Equities Hitting New Highs
July 21, 2025
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The S&P 500 Index hit new highs last week, with that momentum continuing this morning as equities and rates rally.1 The news flow appeared to be in the summer doldrums over the weekend, as headlines were light. One significant event to note was the election in Japan, where the results were as expected.2
The kickoff to earnings season and economic data continue to be resilient. Markets are still cautiously optimistic, as investors monitor trade deals with Europe, India and Japan. The upcoming August 1 tariff deadline remains in focus, though investors largely anticipate it will be extended or resolved before taking effect.
This week, the focus will be on earnings and management guidance for the remainder of the year, especially as it pertains to the consumer. Notable economic reports this week include the following: U.S. leading economic indicators report today; the Federal Reserve (Fed) Bank of Philadelphia and the Richmond Fed business condition surveys for the non-manufacturing sector on Tuesday; existing home sales on Wednesday; and initial jobless claims as well as new home sales on Thursday.3-5
Sources:
1Investopedia – Dow Jones Today: Stock Futures Rise to Kick Off Heavy Week of Earnings Reports; 7/21/25
2PBS News – Prime Minister Ishiba’s coalition loses majority in Japan’s upper house election; 7/20/25
3MarketWatch – U.S. Economic Calendar; as of 7/21/25
4Federal Reserve Bank of Philadelphia – Nonmanufacturing Business Outlook Survey Release Dates; as of 7/21/25
5Federal Reserve Bank of Richmond – Fifth District Survey of Manufacturing Activity Release Schedule; as of 7/21/25
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