Market Overview - Market indexes started positively but faced declines due to President Trump's announcement of new tariffs on semiconductor imports, leading to a drop in major indexes except for the small-cap Russell 2000, which closed up +0.59% [1] Economic Indicators - The S&P final Services PMI for July increased to 55.7 from 52.9, while ISM Services fell to 50.1, below expectations and down from 50.8 the previous month, indicating potential weakness in the services sector [2][3] Company Earnings Reports - **Advanced Micro Devices (AMD)**: Reported earnings of 48 cents per share on revenues of $7.7 billion, exceeding estimates and showing +32% year-over-year growth. Revenue guidance was raised to $8.7 billion for the next quarter [4][5] - **Snap (SNAP)**: Reported a loss of -$0.16 per share against expectations of +$0.01, with revenues of $1.34 billion meeting estimates. Shares fell -15% following the announcement [6] - **Amgen (AMGN)**: Achieved earnings of $6.02 per share on revenues of $9.18 billion, surpassing projections. Full-year guidance remained stable for earnings and slightly higher for sales [7] - **Skyworks Solutions (SWKS)**: Reported earnings of $1.33 per share on revenues of $965 million, exceeding estimates. The company raised its dividend yield by +1% and expects revenues of $1 billion to $1.3 billion for the current quarter [8] - **SuperMicro (SMCI)**: Missed earnings estimates by 3 cents, reporting 41 cents per share and revenues of $5.76 billion, which was -3% below expectations. Guidance for the next quarter was also lowered, leading to a -14% drop in shares after hours [9]