Trade Secrets

WTF Dailies July 18, 2025

The major indexes are set for weekly wins, with this week's drama involving Trump's fury with Fed Chair Jerome Powell largely on the back burner.

Sage Kakkat

17 Jul 2025 — 5 min read

US stock futures tipped higher late Thursday after the S&P 500 (^GSPC) and Nasdaq Composite (^IXIC) vaulted to their latest records on fresh signs of strength in the US economy.
The tech-heavier indexes clinched records Thursday, part of a record-setting run as Wall Street turned bullish in the second quarter. Investors were buoyed Thursday by a softening on jobless claims and stronger-than-expected retail sales, with little indication that President Trump's tariffs are so far affecting consumer spending habits.
Meanwhile, earnings continue to roll in, and they have shown steady resilience in corporate America. Thursday's highlight was Netflix (NFLX), which kicked off Big Tech earnings with an all-around beat while raising its full-year revenue forecast. Friday's earnings highlights include 3M (MMM), American Express (AXP), and Charles Schwab (SCHW).
The major indexes are set for weekly wins, with this week's drama involving Trump's fury with Fed Chair Jerome Powell largely on the back burner. Powell sent a letter to Trump's top budget official on Thursday, defending the Fed's headquarters renovation project for which he has come under fire in recent days. But already, the focus is turning to who could replace Powell next year and the additional dual mandate that person will face: keeping Trump happy while attempting to maintain the Fed's independence.
Most Asian stocks rose on Friday tracking overnight strength in Wall Street, although Japanese markets lagged as data showed consumer inflation remained sticky in June, presenting a hawkish outlook for the Bank of Japan.
Stellar earnings from chipmaking bellwether TSMC (NYSE:TSM) (TW:2330) also provided limited cheer to the sector, after the firm flagged some concerns over the impact of higher U.S. trade tariffs.
Still, risk appetite in Asia was upbeat after the S&P 500 and the NASDAQ Composite hit record highs on Thursday, buoyed by a mix of strong earnings and economic data. S&P 500 Futures rose 0.1% in Asian trade.
Australia’s ASX 200 was a standout performer, rising 1.2% to a record high of 8,743.30 points. The index marked extended gains after dismal labor data released earlier in the week furthered bets that the Reserve Bank of Australia will have to cut interest rates further in the coming months, following a surprise hold in July.
Australian stocks also tracked overnight gains on Wall Street, with broader Asian markets largely following suit.
China’s Shanghai Shenzhen CSI 300 and Shanghai Composite indexes rose 0.6% and 0.3%, respectively, while Hong Kong’s Hang Seng added 0.9%.
Singapore’s Straits Times index rose 0.4%, while Gift Nifty 50 Futures for India’s Nifty 50 index fell 0.1%.
Markets are holding out for an India-U.S. trade deal, which U.S. President Donald Trump said was close.
The Nikkei 225 lagged its Asian peers on Friday, losing 0.3%, while the TOPIX shed 0.2%.
Consumer price index data showed a slightly bigger than expected decline in core inflation in June. But a core reading that is watched by the BOJ as an indicator of underlying inflation rose to 3.4%, pushing further above the central bank’s 2% annual target. The reading showed Japanese inflation remained largely sticky, especially with food prices being underpinned by an ongoing surge in rice supplies. Sticky inflation gives the BOJ more impetus to raise interest rates. Japan faces a 25% U.S. tariff starting from August 1.
Taiwan shares of TSMC rose over 2% and were near record high levels last seen in January, after the world’s largest contract chipmaker clocked a record profit in the second quarter. The company benefited greatly from robust artificial intelligence-driven demand for its advanced chips, and said that this trend was unlikely to change in the coming months.
South Korean memory chip giant SK Hynix Inc (KS:000660) saw extended losses on Friday, which in turn dragged the KOSPI index down 0.4%.
Nifty50 and BSE Sensex, the Indian equity benchmark indices, tanked in trade on Friday. While Nifty50 went below 25,000, BSE Sensex was down over 500 points. At 10:27 AM, Nifty50 was trading at 24,956.05, down 155 points or 0.62%. BSE Sensex was at 81,753.83, down 505 points or 0.61%.

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