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Trump Comments on Powell, Markets Near Record
Rick Ducat, CMT
July 25, 2025
Equity index futures are slightly higher in early trading near their record highs as earnings season and economic data mostly continue to come in positively for the bulls, with S&P futures up +0.1%.
President Trump last night said he does not plan to fire Federal Reserve Chairman Jerome Powell despite recent tensions, while international interest rates are also in headlines today as BNP Paribas economists are no longer calling for a 25-basis point cut from the European Central Bank after comments from ECB Chief Christine Lagarde.
The beleaguered tech giant Intel (INTC) is moving lower once again after earnings, while the health insurer Centene (CNC) is also down sharply after a surprise quarterly loss.
For economic data, there is little on the docket other than Durable Goods to close out the week.
Morning Movers
Snapshot (as of 7 AM ET)
Oil (/CL) – Oil prices are up about 0.4% to $66.30.
Gold (/GC) – Gold is down almost 1% to $3,343.
Bitcoin (/BTC) – The crypto future is down 2% to $117.6K.
VIX – The CBOE Volatility Index continues to fall and is currently around 15.3.
U.S. Dollar (/DX) – The dollar is up almost 0.5% to 97.5.
Biggest Premarket Movers
Symbol | Product | Mark % Change (as of 7 AM ET) |
|---|---|---|
DECK | Deckers Outdoor | +13.54% |
EW | Edwards Lifesciences | +7.36% |
AON | Aon | +2.95% |
CNC | Centene | -14.24% |
CHTR | Charter Communications | -8.16% |
INTC | Intel | -7.51% |
Economic Data
Time | Event |
|---|---|
8:30AM ET | Durable Goods Orders |
1:00PM ET | Baker Hughes Rig Count |
Notable Earnings
Premarket | Postmarket | Premarket Monday | Postmarket Monday |
|---|---|---|---|
AON, AN, BAH, CRI, CNC, CHTR, HCA, LEA, PSX, SAIA, TTE, VRTS | None | NGD, EPD, FMX, RITM, RVTY | CLS, WM, CDNS, NUE, TLRY, WHR, WELL, WU |
Upgrades/Downgrades
Needham upgrades Gilead Sciences (GILD) to Buy from Hold
Jefferies upgrades Union Pacific (UNP) to Buy from Hold
Wolfe Research upgrades Kinder Morgan (KMI) to Outperform from Peer Perform
China Renaissance downgrades Tesla (TSLA) to Hold from Buy
JPMorgan downgrades Procter & Gamble (PG) to Neutral from Overweight
Phillip Securities downgrades Bank of America (BAC) to Accumulate from Buy
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