Chips Get a Pact, Biotech Gets a Panic

Good morning, folks. Call it a tale of two tickers: Revvity stumbled on soft guidance while Tesla took off on a $16B chip deal. Not every rally wears the same suit.

The Nasdaq’s still twirling, but earnings landmines are popping beneath the floorboards.

Still, it’s not all smoke. Oil’s steady, bond yields are calm, and smart tech bets haven’t left the building... yet.

Let’s cut through the noise and find the signal. Here are your Morning Bullets.

– Truly yours, Fred Frost

📈 Yesterday's Market Recap

Markets closed higher yesterday as the EU-US trade framework eased some tariff fears, boosting investor sentiment while corporate earnings provided a solid floor. The S&P notched another record, though oil edged lower on mixed trade signals.

• S&P 500 Hits Record Close: Futures ticked up modestly after the index's latest high, digesting the tariff deal's implications. → Reuters


• Oil Prices Dip Slightly: Brent and WTI fell marginally as traders parsed the EU-US agreement and awaited Fed moves. → StockTwits


• Euro Rises on Deal Optimism: Investor sentiment improved post-announcement, lifting the currency amid hopes for stabilized trade. → Fox Business


• AstraZeneca Beats Estimates: Strong oncology sales drove Q2 results, with shares up premarket. → Nasdaq.com

📈 Daily Performance Snapshot

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🔭 What to Watch Today

With the Fed's policy meeting kicking off today, expect focus on rate signals amid tariff talks, any hint of cuts could sway equities, while ongoing US-China discussions in Stockholm might extend the truce.

💡 Opportunity Watch

Tariff adjustments are reshaping trade flows, creating pockets of value in energy exports and undervalued exporters, smart investors might spot the underdogs here before the herd catches on.

• US Energy Stocks (XLE): EU's $750B commitment to American energy could fuel gains for exporters. → Fortune
• UK Exporters (EWU): Lower 10% tariffs versus EU's 15% position British goods favorably in US markets. → CNBC
• Used Car Retailers (CVNA): Tariff-driven demand for affordable vehicles boosts sales outlook. → Axios

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🔥 The Big Bullet

Tech Dances, Biotech Trips: Market Starts Week Split

What happened: Markets opened the week with a cocktail of cautious optimism and sectoral whiplash. Revvity, a major diagnostics and lab-equipment player, dropped 8.3% after issuing weaker-than-expected profit guidance. Meanwhile, Tesla surged over 3% following a $16.5 billion chip deal with Samsung, adding fuel to the tech rally. The broader indexes edged higher—though without conviction—as investors braced for earnings from the usual suspects: Apple, Amazon, Meta, and Microsoft. Treasurys held their ground, but the mood felt more fragile than the scoreboard suggested. → AP

Why it matters: When a lab-tech bellwether like Revvity stumbles while chip optimism drives speculative highs, that’s not “rotation”—it’s dissonance. Beneath the index-level gains, there’s clear separation between companies with pricing power and those selling into oversaturated, rate-sensitive markets. Investors hoping the Magnificent Seven can carry another quarter might want to peek at what's cracking in the middle tiers. Guidance is softening. Margin pressure is creeping. And bond yields aren’t blinking.

What’s next: The next few sessions will test whether Big Tech’s earnings can validate lofty valuations or just patch over fragility. Eyes should be on Revvity’s peers for confirmation of sector stress—especially in life sciences and diagnostics. With the Fed’s September meeting drawing closer and a potential rate cut creeping into forecasts, any hawkish tone from economic data (particularly Friday’s PCE report) could snuff out this rally fast. Stick with high-cash-flow names, hedge any speculative exposure, and watch Treasury auctions for signs of institutional nerves.

• Markets tread water ahead of tech earnings barrage – Reuters
• Fed May Open Door To Rate Cut After EU Tariff Deal – Investor's Business Daily
• Big Tech’s Big Week: Four Giants Set To Report – Yahoo!

🧭 Policy & Market Ripples

• Gen Z's Management Myth: Despite talk of 'unbossing,' data shows they're climbing ranks like prior generations, drawn by 11 percent pay bumps. → Fortune
• Senate Nominee Backlog: Republicans push to speed Trump's confirmations amid Democratic delays, eyeing recess appointments. → Daily Signal
• Trump Fast‑Tracks Russian Oil Sanctions: U.S. shortens enforcement window to just 10–12 days, triggering a near 3% surge in oil and elevating geopolitical risk for key buyers. → Reuters
• Fed Divided Ahead of FOMC Decision: Split among officials over whether to cut rates now or wait for clearer labor and inflation signals heading into the July 29–30 meeting. → WSJ