OPENING CALL

Stock futures and the dollar rose Thursday as investors appeared to push past renewed speculation regarding the future of Federal Reserve Chair Jerome Powell.

The expected higher open comes amid share-price gains by European tech companies after results from Taiwan Semiconductor Manufacturing Company showed demand for chips stayed strong.

TSMC's result proved supportive for Nvidia shares , which edged 0.9% higher Thursday.

HSBC analysts said that global equities may rise further in the near term.

"We believe the market is underestimating the potential for a big U.S. earnings beat in 2Q."

Trump, meanwhile, was expected to send letters to more than 100 countries outlining blanket unilateral tariff rates.

Investors will be tuned in to two sets of data Thursday. June reports on retail sales and import prices were expected later.

Economic Insight

Corporate earnings in 2Q could be lifted by a weaker dollar , HSBC said.

Stocks to Watch

Alcoa shares rose 0.9% after earnings topped analysts' expectations.

Archer Daniels Midland fell 5.2% after Trump said Coca-Cola agreed to use real cane sugar in the U.S.

MP Materials fell 5.8% after plans to sell $500 million of common stock in a public offering.

Netflix was up 0.4% ahead of its earnings print expected later.

Sarepta Therapeutics shares climbed 33% after it said it will undergo a restructuring.

U.S.-listed shares of Taiwan Semiconductor Manufacturing rose 4.3% after second-quarter net profit rose.

United Airlines shares fell 3.2% after it reported its 2Q result and revised its full-year guidance.

Watch For:

Retail Sales for June; Import Prices for June; Weekly Jobless Claims; 2Q earnings from GE Aerospace; Netflix; FRB San Francisco President Mary Daly participates in moderated discussion at the Rocky Mountain Economic Summit; Money Marketeers dinner event with Fed Governor Christopher Waller

Today's Top Headlines/Must Reads:

- China Threatens to Block Panama Ports Deal Unless Its Shipping Giant Is Part of It

- Microsoft Wants Your Poop to Lower Its Emissions

- Big Banks Are Spinning Market Chaos Into Gold -- Heard on the Street

MARKET WRAPS

Forex:

The dollar gained ground from Wednesday's decline after Trump played down reports the Fed chair's dismissal was imminent. The euro fell against the greenback.

Any move by the White House to remove Powell from the Fed was likely to damage the dollar .

Though there were no historical benchmarks to gauge the response, the Dollar Index could fall more than 5%.

Sterling edged higher versus the euro but remained weaker against a firmer dollar after the U.K.'s unemployment rate unexpectedly crept up and wage growth eased.

Bonds:

Treasury yields were positive, if little unchanged. Trump's One Big Beautiful Bill was projected to raise the U.S. primary deficit, T. Rowe Price said, adding this would put pressure on the long end of the Treasury curve.

Metals:

Gold prices and futures fell on a stronger dollar after Trump denied plans to fire the head of Fed.

"Although markets calmed after the president's remarks, uncertainty remains over possible political interference in the Fed," MUFG said.

Base metals slipped . The LME three-month copper futures fell as the U.S. dollar strengthened and investors unwound positions.

Energy:

Brent crude prices edged lower while WTI was flat as investors assessed demand signals and monitored global trade developments.

TODAY'S TOP HEADLINES

TSMC Profit Surges to Record Despite Tariff Cloud

Taiwan Semiconductor Manufacturing Co. delivered record profit in the second quarter, driven by continued robust chip demand for artificial-intelligence applications despite currency headwinds and the drag from U.S. tariff uncertainty.

The world's largest contract chip maker's robust results are the latest sign that the AI wave remains strong and that TSMC, which makes chips for some of the world's largest tech companies, including Nvidia and Apple, will continue to be a key beneficiary of the technological shift.

Novartis Launches Buyback of Up to $10 Billion, Lifts Profit Outlook

Novartis launched a share buyback of up to $10 billion and raised its full-year profit guidance after continued demand for key drugs fueled growth in second-quarter sales and earnings.

The Swiss pharmaceutical company is bracing for the patent expiration-and the arrival of generic competitors-for its heart drug Entresto, the group's best-selling medicine. The company said strong performances from recently launched drugs such as Pluvicto for prostate cancer and Scemblix for leukemia and a new indication for breast-cancer treatment Kisqali show the replacement power of its portfolio.

Samsung Leader Sheds Legal Woes After Yearslong Battle

SEOUL-Samsung Electronics chairman Lee Jae-yong, one of the most powerful individuals in the global tech industry, won a full reprieval Thursday in a protracted legal fight that overshadowed much of his time atop the South Korean conglomerate.

The 57-year-old Lee, who goes by Jay Y. Lee in the West, had faced a series of courtroom woes since he took the reins of Samsung from his then-ailing father in 2014. The following year a controversial merger of two Samsung affiliates-and the legal fallout from it-resulted in Lee's twice imprisonment, a presidential pardon and years of trials.

Trump Denies He Is Planning to Attempt to Fire Powell

WASHINGTON-President Trump denied that he was planning an attempt to fire Federal Reserve Chair Jerome Powell after polling Republican lawmakers during a closed-door meeting about whether he should oust him.

"We're not planning on doing anything," Trump told reporters at the White House, adding later, "I don't rule out anything, but I think it's highly unlikely. Unless he has to leave for fraud."

U.K. Unemployment Inches Higher as Cracks Emerge in Labor Market

The U.K.'s jobs market continued to cool in May, raising the pressure on the Bank of England to cut its key interest rate next month, despite last month's unexpected pickup in inflation.

Average weekly earnings excluding bonuses rose 5.0% from a year earlier in the three months to May, easing from 5.3% in April, the Office for National Statistics said Thursday. The unemployment rate crept up to 4.7% from 4.6%, above consensus expectations that it would hold steady, and the highest since April to June 2021.

Swiss Exports Slip as Frontrunning Fades, Strong Franc Hits Demand

Switzerland's exports fell in the second quarter as tariff frontrunning reversed and a strong franc likely squeezed demand.

Exports decreased 5.3% to 70.1 billion Swiss francs ($87.53 billion) over the quarter, from 74.0 billion francs in the first quarter, Swiss finance-department figures showed Thursday. Exports to the U.S. were down nearly 30%, reversing a sharp increase the previous quarter, when firms rushed to get orders in ahead of the anticipated package of U.S. trade tariffs announced in April by President Trump.

Senate Passes Bill to Cancel Funds for Foreign Aid, Public Media

The Senate passed a White House-endorsed plan to cancel $9 billion in federal funding for foreign-aid programs and public media after the Republican-led chamber blocked attempts to slim down the package in a marathon overnight voting session.

The measure was approved 51-48 at 2:30 a.m. on Thursday, largely along party lines, with Republican Sens. Susan Collins of Maine and Lisa Murkowski of Alaska joining Democrats in opposition. The bill now heads to the House, which must pass it by Friday or the executive branch is supposed to release the funding.

Crisis Spirals in Syria With Israeli Strikes on Damascus

Israeli warplanes struck Syrian military headquarters and near the presidential palace in Damascus on Wednesday, as sectarian clashes in the southern part of the country quickly spiraled into a crisis for Syria's new government.

Israel said it intervened to stop government attacks on the Druze, a religious minority community that spans the border between the two countries, carrying out a wave of airstrikes on Syrian government tanks and military convoys maneuvering in the south.

National-Security Concerns Tie Up Trump's U.A.E. Chips Deal

Some Trump administration officials are holding up efforts to finalize a landmark agreement that would open the door to the United Arab Emirates buying billions of dollars in Nvidia's cutting-edge artificial-intelligence chips, due to national-security concerns.

President Trump championed the agreement during a Middle East trip in May, and the sides hoped to work out the details quickly. Chip designer Nvidia looked forward to the sales.

Trump Lashes Out at Supporters for Fixating on 'Epstein Hoax'

WASHINGTON-President Trump lashed out at his own supporters for opposing his administration's decision not to release more material from the investigation into disgraced financier and convicted sex offender Jeffrey Epstein, accusing them of buying into a Democratic narrative.

"My PAST supporters have bought into this 'bull-,' hook, line, and sinker," Trump wrote on Truth Social on Wednesday morning. The president added: "I don't want their support anymore!"

Write to pierre.bertrand@wsj.com

TODAY IN CANADA

Earnings:

Nothing major scheduled

Economic Indicators $(ET)$:

0830 International transactions in securities

Stocks to Watch:

AutoCanada Announces Agreements to Divest 13 U.S. Dealerships; Remain Actively Engaged in the Divestiture of Remaining Four U.S. Dealerships

Alimentation Couche-Tard Announces Withdrawal of Proposal to Acquire Seven & I Holdings Due to Lack of Engagement; Continue to Believe Combination With Seven & I Holdings Would Create Global Leader in Convenience; Ito Family Hasn't Been Open to Any Conversation; Withdrawing Proposal Based on Persistent Lack of Good Faith Engagement

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July 17, 2025 06:08 ET (10:08 GMT)

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