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The Day Ahead: Japan Pact Lifts Markets as Tesla, Alphabet Earnings Hit After Close Today

By:
James Hyerczyk
Updated: Jul 23, 2025, 11:54 GMT+00:00

Key Points:

  • U.S. markets today gain as Dow futures rise 217 points after Trump announces a trade deal with Japan.
  • Alphabet and Tesla report earnings after the close, marking the start of Big Tech's Q2 results season.
  • Over 80 companies report earnings today, including IBM, Chipotle, United Rentals, and ServiceNow.
Nasdaq 100 Index, S&P 500 Index, Dow Jones

Market Overview

U.S. equity futures are higher in early trade after President Trump announced a trade deal with Japan, bolstering sentiment around ongoing international negotiations. Dow futures are up 217 points (+0.5%), S&P 500 futures rise 0.4%, and Nasdaq-100 futures gain 0.2%. The agreement includes reciprocal 15% tariffs and signals potential momentum for an EU deal ahead of the August 1 deadline.

Tuesday’s session saw the S&P 500 notch its 11th record close of the year, finishing up 0.06%. The Dow rose nearly 180 points, while the Nasdaq Composite fell 0.4% as chipmakers lagged.

Market focus today shifts squarely to earnings, particularly after the close, with Alphabet and Tesla set to kick off Big Tech season.

Key Economic Releases

14:00 GMT – Existing Home Sales (USD)
Forecast: 4.03M | Previous: 4.00M
Housing strength may support soft-landing narratives. A beat could bolster cyclical and homebuilder sentiment.

14:30 GMT – Crude Oil Inventories (USD)
Forecast: -3.9M | Previous: -1.4M
Energy traders will assess demand trends; a smaller draw may weigh on crude and energy equities.

Notable Earnings

Before the open:

  • Amphenol (APH): $0.66
  • AT&T (T): $0.53
  • BankUnited (BKU): $0.79
  • Boston Scientific (BSX): $0.73
  • CME Group (CME): $2.91
  • Fiserv (FI): $2.43
  • Freeport-McMoRan (FCX): $0.45
  • GE Vernova (GEV): $1.51
  • General Dynamics (GD): $3.55
  • Hasbro (HAS): $0.78
  • Hilton (HLT): $2.04
  • Lamb Weston (LW): $0.63
  • Lennox (LII): $6.86
  • M/I Homes (MHO): $4.43
  • Moody’s (MCO): $3.38
  • Mr. Cooper (COOP): $3.24
  • NextEra Energy (NEE): $0.98
  • Northern Trust (NTRS): $2.06
  • NVR (NVR): $107.35
  • Otis Worldwide (OTIS): $1.03
  • Popular (BPOP): $2.54
  • PROG Holdings (PRG): $0.80
  • Prosperity Bancshares (PB): $1.41
  • Rogers Comm. (RCI): $0.81
  • Taylor Morrison (TMHC): $1.95
  • TE Connectivity (TEL): $2.07
  • Teledyne Tech (TDY): $5.05
  • Travel + Leisure (TNL): $1.65
  • United Comm. Banks (UCB): $0.61

After the close:

  • Alphabet (GOOGL): $2.17 on $93.7B revenue. Analysts highlight ad strength as key; AI risks and YouTube growth also in focus.
  • Tesla (TSLA): $0.44 on $22.7B revenue. Delivery softness already priced in; all eyes on full-year guidance and autonomy roadmap.
  • Alaska Air (ALK): $1.54
  • ASGN Inc. (ASGN): $1.08
  • Banc of California (BANC): $0.26
  • Cadence Bank (CADE): $0.68
  • Century Communities (CCS): $1.12
  • Chipotle (CMG): $0.32
  • Churchill Downs (CHDN): $2.96
  • Community Health (CYH): -$0.10
  • Core Labs (CLB): $0.19
  • Crown Castle (CCI): $0.99
  • CSX (CSX): $0.42
  • EastGroup (EGP): $2.20
  • Essential Props. (EPRT): $0.49
  • First American Fin. (FAF): $1.34
  • Globe Life (GL): $3.25
  • Goosehead Ins. (GSHD): $0.50
  • Graco (GGG): $0.79
  • IBM (IBM): $2.65
  • ICON (ICLR): $3.19
  • Kaiser Aluminum (KALU): $0.77
  • Knight-Swift (KNX): $0.33
  • Las Vegas Sands (LVS): $0.53
  • Mattel (MAT): $0.16
  • MaxLinear (MXL): $0.02
  • Meritage Homes (MTH): $1.98
  • Molina Healthcare (MOH): $5.70
  • O’Reilly Auto (ORLY): $0.78
  • Oceaneering (OII): $0.40
  • Packaging Corp. (PKG): $2.44
  • Plexus (PLXS): $1.71
  • QuantumScape (QS): -$0.21
  • Raymond James (RJF): $2.37
  • Reliance (RS): $4.63
  • RenaissanceRe (RNR): $9.90
  • Ribbon Comm. (RBBN): $0.05
  • Robert Half (RHI): $0.40
  • Rollins (ROL): $0.30
  • SEI Investments (SEIC): $1.19
  • Selective Insurance (SIGI): $1.51
  • ServiceNow (NOW): $3.57
  • Sonoco (SON): $1.45
  • SS&C Tech (SSNC): $1.39
  • Stewart Info. (STC): $1.19
  • T-Mobile US (TMUS): $2.68
  • United Rentals (URI): $10.50
  • Viking Therapeutics (VKTX): -$0.45
  • Waste Connections (WCN): $1.25
  • WEX (WEX): $3.71
  • Wyndham Hotels (WH): $1.16

Technical Outlook

Daily E-mini S&P 500 Index

S&P 500 E-mini Futures last traded at 6,369.75. Resistance is at 6,400.00 and 6,450.00. Support sits at 6,241.00, then 6,123.10 (50-day MA) and 6,004.76 (200-day MA).

Daily E-mini Nasdaq 100 Index Futures

Nasdaq-100 Futures last traded at 23,247.25. Resistance is at 23,424.75. Support lies at 22,803.00, followed by 22,266.00 (50-day MA) and 21,392.11 (200-day MA).

Daily E-mini Dow Jones Industrial Average

Dow Jones Futures last traded at 44,917. Resistance levels are 45,043 and 45,177. Support sits at 43,973, then 43,581.00 (200-day MA) and 43,471.70 (50-day MA).

Outlook

With futures lifted by geopolitical tailwinds and a packed earnings calendar, today’s session hinges on how Alphabet and Tesla shape market tone post-close. Strong reports from Big Tech could reinforce bullish sentiment, especially after a record-setting streak for the S&P 500. However, any downside surprises from TSLA or GOOGL may trigger sharp rotation, particularly in overbought tech names.

Traders should expect afternoon chop and pre-earnings gamma pinning, with volatility likely to expand into the 20:00 GMT hour. A firm close above S&P 6,400 would confirm upward momentum and raise sights toward 6,450.

More Information in our Economic Calendar.

About the Author

James Hyerczyk is a U.S. based seasoned technical analyst and educator with over 40 years of experience in market analysis and trading, specializing in chart patterns and price movement. He is the author of two books on technical analysis and has a background in both futures and stock markets.

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