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July 25, 2025 – 12:37

(Bloomberg) — Stocks posted small moves at the end of a record-setting week after lackluster results from Intel Corp. and Puma SE. The dollar advanced.

S&P 500 futures were little changed, while Europe’s Stoxx 600 benchmark dropped 0.3%. Intel sank more than 5% in premarket trading and Puma tumbled as much as 19% after slashing its profit forecast. The MSCI All Country World Index snapped a seven-day run of gains. 

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Traders are hitting pause on a rally that took the S&P 500 to its 10th record high in 19 days amid optimism around trade deals and corporate earnings. Next week is the busiest of the earnings season and investors are looking to the Federal Reserve’s interest-rate meeting on July 30 after data reduced the case for further cuts. 

“Markets now see a greater chance that the Fed Chair will maintain a hawkish tone at the upcoming meeting,” said Hebe Chen, an analyst at Vantage Markets in Sydney. “Political dynamics and economic indicators reinforce a more cautious Fed stance.”

Ten-year US Treasury yields rose two basis points to 4.42% and a gauge of dollar strength advanced 0.3%. 

Trading desks at firms including Goldman Sachs Group Inc. and Citadel Securities are telling clients to buy cheap hedges against potential losses in US stocks as a slew of risks loom over the market’s record advance. 

“If you are nervous, the market is making it very easy to rent hedges,” Goldman’s trading desk wrote in a note to clients on Monday.

Monday kicks off the earnings season’s busiest week, amounting to 38% of the S&P 500 on a market cap basis — double this week — according to data compiled by Bloomberg Intelligence.

And trade talks will be in focus as China and the US seek to extend their tariff truce beyond Aug. 12. There’s also speculation the EU can seal a deal with the US that would set a 15% tariff for most products. The US reached a deal with Japan earlier in the week.

Corporate Highlights:

Intel shares fell on Friday after the chipmaker reported second-quarter results and plans to make significant workforce cutbacks. Analysts flagged margins as an area of weakness.Puma cut its profit forecast, citing weak demand for its sports and exercise gear and growing concerns about the impact of US tariffs.LVMH shares bounced back as much as 5.1% after an early drop, with analysts taking the view that the worst is probably behind the French luxury groupVolkswagen shares rise 4.1%, erasing earlier losses, after the German company’s results were broadly in line with expectations, according to analysts, who saw strength in the core brand group.

Some of the main moves in markets:

Stocks

S&P 500 futures were little changed as of 6:32 a.m. New York timeNasdaq 100 futures were little changedFutures on the Dow Jones Industrial Average rose 0.1%The Stoxx Europe 600 fell 0.4%The MSCI World Index fell 0.2%

Currencies

The Bloomberg Dollar Spot Index rose 0.3%The euro fell 0.1% to $1.1735The British pound fell 0.4% to $1.3459The Japanese yen fell 0.5% to 147.79 per dollar

Cryptocurrencies

Bitcoin fell 2.2% to $116,211.69Ether fell 0.7% to $3,712.65

Bonds

The yield on 10-year Treasuries advanced two basis points to 4.42%Germany’s 10-year yield advanced four basis points to 2.74%Britain’s 10-year yield advanced three basis points to 4.66%

Commodities

West Texas Intermediate crude rose 0.3% to $66.21 a barrelSpot gold fell 0.8% to $3,343.33 an ounce

This story was produced with the assistance of Bloomberg Automation.

–With assistance from Winnie Hsu, Richard Henderson, Hideyuki Sano, Harry Suhartono and Neil Campling.

©2025 Bloomberg L.P.