U.S. stock futures swung between gains and losses on Wednesday after ending on a mixed note on Tuesday. Futures of major benchmark indices were mixed.



President Donald Trump unveiled what he described as a &#8220;landmark&#8221; <a href="https://www.benzinga.com/markets/asia/25/07/46434093/trump-says-hes-finalized-the-trade-deal-with-indonesia-touts-orders-for-50-boeing-jets-will-china-face-tougher-times-ahead">trade pact with Indonesia</a>, providing U.S. businesses with access to the Southeast Asian country, while securing significant agreements for American aviation and energy firms. 



Markets were also assessing <a href="https://www.benzinga.com/markets/economic-data/25/07/46430675/trump-powell-june-inflation-fed-rate-cuts">Tuesday&#8217;s CPI report</a>, showing inflation accelerated in June. In recent months, Jerome Powell has consistently resisted political pressure to lower interest rates, maintaining a wait-and-see approach amid growing uncertainty from rising tariffs. 



Meanwhile, the 10-year Treasury bond yielded 4.48% and the two-year bond was at 3.95%. The CME Group's FedWatch <a href="https://www.cmegroup.com/markets/interest-rates/cme-fedwatch-tool.html">tool</a>&#8216;s projections show markets pricing a 97.4% likelihood of the Federal Reserve keeping the current interest rates unchanged in its July meeting. 



<figure class="wp-block-table is-style-stripes"><table class="has-fixed-layout"><tbody><tr><td>Futures</td><td>Change (+/-)</td></tr><tr><td>Dow Jones</td><td>0.02%</td></tr><tr><td>S&amp;P 500</td><td>-0.10%</td></tr><tr><td>Nasdaq 100</td><td>-0.28%</td></tr><tr><td>Russell 2000</td><td>0.04%</td></tr></tbody></table></figure>



The SPDR S&amp;P 500 ETF Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>) and Invesco QQQ Trust ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>), which track the S&amp;P 500 index and Nasdaq 100 index, respectively, were lower in premarket on Wednesday. The SPY was down 0.093% at $621.56, while the QQQ declined 0.29% to $555.12, according to <a href="https://pro.benzinga.com/dashboard">Benzinga Pro</a> data.



Cues From Last Session:



On Tuesday, information technology stocks defied the broader market downturn, closing higher, while financial, materials, and healthcare stocks recorded the most significant losses.



U.S. stocks settled mixed, influenced by a mixed bag of earnings from major banks.



In contrast, the Nasdaq 100 surged to new record highs, breaking past the 23,000 mark, powered by a sharp rally in Nvidia Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>) and other chipmakers.



Wells Fargo &amp; Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/WFC#NYSE">WFC</a>) reported better-than-expected second-quarter adjusted EPS, and JPMorgan Chase &amp; Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/JPM#NYSE">JPM</a>) also reported upbeat second-quarter earnings.



Economic data showed U.S. inflation accelerating for a second consecutive month, with the headline consumer price index rising 2.7% year-over-year in June, the highest since February and in line with expectations.



However, core inflation, excluding food and energy, came in slightly below forecasts at 2.9%, against an expected 3.0%.



The Dow Jones index ended 436 points or 0.98% lower at 44,023.29, whereas the S&amp;P 500 index fell 0.40% to 6,243.76. Nasdaq Composite advanced 0.18% to 20,677.80, and the small-cap gauge, Russell 2000, also tumbled 1.99% to end at 2,205.05.



<figure class="wp-block-table is-style-stripes"><table class="has-fixed-layout"><tbody><tr><td>Index</td><td>Performance (+/-)</td><td>Value</td></tr><tr><td>Nasdaq Composite</td><td>0.18%</td><td>20,677.80</td></tr><tr><td>S&amp;P 500</td><td>-0.40%</td><td>6,243.76</td></tr><tr><td>Dow Jones</td><td>-0.98%</td><td>44,023.29</td></tr><tr><td>Russell 2000</td><td>-1.99%</td><td>2,205.05</td></tr></tbody></table></figure>



Insights From Analysts:



Louis Navellier said that the &#8220;Wall Street has finally figured out that this is how President Trump negotiates, namely by making the other side increasingly uncomfortable,&#8221; citing that stock market is largely ignoring the latest tariff news, such as 30% tariffs on the European Union (EU) and Mexico, and a whopping 50% on Brazil on Aug. 1st.



He added that &#8220;the CPI report is not a market mover, so the Producer Price Index (PPI) on Wednesday should provide more insight, especially any tariff impact on wholesale goods prices.&#8221;



Meanwhile, Ed Yardeni highlighted that the CPI report for June suggests that inflation is no longer declining toward the Fed&#8217;s 2.0% target. Instead, it might continue to hover around 3.0% for a while, as it has recently.



&#8220;Trump&#8217;s tariffs may be a contributing factor, though their impact remains debated. The core CPI inflation rate upticked to 2.9% last month, hinting that the core PCED inflation rate (at 2.7% in May) might have followed a similar trend.&#8221;



&#8220;The June CPI report reinforces the FOMC&#8217;s cautious stance,&#8221; Yardeni added.



Although Trump&#8217;s tariffs may not yet be significantly driving inflation, they appear to be contributing to inflation stalling at around 3.0%, supporting the FOMC&#8217;s hesitation to lower the FFR, he explained.



See Also: <a href="https://www.benzinga.com/money/how-to-trade-futures]">How to Trade Futures </a>



Upcoming Economic Data



Here&#8217;s what investors will keep an eye on Wednesday:



<ul class="wp-block-list">
<li>June&#8217;s headline and core producer price index data will be out by 8:30 a.m. ET.</li>



<li>June&#8217;s industrial production and capacity utilization will be announced by 9:15 a.m. ET.</li>



<li>Federal Reserve Governor Michael Barr will speak at 10:00 a.m., Fed&#8217;s beige book data will be out by 2:00 p.m., and New York Fed President John Williams will speak at 6:30 a.m. ET.</li>
</ul>



Stocks In Focus:



<ul class="wp-block-list">
<li>ASML Holding NV (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ASML#NASDAQ">ASML</a>) dropped 7.88% in premarket on Wednesday after the critical semiconductor supply chain company said that it cannot confirm that it will grow in 2026, even as it beat its second-quarter sales and earnings per share expectations.</li>



<li>Graphjet Technology (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GTI#NASDAQ">GTI</a>) soared 11.27% after the company's CEO revealed a strategic plan to avoid delisting.</li>



<li>Nuwellis Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NUWE#NASDAQ">NUWE</a>) surged 62.44% following the news of the company securing a key patent for its fluid management technology. This development could potentially have an impact on the company's future prospects.</li>



<li>Data Storage Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/DTST#NASDAQ">DTST</a>) jumped 31.36% after the company announced plans to sell its subsidiary, CloudFirst, and initiate a share buyback.</li>



<li>BTCS Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/BTCS#NASDAQ">BTCS</a>) zoomed 19.37% after it reported significant growth in its crypto and cash market value, reaching $96.3 million, with substantial Ethereum (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/eth/usd">ETH</a>) holdings of 29,122 ETH valued at $87.3 million.</li>
</ul>



<ul class="wp-block-list">
<li>Gain Therapeutics Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GANX#NASDAQ">GANX</a>) shares sank 17.06% after the firm announced a proposed public offering of common stock and warrants. The offering includes shares of common stock (or equivalents) and warrants to purchase common stock, with a 30-day option for the underwriter to purchase up to 15% additional shares and/or warrants.</li>



<li>J B Hunt Transport Services Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/JBHT#NASDAQ">JBHT</a>) was 1.12% lower after posting downbeat earnings for the second quarter. The company reported quarterly earnings of $1.31 per share, missing market estimates of $1.33 per share.</li>



<li>Morgan Stanley (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MS#NYSE">MS</a>) was 0.51% lower as analysts expect it to report earnings of $2.01 per share on revenue of $16.12 billion before the opening bell.</li>



<li>Goldman Sachs Group Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GS#NYSE">GS</a>) was 0.050% below the flatline as it is expected to report earnings before the opening bell. Analysts estimate earnings of $9.56 per share on revenue of $13.36 billion.</li>



<li>Bank of America Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BAC#NYSE">BAC</a>) was down 0.24% as analysts expect it to report earnings of 87 cents per share on revenue of $26.81 billion before the opening bell.</li>
</ul>



Commodities, Gold, And Global Equity Markets:



Crude oil futures were trading lower in the early New York session by 0.38% to hover around $66.27 per barrel.



Gold Spot US Dollar rose 0.51% to hover around $3,341.98 per ounce. Its last record high stood at $3,500.33 per ounce. The U.S. Dollar Index spot was lower by 0.10% at the 98.5130 level.



Asian markets ended lower on Wednesday except India's S&amp;P BSE Sensex. Japan's Nikkei 225, Australia's ASX 200, China&#8217;s CSI 300, Hong Kong's Hang Seng, and South Korea's Kospi indices fell. European markets were mostly higher in early trade.



Read Next:



<ul class="wp-block-list">
<li><a href="https://www.benzinga.com/markets/tech/25/07/46436493/nvidias-china-revenue-is-far-from-gone-but-it-outmaneuvered-us-for-rare-earth-in-exchange-for-ai-chips-says-craig-shapiro">Nvidia&#8217;s China Revenue &#8216;Is Far From Gone&#8217;, But It Outmaneuvered US For Rare Earth In Exchange For AI Chips, Says Craig Shapiro</a></li>
</ul>



Photo courtesy: Shutterstock

Equities

$ETH

ASML

BTCS

DTST

GANX

JBHT

NUWE

NVDA

US Futures Trade Mixed As June Inflation Ticks Up: ASML, Morgan Stanley, Goldman Sachs, BofA Earnings In Focus

Wedbush analyst Daniel Ives delivered an optimistic outlook for Nvidia Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>) and the broader tech and crypto markets, predicting a $5 trillion market capitalization for the tech giant led by Jensen Huang.



Check out the current price of&nbsp;<a href="https://www.benzinga.com/quote/NVDA" target="_blank" rel="noreferrer noopener">NVDA stock here.</a>



What Happened: In a <a href="https://omny.fm/shows/kabc-podcasts/mottek-on-money-07-15-25#description">podcast</a> &#8220;Mottek On Money,&#8221; hosted by Frank Mottek, Ives highlighted Nvidia&#8217;s recent surge past $170 per share, driven by a pivotal U.S. decision to <a href="https://www.benzinga.com/markets/tech/25/07/46407517/nvidia-resumes-h20-shipments-to-china-as-jensen-huang-meets-trump-beijing-officials-fully-compliant-rtx-pro-aims-to-bridge-ai-cold-war">allow its H20 AI chips</a> into China, calling it a &#8220;watershed decision&#8221; that could add $30 to $40 billion annually to the company's revenue. 



Ives boldly predicted, &#8220;I think it's on a march to $5 trillion,&#8221; underscoring Nvidia's potential to become the world's most valuable company, surpassing its current $4.17 trillion market cap.



This bullish stance comes as the Nasdaq also hit a record high, fueled by an AI revolution entering its &#8220;software phase, the consumer phase,&#8221; according to Ives. He envisions a tech bull market, forecasting the Nasdaq could reach 22,000 to 25,000 by year-end.



Further, Ives celebrated Nvidia CEO Huang's &#8220;Beltway political battle&#8221; win with the China deal and Donald Trump's $90 billion AI investment push, calling it a &#8220;golden age&#8221; where the U.S. leads China in tech.



He dismissed China's AI efforts, like DeepSeek, as reliant on Nvidia GPUs, reinforcing his belief that &#8220;we're still in the second inning&#8221; of the AI boom.



See Also: <a href="https://www.benzinga.com/markets/tech/25/07/46436493/nvidias-china-revenue-is-far-from-gone-but-it-outmaneuvered-us-for-rare-earth-in-exchange-for-ai-chips-says-craig-shapiro">Nvidia&#8217;s China Revenue &#8216;Is Far From Gone&#8217;, But It Outmaneuvered US For Rare Earth In Exchange For AI Chips, Says Craig Shapiro</a>



Why It Matters: The discussion extended to cryptocurrency, with Ives noting Bitcoin's (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) climb above $123,000 and Ethereum's (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/eth/usd">ETH</a>) resurgence past $3,000.



He attributed this to a &#8220;regulatory environment&#8221; with the Trump-led administration and growing investor appetite, predicting, &#8220;I think we're going to have a very strong second half of the year&#8221; for both Bitcoin and Ethereum.



Ives suggested tariffs would likely be delayed or scaled down, creating a &#8220;bullish for tech, bullish for crypto&#8221; environment.



Price Action: As of the publication of this article, Bitcoin was trading at $119,226.33 per coin, down from its all-time high of $123,091.61. Whereas Ethereum was at $3,155.72, 35.38% below its record of $$4,891.70.



Nvidia was 0.57% lower in premarket on Wednesday. the stock has advanced 23.42% on a year-to-date basis and 35.09% over a year.



Benzinga Edge Stock Rankings shows that NVDA had a stronger price trend over the short, medium, and long term. Its momentum ranking was solid, whereas its value ranking was poor; the details of all the metrics are <a href="https://www.benzinga.com/premium/ideas/benzinga-edge-3/#:~:text=Turn%20Market%20Chaos,when%20markets%20rebound">available here</a>.



<figure class="wp-block-image size-large"><a href="https://www.benzinga.com/premium/ideas/benzinga-edge-3/#:~:text=Turn%20Market%20Chaos,when%20markets%20rebound"><img loading="lazy" decoding="async" width="1024" height="160" src="https://editorial-assets.benzinga.com/wp-content/uploads/2025/07/16063259/Edge-NVDA-new-latest-1-1024x160.png" alt="" class="wp-image-987584" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2025/07/16063259/Edge-NVDA-new-latest-1-1024x160.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/07/16063259/Edge-NVDA-new-latest-1-300x47.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/07/16063259/Edge-NVDA-new-latest-1-768x120.png 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/07/16063259/Edge-NVDA-new-latest-1.png 1276w" sizes="(max-width: 1024px) 100vw, 1024px" /></a></figure>



The SPDR S&amp;P 500 ETF Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>) and Invesco QQQ Trust ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>), which track the S&amp;P 500 index and Nasdaq 100 index, respectively, were lower in premarket on Wednesday. The SPY was down 0.051% at $621.82, while the QQQ declined 0.22% to $555.52, according to <a href="https://pro.benzinga.com/dashboard">Benzinga Pro</a> data.



Read Next:



<ul class="wp-block-list">
<li><a href="https://www.benzinga.com/markets/hedge-funds/25/07/46386374/stanley-druckenmillers-duquesne-dumps-palantir-bets-big-on-this-dividend-play-which-has-surged-nearly-50-in-2025">Stanley Druckenmiller&#8217;s Duquesne Dumps Palantir, Bets Big On This Dividend Play Which Has Surged Nearly 50% In 2025</a></li>
</ul>



Disclaimer:&nbsp;This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors. 



Image via Shutterstock

News

$BTC

Nvidia Is 'On A March To $5 Trillion' Market Capitalization, Says Dan Ives As He Predicts Bullish Environment For Tech And Crypto: 'Very Strong Second Half'

Dutch semiconductor company, ASML Holding NV (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ASML#NASDAQ">ASML</a>), warned investors that its growth outlook for 2026 is now under a cloud, citing rising macroeconomic uncertainties and escalating trade tensions.



Check out the current price of&nbsp;<a href="https://www.benzinga.com/quote/ASML" target="_blank" rel="noreferrer noopener">ASML stock here.</a>



What Happened: During the company&#8217;s second quarter results on Wednesday, ASML&#8217;s CEO, Christophe Fouquet, said <a href="https://www.asml.com/en/news/press-releases/2025/q2-2025-financial-results">in</a> a statement, &#8220;while we still prepare for growth in 2026, we cannot confirm it at this stage,&#8221; citing growing uncertainties driven by macroeconomic and geopolitical developments.



He adds that the fundamentals of AMSL&#8217;s key AI customers remain strong, but acknowledges the growing threat of tariffs. 



See Also: <a href="https://www.benzinga.com/analyst-stock-ratings/price-target/25/07/46338991/top-wall-street-forecasters-revamp-asml-expectations-ahead-of-q2-earnings">Top Wall Street Forecasters Revamp ASML Expectations Ahead Of Q2 Earnings</a>



&#8220;Tariffs on new systems and parts going into the U.S., as well as reciprocal measures from other countries, could impact our gross margin,&#8221; Fouquet says.



The company, nonetheless, witnessed strong bookings during the quarter, at $6.4 billion, compared to consensus estimates at $5.6 billion, according <a href="https://www.bloomberg.com/news/articles/2025-07-16/asml-orders-beat-expectations-after-ai-investment-fuels-demand">to</a> a report by Bloomberg. 



Its forecast for third quarter sales, however, estimated between $8.6 billion and $9.2 billion, fell short of analyst consensus estimates.



Why It Matters: While <a href="https://www.benzinga.com/news/global/25/04/44631606/trumps-tariff-exemptions-include-semiconductors-pharmaceuticals-oil-and-more">semiconductors were exempt</a> from President Donald Trump&#8217;s &#8220;Liberation Day&#8221; tariffs, there is a lot of uncertainty surrounding chipmaking equipment. 



During its second quarter results, ASML posted $8.9 billion in sales, ahead of consensus estimates at $8.7 billion, with a profit of $2.66 billion, against estimates at $2.37 billion. 



Price Action: Shares of ASML were up 2.02% on Tuesday, trading at $823.02, but are now down 7.10% after hours, following its second quarter results. 



<figure class="wp-block-image size-large"><a href="https://www.benzinga.com/premium/ideas/benzinga-edge-2#:~:text=Turn%20Market%20Chaos,when%20markets%20rebound"><img loading="lazy" decoding="async" width="1024" height="148" src="https://editorial-assets.benzinga.com/wp-content/uploads/2025/07/16042258/Screenshot-2025-07-16-at-1.51.48-PM-1024x148.png" alt="" class="wp-image-987358" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2025/07/16042258/Screenshot-2025-07-16-at-1.51.48-PM-1024x148.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/07/16042258/Screenshot-2025-07-16-at-1.51.48-PM-300x43.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/07/16042258/Screenshot-2025-07-16-at-1.51.48-PM-768x111.png 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/07/16042258/Screenshot-2025-07-16-at-1.51.48-PM.png 1524w" sizes="(max-width: 1024px) 100vw, 1024px" /></a></figure>



According to Benzinga&#8217;s Edge Stock Rankings, ASML scores well on Growth and Quality, while having a favorable price trend in the short, medium and long terms. Click <a href="https://www.benzinga.com/premium/ideas/benzinga-edge-2#:~:text=Turn%20Market%20Chaos,when%20markets%20rebound">here</a> for deeper insights into the stock. 



Read More: 



<ul class="wp-block-list">
<li><a href="https://www.benzinga.com/markets/tech/25/07/46397545/nvidias-jensen-huang-china-doesnt-need-us-chips">Nvidia&#8217;s Jensen Huang: China Doesn&#8217;t Need US Chips</a></li>
</ul>



Photo courtesy: Skorzewiak / Shutterstock.com

Trump's Tariff Threat Casts Shadow Over ASML's 2026 Growth Plans, Despite Strong Q2, AI Momentum

President&nbsp;Donald Trump&nbsp;is reportedly set&nbsp;to sign an executive order&nbsp;that would make it easier for U.S. retirement plans to invest in private-market assets.



What Happened:&nbsp;The executive order, expected to be signed in the next few days, would direct the Labor Department and the Securities and Exchange Commission to issue guidance for employers and plan administrators on incorporating investments such as private assets into 401(k) plans, <a href="https://www.wsj.com/finance/investing/trump-executive-order-to-help-open-up-401-k-s-to-private-markets-c90c6788?">reported</a>&nbsp;the Wall Street Journal.



The order is still under review and its details are not yet final. If implemented, it could potentially allow large private asset managers such as Apollo Global Management (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/APO#NYSE">APO</a>) and Blackstone (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BX#NYSE">BX</a>) to tap into the significant retirement savings held by workers without traditional pensions.



Although some retirement plan sponsors already allocate funds to private investments, many remain wary of potential employee lawsuits stemming from the higher fees tied to private-market products.



Industry executives believe that additional steps, such as action by Congress, will be needed to make companies more comfortable with including private-asset funds in employees&#8217; retirement plans.



Private-market fund managers have been urging the Trump administration to relax rules to allow easier inclusion of their products in retirement portfolios. Firms such as Apollo and State Street (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/STT#NYSE">STT</a>) have already launched target-date funds that incorporate a private-markets component.



SEE ALSO:&nbsp;<a href="https://benzinga.com/crypto/cryptocurrency/25/07/46424764/trump-wishes-bitcoin-ethereum-xrp-happy-crypto-week-it-is-all-part-of-make-america-great-again" target="_blank" rel="noreferrer noopener">Trump Wishes Bitcoin, Ethereum, XRP &#8216;Happy Crypto Week!&#8217; — &#8216;It Is All Part Of Make America Great Again&#8217; &#8211; Benzinga</a>



Why It Matters: In May, the Financial Times reported that the Trump administration was considering a potential directive involving private funds in 401(k) retirement plans.



The move to open 401(k)s to private markets comes amid increasing <a href="https://www.benzinga.com/personal-finance/management/25/07/46372518/the-super-rich-have-a-new-favorite-alternative-investment-hint-its-not-cryptocurrency">interest in</a> private-market investments and reports of the world&#8217;s super-rich have shown a growing affinity for private credit offerings.



However, the decision to offer private equity as an investment option in workplace retirement plans has been met with criticism. Senator Elizabeth Warren (D-Mass) has <a href="https://www.benzinga.com/personal-finance/management/25/07/46391778/elizabeth-warren-grills-retirement-giant-empower-over-private-equity-in-401k-plans-how-you-would-shield-plan-participants">challenged Empower</a>, a major retirement plan provider, over its decision to include private equity investments for their employees.



Despite the criticism, Empower CEO Ed Murphy has defended the move, likening it to the introduction of 401(k) plans decades ago and emphasizing the importance of making private markets more accessible.



READ MORE: 



<ul class="wp-block-list">
<li><a href="https://www.benzinga.com/markets/25/07/46381958/blackstone-gobbles-up-another-2-billion-in-commercial-real-estate-loans">Blackstone Gobbles Up Another $2 Billion In Commercial Real Estate Loans</a></li>
</ul>



Image via Shutterstock



Disclaimer:&nbsp;This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

Trump Set To Sign Executive Order To Unlock 401(k) Access For Private Equity Giants Like Blackstone, Apollo: Report

The CNN Money Fear and Greed index showed a decline in the overall market sentiment, while the index moved to the &#8220;Greed&#8221; zone on Tuesday.



U.S. stocks settled mostly lower on Tuesday, with the Dow Jones index falling more than 400 points during the session following a mixed bag of earnings from big banks. The Nasdaq 100 surged to fresh record highs on Tuesday, breaking above the 23,000 mark as Nvidia Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>) and other chipmakers powered a sharp rally.



Wells Fargo &amp; Company (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/WFC#NYSE">WFC</a>) reported better-than-expected second-quarter adjusted EPS results. JPMorgan Chase &amp; Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/JPM#NYSE">JPM</a>) reported upbeat second-quarter earnings.



On the economic data front, U.S. inflation accelerated for a second straight month. The headline consumer price index rose 2.7% year-over-year in June, the highest since February and in line with expectations. However, core inflation, which strips out food and energy, came in slightly below forecasts at 2.9%, versus 3.0% expected.



Most sectors on the S&amp;P 500 closed on a negative note, with financial, materials and health care stocks recording the biggest losses on Tuesday. However, information technology stocks bucked the overall market trend, closing the session higher.



The Dow Jones closed lower by 436 points to 44,023.29 on Tuesday. The S&amp;P 500 fell 0.40% to 6,243.76, while the Nasdaq Composite gained 0.18% to 20,677.80 during Tuesday's session.



Investors are awaiting earnings results from Morgan Stanley (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MS#NYSE">MS</a>), Goldman Sachs (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GS#NYSE">GS</a>) and Bank of America Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BAC#NYSE">BAC</a>) today.



What is CNN Business Fear &amp; Greed Index?



At a current reading of 73.6, the index moved to the &#8220;Greed&#8221; zone on Tuesday, versus a prior reading of 76.2.



The Fear &amp; Greed Index is a measure of the current market sentiment. It is based on the premise that higher fear exerts pressure on stock prices, while higher greed has the opposite effect. The index is calculated based on seven equal-weighted indicators. The index ranges from 0 to 100, where 0 represents maximum fear and 100 signals maximum greediness.



Read Next: 



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<li><a href="https://www.benzinga.com/trading-ideas/short-ideas/25/07/46415122/top-2-tech-telecom-stocks-that-may-keep-you-up-at-night-this-month">Top 2 Tech &amp; Telecom Stocks That May Keep You Up At Night This Month</a></li>
</ul>



Photo courtesy: Shutterstock

Pre-Market Outlook

Dow Tumbles Over 400 Points As Inflation Rises Faster Than Expected: Fear Index Moves To 'Greed' Zone

Bitcoin dipped, but other major cryptocurrencies spiked Tuesday as capital rotated away from the apex cryptocurrency.



<figure class="wp-block-table"><table class="has-fixed-layout"><thead><tr><th>Cryptocurrency</th><th>Gains +/-</th><th>Price (Recorded at 10:05 p.m. ET)</th></tr></thead><tbody><tr><td>Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>)</td><td>-0.59%</td><td>$117,739.91</td></tr><tr><td>Ethereum (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/eth/usd">ETH</a>) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td><td>+5.56%</td><td>$3,140.22</td></tr><tr><td>Dogecoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/doge/usd">DOGE</a>)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td><td>+1.01%</td><td>$0.1989</td></tr></tbody></table></figure>



What Happened: The world's leading cryptocurrency dipped to an intraday low of $115,765.69 before recovering to $117,000 overnight. The sharp retreat from recent highs coincided with high profitability, with nearly <a href="https://www.benzinga.com/crypto/cryptocurrency/25/07/46414002/99-of-bitcoin-holders-are-in-profit-is-btc-dipping-because-some-are-cashing-out">99% of Bitcoin's supply now in profit</a>, a historically rare event.



Ethereum, on the other hand, crossed the key resistance at $3,000, with trading volume slightly increasing in the last 24 hours.



Bitcoin's market dominance fell from 63.6% to 62.9% in the last 24 hours, as capital rotated into Ethereum, whose share increased to 10.2%.



The so-called ‘Crypto Week' was off to a bumpy start as the <a href="https://www.benzinga.com/crypto/cryptocurrency/25/07/46433854/trumps-happy-crypto-week-gets-off-to-rocky-start-as-house-suspends-votes-on-key-bills">House suspended votes</a> on key cryptocurrency bills.



About $465 million was liquidated from the market in the last 24 hours, with long positions accounting for more than 50%.



Bitcoin's open interest fell 1.15% in the last 24 hours, while Ethereum recorded a 6.33% spike.&nbsp; The "Greed" sentiment weakened in the last 24 hours, according to the Crypto Fear &amp; Greed Index.



Top Gainers (24 Hours)



<figure class="wp-block-table"><table class="has-fixed-layout"><thead><tr><th>Cryptocurrency</th><th>Gains +/-</th><th>Price (Recorded at 10:05 p.m. ET)</th></tr></thead><tbody><tr><td>Ethereum Name Service (ENS)</td><td>+16.63%</td><td>$26.01</td></tr><tr><td>Curve DAO Token (CRV)&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td><td>+12.48%</td><td>$0.7852</td></tr><tr><td>Pump.fun (PUMP)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td><td>+12.29%</td><td>$0.006531 </td></tr></tbody></table></figure>



The global cryptocurrency market capitalization stood at $3.74 trillion, following a modest increase of 0.55% in the last 24 hours.



Major stock averages dropped in Tuesday's trading. The Dow Jones Industrial Average lost 436.36 points, or 0.98%, to end at 44,023.29. The S&amp;P 500 fell 0.40% to end at 6,243.76. The tech-heavy Nasdaq Composite was the silver lining, gaining 0.18% to post a record close of 20,640.33.



The <a href="https://www.benzinga.com/markets/economic-data/25/07/46413961/june-inflation-cpi-report">June inflation report</a> was released Tuesday, with the headline Consumer Price Index matching forecasts, while core inflation came in slightly cooler-than-expected.



Meanwhile, the odds of a 25 basis point rate cut at the Federal Reserve&#8217;s September meeting fell to 53.25% from 59% the day before, <a href="https://www.cmegroup.com/markets/interest-rates/cme-fedwatch-tool.html">according </a>to the CME FedWatch tool.&nbsp;



See More: <a href="https://www.benzinga.com/money/best-crypto-scanners">Best Cryptocurrency Scanners</a>



Analyst Notes: Widely followed cryptocurrency trader Mercury compared Bitcoin's recent breakout above a key resistance level to similar occurrences in 2023 and 2024.



"Those breakouts saw us trade ~50% higher within the next ~2 months. This rally likely still has more legs to it," the analyst said.



<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true"><a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$BTC</a> five days ago, Bitcoin began trending above a key level for the first time in eight months we did the same thing in 2023 and 2024 those breakouts saw us trade ~50% higher within the next ~2 months this rally likely still has more legs to it. dream bigger. <a href="https://t.co/V09JRJRtwH">pic.twitter.com/V09JRJRtwH</a>&mdash; Mercury (@TraderMercury) <a href="https://twitter.com/TraderMercury/status/1945207170389164378?ref_src=twsrc%5Etfw">July 15, 2025</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



Rekt Capital, another cryptocurrency market researcher, said Ethereum needs a clear break above 10% market dominance to enter a historically bullish phase.



<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true"><a href="https://twitter.com/search?q=%24ETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$ETH</a> Dominance Ethereum Dominance would need to convincingly break 10% market-dominance to enter the green circled phase<a href="https://twitter.com/hashtag/ETH?src=hash&amp;ref_src=twsrc%5Etfw">#ETH</a> <a href="https://twitter.com/hashtag/Crypto?src=hash&amp;ref_src=twsrc%5Etfw">#Crypto</a> <a href="https://twitter.com/hashtag/Ethereum?src=hash&amp;ref_src=twsrc%5Etfw">#Ethereum</a> <a href="https://t.co/wyUu2GamjI">https://t.co/wyUu2GamjI</a> <a href="https://t.co/CjxaVMCk0A">pic.twitter.com/CjxaVMCk0A</a>&mdash; Rekt Capital (@rektcapital) <a href="https://twitter.com/rektcapital/status/1945200702201946559?ref_src=twsrc%5Etfw">July 15, 2025</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



Photo Courtesy: Rido on Shutterstock.com



Read Next:&nbsp;&nbsp;&nbsp;&nbsp;



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<li><a href="https://www.benzinga.com/trading-ideas/movers/25/07/46433046/cantor-equity-partners-i-cepo-soars-on-potential-bitcoin-deal-with-satoshi-nakamoto-linked-adam-back">Cantor Equity Partners I (CEPO) Soars On Potential Bitcoin Deal With Satoshi Nakamoto-Linked Adam Back</a></li>
</ul>

Cryptocurrency

$DOGE

Bitcoin Slides Amid Uncertainty On Crypto Bills; Ethereum, Dogecoin Gain: ETH Dominance Needs To 'Convincingly Break' 10% For Bullish Bias, Says Analyst

Leading economists react to June&#8217;s Consumer Price Index report, which showed that inflation was largely in line with expectations, while speculating on what this means for Federal Reserve policy and growing tariff-related pressures.



What Happened: U.S. consumer prices rose 0.3% <a href="https://www.bls.gov/news.release/archives/cpi_07152025.htm">in</a> June, the Bureau of Labor Statistics reported Tuesday, following a 0.1% increase in May. On an annual basis, the Consumer Price Index climbed 2.9%. Core inflation, which excludes food and energy, rose 2.7% from the prior year.



University of Michigan economist Justin Wolfers had a positive take on the results, posting on X that, &#8220;The absence of bad news is good news,&#8221; while noting that the &#8220;numbers are pretty much in line with expectations.&#8221;



See Also: <a href="https://www.benzinga.com/markets/economic-data/25/07/46392923/une-cpi-inflation-preview-tariffs-markets-fed">June Inflation May Be Hiding A Nasty Surprise For Wall Street</a>



<figure class="wp-block-embed aligncenter is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Latest inflation numbers just dropped. Headline CPI rose 0.3% in May, and has now risen 2.7% over the past year. Core CPI rose 0.2%, and is running at 2.9%. These numbers are pretty much in line with expectations. The absence of bad news is good news.&mdash; Justin Wolfers (@JustinWolfers) <a href="https://twitter.com/JustinWolfers/status/1945099367158886477?ref_src=twsrc%5Etfw">July 15, 2025</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



Economist Mohamed El-Erian, the former CEO of Pimco, believes the figures would &#8220;undoubtedly intensify the administration&#8217;s pressure on the Federal Reserve to reduce rates,&#8221; but warned that it's &#8220;unlikely to sway most Fed officials given their stated criteria for resuming the rate-cutting cycle.&#8221;



<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Both stock and bond markets have reacted favorably to the June U.S. CPI data, which largely aligned with, or came in slightly softer than, consensus forecasts. Specifically: Monthly headline inflation was 0.3%, bringing the annual measure to 2.6%. Core inflation, both monthly and…&mdash; Mohamed A. El-Erian (@elerianm) <a href="https://twitter.com/elerianm/status/1945101202984706065?ref_src=twsrc%5Etfw">July 15, 2025</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



Jason Furman, a Harvard economist and former economic advisor to President Barack Obama, posted on X with a more cautious message. 



Furman noted that while core CPI remains below 3%, key inflation segments are being distorted by tariffs. &#8220;You can see signs of tariffs in these numbers,&#8221; he said. &#8220;That is only likely to grow,&#8221; he says, pointing to unusually high prices in tariff-sensitive categories such as appliances and apparel.



Furman added that &#8220;everything ex-housing is worse for the month of June,&#8221; referring to prices excluding rent, which he sees as a reversal of prior trends. 



He also believes that companies are still working through their &#8220;pre-tariff inventories,&#8221; suggesting that the inflation could get worse going forward.



<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Inflation rose in June, with core CPI at an annual rate of: 1 month: 2.8% 3 months: 2.4% 6 months: 2.7% 12 months: 2.9% You can see signs of tariffs in these numbers and that is only likely to grow. <a href="https://t.co/9VITyEogES">pic.twitter.com/9VITyEogES</a>&mdash; Jason Furman (@jasonfurman) <a href="https://twitter.com/jasonfurman/status/1945105607062622384?ref_src=twsrc%5Etfw">July 15, 2025</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



Why It Matters: While President Donald Trump was quick to react to this news, asking the Fed to <a href="https://www.benzinga.com/markets/economic-data/25/07/46430675/trump-powell-june-inflation-fed-rate-cuts">lower the rates</a>, experts such as Mike Konczal&nbsp;of the Economic Security Project have cautioned, saying that, &#8220;This does not strike me as a good CPI print.&#8221;



Last month, Federal Reserve Chair Jerome Powell told Congress that <a href="https://www.benzinga.com/markets/economic-data/25/06/46077396/powell-interest-rates-trump-inflation-tariffs">potential rate cut</a> decisions in 2025 would depend on the tariffs. 



&#8220;Increases in tariffs this year are likely to push up prices and weigh on economic activity,&#8221; Powell told lawmakers, acknowledging risks to both consumer prices and business investment.



Photo Courtesy: Leka Sergeeva on Shutterstock.com



Read More: 



<ul class="wp-block-list">
<li><a href="https://www.benzinga.com/markets/economic-data/25/07/46413961/june-inflation-cpi-report">June Inflation Lands As Expected — But Cooler Core Reading Fuels Fed Rate Cut Hopes</a></li>
</ul>

Government

Macro Economic Events

Econ #s

Economics

Federal Reserve

Markets

Economists On June CPI Numbers: 'The Absence Of Bad News Is Good News' — But Fed 'Unlikely To Sway' On Interest Rates

On Tuesday, Jensen Huang-led Nvidia Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>) applauded <a href="https://www.benzinga.com/etfs/sector-etfs/25/07/46423852/nvidias-china-chip-deal-signals-new-tailwind-for-chip-and-ai-etfs">Washington's AI strategy</a> after Donald Trump's AI advisor, David Sacks, highlighted the need for U.S. tech to outpace global adversaries by becoming the international standard.



What Happened: Nvidia's Newsroom X handle said, "Washington gets it: Winning the AI race means making the American stack the global standard," while sharing a video of Sacks on CNBC.&nbsp;



In the video, Sacks can be heard saying, "We have to basically export American technology around the world," adding, "We want American technology to be the global standard&#8230; We want data centers across the world to be adopting the American technology stack."



Trump's on AI and crypto czar drew parallels between Silicon Valley&#8217;s success and the nation's AI ambitions, stressing that winning means building the biggest ecosystem globally.



See Also: <a href="https://www.benzinga.com/markets/tech/25/07/46407075/nvidia-ceo-jensen-huang-to-attend-china-supply-chain-expo-in-beijing-on-wednesday-says-state-tv">Nvidia CEO Jensen Huang To Attend China Supply Chain Expo In Beijing On Wednesday, Says State TV</a>



<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Washington gets it: Winning the AI race means making the American stack the global standard.<a href="https://twitter.com/DavidSacks?ref_src=twsrc%5Etfw">@DavidSacks</a> on <a href="https://twitter.com/CNBC?ref_src=twsrc%5Etfw">@CNBC</a>: "We have to outcompete our global adversaries. There&#39;s just no substitute for innovation. You can&#39;t regulate your way to winning the AI race." <a href="https://t.co/iznmHtQfF6">pic.twitter.com/iznmHtQfF6</a>&mdash; NVIDIA Newsroom (@nvidianewsroom) <a href="https://twitter.com/nvidianewsroom/status/1945215978939252801?ref_src=twsrc%5Etfw">July 15, 2025</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



Why It's Important: The remarks came as <a href="https://www.benzinga.com/markets/tech/25/07/46412125/trumps-latest-move-on-ai-and-china-propels-chip-stocks">AI chip stocks soared Tuesday</a>, with Nvidia, Advanced Micro Devices, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMD#NASDAQ">AMD</a>) and Taiwan Semiconductor Manufacturing Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TSM#NYSE">TSM</a>) among the top gainers.



The rally was driven by major Trump investments in AI and energy infrastructure, particularly in Pennsylvania and reports emerging that the U.S. would ease some chip export restrictions to China.



On Monday, Nvidia also announced that it will <a href="https://www.benzinga.com/markets/tech/25/07/46407517/nvidia-resumes-h20-shipments-to-china-as-jensen-huang-meets-trump-beijing-officials-fully-compliant-rtx-pro-aims-to-bridge-ai-cold-war">restart sales</a> of its H20 GPU in China and has introduced a new RTX PRO graphics processor tailored specifically for the Chinese market.



Nvidia's China strategy came under scrutiny after reports came that a Chinese AI firm, DeepSeek, used shell companies to acquire H100 chips while <a href="https://www.benzinga.com/markets/tech/25/07/46397545/nvidias-jensen-huang-china-doesnt-need-us-chips">aiding China's military</a> and intelligence agencies.



The AI chip giant <a href="https://www.benzinga.com/25/05/45644145/nvidia-stock-is-bullish-ahead-of-q1-earnings-but-will-h20-chip-woes-dampen-the-party">had to suspend shipments</a> of its China-specific H20 AI chips when the U.S. government ruled that a special license was needed, costing the company an estimated $2.5 billion in first-quarter revenue.



Price Action: Nvidia shares dipped 0.29% in after-hours trading after climbing 4.04% during Tuesday's regular session, according to <a href="https://pro.benzinga.com/dashboard">Benzinga Pro data</a>.



Benzinga's Edge Stock Rankings indicate that Nvidia continues to show strong upward momentum over the short, medium and long term. <a href="https://www.benzinga.com/premium/ideas/benzinga-edge-2#:~:text=Turn%20Market%20Chaos,when%20markets%20rebound'">More detailed performance insights are available here</a>.



<figure class="wp-block-image size-full"><a href="https://www.benzinga.com/premium/ideas/benzinga-edge-2#:~:text=Turn%20Market%20Chaos,when%20markets%20rebound'"><img decoding="async" src="https://editorial-assets.benzinga.com/wp-content/uploads/2025/07/15233447/Screenshot-2025-07-16-at-9.02.58%E2%80%AFAM.png" alt="" class="wp-image-986874"/></a></figure>



Read More:



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<li><a href="https://www.benzinga.com/news/politics/25/07/46308025/get-ready-for-800-hours-of-blackouts-trumps-doe-warns?utm_source=articleShare" target="_blank" rel="noreferrer noopener">Get Ready For 800 Hours Of Blackouts, Trump&#8217;s DOE Warns</a>&nbsp;</li>
</ul>



Photo: Hepha1st0s On Shutterstock.com



Disclaimer:&nbsp;This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

Tech

Nvidia Says 'Washington Gets It' After Trump's AI Czar David Sacks Says US Has To 'Outcompete' Global Rivals

President Donald Trump's repeated calls for aggressive rate cuts collided with economic reality Tuesday, as June's rising inflation dynamics offered a win—at least temporarily—for Federal Reserve Chair<a href="https://www.benzinga.com/topic/jerome-powell"> Jerome Powell's cautious stance.</a>



Headline inflation in June accelerated to 2.7% year over year, up from 2.4% in May and the highest reading since February. 



On a monthly basis, the Consumer Price Index rose 0.3%—the largest increase in five months. Both figures were in line with economists forecasts.



Core inflation, which strips out food and energy, rose 2.9% from a year ago, slightly below the 3% consensus. Monthly core CPI came in at 0.2%, a touch under the expected 0.3%, but still above May's 0.1%.



In recent months, Powell has consistently resisted political pressure to lower interest rates, maintaining a wait-and-see approach amid growing uncertainty from rising tariffs. 



That patience now appears warranted.



See Also: <a href="https://www.benzinga.com/news/politics/25/07/46235830/trump-wants-rate-cuts-will-big-beautiful-bill-help-answer-big-fat-no">Trump Wants Rate Cuts, Will &#8216;Big Beautiful Bill&#8217; Help? Answer: Big Fat &#8216;No&#8217;</a>



<h2 class="wp-block-heading">June Inflation Data Validates Powell&#8217;s Trump Pushback </h2>



"Consumer Prices low. Bring down the Fed Rate, now!!!," Trump commented about the June&#8217;s inflation report. 



But the underlying details told a more nuanced picture.



"This does not strike me as a good CPI print," said Mike Konczal of the Economic Security Project, noting that goods and non-housing services rose, even if lower shelter prices masked the full impact. 



"It's just one month, but this is a clear win for the Fed having paused rate cuts."



"Today's report finally provided ample evidence that tariffs are being passed onto consumers," said Bank of America&#8217;s economist Stephen Juneau in a note. 



Core goods prices rose 0.2% month over month and 0.3% when excluding used cars, which declined again. Price hikes were broad-based across categories like appliances, apparel and recreational items.



Juneau expects this dynamic to carry into the Fed's preferred inflation metric, projecting a 0.3% monthly increase in core Personal Consumption Expenditures (PCE) that could keep the year-over-year rate near 3% by the third quarter.



"If our PCE tracking estimate is correct, the case for the Fed to remain on hold this year (our call) would strengthen," he said.



"Inflation's not going quietly. June's 2.7% CPI reading tells us the road back to 2% won't be smooth and gives the Fed reason to pause before cutting rates," Gina Bolvin, president of Bolvin Wealth Management Group, added. 



Bill Adams, chief economist at Comerica Bank, said CPI data shows inflation is still running above target, though within range. "Core CPI has ranged from 2.8% to 3.3% since last June, and total CPI from 2.3% to 3.0%. Both currently sit at around the middle of those ranges."



Given that the unemployment rate edged lower in June, Adams said the Fed has room to wait. "There's no smoking gun forcing a rate cut in July."



<h2 class="wp-block-heading">What's Next For The Fed?</h2>



Markets now widely expect the Federal Reserve to hold rates steady at its July meeting. However, rate futures still reflect hopes for two cuts in the second half of 2025, and another two in 2026—bets that look increasingly fragile as inflation proves sticky.



Powell's term ends in May 2026 and speculation over his successor is intensifying.



According to Kalshi, the leading betting platform, former Fed governor Kevin Warsh leads with a 36% chance of taking the role, followed by economist Kevin Hassett at 30%. 



Fed Governor Christopher Waller trails at 19%, while Trump&#8217;s Treasury Secretary Scott Bessent holds a 14% probability.



<iframe loading="lazy" src="https://kalshi.com/external-widgets/events/KXFEDCHAIRNOM-29?color_scheme=light&#038;widget_size=medium&#038;variant=a&#038;ids=KXFEDCHAIRNOM-29-KW&#038;ids=KXFEDCHAIRNOM-29-KH&#038;ids=KXFEDCHAIRNOM-29-CWAL&#038;utm_campaign=benzinga_widget" width="488px" height="196px" style="border:0"></iframe>



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<li><a href="https://www.benzinga.com/analyst-stock-ratings/analyst-color/25/07/46426381/sp500-rally-investor-sentiment-2025">S&amp;P 500 Defies Odds With Rare Rally — But &#8216;Toppy&#8217; Sentiment Creeps In</a></li>
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Image: Shutterstock

Analyst Color

Politics

Analyst Ratings

June Inflation Data Validates Powell's Trump Pushback

Bank of America Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BAC#NYSE">BAC</a>) looks to keep a streak of beating analyst estimates alive when the company reports second-quarter financial results before<a href="https://www.benzinga.com/earnings" target="_blank" rel="noopener"> the market opens Wednesday.</a>



Here's a look at the current analyst estimates, what analysts are saying ahead of the report, and key items to watch.



Earnings Estimates: Analysts expect Bank of America to report second-quarter revenue of $26.81 billion, up from $25.54 billion in last year's second quarter, according to data<a href="https://www.benzinga.com/pro/register?utm_adType=bzprocontent&amp;utm_campaign=14daytrial&amp;utm_ad=0715"> from Benzinga Pro.</a>



The company has beaten analyst estimates for revenue in five straight quarters and in nine of the last 10 quarters overall.



Analysts expect Bank of America to report second-quarter earnings per share of 87 cents, up from 83 cents per share. The company has beaten analyst estimates for earnings per share in more than 10 straight quarters.



Read Also: <a href="https://www.benzinga.com/trading-ideas/dividends/25/07/46390407/how-to-earn-500-a-month-from-bank-of-america-stock-ahead-of-q2-earnings-2">How To Earn $500 A Month From Bank of America Stock Ahead Of Q2 Earnings</a>



What Analysts Are Saying: Several analysts have downgraded Bank of America stock ahead of the quarterly financial results.



HSBC recently downgraded the stock from Buy to Hold, while also raising the price target from $47 to $51.



Analyst Saul Martinez said there are "downside risks" that are not priced into large U.S. banks like Bank of America. The analyst also downgraded JPMorgan and Goldman Sachs.



The analyst noted that factors such as macroeconomic uncertainty, the potential for economic growth to slow going forward, and future interest rate cuts in 2025 and 2026 could impact the stock's future valuation.



Martinez said regional banks may be more favorably valued and ripe for rallies.



Here are other recent <a href="https://www.benzinga.com/quote/BAC/analyst-ratings">analyst ratings for Bank of America </a>and their price targets:



<ul class="wp-block-list">
<li>Truist: Maintained Buy rating, raised price target from $51 to $53</li>



<li>RBC Capital: Maintained Outperform rating, raised rice target from $45 to $53</li>



<li>Baird: Downgraded from Outperform to Neutral, with price target of $52</li>



<li>Citigroup: Maintained Buy rating, raised price target from $50 to $54</li>
</ul>



Key Items to Watch: Bank of America's earnings report comes a day after peer JPMorgan &amp; Chase <a href="https://www.benzinga.com/markets/earnings/25/07/46416888/jpmorgan-q2-earnings-dimon-warns-tariffs-risks">reported results. </a>JPMorgan beat analyst estimates for both revenue and earnings per share and set the table for high expectations being placed on the banking sector.



One person who will be paying close attention to Bank of America's earnings report is Berkshire Hathaway Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BRK#NYSE">BRK</a>)(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BRK#NYSE">BRK</a>) CEO Warren Buffett. The banking company is the third-largest holding in the conglomerate's investment portfolio.



The Bank of America stake is valued at $29.2 billion. Berkshire has been cutting its stake in Bank of America in recent quarters. Buffett may be looking for specifics or overall health to determine if it makes sense to further trim the position.



Bank of America's earnings report and subsequent stock move will also be closely followed by owners of the SPDR Select Sector – Financials ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLF#NYSE">XLF</a>), with the bank the fifth largest holding at 4.2% of assets.



Recent stress tests were passed by major banks, which could lead to increased dividend payouts and share buybacks, and also open banks to more capital-intensive uses. Analysts may ask the company how it plans to use its cash after the recent stress test.



BAC Price Action: Bank of America stock was down 1.9% to $46.15 on Tuesday versus a 52-week trading range of $33.06 to $49.30. Bank of America stock is up 4.6% year-to-date in 2025.



Read Next: 



<ul class="wp-block-list">
<li><a href="https://www.benzinga.com/news/25/07/46396595/jpmorgan-citi-to-kick-off-bank-earnings-as-wall-street-sees-profit-boom">JPMorgan, Citi To Kick Off Bank Earnings As Wall Street Sees Profit Boom</a></li>
</ul>



Photo: Shutterstock

Previews

Trading Ideas

Bank Of America Q2 Earnings Preview: Can Top Warren Buffett Holding Keep Beating Analyst Estimates?

JPMorgan Chase &amp; Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/JPM#NYSE">JPM</a>) CEO <a href="https://www.benzinga.com/topic/jamie-dimon">Jamie Dimon </a>addressed a pressing question on the bank's earnings call Tuesday: Why haven't major banks collaborated to create a joint tokenized deposit solution, similar to the Zelle payments network, to counter the rise <a href="https://www.benzinga.com/markets/earnings/25/07/46416888/jpmorgan-q2-earnings-dimon-warns-tariffs-risks">of stablecoin providers? </a>



What To Know: During a discussion with TD Cowen analyst Steven Alexopoulos, Dimon acknowledged the logic behind tokenized deposits for customers operating within a single bank's ecosystem. 



Tokenized deposits, which are digital representations of traditional bank deposits on a blockchain, can streamline internal transactions and offer efficiency for customers already inside a bank's network.&nbsp;



Read Next: <a href="https://www.benzinga.com/markets/tech/25/07/46422009/rare-earth-royalty-meet-the-power-players-shaping-the-industry?utm_source=articleShare">Rare Earth Royalty: Meet The Power Players Shaping The Industry</a>



However, Dimon conceded that these benefits are limited when it comes to transacting with customers outside that ecosystem.



The analyst pressed further and asked what&#8217;s preventing banks from joining forces to create a unified, interoperable solution that could compete with the convenience and reach of stablecoins. 



Dimon's response was candid: "That's a great question. I believe it remains a question."&nbsp;



He went on to highlight the core issue of interoperability between stablecoins, traditional deposits and the broader movement of money.&nbsp;



"You're raising a very important point about interoperability of stablecoins and deposits and movement of money and what problem you're trying to solve, but you're raising great points. You can assume we're thinking about all that," Dimon said.&nbsp;



Why It Matters: The JPMorgan CEO's comments addressed the complex issues facing traditional banks as they navigate the rapidly evolving payments landscape. 



While tokenized deposits offer promise, their utility is hampered by a lack of cross-bank interoperability.&nbsp;



Meanwhile, stablecoin companies like Circle Internet Group, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CRCL#NYSE">CRCL</a>) have gained traction by offering seamless, borderless payment solutions that appeal to both consumers and businesses.



Dimon's comments highlight a pivotal moment for the banking industry: to remain competitive, banks may need to move beyond their individual "walled gardens" and collaborate on interoperable digital solutions or risk losing ground to digital finance challengers.



Read Next:&nbsp;



<ul class="wp-block-list">
<li><a href="https://www.benzinga.com/markets/tech/25/07/46374434/joby-aviation-stock-goes-vertical-as-secret-massive-drone-achieves-9-hour-flight?utm_source=articleShare">Joby Aviation Stock Goes Vertical As Secret, Massive Drone Achieves 9-Hour Flight</a></li>
</ul>



Photo: Shutterstock

Fintech

Management

Movers

CRCL

Jamie Dimon Admits Big Banks Are Behind In The Stablecoin Race

Consumers facing inflation concerns and worries of <a href="https://www.benzinga.com/markets/25/04/44656119/trump-tariffs-could-blow-up-apple-analyst-estimates-39-5-billion-impact">future tariffs on products</a> from Apple Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>) could be in for a surprise sale during July and August, thanks to annual state sales tax holidays in participating states.



What Happened: Each year, many states offer sales tax-free shopping periods for back-to-school items. While the list typically includes clothing, shoes and school supplies, some states offer the tax reprieve on electronics such as laptops, tablets and even<a href="https://www.benzinga.com/tech/25/03/44366890/apple-stock-faces-pressure-from-declining-iphone-revenue-could-companys-first-foldable-smartphone-in-2026-reverse-course"> iPhones from Apple.</a>



While there are 17 states that offer sales tax holidays in July and August, only nine of them apply to products available from Apple, as <a href="https://9to5mac.com/2025/07/15/you-may-be-able-to-buy-apple-products-without-paying-state-sales-tax/">reported </a>by 9to5Mac.



Here are the states included, the dates of the tax-free holiday and what items are included:



<ul class="wp-block-list">
<li>Alabama: July 18 to July 20, maximum price $750, computers and accessories</li>



<li>Arkansas: Aug. 2 to Aug. 3, no maximum price, good on iPhones, iPads, Mac computers and more</li>



<li>Massachusetts: Aug. 9 to Aug. 10, maximum price $2,000 one item, no total limit, good on all items</li>



<li>New Mexico: July 25 to July 27, maximum price $1,000 for Mac/iPad, $500 for accessories</li>



<li>Ohio: Aug. 1 to Aug. 14: maximum price $500 savings on one item, all items</li>



<li>South Carolina: Aug. 1 to Aug. 3: no maximum price, good on all items</li>



<li>Tennessee: July 25 to July 27, maximum price $1,500, good on computers and accessories</li>



<li>Virginia: Aug. 1 to Aug. 3, maximum price $60 per item, good on some accessories</li>



<li>West Virginia: Aug. 1 to Aug. 4, maximum price $500, good on iPads</li>
</ul>



Apple lists the sales tax holiday on its <a href="https://www.apple.com/shop/campaigns/tax-holiday#:~:text=%E2%80%9310%2C%202025.-,To%20qualify%20for%20the%20tax%20exemption%2C%20the%20purchase%20must%20be,together%20cost%20more%20than%20$2500.">website </a>and says the purchases can be made online and in-store. Local taxes may apply for some of the items purchased during the state sales tax holiday.



Here are the local and state tax <a href="https://taxfoundation.org/data/all/state/sales-tax-rates/">rates </a>for the participating states:



<ul class="wp-block-list">
<li>Alabama: 9.44%</li>



<li>Arkansas: 9.48%</li>



<li>Massachusetts: 6.25%</li>



<li>New Mexico: 7.67%</li>



<li>Ohio: 7.30%</li>



<li>South Carolina: 7.49%</li>



<li>Tennessee: 9.61%</li>



<li>Virginia: 5.77%</li>



<li>West Virginia: 6.58%</li>
</ul>



Of the nine states that participate in the state sales tax reprieve and offer Apple products as an option, three are among the five highest states for local and sales taxes. Tennessee ranks second in the country, followed by Arkansas, which ranks third and Alabama, which ranks fifth.



Read Also: <a href="http://Apple's Foldable iPhone Could Land In 2026, And Leave Samsung Playing Catch-Up">Apple&#8217;s Foldable iPhone Could Land In 2026, And Leave Samsung Playing Catch-Up</a>



Why It's Important: Apple could see a boost in revenue in the U.S. during the July and August back-to-school months thanks to sales like these.



Apple reported revenue of $40.31 billion in the Americas segment in <a href="https://www.benzinga.com/news/earnings/25/05/45152493/apple-reports-strong-q2-earnings-revenue-beat-eps-beat-installed-base-hits-all-time-high-across-all-segments-100-billion-buyback-and-more">the second quarter</a>. iPhone sales declined year-over-year, while Mac and iPad sales were up on a year-over-year basis.



For Apple, selling more devices to students can also set up revenue opportunities down the road for its growing Services business, which set a record of $26.65 billion in the second quarter.



The National Retail Federation <a href="https://www.usatoday.com/story/money/2025/07/10/back-to-school-shopping-sales-tax-holiday-2025/84459340007/">estimates </a>that the average K-12 shopper budgeted $875 last year and college student shoppers budgeted $1,365. An NRF survey found that 76% of shoppers expect higher prices on the back-to-school items they need for the 2025 school year.



"These tax-free events can help drive customers to stores, and result in increased sales because customers may purchase additional items that they were not shopping for that day," said Katherine Cullen, NRF vice president of industry and consumer insights.



Time will tell if Apple sees a greater impact from the state sales tax holiday than in recent years, given that higher costs could drive more consumers to shop during sales and periods of deals to help offset the increased costs of having kids in school.



Read Next: 



<ul class="wp-block-list">
<li><a href="https://www.benzinga.com/news/entertainment/25/07/46279922/f1-is-apples-biggest-box-office-win-so-why-is-the-stock-stalling">F1 Is Apple&#8217;s Biggest Box-Office Win—So Why Is The Stock Stalling?</a></li>
</ul>



Photo: View Apart via Shutterstock

Long Ideas

AAPL

Apple Stock A Back-To-School Winner? Nine States Offer Sales Tax Holidays, Big Savings

The June inflation report brought a dose of relief to Wall Street on Tuesday morning, as the headline Consumer Price Index (CPI) matched expectations, while core inflation came in slightly cooler than forecast, reviving optimism for interest rate <a href="https://www.benzinga.com/topic/interest-rates">cuts later this year.</a>



The headline CPI rose 0.3% month over month and 2.7% year over year, exactly in line with the consensus. That marks an acceleration from May's 2.4% annual rate and the fastest price increase since January.



But the real surprise came from the core readings. Core CPI, which excludes food and energy, rose just 0.2% on the month and 2.9% annually, compared to expectations of 0.3% and 3.0%, respectively. 



While still elevated, the softer print gave markets a reason to believe the inflation uptrend might be more contained than feared.



The food index rose 0.3% for the second consecutive month, continuing to put pressure on consumer wallets. Grocery prices also rose 0.3%. Coffee jumped 2.2% in June, while citrus fruits climbed 2.3%. Beef prices also edged up 2%, though egg prices plunged by 7.4%



Energy prices also rebounded. After a drop in May, the energy index rose 0.9% in June. Gasoline prices increased 1.0%, electricity prices also climbed 1.0%, and natural gas edged up 0.5%. However, looking at the year-over-year numbers, gasoline prices are still down 8.3%, while electricity and natural gas prices are up 5.8% and 14.2%, respectively.



Some relief came from categories that had previously driven inflation. Used cars and trucks dropped 0.7% in June, adding to May's 0.5% decline, while new vehicle prices slipped 0.3%. Lodging away from home saw a sharp 2.9% decrease, and airline fares were down 0.1%.



Shelter was still up a firm 3.8% year over year. Other notable annual gains include a 6.1% increase in motor vehicle insurance, 3.3% for household furnishings and operations, and 2.8% for medical care.



<h2 class="wp-block-heading">Market Reactions</h2>



Markets welcomed the data with a cautious sense of relief. Futures on the S&amp;P 500 rose 0.4%, while contracts on the tech-heavy Nasdaq 100 jumped 0.7%, putting both major indexes on track to open at fresh record highs.



In the bond market, Treasury yields slipped, with the 10-year yield easing to 4.43%. Fed funds futures held steady, continuing to fully price in two rate cuts totaling 50 basis points by the end of 2025.



Gold, as tracked by the SPDR Gold Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GLD#NYSE">GLD</a>), was flat on the day. 



Read Next:



<ul class="wp-block-list">
<li><a href="https://www.benzinga.com/markets/equities/25/07/46410553/us-stock-futures-trade-mixed-ahead-of-june-inflation-print-big-banks-in-focus-as-street-awaits-jpmorgan-wells-fargo-bny-mellon-citibanks-earnings">US Stock Futures Trade Mixed Ahead Of June Inflation Print: Big Banks In Focus As Street Awaits JPMorgan, Wells Fargo, BNY Mellon, Citibank&#8217;s Earnings </a></li>
</ul>



Photo: Shutterstock

Large Cap

June Inflation Lands As Expected — But Cooler Core Reading Fuels Fed Rate Cut Hopes

The Nasdaq 100 surged to fresh record highs on Tuesday, breaking above the 23,000 mark as Nvidia Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>) and other chipmakers powered a sharp rally. Investors cheered the news that Nvidia and Advanced Micro Devices Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMD#NASDAQ">AMD</a>) would resume certain chip sales to China, even as they parsed quarterly results <a href="https://www.benzinga.com/analyst-stock-ratings/analyst-color/25/07/46420414/bank-earnings-performance-q2-citigroup-jpmorgan-blackrock-wells-fargo">from major U.S. banks.</a>



The iShares Semiconductor ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SOXX#NYSE">SOXX</a>) climbed 1.6% to a new all-time high, extending its rally to 67% since the April lows.



Meanwhile, the White House confirmed that trade negotiations are ongoing with the EU, Japan, and South Korea, following the imposition of steep tariffs on imports from all three regions—measures that could trigger price surges starting in August.



On the macro front, U.S. inflation accelerated for a second straight month. The headline consumer price index rose 2.7% year-over-year in June, the highest since February and in line with expectations. However, core inflation, which strips out food and energy, came in slightly below forecasts at 2.9%, versus 3.0% expected.



The softer core reading reinforced market expectations for monetary easing, with futures now pricing in two rate cuts from the Federal Reserve by year-end.



Elsewhere in markets, the U.S. dollar index rose 0.44%, on track for a fourth consecutive daily gain. Gold dipped 0.7% to $3,325 per ounce, while silver slid 1.2%. 



In crypto, Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) fell 2.8%, on pace for its worst daily loss since late May.



<h3 class="wp-block-heading">Tuesday&#8217;s Performance In Major US Indices, ETFs</h3>



<figure class="wp-block-table is-style-stripes"><table class="has-fixed-layout"><tbody><tr><td>Major Indices</td><td>Price</td><td>Chg %</td></tr><tr><td>Nasdaq 100</td><td>22,974.53</td><td>0.5%</td></tr><tr><td>S&amp;P 500</td><td>6,266.49</td><td>0.0%</td></tr><tr><td>Dow Jones</td><td>44,173.53</td><td>-0.6%</td></tr><tr><td>Russell 2000</td><td>2,224.92</td><td>-1.1%</td></tr></tbody></table><figcaption class="wp-element-caption">Updated by 12:15 p.m. ET</figcaption></figure>



According to&nbsp;<a href="https://www.benzinga.com/pro/?utm_source=BZprocontent&amp;t=be2bearmibe3na1">Benzinga Pro</a>&nbsp;data:



<ul class="wp-block-list">
<li>The&nbsp;Vanguard S&amp;P 500 ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/VOO#NYSE">VOO</a>) flattened at $574.00.</li>



<li>The&nbsp;SPDR Dow Jones Industrial Average&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DIA#NYSE">DIA</a>) dropped 0.6% to $441.81.</li>



<li>The tech-heavy&nbsp;Invesco QQQ Trust Series&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>)&nbsp;rose 0.5% to $559.98.</li>



<li>The&nbsp;iShares Russell 2000 ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IWM#NYSE">IWM</a>) tumbled 1.1% to $220.65.</li>



<li>The&nbsp;Technology&nbsp;Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLK#NYSE">XLK</a>) outperformed, up 1.2%; the&nbsp;Materials&nbsp;Select Sector SPDR Fund&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLB#NYSE">XLB</a>) lagged, down 1.7%.</li>
</ul>



<h3 class="wp-block-heading">Tuesday&#8217;s Stock Movers</h3>



<ul class="wp-block-list">
<li>BlackRock Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BLK#NYSE">BLK</a>) slid 5.8% after its second-quarter revenue came in just below Wall Street estimates.</li>



<li>Other stocks reacting to earnings included JPMorgan Chase &amp; Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/JPM#NYSE">JPM</a>), down 0.6%, Citigroup Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/C#NYSE">C</a>), up 2.3%, Wells Fargo Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/WFC#NYSE">WFC</a>), down 5%, State Street Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/STT#NYSE">STT</a>), down 3%. </li>



<li>Newmont Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NEM#NYSE">NEM</a>) dropped 8.1% after CFO Karyn Ovelmen resigned, effective July 11, 2025, with Peter Wexler named interim CFO.</li>



<li>MP Materials Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MP#NYSE">MP</a>) soared 25% after Apple announced a $500 million deal to purchase rare-earth magnets from the company.</li>
</ul>



Now read:



<ul class="wp-block-list">
<li><a href="https://www.benzinga.com/markets/earnings/25/07/46416888/jpmorgan-q2-earnings-dimon-warns-tariffs-risks">JPMorgan Q2 Highlights: Investment Banking Revenue Jumps, Dimon Warns Of Tariffs And Geopolitical Risk</a></li>
</ul>



Photo: Shutterstock

SOXX

Tech Stocks Hit New Highs As AI Momentum Builds: What's Moving Markets Tuesday?

JPMorgan Chase &amp; Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/JPM#NYSE">JPM</a>) traded higher in premarket on Tuesday after reporting <a target="_blank" href="https://www.benzinga.com/pressreleases/25/07/b46410863/jpmorganchase-reports-second-quarter-2025-financial-results" rel="noreferrer noopener">second-quarter 2025 results</a> that beat revenue and earnings estimates.



Managed net Revenue fell 10% year over year to $45.68 billion. Reported net Revenue declined 11% to $44.91 billion, topping the consensus estimate of $44.17 billion. Adjusted EPS of $4.96 exceeded the consensus of $4.48.



Consumer &amp; Community Banking (CCB) revenue rose 6% YoY to $18.8 billion, and Commercial &amp; Investment Bank (CIB) revenue was $19.5 billion (+9% Y/Y) in the quarter.



Also Read: <a target="_blank" href="https://www.benzinga.com/crypto/cryptocurrency/25/07/46407556/jamie-dimon-will-go-all-in-on-crypto-says-jim-cramer-after-bitcoins-explosive-rally-id-like-to-pay-the-bookie" rel="noreferrer noopener">Jamie Dimon Will &#8216;Go All In On Crypto,&#8217; Says Jim Cramer After Bitcoin&#8217;s Explosive Rally: &#8216;I&#8217;d Like To Pay The Bookie…</a>&#8216;



Investment Banking revenue was $2.7 billion, up 9% YoY, in the quarter. Payments revenue grew 4% to $4.7 billion, up 3% ex-equity gains, driven by deposits and fees. Lending Revenue fell 6% YoY to $1.8 billion.



Asset and Wealth Management (AWM) Revenue was $5.8 billion (+10% YoY), driven by higher fees from inflows, market gains, brokerage activity, and deposit balances.



Corporate Revenue fell to $1.5 billion, down $8.6 billion year over year. Net interest income dropped $875 million to $1.5 billion, while noninterest Revenue declined $7.7 billion to $49 million, mainly due to last year&#8217;s Visa gain.



In AWM, Assets under management stood at $4.343 trillion, and client assets stood at $6.42 trillion (up 19%), driven by higher market levels and continued net inflows.



Net interest income excluding Markets slipped 1% to $22.8 billion, as higher wholesale and card balances mostly offset lower rates and margin compression.



Noninterest Revenue excluding Markets fell 31% to $14.0 billion but rose 8% adjusted for last year&#8217;s Visa gain and securities losses, driven by growth in fees across asset management, auto leases, investment banking, and Payments. Markets revenue rose 15% to $8.90 billion.



The provision for credit losses was $2.85 billion, down 7% YoY, with $2.4 billion in charge-offs (up $179M) and a $439 million reserve build tied to lending growth. A year ago, the provision was $3.1 billion, with $2.2 billion in charge-offs and an $821 million reserve build.



Average loans rose 5% YoY and up 3% quarter-over-quarter (QoQ); average deposits were up 6% YoY and +3% QoQ.



In CCB, debit and credit card sales volume increased by 7% year over year, and active mobile customers increased by 8% year over year. In CIB, Market revenue rose 15% year over year, with Fixed-Income Markets increasing 14% year over year and Equity Markets up 15% year over year in the quarter.



The CET1 capital ratio stood at 15%, and the advanced CET1 capital ratio was 15.1%. The bank&#8217;s capital distributions included a dividend per share of $1.40 and $7.1 billion of common stock net repurchases.



<h2 class="wp-block-heading">CEO Jamie Dimon&#8217;s Stance On Economy And Crypto</h2>



Jamie Dimon, Chairman and CEO, commented,&#8221; The U.S. economy remained resilient in the quarter. The finalization of tax reform and potential deregulation are positive for the economic outlook, however, significant risks persist – including from tariffs and trade uncertainty, worsening geopolitical conditions, high fiscal deficits and elevated asset prices. As always, we hope for the best but prepare the Firm for a wide range of scenarios.&#8221;



On the company conference call, Jamie Dimon stressed the importance of organic growth. He does not see a large deal that makes sense for the bank.



Dimon said the bank would be involved in stablecoins and JPMorgan deposit coins. He also mentioned that they do not feel the need to own a large language model (LLM).



<h2 class="wp-block-heading">Outlook</h2>



For the full year 2025, JPMorgan <a target="_blank" href="https://www.jpmorganchase.com/content/dam/jpmc/jpmorgan-chase-and-co/investor-relations/documents/quarterly-earnings/2025/2nd-quarter/360c049d-2061-4b87-ae11-e58a741956ad.pdf" rel="noreferrer noopener">expects</a> net interest income of approximately $95.5 billion, or $92 billion excluding Markets, and adjusted expenses of about $95.5 billion, all depending on market conditions. The Card Services net charge-off rate is projected at around 3.6%.



Price Action: JPM shares are down 0.64% at $286.97 premarket at the last check on Tuesday.



Read Next:



<ul class="wp-block-list">
<li><a href="https://www.benzinga.com/markets/earnings/25/07/46414749/wells-fargos-net-interest-income-shrinks-in-q2-bank-trims-outlook" target="_blank" rel="noreferrer noopener">Wells Fargo&#8217;s Net Interest Income Shrinks In Q2, Bank Trims Outlook</a></li>
</ul>



Photo Courtesy lev radin via Shutterstock

Earnings

Guidance

JPMorgan Q2 Highlights: Investment Banking Revenue Jumps, Dimon Warns Of Tariffs And Geopolitical Risk

Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) has retraced 3% and fallen below $118,000, with a &#8216;whale&#8217; identified as the potential seller triggering <a href="https://www.benzinga.com/crypto/cryptocurrency/25/07/46412151/why-did-bitcoin-ethereum-xrp-dogecoin-flip-bearish-ahead-of-the-cpi-inflation-data-release">the price downturn</a>.



What Happened: On-chain data provder Lookonchain <a href="https://x.com/lookonchain/status/1945045973350187134">flagged</a> on Tuesday that a whale owning 80,009 BTC, valued at about $9.46 billion, has started liquidating his position. 



So far, 40,009 BTC was transferred to Galaxy Digital. Galaxy Digital has already deposited 6,000 BTC — $706 million — to exchanges Binance and Bybit, signaling active distribution.



The news drew strong attention on social media. 



Market commentator Nuke Capital <a href="https://x.com/NukeCapital/status/1945046174630638072">noted</a> how this move came near range lows and coincided with the CPI data release day. 



He called it a psychological play and wished the bears "good luck," as the selling might add downward pressure.



Also Read: <a href="https://www.benzinga.com/crypto/cryptocurrency/25/07/46412151/why-did-bitcoin-ethereum-xrp-dogecoin-flip-bearish-ahead-of-the-cpi-inflation-data-release">Why Did Bitcoin, Ethereum, XRP, Dogecoin Flip Bearish Ahead Of The CPI Inflation Data Release?</a>



What's Next: TheDefiVillian <a href="https://x.com/thedefivillain/status/1945053763477156222">pointed</a> out the whale is only halfway through selling. 



Historically, once large sell-offs near completion, markets often start to anticipate the end of selling pressure, triggering sharp rebounds.



This "whale dump" might be the perfect re-entry opportunity for market participants that want to get long on Bitcoin, he concluded.



Daan Crypto Trades <a href="https://x.com/DaanCrypto/status/1945073058097561729">noted</a> Bitcoin is currently at a critical support zone near $118,000, with more than $3 billion in open interest above this level, much of it likely underwater longs. 



The recent price weakness is largely due to the whale offloading part of his 80,000 BTC stack through OTC and exchanges, causing significant spot selling pressure.



This has pushed funding rates higher as leveraged longs try to counterbalance the selling. 



If prices fall further, a liquidation cascade could follow. 



But if the whale's selling slows, it may signal the end of the shakeout and pave the way for a strong recovery.



Read Next:



<ul class="wp-block-list">
<li><a href="https://www.benzinga.com/crypto/cryptocurrency/25/07/46394828/bitcoin-eth-xrp-solana-are-in-for-a-long-and-exhausting-bull-market-bernstein-predicts">Bitcoin, ETH, XRP, Solana Are In For A &#8216;Long And Exhausting Bull Market,&#8217; Bernstein Predicts</a></li>
</ul>



Image: Shutterstock

Bitcoin Whale Moves 80,000 BTC — Is A $9 Billion Dump Coming?

Investment manager giant BlackRock, Inc.&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BLK#NYSE">BLK</a>) reported&nbsp;that second-quarter 2025 revenue grew&nbsp;13%&nbsp;year-over-year to&nbsp;$5.42 billion, beating the <a target="_blank" href="https://www.benzinga.com/calendars/earnings" rel="noreferrer noopener">consensus of&nbsp;$5.34 billion</a>.&nbsp;



Investment advisory, administration fees, and securities lending revenue increased to&nbsp;$4.45 billion from&nbsp;$3.88 billion a year ago, primarily driven by organic base fee growth, the impact of market beta and foreign exchange movements on average AUM, and approximately $240 million of fees related to the GIP Transaction.



Securities lending revenue of $171 million <a target="_blank" href="https://ir.blackrock.com/files/doc_financials/2025/Q2/BLK-2Q25-Earnings-Release.pdf" rel="noreferrer noopener">increased</a> from $154 million in the second quarter of 2024, primarily reflecting higher average balances of securities on loan.



Also Read: <a target="_blank" href="https://www.benzinga.com/news/25/07/46396595/jpmorgan-citi-to-kick-off-bank-earnings-as-wall-street-sees-profit-boom" rel="noreferrer noopener">JPMorgan, Citi To Kick Off Bank Earnings As Wall Street Sees Profit Boom</a>



Performance fees decreased $70 million from the second quarter of 2024, primarily reflecting lower revenue from private markets, liquid alternative, and long-only products.



BlackRock stated that $68 billion of quarterly total net inflows, down from $81.6 billion a year ago, reflect the impact of a single institutional client&#8217;s $52 billion lower-fee index partial redemption.



Net inflows reached $152 billion year to date, led by a record first half for iShares ETFs, alongside private markets and cash net inflows.



At the end of the quarter, total AUM was $12.53 trillion, compared to&nbsp;$10.65 trillion&nbsp;in the prior year quarter.



Adjusted operating income rose&nbsp;12% to&nbsp;$2.09 billion. Adjusted EPS increased&nbsp;16% to&nbsp;$12.05,&nbsp;beating the consensus of&nbsp;$10.80.



Laurence Fink, Chairman and CEO, commented, &#8220;Our expanding client relationships are resonating in higher, more diversified organic base fee growth. We generated 6% organic base fee growth for the second quarter and the first half of 2025, and 7% over the last twelve months.&#8221;



&#8220;iShares ETFs had a record first half in flows, and technology ACV growth reached a fresh high of 16%. This core strength, alongside client demand for private markets, digital assets, Aperio, and our tech and data-driven systematic strategies, propelled another consecutive quarter of above-target organic base fee growth and record AUM of $12.5 trillion,&#8221; Fink added.



Price Action: BLK stock is trading lower by 1.12% to $1,099 during the premarket session at last check Tuesday.



Read Next:



<ul class="wp-block-list">
<li><a href="https://www.benzinga.com/markets/tech/25/07/46407517/nvidia-resumes-h20-shipments-to-china-as-jensen-huang-meets-trump-beijing-officials-fully-compliant-rtx-pro-aims-to-bridge-ai-cold-war" target="_blank" rel="noreferrer noopener">Nvidia Resumes H20 Shipments To China As Jensen Huang Meets Tr</a></li>
</ul>



Photo via Shutterstock

General

BlackRock's Q2 Net Inflows, Performance Fees Take A Hit

U.S. stock futures were fluctuating on Tuesday after ending higher on Monday. Futures of major benchmark indices were mixed.



Investors are bracing for June&#8217;s release of the <a href="https://www.benzinga.com/markets/economic-data/25/07/46392923/une-cpi-inflation-preview-tariffs-markets-fed">Consumer Price Index</a>. Economists anticipate the headline inflation rate to climb from 2.4% in May to 2.7% in June—the highest since January and a pace of acceleration unseen since late 2023. 



Monthly, the CPI is expected to rise 0.3%, up from 0.1% in May, marking the fastest monthly increase of the year.



Meanwhile, <a href="https://www.benzinga.com/news/25/07/46396595/jpmorgan-citi-to-kick-off-bank-earnings-as-wall-street-sees-profit-boom">big bank earnings season</a> also kicks off today, with key industry heavyweight JPMorgan Chase &amp; Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/JPM#NYSE">JPM</a>), Citigroup Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/C#NYSE">C</a>), and Wells Fargo Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/WFC#NYSE">WFC</a>) headlining a crucial reporting day for financials. 



The 10-year Treasury bond yielded 4.42% and the two-year bond was at 3.90%. The CME Group's FedWatch <a href="https://www.cmegroup.com/markets/interest-rates/cme-fedwatch-tool.html">tool&#8217;s</a> projections show markets pricing a 95.3% likelihood of the Federal Reserve keeping the current interest rates unchanged in its July meeting. 



<figure class="wp-block-table is-style-stripes"><table class="has-fixed-layout"><tbody><tr><td>Futures</td><td>Change (+/-)</td></tr><tr><td>Dow Jones</td><td>-0.08%</td></tr><tr><td>S&amp;P 500</td><td>0.36%</td></tr><tr><td>Nasdaq 100</td><td>0.58%</td></tr><tr><td>Russell 2000</td><td>0.08%</td></tr></tbody></table></figure>



The SPDR S&amp;P 500 ETF Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>) and Invesco QQQ Trust ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>), which track the S&amp;P 500 index and Nasdaq 100 index, respectively, were higher in premarket on Tuesday. The SPY was up 0.37% at $627.15, while the QQQ advanced 0.60% to $559.52, according to <a href="https://pro.benzinga.com/dashboard">Benzinga Pr</a>o data.



Cues From Last Session:



Sectors that gained on Monday included financial, communication services, and real estate stocks, leading most of the S&amp;P 500 to close positively.



Conversely, energy and materials sectors bucked the trend, ending the session lower. Overall, U.S. stocks settled higher.



Separately, Fastenal Company (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FAST#NASDAQ">FAST</a>) reported better-than-expected second-quarter earnings. Shares of Daré Bioscience, Inc. (NASDAQ: DARE jumped approximately 23% after the company announced interim safety and efficacy results from its ongoing Phase 3 clinical trial for Ovaprene.



<figure class="wp-block-table is-style-stripes"><table class="has-fixed-layout"><tbody><tr><td>Index</td><td>Performance (+/-)</td><td>Value</td></tr><tr><td>Nasdaq Composite</td><td>0.27%</td><td>20,640.33</td></tr><tr><td>S&amp;P 500</td><td>0.14%</td><td>6,268.56</td></tr><tr><td>Dow Jones</td><td>0.20%</td><td>44,459.65</td></tr><tr><td>Russell 2000</td><td>0.67%</td><td>2,249.73</td></tr></tbody></table></figure>



Insights From Analysts:



Senior economist at WisdomTree, Jeremy Siegel, said that the public firms in the U.S. were beginning to quantify potential damage from tariffs, though these estimates remain based on previously announced rates, not the most recent escalation threats.



He highlighted that the official impact will start to show in the July data, but those numbers won't be released until August or even September. Investors will have to watch high-frequency indicators like jobless claims and credit card spending, in the meantime, he added.



&#8220;The real risk is that rising tariffs will continue to sap purchasing power just as economic momentum is already slowing. While I don't see a recession looming, growth is undeniably weaker than what we saw through much of 2024,&#8221; he added.



Meanwhile, the analysts at BlackRock highlighted two ways to capture alpha and earn returns in the market in their latest commentary.



&#8220;U.S. tariffs could intensify already elevated dispersion, making this a more rewarding environment for alpha,&#8221; their note stated.



<ul class="wp-block-list">
<li>One way to capture that alpha? Reduce the potential drag from static factor exposures by deliberately managing macro risk.</li>
</ul>



<ul class="wp-block-list">
<li>Another approach to capturing alpha: avoiding macro factor risk in favor of security-specific risk.</li>
</ul>



The note thus added that &#8220;Dynamically managing macro risk and taking security-specific risk can help capture it (alpha). We eye selective global opportunities.&#8221;



See Also: <a href="https://www.benzinga.com/money/how-to-trade-futures">How to Trade Futures</a> 



Upcoming Economic Data



Here&#8217;s what investors will keep an eye on Tuesday:



<ul class="wp-block-list">
<li>June&#8217;s headline and core consumer price index data, and the Empire State manufacturing survey, will be released by 8:30 a.m. ET.</li>



<li>Fed Governor Michelle Bowman will speak at 9:15 a.m., Fed Governor Michael Barr will speak at 12:45 p.m., Boston Fed President Susan Collins will speak at 2:45 p.m., and Dallas Fed President Lorie Logan will speak at 6:45 p.m. ET.</li>
</ul>



Stocks In Focus:



<ul class="wp-block-list">
<li>JPMorgan Chase &amp; Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/JPM#NYSE">JPM</a>) was up 0.33% in premarket on Tuesday as analysts expect it to report earnings of $4.48 per share on revenue of $44.17 billion before the opening bell.</li>



<li>Wells Fargo &amp; Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/WFC#NYSE">WFC</a>) fell 0.26% as it is expected to report earnings before the opening bell. Analysts estimate earnings of $1.40 per share on revenue of $20.78 billion.</li>



<li>Bank of New York Mellon Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BK#NYSE">BK</a>) was 0.10% higher as analysts expect it to report earnings of $1.76 per share on revenue of $4.83 billion before the opening bell.</li>



<li>Citigroup Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/C#NYSE">C</a>) advanced 0.47% as it is expected to report earnings before the opening bell. Analysts estimate earnings of $1.62 per share on revenue of $20.89 billion.</li>



<li>Longevity Health Holdings Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/XAGE#NASDAQ">XAGE</a>) surged 75.80% after announcing a merger with THPlasma and the termination of its transaction with 20/20 BioLabs. This strategic move is expected to leverage plasma synergies to drive bioaesthetic innovation.</li>



<li>BloomZ Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/BLMZ#NASDAQ">BLMZ</a>) zoomed 66.08% after it signed an MoU with HYPRCOMMUNITY to develop an AI-driven VTuber social platform.</li>



<li>Brazil Potash Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GRO#NYSE">GRO</a>) jumped 43.45% after signing an MoU with Fictor &amp; Wtt S.A. for $200 million in power line construction.</li>



<li>Glimpse Group Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/VRAR#NASDAQ">VRAR</a>) advanced 28.14% after releasing preliminary unaudited results, showcasing remarkable performance with revenue reaching $3.50 million, marking a 100% increase from the previous quarter.</li>
</ul>



Commodities, Gold, And Global Equity Markets:



Crude oil futures were trading lower in the early New York session by 0.55% to hover around $66.61 per barrel.



Gold Spot US Dollar rose 0.49% to hover around $3,359.84 per ounce. Its last record high stood at $3,500.33 per ounce. The U.S. Dollar Index spot was lower by 0.10% at the 97.9830 level.



Asian markets ended higher on Tuesday, as India's S&amp;P BSE Sensex, Japan's Nikkei 225, Australia's ASX 200, China&#8217;s CSI 300, Hong Kong's Hang Seng, and South Korea's Kospi indices rose. European markets were mixed in early trade.



Read Next:



<ul class="wp-block-list">
<li><a href="https://www.benzinga.com/markets/tech/25/07/46407517/nvidia-resumes-h20-shipments-to-china-as-jensen-huang-meets-trump-beijing-officials-fully-compliant-rtx-pro-aims-to-bridge-ai-cold-war">Nvidia Resumes H20 Shipments To China As Jensen Huang Meets Trump, Beijing Officials — &#8216;Fully Compliant&#8217; RTX PRO Aims To Bridge AI Cold War</a></li>
</ul>



Photo courtesy: Shutterstock

BLMZ

FAST

VRAR

XAGE

US Stock Futures Trade Mixed Ahead Of June Inflation Print: Big Banks In Focus As Street Awaits JPMorgan, Wells Fargo, BNY Mellon, Citibank's Earnings

Sen.&nbsp;Elizabeth Warren&nbsp;(D-Mass.)&nbsp;questioned a potential quid pro quo involving the Trump family&#8217;s cryptocurrency ventures and Binance&#8217;s (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/bnb/usd">BNB</a>) convicted ex-CEO Changpeng Zhao.



What Happened: In an X post, Warren cited a recent report that claimed Binance covertly helped President&nbsp;Donald Trump-backed cryptocurrency company World Liberty Financial develop the USD1 stablecoin.



&#8220;One of the Trump family's crypto ventures got behind-the-scenes help from the world's largest crypto exchange,&#8221; Warren said. &#8220;Its founder? A convicted felon now seeking a Trump pardon.&#8221; 



Warren was referring to Zhao, who was <a href="https://www.benzinga.com/markets/cryptocurrency/24/05/38547115/ex-binance-ceo-changpeng-zhao-sees-crypto-industry-entering-new-phase">sentenced for anti-money laundering violations</a> in the U.S. Zhou&nbsp;paid a $50 million fine, stepped down from the&nbsp;company and subsequently served four months in prison. 



<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">One of the Trump family's crypto ventures got behind-the-scenes help from the world's largest crypto exchange. Its founder? A convicted felon now seeking a Trump pardon. Congress should be shutting this down — not making it easier for Trump to profit by passing crypto bills. <a href="https://t.co/yimkchiigS">pic.twitter.com/yimkchiigS</a>&mdash; Elizabeth Warren (@SenWarren) <a href="https://twitter.com/SenWarren/status/1944834183924191369?ref_src=twsrc%5Etfw">July 14, 2025</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



The senior Democrat, who has been fighting hard to convince lawmakers to take notice of Trump&#8217;s cryptocurrency activities, urged Congress to address this issue before passing bills that would enable him to profit more.



<a href="http://pro.benzinga.com">Benzinga</a> reached out to Binance and the White House for a comment. The story will be updated once they respond.



See Also: <a href="https://www.benzinga.com/crypto/cryptocurrency/25/07/46330813/circles-expands-beyond-coinbase-binance-partnerships-strikes-deal-with-bybit">Circle Expands Beyond Coinbase, Binance Partnerships, Strikes Deal With Bybit</a>



Why It Matters: The report suggested that <a href="https://www.benzinga.com/crypto/cryptocurrency/25/07/46381943/trumps-crypto-firm-allegedly-received-covert-aid-from-binance-before-founders-pardon-plea">Binance allegedly helped write the core code</a> for the dollar-pegged stablecoin USD1, and the code facilitated&nbsp;an <a href="https://www.benzinga.com/markets/cryptocurrency/25/05/45160707/eric-trump-says-world-libertys-stablecoin-will-be-used-to-close-a-2-billion-deal-dollar-token-to-also-get-integrated-with-justin-suns-tron-blockchain">Emirati investment firm to&nbsp;acquire&nbsp;a $2 billion stake</a> in&nbsp;Binance using USD1.



Zhao called the report a hit piece and was contemplating a defamation lawsuit.



<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">4. FUD. Bloomberg just wrote another hit piece (sponsored by a competitor) containing so many factual errors I don&#39;t even know where to begin. Might have to sue them again for defamation. <a href="https://t.co/FevGMArHj8">https://t.co/FevGMArHj8</a>&mdash; CZ &#x1f536; BNB (@cz_binance) <a href="https://twitter.com/cz_binance/status/1943705285098365065?ref_src=twsrc%5Etfw">July 11, 2025</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



Warren had deemed the<a href="https://www.benzinga.com/markets/cryptocurrency/25/05/45399468/elizabeth-warren-calls-out-trump-linked-stablecoin-as-a-national-security-risk-hes-cashing-in-on-foreign-crypto-deals"> deal &#8220;shady&#8221; and a national security risk</a>, accusing Trump of profiting from foreign cryptocurrency agreements. She&nbsp;<a href="https://www.benzinga.com/25/05/45509721/elizabeth-warren-urges-congress-to-vote-against-genius-act-citing-potential-for-trumps-corruptionanthony-scaramucci-warns-democrats-against-political-suicide" target="_blank" rel="noreferrer noopener">urged Congress to vote against</a>&nbsp;the GENIUS Act, also known as the stablecoin bill, because it would enable Trump&#8217;s &#8220;crypto corruption.&#8221; The bill eventually passed the Senate



Trump reported incomes<a href="https://www.benzinga.com/crypto/cryptocurrency/25/06/45966444/donald-trump-jr-says-his-father-doesnt-touch-the-family-backed-crypto-company-despite-disclosure-of-57-million-income" target="_blank" rel="noreferrer noopener">&nbsp;exceeding $57 million</a>&nbsp;from&nbsp;World Liberty Financial in his latest disclosure.



Read Next:&nbsp;



<ul class="wp-block-list">
<li><a href="https://www.benzinga.com/news/politics/25/07/46359496/elizabeth-warren-says-crypto-industry-wants-trump-to-boost-their-products-just-like-he-was-hawking-elon-musks-cars">Elizabeth Warren Says Crypto Industry Wants Trump To Boost Their Products Just Like He Was &#8216;Hawking&#8217; Elon Musk&#8217;s Cars</a></li>
</ul>



Disclaimer: This content was partially produced with the help of <a href="https://www.benzinga.com/author/benzinga-neuro" target="_blank" rel="noreferrer noopener">Benzinga Neuro</a> and was reviewed and published by Benzinga editors.



Credit: Cody Scanlan/The Register / USA TODAY NETWORK via Imagn Images<a href="https://www.benzinga.com/apis?utm_source=benzinga.com&amp;utm_campaign=article-bottom" target="_blank" rel="noreferrer noopener"></a>

$BNB

Elizabeth Warren Says 'Convicted Felon' Leveraged Trump Family's Crypto Interests For Pardon: Senator Makes Scathing Comments On Binance Co-Founder

Deutsche Bank has issued a warning about the potential consequences of President Donald Trump replacing Jerome Powell as the head of the U.S. Federal Reserve.



What Happened: A research note titled &#8220;What if?&#8221; was published by the bank&#8217;s global head of FX research, George Saravelos, over the weekend. The note explores the potential market impact if Trump successfully ousts Powell and appoints someone who shares his views on lower interest rates, <a href="https://fortune.com/2025/07/14/trump-fire-fed-powell-currency-bond-market-collapse-deutsche-bank/">reported</a> Fortune.



Saravelos&#8217;s note suggests that the market reaction to Powell&#8217;s removal could be significant, potentially leading to a collapse in both the currency and bond markets. The note also highlights the possibility of a rise in inflation expectations, a drop in real yields, and an increase in broader risk premia due to institutional erosion.



Saravelos expects the earliest warning sign to be a sharp decline in the U.S. dollar, which has already fallen 9.75% this year. He forecasts an additional 3%–4% drop in the dollar&#8217;s value and a 30–40 basis point sell-off in U.S. fixed income markets within 24 hours of any announcement regarding Powell's removal.



"We believe the market reaction would be large," the note mentioned. It added, &#8220;In extreme cases, both the currency and the bond market can collapse as inflation expectations move higher, real yields drop and broader risk premia increase on the back of institutional erosion."



While many investors don&#8217;t see Powell&#8217;s replacement as a likely scenario, they also don&#8217;t consider it impossible. Bettors on Polymarket, a crypto predictions exchange, currently estimate a 19% chance of Powell&#8217;s removal before his term ends in May.



Trump's public criticism of Powell has been clear in his social media posts and, more recently, in a letter from Russ Vought, the former Office of Management and Budget director, demanding explanations from Powell regarding the renovation of the Federal Reserve's headquarters.



SEE ALSO: <a href="https://benzinga.com/crypto/cryptocurrency/25/07/46400968/pudgy-penguins-coin-pengu-leaps-past-dogecoin-shiba-inu-pepe-with-93-weekly-gain" target="_blank" rel="noreferrer noopener">Pudgy Penguins Coin PENGU Leaps Past Dogecoin, Shiba Inu, Pepe With 93% Weekly Gain &#8211; Benzinga</a>



Why It Matters: The Federal Reserve has been under scrutiny from the Trump administration over a controversial renovation project at its Washington headquarters, which has exceeded its original $2.5 billion estimate. 



In response, Powell ordered a review of the project amid growing political backlash and accusations of mismanagement, secrecy, and lack of oversight, according to a <a href="https://www.benzinga.com/news/politics/25/07/46405212/trump-gets-faqd-by-powell-no-champagne-rooms-just-clearing-cancer-dust">detailed FAQ </a>published by the central bank.



Real estate investor and entrepreneur Grant Cardone accused Powell of setting the middle class back a decade and freezing the housing market <a href="https://www.benzinga.com/markets/25/07/46384532/grant-cardone-says-jerome-powell-intentionally-set-middle-class-back-a-decade-and-froze-the-housing">in a social media post</a>. He blamed Powell&#8217;s past comments about raising rates to fight inflation, even if it caused economic pain.



Earlier this month, Powell had indicated that the central bank would have implemented a more lenient monetary policy if not for President Trump&#8217;s tariff strategy <a href="https://www.benzinga.com/markets/macro-economic-events/25/07/46213909/jerome-powell-says-trumps-tariffs-deterred-fed-from-easing-monetary-policy-july-decision-to-depend-on-data-wouldnt-take-any-meeting-off-the-table">during a panel discussion</a>.



READ MORE: 



<ul class="wp-block-list">
<li><a href="https://www.benzinga.com/markets/equities/25/07/46337134/bill-ackman-cheers-money-market-funds-hitting-record-7-4-trillion-as-jerome-powell-snubs-trumps-rate-cut-demands">Bill Ackman Cheers Money Market Funds Hitting Record $7.4 Trillion As Jerome Powell Snubs Trump&#8217;s Rate Cut Demands</a></li>
</ul>



Image via Shutterstock



Disclaimer:&nbsp;This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

Trump's Ouster Of Fed Chair Powell Could Trigger 'Collapse' Of Currency And Bond Market, Deutsche Bank Warns

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