One chart shows how the market has moved on from tariffs - for now

Image source: Unsplash

Stocks aren't moving on tariff headlines like they used to.
This trend has been evident over the past several weeks as equities have continued to rise to record highs despite ongoing threats from President Trump regarding escalating tariffs on a variety of countries.

In a recent note to clients, Goldman Sachs chief US equity strategist David Kostin analyzed the performance of the S&P 500 and a basket of stocks with "broad tariff exposure." Through April, both stocks had been reacting aggressively to tariff announcements from Trump.

But as the below chart shows, the reactions have become increasingly smaller during Trump's latest flurry of letters detailing reciprocal tariffs throughout July.

"Our client conversations indicate that many investors believe tariff rates will eventually settle lower than what the recent announcements have indicated," Kostin wrote. Yahoo Finance reports.

🤖 Nvidia chip challenger FuriosaAI scores first major customer LG:

FuriosaAI, the Seoul-based startup seeking to design chips to compete with Nvidia, has sealed its first major contract months after rejecting an $800 million acquisition offer from Meta Platforms.

The startup won final approval for its AI chip RNGD (pronounced “Renegade”) from LG AI Research after seven months of rigorous evaluation spanning performance and efficiency.

The larger Korean company will use the chip to power its Exaone large-language models, FuriosaAI Chief Executive Officer June Paik told Bloomberg News. Yahoo Finance reports.

👩‍💻 Alphabet will seek to reassure investors as AI rivals step up competition:

Alphabet, faced with unprecedented threats from AI rivals, will be keen to assure investors this week that the company's own spending on the technology is helping it dig a deeper moat around its search and advertising businesses.

Rivals of the Google parent, including AI startups such as OpenAI and Perplexity, have attracted tens of millions of users to their platforms.

They are looking to break Google Chrome's dominance with their own browsers, even as a U.S. court weighs breaking up the tech company with remedies that may include a forced Chrome sale. Reuters reports.

🥤 Coca-Cola: Q2 Earnings Snapshot:

Coca-Cola Co. (KO) on Tuesday reported second-quarter net income of $3.81 billion.

On a per-share basis, the Atlanta-based company said it had net income of 88 cents. Earnings, adjusted for one-time gains and costs, came to 87 cents per share.

The results beat Wall Street expectations. The average estimate of nine analysts surveyed by Zacks Investment Research was for earnings of 83 cents per share.

The world's largest beverage maker posted revenue of $12.54 billion in the period, falling short of Street forecasts.

Seven analysts surveyed by Zacks expected $12.59 billion. Yahoo Finance reports.

🚗 GM beats earnings estimates as CEO says automaker works to ‘greatly reduce’ tariff exposure:

General Motors reported second-quarter earnings Tuesday that beat Wall Street’s estimates and affirmed its full-year guidance, despite ongoing uncertainty from President Donald Trump’s auto tariffs.

Shares of the company fell about 2% in premarket trading. While automakers have been hoping for relief on tariffs, Trump’s 25% levies on imported vehicles and many auto parts remain in effect.

In May, the automaker lowered its full-year guidance to include a possible $4 billion to $5 billion impact from auto tariffs.

It affirmed that guidance on Tuesday and said the estimated tariff impact remains unchanged. CNBC reports.

🎆 Oracle, OpenAI to add 4.5 gigawatts data center capacity for Stargate venture:

Cloud firm Oracle and OpenAI plan to develop 4.5 gigawatts of additional data center capacity, the ChatGPT developer said on Tuesday.

The commitment is part of their Stargate joint venture, which aims to establish the United States as a leader in artificial intelligence amid intensifying global competition.

Including a data center site in Abilene, Texas, the expansion will bring the total data center capacity under construction to more than 5 gigawatts and is expected to operate more than 2 million chips, the company said. MarketScreener reports.

💊 AstraZeneca to invest $50 Billion in US to boost drug manufacturing:

AstraZeneca (AZN) said it plans to invest $50 billion in the US by 2030, including the development of a new drug substance manufacturing facility in Virginia.

The new Virginia facility is expected to produce small molecules, peptides and oligonucleotides for the UK drugmaker's weight management and metabolic portfolio, including oral glucagon-like peptide-1 and baxdrostat products, it said late Monday.

The facility will use artificial intelligence, automation and data analytics to optimize production, according to the company.

AstraZeneca's US-listed shares inclined 0.7% in Tuesday's most recent premarket activity. MarketScreener reports.

(All pricing and percent gains are based on Early Pre-Market from 4:00 AM to 7:00 AM Eastern Time)
Benzinga reports.

1) $IVF: INVO Fertility

Total gain: +89.8%

2) $MEDP: Medpace Holdings

Total gain: +45.68%

3) $GVH: Globavend Holdings

Total gain: +30.58%

4) $LCFY: Locafy

Total gain: +21.92%

5) $FARM: Farmer Bros

Total gain: +21.32%

The closing price of the top three market percent gainers trading near or above $3 on July 21.
Benzinga reports.

*All pricing and percent gains are based on regular market trading hours from 9:30am to 4:00pm Eastern Time

1) $LMFA: LM Funding America

Total gain: +51.22%

The stock appeared to be moving on no notable news.

2) $ATNF: 180 Life Sciences

Total gain: +50.53%

The stock appeared to be moving on no notable news.

3) $OPEN: Opendoor Technologies

Total gain: +44%

The stock appeared to be moving on no notable news.

*Estimate and Actual numbers represent Earnings Per Share in US Dollars


TXN: Texas Instruments
2Q 2025

After Market Close
Estimate: 1.320
Actual: N/A

COF: Capital One Financial
2Q 2025

After Market Close
Estimate: 3.560
Actual: N/A

TRMK: Trustmark
2Q 2025

After Market Close
Estimate: 0.860
Actual: N/A

Time (ET) | Report | Period

7:30 am - Fed Vice Chair for Supervision Michelle Bowman TV interview

8:30 am - Fed Chair Powell opening remarks at banking conference

"Don’t take action with a trade until the market itself confirms your opinion. Being too early is just as bad as being too late."

- Jesse Livermore

Sourced in: "Reminiscences of a Stock Operator”, by Jesse Livermore, published in 1923.