Stock futures are mixed in premarket trading as investors digest big Tech earnings from last night and watch for more.
Tesla (TSLA) shares are down after the EV maker reported declining sales for a second consecutive quarter; Google parent Alphabet (GOOGL) is moving higher after the search giant reported strong quarterly revenue and profit; Chipotle Mexican Grill (CMG) shares are falling after it projected flat same-store sales growth for the year; President Donald Trump said that tariffs would be between 15% and 50% on many countries as the U.S. continues to negotiate trade with the European Union on import taxes.
Here’s what investors need to know today.
1. Stock Futures Mixed as Investors Watch Corporate Earnings
Stock futures are mixed in premarket trading as investors watch corporate earnings and continue to monitor updates to U.S. trade policy. S&P 500 futures are little changed after the benchmark index rose 0.8% to hit a record high in the prior session. Nasdaq-100 futures gained 0.2%, while Dow Jones Industrial Average futures are lower by 0.4%. Bitcoin (BTCUSD) is little changed to trade at a bit below $119,000. Yields on the 10-year Treasury note are rising to around 4.4%. Oil futures are higher by nearly 1% while gold futures moved lower.
2. Tesla Shares Drop as Revenue Falls, Musk Sees ‘Rough Quarters’
Tesla shares are lower by nearly 6% in premarket trading after the electric vehicle maker posted second-quarter earnings that missed analysts’ expectations as sales fell for the second straight quarter. Tesla reported adjusted earnings per share of $0.40 on revenue that fell 12% year-over-year, below estimates compiled by Visible Alpha. CEO Elon Musk told investors on Tesla’s earnings call that the company could also have a “few rough quarters” ahead with EV credits in the U.S. set to expire after the passage of the “One Big Beautiful Bill” signed by President Donald Trump earlier this month.
3. Google Grows Revenue, Profits as AI Drives Momentum for Search Giant
Google parent Alphabet reported second-quarter revenue and profit that beat analysts’ expectations, driven by rising cloud and search sales, and lifted its outlook for capital spending this year. The search giant’s revenue grew 14% year-over-year, above the Visible Alpha analyst consensus, while net income rose to $2.31 per share, up from $1.89 per share a year earlier. Google Cloud revenue jumped 32%, while Search and Other revenue grew 12%, both above estimates. “AI is positively impacting every part of the business, driving strong momentum,” CEO Sundar Pichai said. Alphabet shares are higher by more than 3% in premarket trading.
4. Chipotle Plummets on Scaled Back Same-Store Sales Outlook
Shares of Chipotle Mexican Grill (CMG) are falling by more than 10% in premarket trading after the burrito chain scaled back its same-store sales outlook. Chipotle said second-quarter revenue rose 3% year-over-year while adjusted earnings per share came in at $0.33, both in line with Visible Alpha consensus estimates.The chain also reported that comparable-restaurant sales fell 4%, while projecting same-store sales to come in “about flat” this year. That’s down from the “low single digit” growth rate it projected when it turned in first-quarter results, possibly raising questions about the dining business and the road ahead for consumer spending.
5. Trump Says Countries Will Face Tariffs Between 15% and 50%
Trump said that reciprocal tariffs on U.S. trading partners would range from 15% to 50%, coming as negotiations with the European Union continue. “We’ll have a straight, simple tariff of anywhere between 15% and 50%,” Trump said Wednesday, according to a report from Bloomberg. His comments suggested that countries will face a baseline tariff of 15%, coming after he and other officials had suggested that some trading partners could see tariffs as low as 10%. Trump’s comments follow the announcement of 15% tariffs on Japan.
