4:14pm: GENIUS Act signed by Trump
Wall Street finished Friday’s session mixed, with the Nasdaq making modest gains, while the S&P 500 and Dow Jones pulled back as investors weighed up Trump’s latest tariff push amid a slew of earnings.
The Nasdaq added 10 points to close at 20,895, a new record high. The S&P 500 was down 0.1% at 6,296 points, and the Dow Jones fell 0.3% at 44,342 points.
Meanwhile, Trump signed the GENIUS Act into law, a bill that will establish the first federal framework for stablecoins.
"I pledged that we would bring back American liberty and leadership and make the United States the crypto capital of the world, and that's what we've done," Trump said during a signing ceremony at the White House.
3:30pm: Proactive news headlines
- Caledonia Mining reported improved gold production at its Blanket Mine following a management shake-up, with the new team driving greater productivity by spending more time underground.
- Ilika said its Stereax and Goliath battery programs achieved key milestones and that revenue from customer deliveries could begin this year.
- First Phosphate secured an industrial land option with the Port of Saguenay, advancing plans to build a phosphoric acid plant to support the LFP battery supply chain.
- Bit Digital purchased nearly 19,700 Ethereum tokens using proceeds from a $67.3 million offering, bringing its total holdings to over 120,000 ETH.
- Zephyr Energy is advancing early-stage development at its Paradox Basin project, including work on gas processing infrastructure around its State 36-2 well.
- Helium One received £10 million in funding and a mining licence for its Southern Rukwa project in Tanzania, setting the stage for testing and initial production later this year.
- Atlantic Lithium expressed confidence in receiving final approval for its Ewoyaa mining lease in Ghana, pending Cabinet review and parliamentary ratification.
- Prescient Therapeutics moved its lead oncology drug PTX-100 into a Phase 2 trial for T-Cell Lymphomas, prompting analysts to raise their valuation of the company.
- Resolution Minerals appointed Craig Lindsay as CEO of its U.S. operations ahead of first drilling at its Horse Heaven Project in Idaho.
- American Rare Earths launched an optimisation program at its Halleck Creek project in Wyoming to boost mineral recoveries and support a future demonstration plant.
2:30pm: Stocks on the move
- Netflix Inc beat earnings expectations and raised its full-year forecast, but shares fell nearly 5% as analysts cited high investor expectations and valuation concerns.
- Johnson & Johnson reported a 29% quarterly increase in sales of its esketamine nasal spray Spravato, a positive sign for the psychedelics sector, according to Jefferies.
- Sarepta Therapeutics Inc shares retreated after confirming a third patient death related to its experimental gene therapy for muscular dystrophy.
- American Express Company beat second-quarter earnings estimates with a 17% year-over-year EPS increase, driven by strong cardholder spending and demand for premium products.
- 3M Co raised its full-year profit outlook after reporting stronger-than-expected earnings on improved margins and slight organic sales growth.
- Bit Digital Inc revealed it had acquired nearly 20,000 Ethereum using funds from a recent $67.3 million offering, boosting its total ETH holdings to over 120,000.
- GSK PLC shares fell 6% after a U.S. FDA advisory panel voted against the approval of its Blenrep drug combinations for advanced multiple myeloma, citing risk concerns.
1:20pm: Netflix struggles with expectations
Netflix Inc (NASDAQ:NFLX, ETR:NFC) delivered another blockbuster quarter, beating estimates and raising its full-year outlook, yet its shares fell almost 5% with analysts pointing to sky-high investor expectations as the cause.
“With shares up more than 40% year-to-date and trading at approximately 40x, we believe expectations remain elevated, which, in our view, largely explains the muted stock reaction,” Bank of America analysts wrote.
Meanwhile, UBS analysts expect marquee content, including Squid Game and Wednesday, to drive renewed interest in the back half of the year, supported by a growing push into live programming and first-party advertising technology.
Shares of Netflix traded down 4.7% at about $1,215 in the early afternoon on Friday.
12:25pm: Consumers anchor inflation expectations
Stocks were little changed at midday Friday, as strength in the broader economy helped offset a lackluster earnings report from Netflix. The Dow Jones Industrial Average slipped 0.4%, while the S&P 500 edged down 0.1% and the Nasdaq hovered just below flat.
Markets remain within striking distance of record highs, buoyed by signs that consumer inflation expectations remain stable despite ongoing geopolitical and economic uncertainty.
The University of Michigan’s preliminary consumer sentiment survey for July showed improvement in sentiment and a notable decline in one-year inflation expectations, according to LPL Financial Chief Economist Jeffrey Roach.
“Investors have something to cheer about with signs of improved inflation expectations,” Roach said, noting that near- and long-term views on inflation are now better anchored. “Despite risks of rising consumer inflation in the next few months, consumers expect tariff-driven price increases to be temporary, with conditions improving by 2026.”
While consumer sentiment remains below last year’s optimistic levels, the July reading suggested Americans are feeling slightly more confident about current conditions—even as political tensions continue to swirl in Washington.
For the Federal Reserve, the latest survey results could reinforce the view that inflation is trending in the right direction. As Roach put it, the trajectory “looks encouraging.”
11:35am: Fed's Waller calls for cut
Federal Reserve Governor Christopher Waller made his clearest call yet for an interest rate cut at the upcoming Fed meeting, saying the current policy rate should be lowered by as much as 150 basis points to 3%.
“I believe we should cut the policy rate at our meeting in two weeks,” Waller said in a speech in New York, reinforcing his view that inflationary effects from tariffs would be temporary.
Waller, seen as a potential successor to Fed Chair Jerome Powell when his term ends next May, told Bloomberg on Friday he would accept the role if asked by President Donald Trump, though he emphasized that no contact had been made.
He also hinted he may dissent at the upcoming meeting if rates are left unchanged. Waller and fellow Fed Governor Michelle Bowman have both advocated for an immediate rate cut, views that align with Trump’s repeated calls for aggressive monetary easing.
10:55am: US passes GENIUS Act
The US House of Representatives passed the the GENIUS Act on Thursday evening, the first federal legislation to create a regulatory framework for stablecoins.
Stablecoins are cryptocurrencies tied to stable assets such as the US dollar to maintain a fixed value, designed to function as reliable instruments for payments and financial services.
The GENIUS Act establishes regulatory clarity for stablecoin issuers, including banks and non-bank financial institutions, requiring them to hold sufficient reserves, adhere to anti-money laundering (AML) and sanctions compliance, and meet consumer protection standards.
According to the Treasury Department, the stablecoin market could grow to $3.7 trillion by 2030, making regulatory oversight increasingly urgent.
Bitcoin traded hands just shy of $119,000 on Friday morning, up more than 27% so far in 2025.
Shares of cryptocurrency trading platforms also gained, with Coinbase Global Inc (NASDAQ:COIN) up almost 8%, Robinhood Markets Inc (NASDAQ:HOOD) added 6.6% and Riot Platforms Inc (NASDAQ:RIOT) up 5.3%.
10:25am: Housing starts and building permits rise
US housing starts rose 4.6% in September to a seasonally adjusted annual rate of 1.321 million, surpassing economists’ expectations of 1.3 million, according to data released Wednesday by the Commerce Department.
Building permits, a leading indicator of future construction activity, edged up 0.2% to 1.397 million, also ahead of forecasts for 1.387 million.
The data suggest renewed momentum in the residential construction sector despite higher mortgage rates and affordability pressures, offering a modest boost to the broader economic outlook.
9:50am: Crypto, earnings fuel sentiment
The Nasdaq rose for a fourth straight session on Friday, up 0.4%, as investors stayed upbeat following a week of record highs across major global indexes.
The S&P 500 gained 0.2% to notch at the open, while the Dow slipped 0.1%, dragged by profit-taking after its recent rally.
Small caps outperformed, with the Russell 2000 climbing 0.6%.
It’s been a week of cautious optimism. As Kathleen Brooks of XTB put it, the overall tone remains positive, even if gains have been modest.
“Stronger-than-expected earnings have helped propel indices to record levels,” she noted, “but the post-earnings stock reactions haven’t lived up to history.”
Case in point: Netflix. Despite a solid second quarter and an improved outlook for 2025 revenue, shares of the streaming giant dipped nearly 5% in early trade. That’s a far cry from the typical 8% swing investors have come to expect after its earnings reports.
Jefferies called the results “solid” but not market-moving. The firm highlighted that while Netflix is still on track to double ad revenue next year and saw encouraging growth in North America, engagement grew just 1% year-over-year—raising questions about whether the company’s content slate can reignite momentum in the back half of the year.
Elsewhere, market attention is beginning to shift away from tariff concerns—particularly for EU and Canadian exporters—and toward President Trump’s health and messaging. His recent softening stance could ease near-term trade tensions ahead of the key August 1 deadline.
In macro news, the dollar weakened slightly on Friday, while still ranking as the second-best performing G10 currency for the week.
And in a landmark moment for crypto, the US passed the Genius Act, its first major national crypto legislation. The move, backed by President Trump, is already prompting bold calls from analysts, with deVere Group doubling down on its $150,000 Bitcoin target by the end of 2025.
8:00am: Flat start expected
US stocks are likely to start flat to mildly higher after the Nasdaq and the S&P 500 both closed at record highs, supported by positive data reports and upbeat corporate earnings.
Ahead of the open, Nasdaq futures are up 0.04%, while those for the Dow Jones and S&P 500 futures are 0.01% firmer.
The Nasdaq led major indexes, gaining 0.7% on Thursday to finish at a new all-time high, while the S&P 500 also notched a record with a 0.5% gain. The Dow added 0.5% as well.
Markets got a boost from a June retail sales rebound, which suggested that recent tariffs imposed under former President Trump haven’t yet dampened consumer spending. Adding to the optimism, jobless claims fell to 221,000 last week, their lowest level in three months.
"Markets have put in a decent performance over the last 24 hours, with the S&P 500 and the Nasdaq both reaching fresh all-time highs with the global rally mostly continuing this morning," commented Deutsche Bank's Jim Reid.
"The advance was driven by another batch of positive US data, including higher-than-expected retail sales, and then a 5th consecutive weekly decline in initial jobless claims. So that reassured investors that the US consumer was still resilient, and that the mid-Q2 jump in jobless claims was a blip rather than a permanent trend."
In Europe, London's FTSE 100 has retraced most of the morning's gains, currently up 0.1% after earlier crossing above 9,000. Frankfurt's Xetra DAX has dipped into the red, down 0.2%, while the Paris CAC 40 is flat.
Over in Asia, Hong Kong's Hang Seng closed 1.3% higher, and the SSE Composite in Shanghai added 0.5%. But Tokyo's Nikkei 225 fell 0.2% ahead of the key upper house election this weekend. India's BSE SENSEX ended 0.6% lower.