US stock futures edged up as President Trump announced a trade deal with Japan and Wall Street readied for Tesla (TSLA) and Alphabet (GOOGL, GOOG) earnings.
Futures attached to the Dow Jones Industrial Average (YM=F) rose 0.3%. Futures attached to the benchmark S&P 500 (ES=F) ticked up 0.2%, while the tech-heavy Nasdaq 100 (NQ=F) fluttered just above flatline.
Trump posted on Truth Social on Tuesday evening, “We just completed a massive Deal with Japan, perhaps the largest Deal ever made.” The president said that the agreement includes a 15% tariff on imported goods from Japan.
On Tuesday, stocks closed mixed, with the S&P 500 closing just above the flatline to notch a record high. Tariffs loomed large throughout the day. GM (GM) reported sinking profits due to new levies, and President Trump announced trade deals with the Philippines and Indonesia.
Read more: The latest on Trump's tariffs
Google-parent Alphabet and Tesla are set to kick off highly anticipated second-quarter results from the “Magnificent Seven” after the bell Wednesday.
Tesla CEO Elon Musk's rocky relationship with Trump is looming large over the EV maker's earnings. With its stock down nearly 18% year-to-date, investors are watching for updates on the company's core auto business and its robotaxi rollout.
With Alphabet, investors are looking for signs that AI investments are starting to pay off as the company pours billions into the technology. A federal judge's decision that could force the company to sell Google Chrome will also be in focus.
Other earnings results set to land on Wednesday include Chipotle (CMG), which is expected to report its second straight quarter of declining sales, as well as AT&T (T), IBM (IBM), and Alaska Air (ALK).
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Stock market coverage for Wednesday, July 23, 2025.
