Happy Thursday! Amazon (AMZN) and Apple (AAPL) take center stage today, as the two tech giants gear up to report results after market close today. Dive into our previews for key themes, analyst estimates, outlook, and other market-moving news.

Also, we’ll take a look at the winners and losers from yesterday’s busy earnings day with Meta (META), Microsoft (MSFT), Ford (F), Carvana (CVNA), SoFi (SOFI) and more reporting results.

In Today's Edition

• MARKET RECAP

• MARKET HEATMAP

• FIVE ZINGERS

• MARKET HISTORY

• ONE FOR THE ROAD

Powell Puts Brakes On September Rate Cut — And Trump Triggers A Metal Market Crash

Federal Reserve Chair Jerome Powell held firm on monetary policy, calling the central bank's current stance “modestly restrictive” and reiterating that no decision has been made about a rate cut in September.

On Wednesday, the Federal Reserve held interest rates steady at 4.25%-4.50% as expected, yet two members broke ranks to support a rate cut, marking the most divided Fed meeting in over three decades.

After President Trump toured the Federal Reserve’s renovation and had a fiery and awkward moment with Chair Powell, Wall Street was hopeful the call for cuts would start to sink in, but the Fed stood firm in its wait-and-see approach.

Read on for more insights and what this means for the markets going forward.

NEW: Leaderboards Updated For This Week’s Volatility

With fresh inflation data and earnings season in full swing, traders need clarity—not noise. Benzinga’s Top Stock Leaderboards are updated daily to spotlight breakout opportunities our system ranks highest on value, momentum and quality.

See which stocks are rising to the top before Wall Street catches up.

Yesterday: U.S. indexes finished lower Wednesday after the Federal Reserve held interest rates steady at 4.25%–4.50% and signaled caution on near-term cuts. Fed Chair Jerome Powell said no decision has been made for September, citing the need for more data on inflation and the impact of recent tariffs and trade deals. The Dow and S&P 500 reversed earlier gains, while the Nasdaq was the only one to finish in the green. In addition, the U.S. dollar strengthened for a fifth straight day and treasury yields climbed with the 2-year hitting 3.94%, reflecting a shift in rate expectations. Second-quarter U.S. GDP rebounded 3% annualized, following a 0.5% decline in Q1, though underlying domestic demand grew just 1.1% — its weakest pace since 2022. This reflected an unwind in the frontrunning of imports seen early in the year.

On Our Radar: Analysts will be watching several key reports this morning, including initial jobless claims, personal income, and the Personal Consumption Expenditures (PCE) for fresh insights on the economy and inflation. On the earnings front, all eyes will be on Apple (AAPL) and Amazon (AMZN) as the tech giants headline a slate of earnings reports that will be released after hours today.

It’s one of the busiest times of the year with 40% of companies in the S&P 500 reporting earnings this week. While some stocks are soaring — with shares of Wingstop (WING) up more than 25% — others are plunging, such as Cardiff Oncology (CRDF) dropping nearly 30% after a disappointing quarter. But those weren’t the only big movers of the day. Read on for all the details.  

Discover how the market is moving with our interactive heatmap — filter by market cap and zoom in for deeper insights. Click any box to explore specific sectors or assets in detail.

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On This Day In 1914…

The New York Stock Exchange — which was preparing to open — stayed closed as officials voted to suspend trading in response to growing fears about the economic impacts of World War I. The decision was made amid rising uncertainty and panic as European nations mobilized for war, threatening global financial stability. The NYSE would remain closed for a record 4 months, until December 1914, marking one of the longest market shutdowns in history. The move was aimed at preventing a stock market crash and limiting further economic chaos, as investors sought to protect themselves from the turmoil brewing overseas.

QUOTE OF THE DAY

“An investment in knowledge pays the best interest.“

— Benjamin Franklin

Trump Calls It 'The Biggest Deal Ever,' But Critics Are Pointing Out 'Nothing's Been Signed' With The EU — Did The President Score A 'Lowercase Win?'

President Donald Trump on Sunday touted a new trade agreement with the European Union as “the biggest deal ever reached in any capacity,” but critics are questioning the substance behind the headlines.

Could this be another case of political theater dressed up as economic progress?

Analysts are split: some view the EU agreement as a temporary stabilizer for U.S. markets, while others warn that it may saddle American consumers with higher costs in the form of tariffs.

Read on to get the full story and how it should shape your next move.

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