Stock market today: Dow, S&P 500, Nasdaq futures rise as earnings flood in, jobs data on deck

Of the notable drugmakers reporting earnings Tuesday, AstraZeneca rose almost 2% and Merck fell nearly 4% before the market open.

British drugmaker AstraZeneca reported second quarter revenue ahead of expectations Tuesday, with its cancer drugs helping fuel sales for the period.

Meanwhile, fellow pharma giant Merck reported earnings below Wall Street’s projections, according to Bloomberg consensus data, and revenue from its HPV vaccine Gardasil was also less than expected amid continued headwinds in China.

Investors are also bracing for patents for its drug Keytruda (which accounted for roughly half of its second quarter revenue) to expire in 2028.

Also on Tuesday, Danish drugmaker Novo Nordisk (NVO) plummeted roughly 20%. The firm cut its 2025 revenue and profit outlook, pointing to lower than expected sales growth of its obesity drug Wegovy in the US, ahead of its second quarter earnings results slated for Aug. 6.

The Justice Department is putting American companies on notice that they could be prosecuted if they chose to evade President Trump’s tariffs, even as the legality of the president’s “Liberation Day” duties remain unsettled in US courts.

Yahoo Finance’s Alexis Keenan reports:

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Nvidia (NVDA) led the Big Tech “Magnificent Seven” stocks higher on Tuesday before the market open, climbing 1.4%.

The gain came after Reuters reported that the AI chipmaker had ordered 300,000 H20 chips from its contract manufacturer TSMC.

“This supports our theory that there is enormous pent-up demand for NVDA chips from China right now,” Hedgeye Risk Management analyst Felix Wang wrote in a note to clients.

Meanwhile, Microsoft (MSFT), Meta (META), and Amazon (AMZN) rose fractionally ahead of their quarterly earnings reports later this week. Apple (AAPL), Google (GOOG), and Tesla (TSLA) traded down less than 1%.

Economic data: S&P CoreLogic 20-city home price index (May); Conference Board consumer confidence, July; Job Openings and Labor Turnover Survey (June); Dallas Fed services activity (July)

Earnings: Boeing (BA), Booking Holdings (BKNG), Caesars (CZR), Cheesecake Factory (CAKE), Merck (MRK), PayPal (PYPL), Procter & Gamble (PG), Spotify (SPOT), Starbucks (SBUX), SoFi (SOFI), UnitedHealth Group (UNH), UPS (UPS), Visa (V)

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UnitedHealth stock falls after reporting mixed Q2 earnings

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Here are some top stocks trending on Yahoo Finance in premarket trading:

UPS (UPS) stock fell over 2% before the bell on Tuesday after reporting a drop in second-quarter profit and revenue, as demand took a hit from new “de minimis” tariffs on low-value Chinese shipments and mounting risks from President Donald Trump‘s trade policies.

Whirlpool (WHR) stock fell premarket on Tuesday. after the appliance maker slashed its earnings outlook the day prior.

Royal Caribbean (RCL) stock rose 4% before the bell after raising its annual profit forecast on Tuesday, banking on resilient demand for the cruise operator’s high-end private island destinations and premium sailings.

Wall Street’s busiest week of the summer is turning out to be an inflection point. Yahoo Finance’s Hamza Shaban explains why in today’s Morning Brief:

Read more here.

Spotify (SPOT) shares fell as much as 10% in early premarket trading Tuesday after the company missed second quarter earnings and revenue expectations.

The results follow a remarkable 120% rally over the past year, as the stock rebounded from 2022 lows on the back of price hikes, cost cuts, and investor enthusiasm for AI and advertising.

Spotify hit a record high of $738.45 earlier this month, but shares slid to around $635 immediately following the results.

Spotify reported second quarter revenue of €4.19 billion ($4.86 billion), missing analyst expectations of €4.27 billion, though up from €3.81 billion in the same period last year.

The company posted an adjusted loss of €0.42 ($0.49) per share, sharply missing forecasts for a profit of €1.97 and down from earnings of €1.33 in Q2 2024.

“Outsized currency movements during the quarter impacted reported revenue by €104 million vs. guidance,” the company said in the earnings release.

Operating income also fell short of expectations in the quarter, though subscriber metrics for both premium and ad-supported tiers came in ahead of estimates. Gross margins of 31.5% came in as expected.

Spotify’s massive rally heading into the earnings report was fueled by a sweeping business overhaul, including layoffs, leadership changes, and a pullback from costly podcast exclusivity.

After spending $1 billion to build out its podcast business, the company has since scaled back and narrowed its focus. Still, it remains committed to the medium, paying over $100 million to creators in Q1 alone, including high-profile names like Joe Rogan and Alex Cooper.

Read more here.

Shares of UnitedHealth Group (UNH) fell nearly 3% after its quarterly results before the bell painted a mixed picture.

Yahoo Finance’s Anjalee Khemlani reports:

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Shares in drugmaker Sarepta (SRPT) rocketed up over 30% in premarket after the embattled company got the FDA’s go-ahead to resume shipments of its Elevdis gene therapy.

The greenlight comes after Sarepta put a voluntary pause on shipments for some patients while the US regulator reviewed its safety following deaths. The FDA on Monday recommended that the compa lift that halt.

Sarepta’s stock is poised to build on a 16% gain on Monday, continuing a recent volatile spell triggered by changing fortunes for its best-selling product.

AP reports:

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Reuters reports:

Nvidia placed orders for 300,000 H20 chipsets with contract manufacturer TSMC last week, two sources said, with one of them adding that strong Chinese demand had led the U.S. firm to change its mind about just relying on its existing stockpile.

Read more here.

Oil maintained gains following Trump putting pressure on Russia over the war in Ukraine with economic sanctions against Putin’s government on the table.

Bloomberg reports:

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