Ford (NYSE: F) said its new electric midsize pickup will start at $28,350 and be called the Fathom. It is the first vehicle built on Ford’s Universal Electric Vehicle platform, arriving as EV demand slows and investors compare Ford’s 6.4% year-to-date gain with Tesla’s 29% YTD drop.
UBS analysts see the S&P 500 climbing to 8,100 by year-end, in a call that captures how dramatically sentiment has shifted. The options market supports the forecast, with more than 4 million S&P 500 call contracts traded Tuesday, a record. It’s greed over fear. Bloomberg Intelligence says traders appear more afraid of missing the next leg higher than getting caught in the next pullback.
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Investors worked through another round of tech earnings and kept one eye on the Middle East. Nasdaq-100 futures fell 0.9%, pressured by weakness in memory, storage, and app-monetization names, while S&P 500 futures hovered near the flatline. Traders watched for progress on a deal to reopen the Strait of Hormuz, a key energy chokepoint.
The bigger drag on the Nasdaq came from earnings. SanDisk (Nasdaq: SNDK) fell 9% after fiscal Q4 results failed to clear investor expectations, while AppLovin (Nasdaq: APP) tumbled 19% on mixed results. Western Digital (Nasdaq: WDC) slid 14% after its Q1 forecast disappointed, even though its quarterly results topped estimates.
On the economic front, initial jobless claims came in slightly better than expected, with 199,000 Americans filing for unemployment versus estimates of 203,000 and a prior reading of 198,000. The number points to a labor market that is cooling unevenly, complicating the rate-cut narrative after softer private payrolls earlier in the week.
Here’s a look at where things stand as of early-morning trading:
Dow Jones Industrial Average: 54,378 unchanged
Nasdaq Composite: 36,308 Down 0.21
S&P 500: 7,722 Down 0.01%
SanDisk (Nasdaq: SNDK) dragged tech lower after a rare split-screen report: blowout earnings, but revenue guidance that missed Wall Street’s elevated bar. In a stock up roughly 3,000% over the past year, anything short of perfect was enough to trigger selling. Jefferies cut its price target to $1,750 from $3,000 while keeping a Buy rating.
SpaceX (Nasdaq: SPCX) is staring down a major supply event as up to 911.5 million shares become eligible for sale today, equal to more than 140% of the current public float. The unlock comes after the stock fell 12% following earnings, even though revenue beat expectations and the company posted an unexpected AI profit. Additional unlocks are set for August 12 and again 20 days later, and more than 4 billion shares potentially tradable by year-end.
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Gerelyn Terzo is the author of dividend investing handbook "Dividend Investing Strategies: How to Have Your Cake & Eat It Too." A veteran financial journalist, she covers agri-finance for outlets like Global AgInvesting and the broader stock market and personal finance for 24/7 Wall Street. She began at CNBC and later helped launch Fox Business in New York. Gerelyn currently resides in Woodland Park, Colorado and dabbles in nature photography as a hobby.
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