Early Look

Wednesday, July 16, 2025

U.S. futures are looking flat after weakness for the Dow and Smallcap Russell 2000 on Tuesday, while Nasdaq futures pullback from record highs after semi-equipment company ASML reported strong Q2 bookings, but warned that it may not achieve growth in 2026. In Asian markets, The Nikkei Index fell -14 points to 39,663, the Shanghai Index dipped -1 point to 3,503, and the Hang Seng Index slipped -72 points to 24,517. In Europe, the German DAX is up 73 points to 24,133, while the FTSE 100 is up 15 points to 8,953. The Stoxx 600 is down 0.2%, falling for a fourth straight session after some disappointing corporate updates from the region. Bitcoin recovers after yesterday’s declines, +2.3% back above $119,000 (still down from Monday record $123,153) ahead of possible U.S. legislation that will lay plans to regulate for crypto assets. Earnings from banks Goldman Sachs, Morgan Stanley and Bank of America will be in focus today. On Tuesday, JPMorgan Chase and Citigroup posted better-than-expected results but remained cautious about U.S. tariff policies. Investors will keep a close watch on producer prices data scheduled for release at 8:30 a.m. ET. Trade tensions also remained in focus after Trump announced a 19% tariff on Indonesian goods as part of a new deal.

• The Dow Jones Industrial Average fell -436.36 points, or 0.98%, to 44,023.29
• The Nasdaq Composite gained 37.47 points, or 0.18%, to 20,667.80
• The Russell 2000 Index declined -44.68 points, or 1.99% to 2,205.05

• 8:30 AM ET                  Producer Price Index (PPI) Headline M/M for June…est. +0.2% (prior +0.1%)
• 8:30 AM ET                  Producer Price Index (PPI) Headline Y/Y for June…est. +2.5% (prior +2.6%)
• 8:30 AM ET                  Core PPI, Ex: Food & Energy M/M for June…est. +0.2% (prior +0.1%)
• 8:30 AM ET                  Core PPI, Ex: Food & Energy Y/Y for June…est. +2.7% (prior +3.0%)
• 9:15 AM ET                  Industrial Production M/M for June…est. +0.1% (prior -0.2%)
• 9:15 AM ET                  Capacity Utilization for June…est. 77.4%
• 10:30 AM ET                Weekly DOE Inventory Data

• Earnings After the Close: AA AIR BANR FR GSBC HOMB KMI MCRI MMLP REXR SLG SNV TFIN UAL

• Ford Motor Co (F) announces field service action for fuel injectors; estimates field service action cost at $570m; expense treated as special item, no impact on adj EBIT; cost will be reflected in Q2 2025 results.
• JD.com (JD) and Alibaba (BABA) are in a fierce competition for China’s instant delivery market. With $7B and $1.4B investments respectively, both aim to capture market share amid weak consumer spending – the Financial Times reports.

• Park Aerospace (PKE) Q1 EPS $0.10, adj EBITDA $2.963Mm on sales $15.4Mm.
• Rio Tinto Group (RIO) said US tariffs on its Canada-made aluminum generated gross costs of more than $300 million in the first half, shaking up metals supply chains.
• TechnipFMC (FTI) awarded significant IEPCI contract for Equinor’s Heidrun extension offshore Norway; contract valued between $75M and $250M.
• In the Engineering & Construction (E&C) sector, Fluor (FLR) was downgraded to Sector Weight from Overweight at KeyBanc and the firm upgraded Jacobs (J) to Overweight from Sector Weight.

• Barclays (BCS) was fined 42 million pounds ($56.2 million) by the U.K. financial watchdog, which said the bank failed to properly handle money-laundering risks when opening accounts for two clients.
• Brighthouse Financial (BHF) shares rise after The Wall Street Journal reported investment firm Aquarian Holdings was in exclusive talks to acquire the U.S. life insurance company. A deal could be completed in the coming weeks, the Journal reported, citing people familiar with the matter. https://tinyurl.com/3um52a8c
• Fulton Financial (FULT) Q2 adj EPS $0.55 vs. est. $0.45; Q2 revs $324M vs. est. $321M; Q2 net interest margin of 3.47%, with a two-basis point decrease q/q; Non-interest income increased $1.9M to $69.1M q/q; provision for credit losses was $8.6M; Net loans increased $150.0 million, or 2.5% annualized q/q.
• Global Payments (GPN) shares rose overnight after the Financial Times reported Elliott Management builds a stake in wake of WorldPay deal.
• Hancock Whitney (HWC) Q2 EPS $1.37 vs est. $1.36 on NII $279.5Mm vs est. $278.88Mm, CET1 capital ratio 14.03%, NIM 3.49%.
• M&T Bank (MTB) Q2 net income rose to $679 million, or $4.24 per share, in the three months ended June 30 from $626 million, or $3.73 per share, a year ago; average CRE loans fell 19.5% to $25.33 billion in the quarter, while average consumer loans rose to $25.35 billion from $21.97 billion in the year-ago period.
• Nicolet Bancshares (NIC) Q2 EPS $2.34 vs est. $2.15, NII $75.109Mm vs est. $72.73Mm, credit loss provision $1.05Mm.
• PNC Financial (PNC) Q2 EPS $3.85 vs. est. $3.54; Q2 revs $5.7B vs. est. $5.6B; Q2 loans $326.34B and provision for credit losses $254M (vs. est. $340M).
• Bitcoin prices fell over 3% on Monday below $117,000 (after hitting all-time highs above $123K on Monday) after crypto-related bills failed to overcome a procedural hurdle in the House of Representatives.

• Repare Therapeutics (RPTX) entered into an exclusive worldwide licensing agreement with Debiopharm International S.A., a privately-owned, Swiss-based biopharmaceutical company for lunresertib, a first-in-class precision oncology PKMYT1 inhibitor.
• For the hospital sector (HCA, CYH, UHS, THC) CMS announced it is proposing updates to hospital star rating system so hospitals performing in lowest quartile for safety can no longer receive 5-star rating; proposes bold reforms to modernize hospital payments, strengthen transparency, and put patients back in control.

• Chinese-made iPhones could be banned in US over theft of trade secrets. US regulator ITC is recommending that BOE smartphone displays, such as those in some iPhones, should be banned, following a preliminary ruling in Samsung’s case against its rival – Apple insider reports.
• Omnicom (OMC) Q2 adj EPS $2.05 vs est. $2.00, adj EBITDA $613.8Mm vs est. $641.24Mm on revs $4.016B vs est. $3.962B.