How are stock index futures performing right now?
As of pre-market trading on July 17:
- S&P 500 ETF (SPY) is trading around $624.22, slightly higher by +0.33%
- Dow Jones ETF (DIA) is up about +0.52% at $442.36
- Nasdaq-100 ETF (QQQ) is trading near $557.29, inching up by +0.13%
In short, futures are muted but stable, reflecting cautious optimism ahead of new economic data and earnings.
Dow Jones Futures (YM=F):
- Currently trading near 44,370, down around 0.1%.
- Day’s range: 44,356 – 44,474
S&P 500 Futures (ES=F):
- Hovering around 6,302.75, showing little movement.
- Day’s range: 6,288.25 – 6,311.50
Nasdaq‑100 Futures (NQ=F):
- Up slightly at 23,087.50, rising by about 0.1%.
- Day’s range: 23,017 – 23,151.75
Is President Trump’s tension with Jerome Powell shaking investor confidence?
President Trump’s public frustration with Fed Chair Jerome Powell resurfaced this week, triggering market jitters on Wednesday. Stocks sold off midday after reports circulated that Trump might fire Powell — something he’s previously threatened. However, markets quickly bounced back when Trump clarified he’s “not planning” to take such action, at least for now.
Still, this drama isn’t new. Trump has long criticized the Fed for its handling of interest rates, urging it to cut more aggressively. According to the CME Group’s FedWatch Tool, almost 100% of traders are betting that the Fed will hold rates steady at its next meeting, despite mixed signals on inflation.
Investors are now left trying to balance political uncertainty with expectations for steady policy — a tricky tightrope that’s keeping market moves limited ahead of major announcements.
What’s driving today’s market sentiment?
Trump vs. Powell: Central bank independence rattled?
Markets briefly dipped yesterday after reports emerged that President Trump considered firing Federal Reserve Chair Jerome Powell—a move that could shake investor confidence in Fed independence. Though Trump later denied the rumor, the episode triggered a jump in Treasury yields and some dollar weakness, showing how sensitive markets are to Fed leadership uncertainty.
Tariff storm ahead: What’s Trump planning?
Adding fuel to the fire, Trump also confirmed he will roll out a sweeping “tariff barrage” starting August 1, targeting over 150 countries. This includes:
- 10–15% base tariffs across a wide range of imports
- 50% tariffs on metals like copper and steel
- A steep 30% levy on European goods
Economists warn this could reignite inflation, especially after June’s CPI came in hotter at +2.7% YoY, driven in part by import-sensitive goods.
Major Index Moves:
- Dow Jones Industrial Average:
-45.66 points to close at 40,078.33 - S&P 500 Index:
+8.60 points to close at 5,602.44 - Nasdaq Composite:
+108.91 points to close at 18,385.74
Which stocks are gaining big this morning?
Here are the top pre-market gainers as of July 17:
| Company | Price | % Gain |
| CSX Corp. | $35.50 | +6.73% (Railroad earnings boost) |
| ANSYS (ANSS) | $388.18 | +3.71% (AI & enterprise software strength) |
| Norfolk Southern (NSC) | $266.88 | +2.52% |
| CarMax (KMX) | $63.44 | +1.68% |
| PepsiCo (PEP) | $137.50 | +1.59% (Consumer staples recovery) |
Other early risers include Hewlett Packard Enterprise, GE Vernova, Blackstone, and Tesla.
In the broader S&P 500, Johnson & Johnson also surged +6.2%, and Global Payments (GPN) rallied +6.5%, showing investor confidence in healthcare and fintech.
And who’s sliding today?
Here are the top pre-market losers as of this morning:
| Company | Price | % Loss |
| Archer-Daniels-Midland (ADM) | $50.70 | –6.11% |
| Abbott Labs (ABT) | $126.43 | –4.03% |
| Micron Technology (MU) | $111.90 | –3.89% |
| U.S. Bancorp (USB) | $44.00 | –3.68% |
| Union Pacific (UNP) | $225.00 | –2.67% |
Also dropping: Ford (–2.85%), Best Buy (–2.93%), APA Corp, HCA Healthcare, and Enphase Energy.
These declines suggest cyclicals, semiconductors, and banks are under pressure from macro fears and tariff anxiety.
Bank Stocks and Trading
- Major Wall Street banks posted strong trading revenue: Goldman Sachs, JPMorgan, Morgan Stanley, Bank of America, and Citigroup collectively generated nearly $34 billion in Q2 trading revenue — up around 17% year-over-year
- Daily news from FT noted a resurgence in investment banking, with top firms outperforming expectations on trading gains
What key data and earnings should traders watch today?
- U.S. retail sales and consumer sentiment data will be released later today. Any weakness here could heighten concern about the strength of the economy amid rising tariffs.
- Netflix reports earnings after the closing bell. Expect tech sector volatility depending on subscriber growth and revenue guidance.
What do June retail sales tell us about consumer strength?
Another critical market driver Thursday is the release of June retail sales — a direct look at how American consumers are spending. Economists expect a slight rebound in spending after a dip in May, where early purchases ahead of potential tariff-driven price hikes caused a short-term pullback.
Major banks reporting earnings this week, including JPMorgan Chase, Bank of America, and Citigroup, all suggested that consumers are still relatively healthy. However, any softness in June’s numbers could raise concerns about consumer resilience in the face of inflation and policy uncertainty.
Is Netflix stock setting the tone for Big Tech earnings?
Netflix (NFLX) will report quarterly earnings after the bell Thursday, marking the first of the big tech names to post results this season. Shares of Netflix have surged in 2025, riding high on optimism around new content launches and global subscriber growth.
The market will be watching Netflix’s performance closely, especially its subscriber growth, ad-supported tier expansion, and international revenue trends. The results could set the mood for upcoming earnings from Apple, Microsoft, Google (Alphabet), and Amazon — all key drivers of this year’s tech rally.
Which other companies are reporting earnings today?
Beyond Netflix, Thursday also brings key earnings from Taiwan Semiconductor Manufacturing Company (TSMC) and PepsiCo (PEP). TSMC, a major chip supplier for Apple and others, is expected to give important insight into the global semiconductor supply chain and tech demand. PepsiCo, on the other hand, will provide clues on consumer staples spending and inflation pressures on household goods.
These early earnings will help shape expectations for the broader earnings season, especially as companies face tighter margins, changing consumer behavior, and unpredictable policy shifts.
Is the market at risk?
Right now, Wall Street is moving cautiously. The Trump–Powell tension and aggressive tariff strategy are raising red flags for investors, especially with inflation already heating up. While some sectors like railroads, healthcare, and AI-driven tech are doing well, others like banks, consumer goods, and semiconductors are taking a hit.
Investors are watching closely for signs that trade policy could derail the soft-landing narrative.
What’s next for the stock market amid mixed signals?
As it stands, the US stock market is holding near record highs — but it’s walking a tightrope. Political risk, uncertain economic data, and high valuations are keeping traders cautious. With inflation data sending mixed messages and the Fed unlikely to budge in the near term, much will depend on how companies perform this quarter.
And with Trump once again turning his attention to the Federal Reserve, Wall Street will likely keep one eye on earnings and the other on political headlines coming out of Washington.
FAQs:
Q1: What is the latest update on the stock market today?
Dow, S&P 500, and Nasdaq futures are mostly flat amid Trump-Powell tensions and earnings watch.
Q2: Why are investors watching Netflix earnings today?
Netflix is the first Big Tech name to report, and its results may set the tone for tech stocks.
