Market Recap (July 20–July 26, 2025)
-**United States**:
- The S&P 500 hit record highs, driven by strong economic data, including robust retail sales, and positive corporate earnings.[](https://www.blackrock.com/us/individual/insights/blackrock-investment-institute/weekly-commentary)
[](https://www.edwardjones.com/us-en/market-news-insights/stock-market-news/stock-market-weekly-update)
- Trade deal announcements with Japan, Indonesia, and the Philippines, alongside progress in US-EU talks, boosted market sentiment ahead of the August 1 tariff deadline.
[](https://www.troweprice.com/personal-investing/resources/insights/global-markets-weekly-update.html)[](https://www.edwardjones.com/us-en/market-news-insights/stock-market-news/stock-market-weekly-update)
- Mixed earnings from the "Magnificent Seven": Alphabet (+4.38%) beat estimates, while Tesla (-4.12%) disappointed.
[](https://www.troweprice.com/personal-investing/resources/insights/global-markets-weekly-update.html)
- Existing home sales dropped 2.7% in June, with median home prices reaching a record $435,300 due to high mortgage rates and low supply
.[](https://www.troweprice.com/personal-investing/resources/insights/global-markets-weekly-update.html)
- US Treasury yields fluctuated but ended lower, with the 10-year yield at 4.38%.
[]
(https://www.troweprice.com/personal-investing/resources/insights/global-markets-weekly-update.html)[]
(https://www.edwardjones.com/us-en/market-news-insights/stock-market-news/daily-market-recap)
- American Airlines reported record Q2 revenue ($14.4 billion) but issued cautious Q3 guidance, causing a 5%+
stock drop.
**Europe**:
- European shares slipped due to mixed earnings but were supported by optimism over US-EU trade deal progress before the August 1 deadline.[](https://www.reuters.com/markets/europe/)
- The European Central Bank (ECB) is expected to hold rates steady, with markets watching for signals of potential easing later in 2025.
[](https://www.blackrock.com/us/individual/insights/blackrock-investment-institute/weekly-commentary)
- European indices outperformed the US year-to-date, despite a pause in the rally last week.[]
(https://www.edwardjones.com/us-en/market-news-insights/stock-market-news/daily-market-recap)
- **Japan**:
- The yen strengthened after the Liberal Democratic Party-Komeito coalition lost its majority in the July 20 Upper House election, fueling speculation about Prime Minister Shigeru Ishiba’s resignation.[]
(https://www.troweprice.com/personal-investing/resources/insights/global-markets-weekly-update.html)
- The 10-year Japanese government bond yield rose to 1.59% from 1.53%.[]
(https://www.troweprice.com/personal-investing/resources/insights/global-markets-weekly-update.html)
- Tokyo’s core CPI rose 2.9% year-on-year in July, below expectations (3.0%), but inflation remains above the Bank of Japan’s (BoJ) 2% target, raising rate hike speculation.[](https://www.troweprice.com/personal-investing/resources/insights/global-markets-weekly-update.html)
- Japan’s services PMI expanded, but manufacturing PMI contracted due to tariff concerns, though the US-Japan trade deal eased some uncertainty.[](https://www.troweprice.com/personal-investing/resources/insights/global-markets-weekly-update.html)
- **China**:
- Mainland Chinese markets (CSI 300 +1.69%, Shanghai Composite +1.67%) and Hong Kong’s Hang Seng (+2.27%) rose on hopes of a US-China tariff truce extension.[](https://www.troweprice.com/personal-investing/resources/insights/global-markets-weekly-update.html)
- US Treasury Secretary Scott Bessent will meet Chinese officials in Stockholm for trade talks, following a 90-day tariff pause in May.[](https://www.troweprice.com/personal-investing/resources/insights/global-markets-weekly-update.html)
- Industrial profits fell 1.8% in the first half of 2025, signaling economic challenges.[](https://www.reuters.com/markets/)
Key Events to Watch Next Week (July 27–August 1, 2025)
- **United States**:
- **Federal Reserve Meeting (FOMC)**: Interest rate decision and Fed Chair Jerome Powell’s comments on rates and trade policies will be critical. Markets expect rates to remain unchanged.[](https://www.edwardjones.com/us-en/market-news-insights/stock-market-news/stock-market-weekly-update)[](https://www.schwab.com/learn/story/stock-market-update-open)
- **Q2 GDP First Estimate**: Will provide insight into economic growth amid tariff uncertainties.[](https://www.edwardjones.com/us-en/market-news-insights/stock-market-news/stock-market-weekly-update)
- **Nonfarm Payrolls and PCE Inflation**: Key indicators for consumer health and inflation trends.[](https://www.edwardjones.com/us-en/market-news-insights/stock-market-news/stock-market-weekly-update)
- **US-EU Trade Deadline (August 1)**: Progress on a trade deal could reduce tariff risks and boost markets.[](https://www.edwardjones.com/us-en/market-news-insights/stock-market-news/stock-market-weekly-update)
- **Treasury Auctions**: Will influence bond yields and market liquidity.[]
(https://www.schwab.com/learn/story/stock-market-update-open)
- **Europe**:
- **ECB Policy Decision**: Expected to hold rates steady, with focus on signals for future easing.[]
(https://www.blackrock.com/us/individual/insights/blackrock-investment-institute/weekly-commentary)
- **Corporate Earnings**: Continued earnings reports may drive sector-specific volatility.[]
(https://www.reuters.com/markets/europe/)
- **Japan**:
- **Bank of Japan Rate Decision**: Investors will watch for signals of a potential rate hike given persistent inflation.
[](https://www.troweprice.com/personal-investing/resources/insights/global-markets-weekly-update.html)
- **Political Developments**: Ongoing uncertainty around Prime Minister Ishiba’s leadership could impact the yen
and markets.[](https://www.troweprice.com/personal-investing/resources/insights/global-markets-weekly-update.html)
- **China**:
- **US-China Trade Talks in Stockholm**: Outcomes could influence market sentiment and tariff policies.[]
(https://www.troweprice.com/personal-investing/resources/insights/global-markets-weekly-update.html)
- **Economic Data**: PMI data and industrial profit updates will shed light on economic recovery.[]
(https://www.troweprice.com/personal-investing/resources/insights/global-markets-weekly-update.html)
Key Companies’ Earnings Reports to Watch
- **July 28**: WM (Waste Management), Nucor (NUE), Whirlpool (WHR).[]
(https://www.schwab.com/learn/story/stock-market-update-open)
- **July 29**
: AstraZeneca (AZN), Stellantis (STLA), Boeing (BA), Booking (BKNG), Merck (MRK), PayPal (PYPL),
Procter & Gamble (PG), Royal Caribbean (RCL), Spotify (SPOT), UnitedHealth (UNH), UPS (UPS), Starbucks
(SBUX), Visa (V).[](https://www.schwab.com/learn/story/stock-market-update-open)
- **July 30**:
Altria (MO), Kraft Heinz (KHC), Humana (HUM), Etsy (ETSY), Microsoft (MSFT), Meta Platforms (META),
Qualcomm (QCOM), Arm Holdings (ARM), Lam Research (LRCX), Carvana (CVNA), Allstate (ALL), Ford (F), MGM (MGM).
[](https://www.schwab.com/learn/story/stock-market-update-open)
- **July 31**
- **Key Focus**:
- **Magnificent Seven (Microsoft, Meta, Amazon)**: Expected to drive significant market moves due to their Q2 earnings growth projection of 14%.[](https://www.jhinvestments.com/weekly-market-recap)
- **Procter & Gamble (PG)**: Analysts expect modest Q4 earnings ($1.42/share, +1.4% YoY) but focus on fiscal 2026 guidance amid tariff impacts.[](https://www.kiplinger.com/investing/stocks/17494/next-week-earnings-calendar-stocks)
- **Boeing (BA)**: Earnings will be scrutinized for updates on production and supply chain issues.[](https://www.schwab.com/learn/story/stock-market-update-open)
---
Traditional Chinese: 市場回顧與未來事件
上週市場回顧（2025年7月20日–7月26日）
- **美國**：
- 標普500指數創歷史新高，受強勁零售銷售數據和正面企業財報推動。
[](https://www.blackrock.com/us/individual/insights/blackrock-investment-institute/weekly-commentary)[](https://www.edwardjones.com/us-en/market-news-insights/stock-market-news/stock-market-weekly-update)
- 與日本、印尼和菲律賓達成貿易協議，以及美國與歐盟談判進展，提振市場情緒，8月1日關稅截止日期即將到來。[](https://www.troweprice.com/personal-investing/resources/insights/global-markets-weekly-update.html)[](https://www.edwardjones.com/us-en/market-news-insights/stock-market-news/stock-market-weekly-update)
- “Magnificent Seven”財報表現不一：Alphabet上漲4.38%，超出預期；特斯拉下跌4.12%，未達預期。[](https://www.troweprice.com/personal-investing/resources/insights/global-markets-weekly-update.html)
- 6月現有房屋銷售下降2.7%，中位房價創紀錄達到435,300美元，受高抵押貸款利率和供應不足影響。[](https://www.troweprice.com/personal-investing/resources/insights/global-markets-weekly-update.html)
- 美國國債收益率波動後走低，10年期收益率為4.38%。[](https://www.troweprice.com/personal-investing/resources/insights/global-markets-weekly-update.html)[](https://www.edwardjones.com/us-en/market-news-insights/stock-market-news/daily-market-recap)
- 美國航空報告第二季度創紀錄收入（144億美元），但第三季度展望謹慎，導致股價下跌超5%。
- **歐洲**：
- 歐洲股市因財報表現不一而下滑，但對美國-歐盟貿易協議進展的樂觀情緒提供支撐，8月1日為關稅截止日期。[](https://www.reuters.com/markets/europe/)
- 歐洲央行（ECB）預計維持利率不變，市場關注2025年晚些時候是否放鬆政策的信號。[](https://www.blackrock.com/us/individual/insights/blackrock-investment-institute/weekly-commentary)
- 歐洲指數年內表現優於美國，儘管上週漲勢暫停。[](https://www.edwardjones.com/us-en/market-news-insights/stock-market-news/daily-market-recap)
- **日本**：
- 日圓因7月20日參議院選舉執政自民黨-公明黨聯盟失去多數席位而走強，市場猜測首相石破茂可能辭職。[](https://www.troweprice.com/personal-investing/resources/insights/global-markets-weekly-update.html)
- 10年期日本國債收益率從1.53%升至1.59%。[](https://www.troweprice.com/personal-investing/resources/insights/global-markets-weekly-update.html)
- 東京核心CPI年增2.9%，低於預期3.0%，但通脹仍高於日本央行2%目標，引發加息猜測。[](https://www.troweprice.com/personal-investing/resources/insights/global-markets-weekly-update.html)
- 日本服務業PMI擴張，但製造業PMI因關稅擔憂而收縮，美日貿易協議緩解部分不確定性。[](https://www.troweprice.com/personal-investing/resources/insights/global-markets-weekly-update.html)
- **中國**：
- 內地股市（滬深300指數+1.69%，上證指數+1.67%）和香港恆生指數（+2.27%）因美中關稅休戰延長希望而上升。[](https://www.troweprice.com/personal-investing/resources/insights/global-markets-weekly-update.html)
- 美國財政部長Scott Bessent將在斯德哥爾摩與中國官員會面進行貿易談判，此前5月達成90天關稅暫停。[](https://www.troweprice.com/personal-investing/resources/insights/global-markets-weekly-update.html)
- 上半年工業利潤下降1.8%，顯示經濟挑戰。[](https://www.reuters.com/markets/)
#### 下週關鍵事件（2025年7月27日–8月1日）
- **美國**：
- **聯邦儲備會議（FOMC）**：利率決定及聯儲主席鮑威爾對利率和貿易政策的評論至關重要，市場預期利率不變。[](https://www.edwardjones.com/us-en/market-news-insights/stock-market-news/stock-market-weekly-update)[](https://www.schwab.com/learn/story/stock-market-update-open)
- **第二季度GDP初值**：將提供經濟增長洞察，特別是在關稅不確定性下。[](https://www.edwardjones.com/us-en/market-news-insights/stock-market-news/stock-market-weekly-update)
- **非農就業和PCE通脹數據**：消費者健康和通脹趨勢的關鍵指標。[](https://www.edwardjones.com/us-en/market-news-insights/stock-market-news/stock-market-weekly-update)
- **美歐貿易截止日期（8月1日）**：貿易協議進展可能降低關稅風險並提振市場。[](https://www.edwardjones.com/us-en/market-news-insights/stock-market-news/stock-market-weekly-update)
- **國債拍賣**：將影響債券收益率和市場流動性。[](https://www.schwab.com/learn/story/stock-market-update-open)
- **歐洲**：
- **歐洲央行政策決定**：預計維持利率不變，關注未來放鬆政策的信號。[](https://www.blackrock.com/us/individual/insights/blackrock-investment-institute/weekly-commentary)
- **企業財報**：持續的財報可能引發特定行業波動。[](https://www.reuters.com/markets/europe/)
- **日本**：
- **日本央行利率決定**：投資者關注持續通脹下可能的加息信號。[](https://www.troweprice.com/personal-investing/resources/insights/global-markets-weekly-update.html)
- **政治發展**：首相石破茂領導的不確定性可能影響日圓和市場。[](https://www.troweprice.com/personal-investing/resources/insights/global-markets-weekly-update.html)
- **中國**：
- **美中斯德哥爾摩貿易談判**：結果可能影響市場情緒和關稅政策。[](https://www.troweprice.com/personal-investing/resources/insights/global-markets-weekly-update.html)
- **經濟數據**：PMI數據和工業利潤更新將揭示經濟復甦情況。[](https://www.troweprice.com/personal-investing/resources/insights/global-markets-weekly-update.html)
#### 需關注的關鍵公司財報
- **7月28日**：WM（廢物管理）、Nucor（NUE）、Whirlpool（WHR）。[](https://www.schwab.com/learn/story/stock-market-update-open)
- **7月29日**：AstraZeneca（AZN）、Stellantis（STLA）、波音（BA）、Booking（BKNG）、默克（MRK）、PayPal（PYPL）、寶潔（PG）、皇家加勒比（RCL）、Spotify（SPOT）、聯合健康（UNH）、UPS（UPS）、星巴克（SBUX）、Visa（V）。[](https://www.schwab.com/learn/story/stock-market-update-open)
- **7月30日**：Altria（MO）、卡夫亨氏（KHC）、Humana（HUM）、Etsy（ETSY）、微軟（MSFT）、Meta Platforms（META）、高通（QCOM）、Arm Holdings（ARM）、Lam Research（LRCX）、Carvana（CVNA）、Allstate（ALL）、福特（F）、美高梅（MGM）。[](https://www.schwab.com/learn/story/stock-market-update-open)
- **7月31日**：亞馬遜（AMZN）。[](https://www.kiplinger.com/investing/stocks/17494/next-week-earnings-calendar-stocks)
- **重點關注**：
- **Magnificent Seven（微軟、Meta、亞馬遜）**：預計第二季度財報增長14%，將顯著影響市場。[](https://www.jhinvestments.com/weekly-market-recap)
- **寶潔（PG）**：分析師預計第四季度每股收益1.42美元（年增1.4%），但關注2026財年指引及關稅影響。[](https://www.kiplinger.com/investing/stocks/17494/next-week-earnings-calendar-stocks)
- **波音（BA）**：財報將受生產和供應鏈問題更新的密切關注。[](https://www.schwab.com/learn/story/stock-market-update-open)
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