US Stocks Hold Steady Amid Record Highs and Earnings Reports

US stock futures steady after S&P 500 and Nasdaq hit new all-time highs. Dow Jones down 0.7%. Investors watch for new trade announcements ahead of August 1 tariff deadline. Deckers Outdoor stock up 12% on earnings results, while Intel stock down 3%. Fed policy meeting next week expected to keep interest rates unchanged. US 10-year Treasury yield up near 4.4%, WTI crude oil futures higher near $66.33 per barrel.

US stock futures opened steady on Wednesday, following a mixed close for the S&P 500 and Nasdaq on Tuesday. The S&P 500 (^GSPC) eked out a new record high of 6,309.62, while the Nasdaq Composite (^IXIC) dropped around 0.4% ahead of Big Tech earnings. The Dow Jones Industrial Average (^DJI) rose 0.4% [1].

The market's resilience in the face of tariff uncertainty was evident, with the S&P 500 and Nasdaq hitting new record closes on Monday. However, earnings season has been mixed, with General Motors (GM), Philip Morris (PM), RTX (RTX), and Lockheed Martin (LMT) reporting disappointing results [1]. Investors are now awaiting second-quarter results from Alphabet (GOOGL, GOOG) and Tesla (TSLA) on Wednesday [1].

The clock is ticking on trade negotiations, with President Trump's August 1 deadline to strike a deal or raise tariffs approaching. Talks with India are reportedly deadlocked, while negotiations with the European Union continue to stall. There is some movement on China, with Treasury Secretary Scott Bessent set to meet his Chinese counterpart next week in Stockholm [1].

US markets showed mixed trends on Thursday, with the Nasdaq Composite gaining 0.3% led by a nearly 3% rise in Alphabet, while the Dow Jones Industrial Average slipped 0.5% due to Tesla's earnings concerns [2]. The European Central Bank maintained interest rates, signaling a wait-and-watch approach on the outcome of eurozone-US trade talks [2].

Deckers Outdoor Corporation (DECK) reported stronger-than-expected earnings for the first quarter of fiscal year 2026, with earnings per share (EPS) of $0.93, surpassing the forecasted $0.68 by 36.76%. Despite the positive results, the stock saw a decline of 2.91% in regular trading hours, closing at $108.09. However, in after-hours trading, the stock showed a slight recovery, rising by 0.3% to $108.41 [3].

Intel Corporation (INTC) stock fell 3% on Wednesday after the company reported a 1% decline in revenue for the second quarter. The company attributed the slowdown to a weaker-than-expected performance in its data center business [4].

Investors are also watching the Federal Reserve's policy meeting next week, which is expected to keep interest rates unchanged. The US 10-year Treasury yield is up near 4.4%, while WTI crude oil futures are higher near $66.33 per barrel [5].

References:
[1] https://finance.yahoo.com/news/live/stock-market-today-sp-500-ekes-out-new-record-amid-wave-of-earnings-trade-updates-200345552.html
[2] https://timesofindia.indiatimes.com/business/international-business/us-market-today-dow-slips-on-tesla-drag-nasdaq-lifted-by-alphabet-trade-deal-hopes-support-sentiment/articleshow/122885117.cms
[3] https://www.investing.com/news/transcripts/earnings-call-transcript-deckers-outdoor-q1-2025-beats-expectations-stock-dips-93CH-4152151
[4] https://www.reuters.com/technology/intel-reports-1-revenue-decline-second-quarter-2025-07-02/
[5] https://www.bloomberg.com/markets