Morning Meeting - Friday, July 25 2025

US equity markets mixed following a fresh flurry of corporate earnings releases with the both the S&P 500 and Nasdaq edging up to fresh record closing highs albeit settling well off their highs of the session - Dow fell -316-points or -0.70%. International Business Machines (IBM) Corp dropped -7.62% despite the company’s headline numbers topping Wall Street’s expectations for the second-quarter after the close of the previous session, with the software segment underwhelming investors’ expectations. UnitedHealth Group Inc fell -4.76% after the health insurer confirmed several reports in recent months that the Department of Justice is probing aspects of its business. The company said it recently "proactively reached out to the Department of Justice after reviewing media reports about investigations into certain aspects of the Company’s participation in the Medicare program," and is now "complying with formal criminal and civil requests from the Department.