U.S. stock futures held steady on Thursday, July 24, 2025, as investors digested a mix of corporate earnings reports and a visit by President Donald Trump to the Federal Reserve, which helped calm any concerns over escalating tensions between the president and Fed Chair Jerome Powell.
Futures linked to the Dow Jones Industrial Average, the S&P 500, and the Nasdaq 100 all ticked up by around 0.1%, signaling a wait-and-see stance ahead of more earnings reports next week.
President Trump visited the Federal Reserve today, taking a tour of its ongoing $2.5 billion renovation project, overseen by Fed Chair Jerome Powell. The president had been critical of the project’s cost, leading to speculation that he might use the opportunity to fire Powell over what he claimed was mismanagement.
However, during the tour, Trump dismissed these rumors, stating, “To do that is a big move, and I just don’t think it’s necessary.” He also downplayed any disagreements with Powell over interest rates, saying he believed the Fed Chair would “do the right thing” and reiterating his desire for Powell to lower interest rates.
This marks a shift from Trump’s earlier criticisms of Powell’s policies, which had sparked fears of a potential clash at the upcoming Federal Reserve meetings. Investors took Trump’s comments as a sign that the tension between the president and the Fed might be easing, alleviating some pressure on the market.
Despite the calmer rhetoric, the broader question of the Fed’s independence and its policy on rate hikes remains a key issue for the financial markets. Trump has long argued that the Fed’s interest rate hikes are too aggressive, adding pressure to the U.S. economy. Powell, on the other hand, has emphasized the importance of data-driven decisions in guiding U.S. monetary policy. This ongoing tug-of-war could continue to be a major factor in shaping market sentiment in the coming months.
The market found support in a series of strong earnings reports from major technology companies. Google’s parent company Alphabet (GOOGL) posted solid results, lifting market sentiment and contributing to a fourth consecutive all-time high for the S&P 500. Alphabet’s performance sparked renewed optimism around the potential of artificial intelligence (AI), despite concerns that tech valuations are already at high levels.
At the same time, traders are hopeful that the Trump administration will be able to strike more trade deals with global partners before the August 1 deadline, despite the threat of higher-than-expected tariffs. While the ongoing U.S.-China trade tensions remain a concern, the market appears to be focused on the potential positive outcomes of negotiations, such as new agreements with Japan and the European Union.
However, not all tech companies have had smooth sailing. Intel’s (INTC) earnings report showed revenue that exceeded Wall Street’s expectations, but the company’s stock dropped following the announcement.
The decline came after Intel CEO Lip-Bu Tan mentioned plans for layoffs and the cancellation of some factory expansions. This news raised concerns about the company’s future growth prospects, particularly as demand for semiconductors remains volatile amid global economic uncertainty.
Oil prices also saw gains on Thursday night, with Brent crude futures climbing by 0.35% and West Texas Intermediate (WTI) futures rising by 0.44%. The rally in oil prices was driven by renewed optimism surrounding global trade negotiations, which fueled confidence in economic growth and energy demand. The recent U.S.-Japan trade deal provided a boost to market sentiment, with investors hoping that more trade deals can be brokered before the new U.S. tariffs go into effect on August 1.
European diplomats have also indicated that the European Union is moving toward a trade deal with the U.S., though the specifics of that agreement are still being negotiated. Oil prices, along with broader market optimism, benefited from the prospect of reduced trade friction.
However, the market is also watching the potential increase in Venezuelan oil supply, which could weigh on prices in the short term. Despite this, the overall sentiment remains bullish, with analysts forecasting a steady rise in energy demand as global economic conditions improve.
While optimism is creeping back into markets, trade policy remains a crucial risk factor for investors. President Trump has been vocal about his desire to impose more tariffs on foreign goods, particularly from China and the European Union. This approach has led to short-term victories for the administration but raises questions about its long-term impact on global supply chains, production costs, and consumer markets.
The August 1 tariff deadline is fast approaching, and how the Trump administration navigates the trade negotiations will be critical for market direction in the coming weeks. European and Chinese responses to U.S. trade demands will be pivotal in shaping the global economic outlook.
As large tech companies like Apple (AAPL), Microsoft (MSFT), Meta (META), and Amazon (AMZN) prepare to report earnings next week, their results will continue to be a key factor driving market sentiment. These companies’ performance in a time of global economic uncertainty will provide crucial insight into the future direction of both the tech sector and broader financial markets.
In summary, U.S. stock futures traded flat today as investors awaited more economic data and earnings reports to guide their market decisions. President Trump’s visit to the Federal Reserve and his remarks about Jerome Powell seemed to alleviate some concerns about the potential for a major clash between the White House and the Fed, helping to stabilize market sentiment.
However, the ongoing risks surrounding trade policy, interest rates, and corporate earnings will likely remain key drivers of market movements in the near term. As more earnings reports from major tech companies roll in, the direction of the market will become clearer, with the potential for volatility if trade tensions or economic uncertainties resurface.