Market Overview
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Futures down:
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S&P 500 and Dow: -1%
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NASDAQ 100: -1.3%
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Jobs Report (July)
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Net new jobs: 73,000 vs expected 110,000
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Downward revision (May & June): -258,000
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May: only 19,000 jobs added
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June: only 14,000
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Unemployment rate: 4.2% (vs 4.1% in June)
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Participation rate: 62.2% (below 62.4% estimate)
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Average hourly earnings: +0.3% monthly, +3.9% YoY (beat expectations)
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Average work week: increased to 34.3 hours
Tariffs
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Tariffs hitting ~60 countries
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Switzerland: 39%
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Taiwan: 20%
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Canada: 35%
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Mexico: 90-day reprieve after Trump–Scheinbaum call
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China: Deadline approaching
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ISM Manufacturing Survey (upcoming at 7 a.m. PT)
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Expected: 49.5, indicating contraction (below neutral 50)
Earnings Highlights
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AMSC (American Semiconductor):
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+29% yesterday, now -6% pre-market
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Record revenue: $72.4M, EPS: $0.29
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Strong gross margins
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ATI (Allegheny Technologies):
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-19% for the week
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Weak Q3 guidance despite Boeing deal
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Amazon (AMZN):
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Initially -1%, then -7% pre-market
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Revenue beat by $5B
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EPS beat by $0.35
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Missed AWS “whisper” expectations despite margin of 11.4%
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Operating income outlook missed ($18B vs $19.5B expected)
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Apple (AAPL):
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EPS beat by $0.14, stock +2%
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Revenue: $94B (vs est. $89.3B)
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iPhone sales: $44.6B (vs est. $40.1B)
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Reddit (RDDT):
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After-hours high: $193.89 (+21%)
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EPS: $0.45 (beat all 20 analysts)
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Net income: $89M (vs est. $36M)
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Strong international growth (+32% in daily users)
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KLAC:
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EPS: $9.38 (Q3 est. $8.30)
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-2% pre-market
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Cloudflare (NET):
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+5% after hours
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EPS beat by $0.03, revenue beat by $11M
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Roku:
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-4% after hours despite $0.07 surprise profit
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Approved $500M stock buyback
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Monolithic Power Systems (MPWR):
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+5% after hours on strong Q2 results
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ExxonMobil (XOM):
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+1% pre-market
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EPS: $1.64 (adjusted $1.77 beat)
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Revenue: $81.51B (beat by ~$1B)
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Highest Q2 production since Exxon–Mobil merger
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Permian Basin output: 1.6M barrels/day
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Bond Market
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10-year Treasury yield: 4.25%
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Down 10 basis points, signaling strong demand for bonds
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