📈 Selloff

Good morning.

The Fast Five → Stocks fall as AI selloff goes global, Biden says time for ‘younger voices’, Tesla earnings miss causes biggest slump since ‘20, S&P and Nasdaq worst day since ‘22, and Ether ETFs see net inflows of $106M on first day…

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Calendar: (all times ET)

• Today: GDP, 8:30 AM

  • Initial jobless claims, 8:30 AM

  • Durable-goods orders, 8:30 AM

• FRI, 7/26: PCE index, 8:30 AM

  • Consumer sentiment, 10:00 AM

Your 5-minute briefing for Thursday, July 25:

A Message From Percent

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BEFORE THE OPEN

PRE-MARKET

MARKETS

• US stocks got hammered as investors reacted to disappointing earnings from Big Tech names

• S&P snapped its longest streak without a 2% decline since 2007

• Stocks sold off Wed; S&P and Nasdaq had worst session since 2022

• Volatility Index (VIX) hit a three-month high

• China 2Y-10Y premium widened to the most since 2020 as steepener bets grow

EARNINGS

• IBM beat Q2 EPS and revenue estimates on growth in business tied to AI (link)

• Ford tumbled ~12% after widely missing Q2 EPS estimates due to continued warranty costs issues (link)

• AT&T jumped ~5% after beating Q2 estimates for wireless subscriber additions on strong demand for higher-priced plans (link)

• Chipotle beat Q2 EPS and revenue estimates on an 8.7% increase in foot traffic, defying an industry slowdown (link)

• What we're watching this week:

  • Today: American Airlines

• Full calendar here

NEWS BRIEFING

Stocks Fall as AI Selloff Goes Global

Tesla Shares Down 12% After Earnings Miss, Biggest Slump Since 2020

• Biden Says Time for ‘Younger Voices’ in Oval Office Speech (link)

• Megacap stock selloff shows investor concerns about too much tech (link)

• US business activity edges higher; pricing power diminishing (link)

• New home sales fall to seven-month low in June (link)

• Gold rises on softer dollar, traders eye more US data (link)

• Oil prices finish higher as US oil, fuel inventories ease (link)

• US spot Ether ETFs see net inflows of $106M on first day (link)

• Apple Maps launches on the web to challenge Google Maps (link)

• Lyft officials settle lawsuit over sexual assaults by drivers (link)

• Informa to buy Cannes Lions owner Ascential for $1.6 bln (link)

• Astranis is set to build Omega constellation after $200M Series D (link)

CRYPTO

• Spot Ether ETFs launched with $100 million in net inflows on their first day (link)

• Russia legalized Bitcoin mining and crypto for international trade, effective September 1 (link)

• Ferrari extended cryptocurrency payment options to Europe, with plans to expand further by year-end (link)

• Caldera secured $15 million in Series A funding to build the Metalayer, integrating with the largest rollup ecosystem (link)

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