Earnings momentum, tariff noise fades, Fed focus sharpens

US futures are mixed heading into the open, with Nasdaq leading as investors weigh earnings strength against policy uncertainty. Corporate results are driving sentiment as markets look past tariff headlines and toward Big Tech and the Fed.

Earnings season remains the anchor. General Motors boosted profit outlook and authorized $6 billion in buybacks, while Boeing posted another quarter of positive cash flow but failed to excite investors. Health insurers slid as Washington signaled flat Medicare Advantage payments next year.

Macro risks persist but markets are adapting. A new EU–India trade deal underscores shifting global alliances, while investors brace for a no-cut Fed decision and guidance on rates, labor, and AI-driven productivity.

Trending tickers include UnitedHealth and peers under Medicare pressure, Pinterest amid layoffs tied to AI restructuring, and Corning after a $6 billion Meta fiber deal.

Takeaways:

• Earnings, not tariffs, are setting market direction

• Buybacks and cash flow support cyclicals

• Big Tech results will drive dispersion

• Fed tone matters more than the decision

• Policy noise is losing market impact

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