Google Rallies, Tesla Slips, ECB in Focus as Markets Gear Up

24 July 2025

Markets open Thursday with a clear sense of optimism, especially across stock indices, after a wave of key earnings reports yesterday. The standout names — Google, Tesla, T-Mobile US, and IBM — all posted results, and reactions are split across the board.

Google beat expectations and is trading 2.4% higher in pre-market, fueling a bullish tone.
Tesla also beat, but guidance and market reaction are negative — the stock is down over 5.5% pre-market.
T-Mobile US is surging, up 5% pre-market after strong results.
IBM, despite beating on earnings, is down 5% pre-market, echoing Tesla's reaction.

On the macro side, Thursday is packed. After a quiet Wednesday, today delivers a full slate of data:

PMIs from major global economies — key indicators of business sentiment and economic momentum.
Retail sales from Canada, with a forecast of -0.9%, will test the resilience of the CAD.
And most notably, an ECB interest rate decision. No changes are expected, with rates likely to remain at 2.15%, but guidance and tone from the press conference will be crucial for EUR sentiment.

On the currency front, the U.S. dollar trades flat, but overall remains weak on the week. The Australian dollar and Japanese yen are showing relative strength early in the session.

Commodities are mixed:

Oil remains stuck in a sideways range, still lacking a breakout in either direction.
In metals, attention is shifting back to gold, where price appears to be rejected again from long-term horizontal resistance.
- Yesterday’s bearish engulfing may be the start of a larger correction, so traders should watch for follow-through today.

With earnings, ECB, PMIs, and retail data on deck, Thursday is likely the most volatile trading day of the week.