Global Markets React to Economic Data and Earnings

Asia-Pacific stock markets were mostly higher on Thursday as investors reacted to Japan's second consecutive month of export decline and U.S. President Donald Trump's statements on firing Federal Reserve Chairman Jerome Powell. Singapore's stocks hit a fresh high, while shares in Seven & i Holdings plummeted after Couche-Tard withdrew its $47 billion takeover bid.

The U.S. producer price index was flat in June, but this doesn't necessarily mean the U.S. economy is unscathed from tariffs imposed by President Donald Trump. The PPI measures prices at the manufacturer level, excluding imports, whereas the consumer price index (CPI) includes all goods and services purchased by consumers, regardless of origin. Other news includes Couche-Tard withdrawing its $47 billion bid for Seven & i, U.S. stocks rising despite a rocky day, crypto bills passing in Congress, TSMC's 61% surge in second-quarter profit, ether outperforming bitcoin, and Meta and Google laying subsea cables to meet growing bandwidth demand.

The stock market rose on Thursday, July 17, 2025, with the S&P 500, Nasdaq Composite, and Dow Jones Industrial Average all closing at record highs. The gains were driven by positive economic data, including a decrease in initial jobless claims and a rise in retail sales, as well as strong corporate earnings reports. PepsiCo and United Airlines were among the companies that beat earnings expectations, while Netflix and Johnson & Johnson also saw their shares rise on positive analyst reports. However, not all stocks performed well, with Elevance Health and Starbucks experiencing declines.

U.S. stock futures fell on Thursday morning after a winning day on Wednesday when President Donald Trump denied firing Jerome Powell as Federal Reserve chairman. The Dow Jones Industrial Average, S&P 500, and Nasdaq Composite all rose on Wednesday despite initial volatility after a White House official suggested Trump might fire Powell. Analysts expect earnings reports to be a key market catalyst, with positive reports expected from tech leaders. Traders will also watch weekly jobless claims, retail sales, and export and import price indexes on Thursday.