, or the total money spent by consumers on Instacart orders, to be between $9B-$9.15B above ests $8.99B; Q2 ad revenue rose 12% in the reported quarter.
• Monster Beverage (MNST) Q2 adj EPS $0.52 vs est. $0.48, op Inc $631.6Mm vs est. $603.58Mm on sales $2.0B vs est. $2.08B.
• Sweetgreen (SG) Q2 adj EBITDA $6.4Mm vs est. $10.9Mm on revs $185.6Mm vs est. $192.1; sees FY revs $700-715Mm vs est. $740.57Mm, comps -6% to -4%, restaurant level margin approx 17.5% and adj EBITDA $10-15Mm vs est. $25.99Mm.
• Texas Roadhouse (TXRH) Q2 EPS $1.86 vs est. $1.49 on revs $1.512B vs est. $1.502B; guides FY comps positive including menu pricing actions, store week growth approx 5%, commodity cost inflation approx 5% including tariff impact, wage & other labor inflation approx 4%.
• Wynn Resorts (WYNN) Q2 adj EPS $1.09 vs est. $1.21, adj EBITDA $552.4Mm vs est. $532.2Mm on revs $1.74B vs est. $1.747B; Casino revenue rose to $1.05 billion compared with $1.01 billion while sales of rooms, food and beverage, and entertainment and retail all declined.

• Talen Energy Corp (TLN) files for mixed shelf; size not disclosed.

• LegalZoom (LZ) Q2 revenue rises 9% y/y to $192.5M vs. est. $182.7M, beating analyst expectations; Q2 EPS $0.15 was in-line with ests and adj Ebitda $39M vs. est. $39.7M; raises 2025 revenue growth outlook from 5% to 8% while maintains full-year adjusted EBITDA margin outlook at 23%.
• Sezzle Inc. (SEZL) shares fell; Q2 adj EPS $0.69 vs est. $0.58, adj EBITDA $37.9Mm vs est. $33.33Mm on revs $98.7Mm vs est. $94.93Mm; guides FY revs +60-65% vs est. +62.94% and adj EPS $3.25 vs est. $3.26.
• XYZ Inc. (XYZ) shares rise; Q2 adj EPS $0.62 vs. est. $0.69; Q2 revs $6.05B vs. est. $6.29B; Q2 Cash App reported a gross profit growth of about 16%, slower than the 23% growth it reported y/y; raises 2025 gross profit of $10.17B, up from the $9.96B it forecast earlier; expects to accelerate gross profit growth further in Q4, exiting year at 19% gross profit growth.

• eHealth Inc (EHTH) files for mixed shelf of up to $300M.
• Emergent BioSolutions Inc (EBS) files for mixed shelf of up to $250M.
• Gilead Sciences (GILD) Q2 revenue $7.08B vs. est. $6.97B; Q2 adj EPS $2.01 vs. est. $1.98; Q2 Veklury Revenue $121M (weaker), Biktarvy Revenue $3.53B (beat), Trodelvy Revenue $364M (beat); sees full-year product sales $28.30B–$28.70B vs. est. $28.45B and raises adjusted EPS to $7.95-$8.25 from prior $7.70–$8.10 citing strong demand for HIV treatments.
• Iovance Therapeutics (IOVA) shares fell; Q2 EPS ($0.33) vs est. ($0.28) on revs $60Mm vs est. $69.79Mm; guides FY revs $250-300Mm vs est. $300.18Mm; 2Q25 Amtagvi Revenue: Product revenue from U.S. Amtagvi sales was $54.1M; says it is reducing its workforce by 19% by the third quarter of this year.
• Natera Inc. (NTRA) Q2 EPS ($0.74) vs est. ($0.62) on revs $546.6Mm vs est. $476.29Mm; guides FY $2.02-2.10B vs est. $1.979B, gr mgn 61-64%.

• Kratos Defense & Security (KTOS) Q2 adj EPS $0.11 vs est. $0.09, adj EBITDA $28.3Mm vs est. $23.8Mm on revs $351.5Mm vs est. $305.8Mm; guides Q3 revs $315-325Mm vs est. $328.18mm; adj EBITDA $25-30Mm vs est. $31.10Mm.
• Rocket Labs (RKLB) Q2 EPS loss (-$0.13) vs. est. loss (-$0.08); Q2 revs $144.5M vs. est. $135.41M; said has delivered impressive gross margin expansion; sees Q3 revenue $145M-$155M vs. est. $150.45M and sees Q3 adjusted gross margins 39%-41%.

• Atlassian (TEAM) Q4 adj EBIT $335.9Mm vs est. $302.16Mm on revs $1.384B vs est. $1.356B; guides Q1 revs $1.395-1.403B vs est. $1.412B, gr mgn 82.5%.
• Dropbox (DBX) Q2 EPS $0.71 vs. est. $0.63; Q2 revs fell -1.4% y/y to $625.7M vs. est. $618.6M; Q2 Total ARR was $2.542 billion, a decrease of 1.2% y/y and on a constant currency basis, y/y ARR decreased by 1.1%; Q2 paying users totaled 18.13 million, as compared to 18.22 million y/y and ARPU was $138.32, as compared to $139.93 y/y.
• GoDaddy (GDDY) Q2 EPS $1.41 vs est. $1.39 on sales $1.21B vs est. $1.208B ; guides Q3 revs $1.22-1.24B and FY revs $4.89-4.94B.
• Live Nation(LYV) Q2 adj op Inc $798Mm vs est. $530.51Mm on revs $7.0B vs est. $6.843B; says tariffs expected to have minimal impact on venue investment costs, festival supply chain and other costs.
• Meta (META) has tapped U.S. bond giant PIMCO and alternative asset manager Blue Owl Capital (OWL) to spearhead a $29 billion financing for its data center expansion in rural Louisiana, Reuters reported. PIMCO will handle about $26 billion of debt, likely to be issued in the form of bonds, while Blue Owl will contribute $3 billion in equity, the person said, speaking on condition of anonymity.
• Microchip Technologies (MCHP) Q1 adj EPS $0.27 vs. est. $0.24; Q1 sales $1.075B vs. est. $1.055B; guides Q2 sales $1.11B-$1.15B vs. est. $1.13B and EPS $0.34-$0.37 vs. est. $0.31; reduced inventory by $124.4 mln, improving working capital efficiency.
• Motorola Solutions (MSI) Q2 EPS $3.57 vs. est. $3.36; Q2 revs $2.8B vs. est. $2.73B; sees FY25 EPS $14.88-$14.98, above consensus $14.72 and sees FY25 revenue approx $11.65B vs. est. $11.41B.
• Pinterest (PINS) shares fell; Q2 adj EPS $0.33 vs. est. $0.35; Q2 revs rose 17% y/y to $998M vs. est. $975.52M; reports Q2 global MAUs up 11% to 578M topping ests 553M; sees Q3 revenue $1.033B-$1.053B vs. est. $1.03B and sees Q3 adjusted EBITDA $282M-$302M; increased marketing spend on the platform was fueled by its AI-powered advertising tools.
• SoundHound AI (SOUN) Q2 adj EPS ($0.03) vs est. ($0.09), adj EBITDA ($14.3)Mm vs est. ($17.77)Mm on revs $42.7Mm vs est. $32.9Mm; guides FY revs $160-178Mm vs est. $159.54Mm.
• Synaptics Inc (SYNA) board of Directors approved a new share repurchase program of up to $150M
• Take-Two Interactive (TTWO) Q1 bookings of $1.42 billion, topped estimates of $1.31 billion; raised its annual bookings forecast to be between $6.05B-$61.5B from prior forecast of between $5.9B-$6B betting on strong sales of its new “Mafia” and “Borderlands” titles; says “GTA V” has sold over 215 million units.
• Taiwan Semiconductor (TSM) July revenue NT$323.17B vs NT$256.95B.
• Trade Desk (TTD) shares fell; Q2 adj EPS $0.41 vs est. $0.40, adj EBITDA mgn 39% on revs $694Mm vs est. $685.3Mm; guides Q3 revs at least $717Mm vs est. $715.03Mm and adj EBITDA approx $277Mm vs est. $274.85Mm
• Twilio (TWLO) Q2 adj EPS $1.19 vs est. $1.05 on revs $1.228 vs est. $1.188B; guides Q3 revs $1.245-1.255B vs est. $1.213B, adj op Inc $205-215Mm vs est. $216.46Mm, adj EPS $1.01-1.06 vs est. $1.14.
• Viavi (VIAV) Q4 adjusted EPS $0.13 vs. est. $0.12; Q4 revs $290.5M vs. est. $285.19M; sees Q1 adjusted EPS $0.13-$0.14 above ests $0.11 on revs $290M-$298M vs. est. $275.64M.