Home prices hit new high

Update on tariffs

Major earnings

Dollar hits one-month high versus euro on trade deal optimism.

IMF lifts 2025 GDP emerging economies’ outlook on improved China view.

IMF raises India’s growth forecast to 6.4% for 2025 and 2026.

Visa reported fiscal third-quarter earnings that topped analysts' expectations, as the company's chief executive said it is working on developing AI and stablecoin products. Visa's payments volume increased 8% and its processed transactions grew 10%.

Starbucks reported that same-store sales fell for a sixth straight quarter as CEO Brian Niccol tries to implement a turnaround strategy. The company beat Wall Street’s quarterly revenue estimates, and comparable sales in China rose. The stock jumped nearly 5% after the report.

Royal Caribbean Cruise Group raised its full-year guidance and reported growth in bookings during the second quarter from the prior period, especially from travelers booking closer to their departure date. The company reported second-quarter adjusted earnings per share of $4.38 on revenue of $4.54 billion. Wall Street had expected earnings per share of $4.09 and revenue of $4.55 billion.

Spotify shares dropped 11% for their worst day in two years after the music streaming platform fell short of Wall Street’s revenue expectations and swung to a loss. Third-quarter guidance also came up short and ad-supported revenues dipped 1% from a year ago. “While I’m unhappy with where we are today, I remain confident in the ambitions we laid out for this business,” said CEO Daniel Ek on an earnings call.

UPS dropped 10% after reporting struggles in the U.S. small package market due to low consumer confidence. Q2 daily volumes from China to the U.S. fell 34.8% YoY due to tariffs. Management withheld full-year revenue and profit forecasts, citing economic uncertainty.

UnitedHealth gave 2025 earnings guidance that fell well short of Wall Street’s expectations. The company and the broader insurance industry are grappling with higher medical costs in Medicare Advantage plans. The report adds to a growing string of setbacks for the company, which owns the nation’s largest and most powerful insurer and is often viewed as the industry’s bellwether.

Booking Holdings stock slipped late Tuesday despite the online travel agency reporting second-quarter results that topped expectations. The company gave a slightly lower than expected sales forecast.

Novo Nordisk shares plunge 23% after Wegovy maker names new CEO, cuts full-year guidance. The company said the lower outlook was driven by weaker second-half U.S. sales growth forecasts for its Wegovy weight loss drug and Ozempic diabetes treatment.

PayPal beat on earnings and revenue for the second quarter. Transaction margin dollars rose 7% to $3.84 billion. Growth in that metric was down from 8% in the first quarter when excluding a one-time benefit. For a second quarter in a row, Venmo revenue grew more than 20% year over year. Yet, slow growth resulted in a fall of 8%.

Stellantis reported a first-half net loss of 2.3 billion euros $2.65 billion), compared to a net profit of 5.6 billion euros over the same period in 2024. The Jeep maker updated its full-year tariff impact to roughly 1.5 billion euros, of which 300 million euros was incurred during the first half.

Merck posted second-quarter revenue that missed estimates and narrowed its full-year guidance. Furthermore, the company will slash $3 billion in costs by the end of 2027 to be fully reinvested to support new product launches and its drug pipeline. The multiyear effort comes as Merck prepares to offset revenue losses from the upcoming patent expiration of its blockbuster cancer drug Keytruda in 2028, and braces for the Trump administration’s planned tariffs on pharmaceuticals imported into the U.S.

Shares of Singapore Airlines fell after the carrier reported a 59% decline in earnings. Singapore’s flagship carrier also noted that the loss stemmed from Air India’s financials.

Barclays is the latest bank to beat estimates and report higher revenue from its investment banking this quarter, after U.S. tariffs triggered intense market volatility. Pre-tax profit at the British lender came in at £2.5 billion, versus an analyst estimate of £2.23 billion, while revenues were in-line with forecasts at £7.2 billion. Barclays is meanwhile delivering on its cost-reduction targets.

Kering’s second-quarter revenues were down 15% amid weak demand at the luxury fashion house. Gucci sales, which make up nearly half of group revenues, plunged 25% over the quarter to 1.46 billion euros. The group flagged weaker sales across all markets, led by Japan and the wider Asia Pacific.