On July 25, 2025, U.S. stock markets displayed a mixed performance, influenced by earnings reports from major banks and technology companies. The S&P 500 reached a new intra-day high, surpassing 6,300, but gradually gave back those gains, closing lower on the day. The Dow Jones Industrial Average lost over 430 points, while the Nasdaq Composite closed slightly higher. The Russell 2000 Index of small-cap stocks was particularly weak, losing 1.8% on the day. The day marked the unofficial start to the Q2 earnings season, with six major financial institutions reporting results. JPMorgan Chase reported Q2 earnings of $5.24 per share, a 17% decline from the previous year but exceeding Wall Street's estimate of $4.48 per share. Quarterly revenue was $45.68 billion, topping estimates of $44.06 billion. Citigroup also reported earnings, contributing to the day's market movements.
In the technology sector, Alphabet Inc. reported second-quarter 2025 earnings of $2.31 per share, beating the Zacks Consensus Estimate by 7.44% and growing 22.2% year over year. Revenues of $96.43 billion increased 13.8% year over year. ServiceNow Inc. reported adjusted earnings of $4.09 per share, surpassing the Zacks Consensus Estimate by 15.54% and increasing 30.7% year over year. Revenues of $3.22 billion beat the consensus mark by 3.02% and increased 22.4% year over year. Tesla Inc. reported earnings per share of $0.40, topping the Zacks Consensus Estimate of $0.39 but decreasing from the year-ago figure of $0.52. Total revenues of $22.5 billion surpassed the consensus mark of $22.4 billion but declined 12% year over year. Tesla's second-quarter production totaled 410,244 units, missing the consensus mark of 453,081 units. Consequently, stock prices of Alphabet and ServiceNow rose 1% and 4.2%, respectively, while Tesla's stock plummeted 8.2%.