Trump visits the FED and US PMIs come in mixed – Market wrap for the North American session - July 24

[Ben Graham]

What appeared to be market anxed for the Alphabet (Google) earnings seems to have a bit more legs to it.

Markets have formed some kind of intermediate top in today's session with the mixed US PMIs leading to the Dow retracting off of a retest of its all-time highs, closing the session down about 0.70%

The S&P 500 however loved the beat on the Services PMI but still retracted throughout the afternoon session back to negative territory (close to unchanged)

The Nasdaq has wicked three times just above its previous ATH (marking highs at 23,294 on its CFD) but the bigger picture still looks like a double top – at least for now.

You can track some intraday levels for the key US Indices right here with the details of the PMIs is on the same page.

One of the highlights for the day was not the ECB's Rate decision which was kept unchanged but the ongoing visit of Donald Trump at the Federal Reserve's construction site that you can watch live right here – Trump had criticized the $2.5 Billion cost of the renovations and isn't the biggest fan of how the FED takes their decisions so this might be fun to watch.

Read More: Silver maintains around 2011 levels – Technical update

Commodities, metals and indices haven't really showed any clear picture of the market mood today, with what seems to be some profit taking. Cryptos were also quite mixed.

Only Oil and Nat Gas posted a decent up-day and on the reverse, Palladium and Gold got sold off the most for the metals.

Daily Cross-Asset performance

Cross-Asset Daily Performance, July 24, 2025 – Source: TradingView

Ethereum made a decent comeback in the past 24h but is still about $100 from its $3,860 highs.

As mentioned earlier, Oil had a decent day and still trading within its range (details of the range right here).

European stock indices also got battered a bit after yesterday's euphoric performance from the US-Japan Deal, dragged by Spain's IBEX and France's CAC.

A picture of today's performance for major currencies

Currency Performance, July 24 – Source: OANDA Labs

The US Dollar actually started to make a comeback (or looking at the charts, retracted a bit off of its lows) which put it back on top of majors – Analysis of the DXY coming up tomorrow.

The GBP and CAD actually struggled the most on the session, but the changes are very slight ( Between -0.08% for the Euro and 0.53% for the GBP).

Earnings Season: Who is releasing their numbers tomorrow

Earnings Calendar for July 25th – Source: Nasdaq.com

Tomorrow won't see too much in terms of market-moving earnings.

A look at Economic Data releasing in the evening and tomorrow's session

To track market-moving events at all times, check out the MarketPulse Economic Calendar

The session is not over yet for JPY traders which will await for the Key Tokyo CPI data which tends to be a good overview of the CPI for the whole country – Might relaunch the volatility after consecutive slow days for USDJPY.

Except for the Retail Sales in the UK (exp at -0.6%), there isn't too much going on in the US Data – still, watch for some reactions at the Durable Goods order which may be volatile as business prepare for the upcoming tariff deadline.

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