S&P 500 Wipes Out 1% Gain on Looming Tariff Deadline

Market Overview - The market day ended in the red despite gains from Microsoft and beta [2] - Pharmaceuticals are down about 3% due to pressure from the White House to lower drug prices [3] - Most names in the S&P 500 were lower, with about 365 declining and 137 gaining [7] IPO Market - Figma shares are up 256% from its IPO price of $33 per share [3] - Figma's performance may encourage more companies to pursue IPOs [5] - Circle and CORE had phenomenal post-IPO moves [5] Earnings Reports - Paramount's second quarter revenue was $685 billion, in line with expectations, with adjusted EPS of $046 per share, exceeding estimates of $037 per share [8] - Amazon's second quarter EPS was $168, $035 better than expected, with net sales of $1677 billion, exceeding the estimate of $16215 billion; Q3 net sales outlook is $174 billion to $1795 billion, beating the street's expectation of $17324 billion [10][11] - Roku's second quarter EPS was $007, beating expectations, with revenue up 15% to $111 billion [14] - KLA Corp's fourth quarter revenue was $317 billion, beating estimates of $308 billion, with adjusted EPS of $930 per share, outperforming estimates of $855 [19] - Coinbase's second quarter subscription and services revenue missed estimates at $6558 million, with total revenue just shy of estimates at $15 billion [21] - Reddit raised its third quarter revenue forecasts to between $535 million and $545 million, beating on second quarter revenue [22][23] - Rocket company's adjusted revenue came in above estimates at $134 billion, with EPS above estimates at $004 per share; Q3 revenue guidance is $16 billion to $175 billion [24] - First Solar's second quarter EPS was $318 to $266, with fiscal year EPS outlook of $1350 to $1650, above $1250 to $1750 [24][25] Company Specific News - MicroStrategy increased its fiscal year 25 Bitcoin gain target to $20 billion from $5 billion, with fiscal year 25 earnings per share of $80 per share based on 50000 Bitcoin outlook [15] - President Trump met with leaders at JPMorgan, Goldman Sachs, and Bank of America to devise a plan to monetize Fannie and Freddie [17]