Macro Events & News
It was an extremely volatile week for markets, driven by a flood of earnings from tech giants, the Fed’s interest rate decision, key economic data, and developments on the trade front.
Earnings season ramped up with strong reports from Meta Platforms (NASDAQ:META) and Microsoft (NASDAQ:MSFT), both of which beat expectations on the quarter and guidance, reinforcing confidence in cloud and AI strategies. The tone shifted Thursday as Apple (NASDAQ:AAPL) rebounded from a weak Q1 with stronger results, while Amazon (NASDAQ:AMZN) disappointed investors with underwhelming growth—particularly when measured against its cloud peers. UnitedHealth Group (NYSE:UNH) also reported and, like its industry counterparts, continued to show losses in its Medicare Advantage and ACA plans, sending the broader healthcare sector lower.
Overall, the mix of earnings surprises and disappointments kept markets in a relatively flat range. On Wednesday, the Fed held interest rates steady, as expected, but drew immediate backlash from President Trump, who once again publicly pressured Chair Powell to cut rates.
Friday’s jobs report rattled markets. July payrolls came in well below expectations, and prior months were revised down by a combined 258,000 jobs. The unemployment rate ticked up to 4.2%. The weaker-than-expected labor data contributed to the day’s selloff and drew further ire from Trump, who abruptly fired the head of the Bureau of Labor Statistics, alleging political sabotage.
Trade news offered little reprieve. Early-week progress included agreements between the EU and South Korea, bringing some clarity but also concern over inflation, as new double-digit tariffs are expected to push costs onto U.S. consumers. A U.S.–China meeting in Stockholm ended without a deal, though both sides issued positive statements. However, Friday’s release of a new executive order outlining broad tariff hikes—set to take effect August 7—sent markets further into the red, especially given the backdrop of a weakening labor market and renewed inflation fears.
The 10-year Treasury yield was marginally lower to 4.22%. The VIX surged on the slew of unsettling headlines, closing the week at 20.38.
All the major indexes were lower this week: the Dow down 2.9%, the S&P 500 down 2.3%, and the Nasdaq dropped 2.1%.
Watchlist News
5% ▼
Baidu Inc (NASDAQ:BIDU) drifted lower throughout the week as no concrete outcomes followed the conclusion of US-China trade talks in Stockholm on Tuesday.
august bear notes
While post-meeting commentary appeared constructive, markets had hoped for more tangible progress. With the negative reaction to Friday’s tariff news and economic data, there may be added pressure on the administration to finalize an extension. Until then, uncertainty continues to weigh on sentiment.
5% ▼
GameStop Corp (NYSE:GME) steadily declined over the week on low volume and no meaningful news.
august bear notes
With no updates from management and little trading interest, the stock continues to drift. The $19–$20 range may offer a more attractive risk-reward, but upside remains capped by sporadic dilution. While collectibles show promise, the company still lacks consistent execution to inspire long-term confidence.
2% ▼
Alphabet Inc (NASDAQ:GOOG) saw strong momentum early in the week, nearly hitting $199 midweek before pulling back. The move was supported by price target increases from Wells Fargo and news of a partnership with Avis to launch a ride-hailing service in Dallas.
august bear notes
The pullback appears tied more to broader macro concerns than company-specific weakness. With all major cloud providers now reported, Alphabet’s AI and cloud growth story stands out. Their ongoing progress in autonomous ride-hailing also adds long-term intrigue.
8% ▼
Workday Inc (NASDAQ:WDAY) traded quietly early in the week with minimal volume and no major developments.
august bear notes
The lack of investor attention continues as the stock drifts with the broader market. A solid base seems to be forming, but without near-term catalysts, the name may remain stagnant—or slide further if macro conditions worsen. Company-specific news or earnings will be key to reigniting interest.
