Corporate Earnings Calendar 21 August - 27 August 2025
Thursday: Walmart, Intuit, Zoom Video Communications, Ross Stores
Tuesday: MongoDB
Wednesday: Nvidia, CrowdStrike, HP, Snowflake, Agilent Technologies
Global market indices
US Stock Indices Price Performance
Nasdaq 100 +0.14% MTD and +10.65% YTD
Dow Jones Industrial Average +1.79% MTD and +5.59% YTD
NYSE +1.99% MTD and +9.26% YTD
S&P 500 +0.89% MTD and +8.74% YTD
The S&P 500 is -1.09% over the past week, with 8 of the 11 sectors up MTD. The Equally Weighted version of the S&P 500 is -0.60% over this past week and +6.28% YTD.
The S&P 500 Health Care sector is the leading sector so far this month, +5.44% MTD and -0.23% YTD, while Energy is the weakest sector at -2.20% MTD and -0.40% YTD.
Over this past week, Health Care outperformed within the S&P 500 at +3.17%, followed by Consumer Staples and Real Estate at +1.20% and +1.13%, respectively. Conversely, Information Technology underperformed at -3.27%, followed by Communication Services and Consumer Discretionary at -1.52% and -1.00%, respectively.
The equal-weight version of the S&P 500 was -0.09% on Wednesday, outperforming its cap-weighted counterpart by 0.15 percentage points.
The selloff in tech stocks extended into a second session on Wednesday, as investors engaged in profit-taking among the high-growth shares that have been primary drivers of market gains this year.
The Nasdaq Composite ended the day -0.67%, adding to its -1.46% decline from Tuesday. The broader market also felt the pressure, with the S&P 500 -0.24%. The Dow Jones Industrial Average remained nearly unchanged, edging up +0.04%.
Market analysts did not attribute the downturn to a single catalyst. However, some pointed to commentary from OpenAI CEO Sam Altman, who suggested the AI boom has ‘bubble-like characteristics,’ as a potential contributing factor.
A more prevalent view is that the sector was overdue for a correction following a period of substantial gains; the Nasdaq Composite is +9.64% YTD and has recorded 20 record closes in 2025.
Focussing on corporate earnings, investors are anticipating Q2 results from Walmart due today. The company, which earlier this year stated it would pass on tariff costs to consumers, is forecast to report a profit of $5.9 billion, a 9.6% increase y/o/y, on sales of $175.9 billion.
In corporate news, Microsoft announced it will curtail access for Chinese companies to advance notifications regarding cybersecurity vulnerabilities in its products. The decision follows an investigation into whether a leak of such information contributed to a series of hacks exploiting flaws in its SharePoint software.
Alphabet's Google unveiled a new line of consumer electronics, including smartphones, a watch, and wireless earbuds, all designed to showcase the company's latest advancements in AI.
Home-improvement retailer Lowe’s announced an agreement to acquire Foundation Building Materials for approximately $8.8 billion in cash, a move intended to accelerate its expansion into the professional contractor market.
Thoma Bravo is reportedly in advanced discussions to acquire human resources software provider Dayforce in what would be one of the firm's largest-ever transactions.
Target named company veteran Michael Fiddelke as its next CEO, an internal appointment aimed at reviving the company amid struggling sales.
SQM, the world's largest lithium producer by market value, offered a mixed outlook; despite posting a 28% decline in Q2 core earnings, the company raised its sales guidance for the year and expressed optimism about future pricing.
Mega caps: The Magnificent Seven had a negative performance this week. Over the last seven days, Amazon -0.33%, Alphabet -1.31%, Microsoft -2.85%, Apple -3.14%, Nvidia -3.41%, Meta Platforms -4.15%, and Tesla -4.56%.
Energy stocks had a mixed performance this week, with the Energy sector itself -0.34%. WTI and Brent prices are +0.64% and +1.81%, respectively, this week. Over this past week, Marathon Petroleum +2.53%, ExxonMobil +0.86%, Phillips 66 +0.81%, and BP +0.13%, while Baker Hughes -0.00%, Shell -0.13%, Halliburton -0.47%, ConocoPhillips -1.03%, APA -1.07%, Occidental Petroleum -1.07%, Chevron -1.70%, Energy Fuels -9.56%.
Materials and Mining stocks also had a mixed performance this week, with the Materials sector -0.68%. Over the past seven days, Celanese Corporation +8.59%, Mosaic +0.75%, Yara International +0.72%, and Newmont Corporation +0.64%, while CF Industries -1.15%, Nucor -1.63%, Freeport-McMoRan -3.35%, Albemarle -4.35%, and Sibanye Stillwater -8.48%.
European Stock Indices Price Performance
Stoxx 600 +2.38% MTD and +10.14% YTD
DAX +0.88% MTD and +21.94% YTD
CAC 40 +2.59% MTD and +8.02% YTD
IBEX 35 +6.22% MTD and +31.89% YTD
FTSE MIB +4.96% MTD and +25.84% YTD
FTSE 100 +0.62% MTD and +12.43% YTD
This week, the pan-European Stoxx Europe 600 index is +1.50%. It was +0.23% on Wednesday, closing at 559.09.
So far this month in the STOXX Europe 600, Autos & Parts is the leading sector, +6.34% MTD and -2.18% YTD, while Technology is the weakest at -2.35% MTD and -1.70% YTD.
This week, Chemicals outperformed within the STOXX Europe 600, at +4.14%, followed by Health Care and Food & Beverages at +4.10% and +3.98%, respectively. Conversely, Basic Resources underperformed at -1.17%, followed by Technology and Industrial Goods at -0.38% and -0.12%, respectively.
Germany's DAX index was -0.60% on Wednesday, closing at 24,276.97. It was +0.38% over the past seven days. France's CAC 40 index was -0.08% on Wednesday, closing at 7,973.03. It was +2.15% over the past week.
The UK's FTSE 100 index was +0.26% over the seven days to 9,189.22. It was +0.34% on Wednesday.
In Wednesday's trading session, the Food & Beverage sector outperformed. Mowi reported a Q2 underlying EPS that beat expectations and also raised its harvest volume guidance for 2025. Similarly, Lerøy Seafood Group announced a Q2 EPS beat. The Personal & Household Goods sector also outperformed, though on little specific news.
Utilities are trading higher, notably after Barclays upgraded United Utilities Group to overweight. The bank cited the company's attractive valuation, supportive regulatory conditions, and an extended cash flow model to 2035 as reasons for the upgrade.
In contrast, the Travel & Leisure sector underperformed on little news. Basic Resources also underperformed, partly due to developments in the US. The US President criticised a delay in a key Arizona copper project, labelling opponents BHP Group and Rio Tinto ‘anti-American’ following a court injunction.
Finally, the Industrial Goods & Services sector traded lower, weighed down by defence stocks. These names suffered their worst day in over a month on Tuesday amid growing expectations for a peace deal in Ukraine.
Other Global Stock Indices Price Performance
MSCI World Index +1.79% MTD and +11.89% YTD
Hang Seng +1.58% MTD and +25.45% YTD
The MSCI World Index is -0.70% over the past 7 days, while the Hang Seng Index is -1.75% over the past 7 days.
Currencies
EUR +2.07% MTD and +12.52% YTD to $1.1653.
GBP +1.90% MTD and +7.56% YTD to $1.3454.
The US dollar experienced a volatile session on Wednesday, initially falling on the news of President Trump’s call for the resignation of Fed Governor Lisa Cook, citing allegations regarding her personal mortgages. This move, along with a report by The Wallstreet Journal that the President is also considering an attempt to dismiss her, was viewed by markets as an intensified effort to influence the central bank's independence.
However, the dollar pared its losses following the release of the minutes from the FOMC 29th - 30th July policy meeting. The minutes revealed that only two policymakers had supported an interest rate cut, suggesting a broader consensus to maintain the current policy stance.
By the end of trading, the dollar index was down a marginal -0.05% at 98.23. Over the last seven days the US dollar index is +0.43%. It is -1.82% MTD, and -9.45% year-to-date.
The euro gained +0.06% to $1.1653, while the Japanese yen strengthened by +0.19% to ¥147.30.
In contrast, the British pound declined by -0.24% as new data showed UK inflation reached an 18-month high in July. The headline consumer price index rose to 3.8% y/o/y, driven largely by transport costs. Inflation in the services sector, a key metric for the BoE, also accelerated to 5.0%.
Over the last seven days, the euro is -0.44% against the US dollar, and sterling has declined by -0.82%. This week, the US dollar traded -0.05%, against the Japanese currency. Its performance is -12.38% year-to-date.
Note: As of 5:00 pm EDT 20 August 2025
Fixed Income
US 10-year yield -7.6 bps MTD and -27.7 bps YTD to 4.299%.
German 10-year yield +2.3 bps MTD and +35.0 bps YTD to 2.719%.
UK 10-year yield +10.0 bps MTD and +10.5 bps YTD to 4.673%.
US Treasury yields moved moderately on Wednesday, with the market largely in a holding pattern ahead of Fed Chair Jerome Powell's speech at the Jackson Hole symposium this Friday.
In afternoon trading, yields on longer-dated debt declined, with the 10-year Treasury yield falling by -1.0 bps to 4.299% and the 30-year yield decreasing by -1.3 bps to 4.911%. In contrast, the 2-year yield, highly sensitive to monetary policy expectations, edged higher by +0.8 bps to 3.767%.
The release of the FOMC July meeting minutes provided a minor catalyst during the session, causing yields to pare back earlier declines. The minutes confirmed that the two hawkish dissenters, Governors Waller and Bowman, lacked broad support for an immediate rate increase last month.
Ultimately, the minutes were seen as a secondary development for a bond market focused squarely on the Jackson Hole conference. The event is often used as a venue for signaling major policy adjustments, and investors are awaiting guidance from Fed Chair Powell. This contrasts with Monday's session, which saw the yield curve steepen to its highest level since mid-July due to rising inflation concerns.
Over the past seven days, the yield on the 10-year Treasury note was +5.9 bps. The yield on the 30-year Treasury bond was +7.0 bps. On the shorter end, the two-year Treasury yield was +7.4 bps.
The US Treasury's auction of $16 billion in 20-year bonds on Wednesday indicated mixed investor demand. The auction concluded with a high yield of 4.876%, a rate slightly below market expectations, suggesting solid bidding activity. However the bid-to-cover ratio, registered at 2.54x, fell short of both, the 2.79x ratio from the previous auction, and the six-auction average of 2.63x.
Fed funds futures traders are now pricing in a 81.90% probability of a cut in September, according to CME Group's FedWatch Tool, lower than last week’s 94.6%. Traders are currently pricing in 53.8 bps of cuts by year-end, lower than last week’s 63.9 bps.
Across the Atlantic, in the UK, on Wednesday the 10-year gilt was -7.3bps to 4.673%. The UK 10-year yield was +7.8 bps over the past seven days. This followed news that UK inflation was higher than expected at 3.8% for July.
On Wednesday, eurozone government bond yields declined, retreating from multi-month highs reached earlier in the week as investors positioned themselves ahead of the Fed's annual symposium in Jackson Hole.
The yield on Germany's 10-year bond fell by -3.6 bps to 2.719%, after touching a four-and-half month high of 2.787% on Monday. Declines were seen across the German yield curve, with the two-year yield falling -1.8 bps to 1.936% and the 30-year yield decreasing by -3.1 bps to 3.292%. This movement provided a temporary pause in the recent global selloff that had been pushing longer-dated yields higher.
Market sentiment was largely unaffected by the mixed results from Germany's auction of €1.896 billion in 30-year bonds.
Over the past seven days, the German 10-year yield was +3.6 bps. Germany's two-year bond yield was -0.7 bps, and on the longer end of the curve, Germany's 30-year yield was +6.5 bps.
Italy's 10-year bond yield was -2.6 bps lower at 3.528%. The spread between Italian BTP 10 year yields and German Bund 10-year yields stood at 80.9, a 3.3 bps increase from 77.6 bps last week. The Italian 10-year yield is +6.9 bps over the past week.
France's 10-year yield was down -2.4 bps at 3.414%, having also hit a four-month high on Monday. It is +7.4 bps over the past seven days. Market focus was also on the narrowing spread between Italian and French 10-year bond yields, which has converged to levels last seen two decades ago amidst political instability in France. The spread settled at 11.4 bps.
This market activity occurs as futures pricing indicates an expectation that the ECB will maintain its key interest rate at 2.0% during its upcoming September meeting.
The spread between US 10-year Treasuries and German Bunds is now 158.0 bps, 2.3 bps higher than last week’s 155.7 bps.
Commodities
Gold spot +1.78% MTD and +27.60% YTD to $3,348.17 per ounce.
Silver spot +3.33% MTD and +31.71% YTD to $37.89 per ounce.
West Texas Intermediate crude -8.82% MTD and -12.38% YTD to $63.14 a barrel.
Brent crude -7.72% MTD and -10.30% YTD to $66.95 a barrel.
Gold prices are -0.18% this week and +27.60% YTD.
Gold prices advanced Wednesday, supported by a modest retreat in the US dollar. The falling dollar enhances the appeal of bullion for buyers using other currencies. As a result, spot gold climbed +0.99% to $3,348.17 per ounce, recovering from a session low that marked its weakest point since 1st August.
Oil prices rose Wednesday, driven by a reported decline in US crude inventories and ongoing geopolitical uncertainty. Investors are closely monitoring diplomatic efforts to end the war in Ukraine, as sanctions on Russian crude exports remain in place.
Brent crude futures settled at $66.95 a barrel, a gain of $0.96 or +1.45%. WTI crude futures rose 54 cents, or +0.86%, to $63.14.
The increase marked a reversal from Tuesday's session, where prices had fallen by over one percent intraday amid optimism for a potential peace agreement. However, that sentiment shifted after US President Donald Trump conceded that Russian President Vladimir Putin might be unwilling to negotiate a deal.
Moscow further dampened hopes, stating on Wednesday that attempts to resolve security issues without its participation were a ‘road to nowhere.’ These developments underscore the uncertainty surrounding future supply from Russia, which was the world's second-largest crude producer in 2024.
Additionally, Russian embassy officials in New Delhi confirmed their intention to continue supplying oil to India and expressed hope for trilateral talks with India and China. The US President had announced an additional 25% tariff on Indian goods, effective 27th August, as a punitive measure for purchasing Russian oil. Despite this, Indian state-run refiners have resumed buying Russian crude for September and October delivery, attracted by widening discounts.
Beyond the focus on Russia, other global supply factors are also in play. Iran's top diplomat stated on Wednesday that the moment has not yet arrived for ‘effective’ nuclear talks with Washington. An agreement could eventually boost exports from Iran, OPEC's third-largest producer in 2024, but progress remains stalled.
Additionally, new data showed that crude exports from Saudi Arabia slipped to a three-month low in June. Conversely, in Norway, Europe's second-largest oil producer, combined oil and gas production in July exceeded official forecasts by 3.9%, according to the Norwegian Offshore Directorate.
WTI and Brent are +0.64% and +1.81% over the past seven days, respectively.
EIA weekly report. On Wednesday, the Energy Information Administration (EIA) reported domestic crude oil inventories experienced a significant decline last week, driven by lower imports and a sharp increase in exports.
For the week ending 15th August, crude stockpiles fell by 6.0 million barrels to a total of 420.7 million barrels. This draw was supported by a 1.22 million barrel per day (bpd) drop in net crude imports and a 795,000 bpd surge in exports, which reached 4.37 million bpd. However, inventories at the Cushing, Oklahoma, delivery hub saw a modest build, rising by 419,000 barrels.
The report also detailed mixed movements in refined product inventories. US gasoline inventories fell 2.7 million barrels to 223.6 million barrels. In contrast, distillate inventories, including diesel and heating oil, rose by 2.3 million barrels to 116.0 million barrels.
On the demand side, total product supplied—a proxy for consumption—remained robust, climbing by 149,000 bpd to 21.5 million bpd. A notable highlight was jet fuel, with its four-week average consumption rate rising to its highest level since 2019. Refinery activity was stable, as crude runs increased slightly by 28,000 bpd and utilisation rates edged up by 0.2 percentage points to 96.6%.
Note: As of 5:00 pm EDT 20 August 2025
Key data to move markets
EUROPE
Thursday: French, German, and Eurozone HCOB Preliminary Composite, Services, and Manufacturing PMIs, German Bundesbank Monthly Report, and Eurozone Consumer Confidence.
Friday: German GDP.
Saturday: A speech by ECB President Christine Lagarde.
Monday: German IFO Business Climate, Current Assessment and Expectations surveys.
Wednesday: GfK Consumer Confidence Survey.
UK
Thursday: S&P Global Preliminary Composite, Services, and Manufacturing PMIs and Gfk Consumer Confidence.
Tuesday: A speech by BoE external member Catherine Mann.
USA
Thursday: Jackson Hole Symposium, a speech by Atlanta Fed President Raphael Bostic, Initial and Continuing Jobless Claims, S&P Global Preliminary Composite, Services, and Manufacturing PMIs, Philadelphia Fed Manufacturing Survey, and Existing Home Sales.
Friday: Jackson Hole Symposium and a speech by Fed Chair Jerome Powell.
Saturday: Jackson Hole Symposium.
Monday: A speech by New York Fed President John Williams.
Tuesday: Durable Good Orders and Nondefence Capital Good Orders, Housing Price Index, Consumer Confidence, and New Home Sales.
JAPAN
Thursday: National Consumer Price Index (CPI) and Core CPI.
Global Macro Updates
FOMC minutes show strong consensus on July rate pause. The minutes from the FOMC July meeting were released today and contained no notable surprises.
The report reiterated that the Fed left interest rates unchanged at the July meeting. However, it highlighted dissenting opinions from Governors Waller and Bowman, who both advocated for a 25 bps rate reduction. This division underscores the Committee's challenge in navigating an economic landscape characterised by a weakening labour market and persistent inflation.
According to the minutes, a majority of participants assessed that the risks to inflation currently outweigh the risks to employment. However, it is important to note that this meeting took place before the release of the very weak July NFP report. Furthermore, several officials expressed concern that inflation expectations could become unanchored from the central bank's target.
The discussion also addressed the economic impact of tariffs. Several participants anticipated that companies would pass the cost of tariffs on to consumers, and many noted that the full effects of these trade policies would take time to materialise. Conversely, some members argued that it would be neither feasible nor appropriate for the Committee to wait for complete clarity on the inflationary impact of tariffs before making necessary policy adjustments.
Market reaction to the release was minimal. Analysts noted that the minutes are now considered somewhat outdated, as they have been superseded by more recent economic data, including the aforementioned July NFP and Producer Price Index (PPI) reports.
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