Midday Market Update: S&P 500, Dow, and Nasdaq All Gain Ground
The stock market is showing positive momentum on Thursday, July 17th, 2025, as investors digest a wave of corporate earnings reports and encouraging economic data. As of midday, all three major indexes are trading higher, with the Dow Jones Industrial Average (^DJI) up 0.33% at 44,401.78, the S&P 500 (^GSPC) gaining 0.27% to 6,280.37, and the tech-heavy Nasdaq Composite (^IXIC) leading the way with a 0.43% increase to 20,819.28.
The markets are consolidating near record highs as investors navigate multiple catalysts, including quarterly earnings, economic indicators, President Trump’s tariffs, and ongoing tensions between the White House and Federal Reserve Chair Jerome Powell. Wednesday saw volatile trading after reports that Trump might attempt to fire Powell, though markets stabilized after the President later downplayed these reports.
Economic Data Points to Resilient Consumer Spending
Recent economic data has provided a boost to market sentiment. Retail sales for June rose 0.6% from May and 3.5% year-over-year, significantly exceeding economists’ expectations of a 0.2% monthly increase. This strong performance suggests that Trump’s tariffs have not yet significantly impacted consumer spending habits.
Additionally, the labor market continues to show strength, with initial jobless claims falling to 221,000 for the week ending July 12, a decrease of 7,000 from the previous week. This marks the lowest level of weekly unemployment claims in three months, further supporting the narrative of a resilient U.S. economy.
Earnings Season Kicks into High Gear
The second-quarter earnings season is gaining momentum, with several major companies reporting results. Taiwan Semiconductor Manufacturing Company (TSM) posted a record quarterly profit early Thursday, citing stronger AI demand. The company’s shares rose approximately 2.36% in midday trading, providing a boost to other chipmaker stocks, including Nvidia (NVDA), which gained 0.94%.
PepsiCo (PEP) shares surged nearly 7% after the beverage maker reported better-than-expected quarterly results, including a surprise rise in revenue. The company also lowered its forecast for a drop in 2025 profit, signaling improved business conditions.
GE Aerospace (GE) traded higher after beating earnings expectations, while United Airlines (UAL) shares declined after the carrier reset its full-year profit outlook. Despite beating second-quarter earnings estimates, United’s revenue growth fell short of expectations. The airline now expects to post adjusted profit of $9 to $11 per share for 2025, below its initial guidance of $11.50 to $13.50 per share set at the beginning of the year.
Notable Stock Movers
Several stocks are making significant moves today:
Lucid Group (LCID) is the day’s standout performer, with shares soaring over 40% after the company announced a global robotaxi program developed for the Uber ride-hailing platform in partnership with Nuro.
Sarepta Therapeutics (SRPT) shares jumped nearly 20% following the company’s announcement of a restructuring plan that includes reducing its workforce by 36% (approximately 500 employees) and pausing several developmental projects. The move comes after the stock has lost about 80% of its value in 2025.
QuantumScape Corporation (QS) gained over 17% in midday trading, continuing its recent momentum in the electric vehicle battery sector.
Other notable gainers include Pagaya Technologies (PGY) up 22%, Monarch Casino & Resort (MCRI) rising nearly 20% after reporting better-than-expected second-quarter results, and Opendoor Technologies (OPEN) climbing 20%.
On the downside, Elevance Health (ELV) is the biggest loser among S&P 500 components, falling more than 13%, while Abbott Laboratories (ABT) dropped over 8% following its earnings report.
Upcoming Market Events to Watch
All eyes will be on Netflix (NFLX) as the streaming giant is set to report its second-quarter earnings after the market close today. This marks the beginning of Big Tech earnings season, with investors particularly focused on Netflix’s advertising and top-line growth metrics rather than subscriber numbers, which the company stopped reporting this year. Netflix shares have risen approximately 40% year-to-date, making its valuation a key topic of debate on Wall Street.
Market participants will also continue to monitor developments in President Trump’s campaign to remove Federal Reserve Chair Jerome Powell, which caused market volatility on Wednesday. While this issue appears to be on the “back burner” for now, any new developments could impact market sentiment.
Additionally, investors will be watching for any signs that Trump’s tariffs are beginning to affect corporate earnings or consumer behavior, though early indications from retail sales data and bank earnings suggest minimal impact thus far.
As the earnings season progresses, analysts expect S&P 500 companies to report a 5% increase in earnings per share during the second quarter, which would represent the slowest pace of earnings growth since the fourth quarter of 2023.
Market Outlook
Despite various challenges including tariff concerns and political tensions surrounding the Federal Reserve, the markets today are showing resilience, supported by strong economic data and generally positive corporate earnings. The midday market update reflects investor confidence in the ongoing economic expansion, with particular strength in technology and consumer sectors.
As the stock market today continues to navigate these complex factors, the focus will remain on earnings reports, economic indicators, and any policy developments from the White House. With major indexes trading near record highs, investors appear cautiously optimistic about the markets today, though they remain alert to potential risks on the horizon.
Ed Liston is a senior contributing editor at TheStockMarketWatch.com. An active market watcher and investor, Ed guides an independent team of experienced analysts and writes for multiple stock trader publications.