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Stock Halt Rally, Earnings Roundup | Closing Bell Analysis
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August 7, 2025
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10:54Now PlayingComprehensive cross-platform coverage of the U.S. market close on Bloomberg Television, Bloomberg Radio, and YouTube with Scarlet Fu, Katie Greifeld, Carol Massar and Norah Mulinda.
Wall Street halted a rally that drove stocks to the brink of a record amid concerns about an overheated market. Treasuries lost steam as a weak sale of 30-year debt signaled waning appetite after a bond surge.
Following an almost 30% surge from its April lows, the S&P 500 was little changed. A closely watched gauge of chipmakers jumped, but Intel Corp. slipped 3% as President Donald Trump called on its chief to resign, citing conflicts of interest. Eli Lilly & Co. tumbled 14% after disappointing data on its new weight-loss pill. Apple Inc. extended a two-day surge to about 8.5%.
Thursday’s $25 billion Treasury sale followed poor results for three- and 10-year debt auctions this week. Long-end gains faded, leaving 30-year yields little changed at 4.83%. The yield on 10-year bonds rose two basis points to 4.25%. The dollar barely budged.
Whether or not the blistering rally in American equities is about to cool, some big firms have warned clients to prepare for a near-term pullback amid sky-high valuations. Added to bulls’ worries is seasonality. August and September have historically been the two worst months for the S&P 500.
Meantime, Federal Reserve Governor Christopher Waller is emerging as a top candidate to serve as the central bank’s chair among President Trump’s advisers as they look for a replacement for Jerome Powell, according to people familiar with the matter.
Trump said he had chosen Council of Economic Advisers Chairman Stephen Miran to serve as a Fed governor. The US president said that Miran, who will need to be confirmed by the Senate, would only serve the expiring term of Adriana Kugler, which expires in January.
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