Early Look

Thursday, July 10, 2025

Stock futures slip as Wall Street monitored the latest tariff announcements from President Donald Trump after the previous day’s Nvidia-led rally lifted the Nasdaq Composite to a record closing high. The Nasdaq closed at an all-time high again Wednesday (QQQ record high), Bitcoin topped $112,000 late day as well for a new high and the S&P 500 held strong, not far off its recent all-time highs (about 0.3%), the Dow is about 1.5% from record highs. CBOE Volatility index (VIX) has the lowest since late February under 16 as the tremendous stock market rally continues. In trade news, copper stocks move higher after Trump said a new 50% tariff on copper would start Aug. 1. President Trump also placed a 50% tariff rate on Brazil, including energy (EWV, ERJ, NU among names lower on Brazil tariff headlines). In Asian markets, The Nikkei Index slipped -174 points to 39,646, the Shanghai Index rose 16 points to 3,509, and the Hang Seng Index gained 136 points to 24,028. In Europe, the German DAX is up 43 points to 24,592, while the FTSE 100 rises 90 points to 8,957. Bitcoin briefly hit a new all-time high of $112,152 late Wednesday, nearly beating the previous mark of $112,000. Bitcoin’s price has been rising over the past few days as the Trump administration’s new tariff date has eased concerns about imminent volatility. In earnings news, airline stocks surged after Delta (DAL) reports a quarterly beat and raised guidance.

• The Dow Jones Industrial Average rose 217.54 points, or 0.49%, to 44,458.30
• The Nasdaq Composite gained 192.87 points, or 0.95%, to 20,611.34
• The Russell 2000 Index advanced 23.75 points, or 1.07% to 2,252.49

• 8:30 AM ET                  Continuing Claims…est. 1.974M
• 10:30 AM ET                Weekly EIA Natural Gas Inventory Data
• 1:00 PM ET U.S. Treasury to sell $22B in 30-year notes

• Earnings After the Close: ETWO LEVI PSMT WDFC

• Costco Wholesale (COST) reported net sales of $26.44B for the retail month of June, the five weeks ended July 6, 2025, an increase of 8.0% from $24.48B last year; Same-store sales rose 5.8% in the retail month of June, the warehouse retailer said. E-commerce sales jumped 11.5%.
• Dollar Tree (DLTR) announces $2.5B share buyback.
• Tesla (TSLA): Elon Musk says Grok is coming to Tesla vehicles very soon. Next week at the latest.

• APA Corp. (APA) said it curtailed about 10M of cubic feet per day (MMcfpd) of U.S. natural gas production and 750 barrels per day of U.S. natural gas liquids production in the second quarter in response to weak prices.
• AZZ Inc. (AZZ) Q1 adj EPS $1.78 vs est. $1.58, adj EBITDA $106.4Mm vs est. $97.99Mm on sales $422Mm vs est. $435.91Mm, guides FY sales $1.625-1.725B vs est. $1.692B, adj EBITDA $360-400Mm vs est. $371.04Mm and adj EPS $5.75-6.25 vs est. $5.88.
• Delta Air Lines (DAL) Q2 adj Net $1.37B vs. est. $1.34B; Q2 adj EPS $2.10 vs. est. $2.07; passenger revs $13.87B vs. est. $13.84B and adj. revs $15.51B vs. est. $15.45B; guides FY adj EPS $5.25-$6.25 vs. est. $5.35; forecast a Q3 adj profit of $1.25-$1.75 vs. est. $1.31.
• Methode Electronics (MEI) Q4 adjusted EPS loss ($0.77) vs. loss (-$0.23) y/y and revs down to $257.1M vs. $277.3M last year and guides year sales $900M-$1B vs. est. $1.02B; noted experienced a significant ramp down in expected demand from one of our largest EV customers and delays with other EV customers.
• MP Materials (MP) shares jumped over 20% after saying it has entered into public-private partnership with the U.S. Department of Defense to build-out domestic rare earth magnet supply chain and reduce foreign dependency (other rare earth names TMC, USAR, CRML active as well on news).

• Coinbase (COIN) downgraded to Sell from Buy at H.C. Wainwright with a $300 price target citing valuation for the downgrade as still views Coinbase as a “Best of Breed” crypto exchange.
• Synovus (SNV) upgraded to Overweight from Equal Weight at Wells Fargo.

• Rhythm Pharmaceuticals (RYTM) prices 2.06M shares at $85.00 in upsized public offering.
• Soleno Therapeutics (SLNO) announces proposed $200M public offering.
• Ultragenyx (RARE) and Mereo BioPharma (MREO) shares declined after announced that the randomized, placebo-controlled Phase 3 portion of the Orbit study evaluating UX143 in pediatric and young adult patients with osteogenesis imperfecta is progressing toward a final analysis consistent with the original plan, around the end of the year – crushing hopes that the trial would be stopped early on positive data.

• AXT Inc. (XTI) cuts Q2 revenue view to $17.5M-$18M from $20M-$22M, below consensus $20.85M citing slower than expected issuance of export control permits for gallium arsenide products, weaker demand environment in China
• Oracle (ORCL) was upgraded to Overweight at Piper and raise tgt to $270 from $190 on higher estimates factoring in the increased visibility into enterprise momentum that may contribute another layer of growth on top of the OpenAI/Stargate opportunity to support.
• PTC (PTC) shares surged in the final minutes of the trading day Wednesday, jumping as much as 17% after Bloomberg reported Autodesk (ADSK) is working with advisers to evaluate a cash-and-stock buyout of PTC, citing people familiar with the matter. https://tinyurl.com/4jdmuyk7
• Workday (WDAY) downgraded from Neutral to Underweight at Piper and cut tgt to $235 from $255 citing potential AI-driven headcount drag coupled with eroding CIO appetite for material investments in applications posing a risk to the WDAY platform.