Global Equities Roundup: Market Talk

The latest Market Talks covering Equities. Published exclusively on Dow Jones Newswires throughout the day.

1139 ET - Cryptocurrency investors were increasingly optimistic this week about the passage of the Clarity Act, which supported prices for bitcoin and other cryptocurrencies. But that support has faded as the odds for the passage of the Clarity Act have decreased, says Alex Schmidt of CoinShares in a note. "This week demonstrated, in both directions, that the market is… trading the headline," says Schmidt. Decreasing the expectations around the passage of the bill is opposition from Senate Democrats over ethical concerns. Bitcoin is down 1.7% to just above $64,000, according to data from LSEG. Ethereum falls 1.2% to $1,862, XRP is down 1.8% to $1.09, and solana is down 2.8% to $73.94. (kirk.maltais@wsj.com)

1136 ET - NextEra Energy is strongly positioned to capture the power demand from the artificial-intelligence boom, Melius Research analysts write in a note after the company reported a soaring profit in the second quarter. The company should easily meet and beat both its base case and upside scenario for power generation by 2035, and its pending tie-up with Dominion Energy is poised to create a U.S. energy giant, the analysts say. "Power demand in the US is entering its steepest growth cycle in a generation, inflected upward by the AI datacenter buildout, electrification, and reshoring," the analysts write. "NEE is structuring itself to be the only company with the balance sheet, supply chain, and operating platform to meet that demand at scale." (elias.schisgall@wsj.com)

1121 ET - CN Rail's strong 2Q and raised EPS guidance for the year suggests consensus is too low. TD Cowen analyst Cherilyn Radbourne says CN Rail beat expectations across revenue, EBIT and EPS, helped by strength in grain, fertilizers and petroleum products. The railroad now calling for mid- to high-single-digit EPS growth on low-single-digit volume gains, compared with consensus 4% outlook. The company has also maintained its network performance, with car velocity flattish, fuel efficiency up by 3%, and gross ton-miles per employee increased 9%. Radbourne says the raised guidance "implies upside to the Street/our forecast," with network performance and fuel efficiency also supporting the improved view.(adriano.marchese@wsj.com)

1113 ET - American Express's planned reinvestment into its business could be roughly $1.5 billion, Truist analysts say. The card company beat profit expectations in the first half of the year, and wants to use that excess money to invest in marketing and technology, it said. The Truist analysts expect Amex will make a second reinvestment before the year is up, which will total $1.5 billion with the first one of extra investment. The analysts think the investments will go toward acquiring more customers, updating technology and integrating TheFork, a restaurant booking platform Amex plans to acquire. (katherine.hamilton@wsj.com)

1051 ET - An exemption for Scotch from U.S. import tariffs shows the possibility of solutions that recognize the value of the transatlantic spirits trade, an industry group says. These exemptions--that also include other British whisky--were reached when King Charles III visited Washington in April, and apply despite a fresh round of duties set out by the White House this week. Industry association spiritsEurope says it welcomes the exemption. The step marks "a constructive step that recognizes the distinctive nature of these products and the high value of transatlantic spirits trade," director-general Mark Titterington says. He calls on a full zero-tariff regime to be implemented across the EU and U.S. for the spirits sector, which, he says, "would be for the benefit of the hospitality sector on both sides." (joshua.kirby@wsj.com; @joshualeokirby)

1020 ET - CN Railway has effectively aligned itself with the proposed Union Pacific-Norfolk Southern merger, with one of its two new agreements taking effect only if the deal is approved. CEO Tracy Robinson tells analysts in a call that commercial and settlement deals give CN direct, competitive access to Kansas City and Mexico, densify parts of its U.S. network, and monetize surplus capacity on the EJE line. Robinson says the arrangements "largely address the risk of the proposed merger to CN" while creating new growth opportunities, prompting the railway to formally drop its opposition to the transaction as part of one of the agreements. Robinson adds that the opportunities from the agreements and potential merger-related remedies "improve the position of our railway and create new avenues for growth." (adriano.marchese@wsj.com)

1003 ET - Bitcoin is down 1.1%, but at around $64,000 it remains elevated versus the multi-year lows it had found last month. Supporting this is the slow return of demand from ETFs after a steady streak of capital outflows. Prior to yesterday, bitcoin ETFs posted seven consecutive days of net inflows, giving prices a boost to nearly $67,000. While these are good signs for bitcoin investors, the token's fundamentals are fragile, says analysts with Coinbase Research in a note. "At next week's FOMC meeting, the Fed's guidance and rate decision will be crucial," says Coinbase. "If the Fed holds and long-term yields remain stable, we think bitcoin can remain resilient." Other major cryptocurrencies are lower, with ethereum down 1.1% to $1,864. (kirk.maltais@wsj.com)

0953 ET - Waste Connections should have opportunities to "substantively improve" its margins and free cash flow in the coming years, according to Raymond James in a note. Analyst Patrick Tyler Brown says 2Q played out "quite as we expected" for the solid waste services company on the back of healthy core dynamics, while recycled commodities and MA drove a modest guidance raise. He says improvements to margins and free cash flow in coming years will stem from "both internal (solid pricing and cost optimization) and external (MA and green investment payoff) drivers." The company may even be able to beat current projections "given that additional MA and/or improvement in commodity prices would also be additive to the outlook." (adriano.marchese@wsj.com)

0945 ET - European natural-gas prices are headed for a weekly gain of more than 11%, as escalating hostilities in the Middle East continue to threaten global LNG supplies. In afternoon trading, the benchmark Dutch TTF contract is up 3.3% to 64 euros a megawatt-hour. Disruptions to shipping through the Strait of Hormuz have prompted Asian buyers to increase purchases of U.S. cargoes that would typically be destined for Europe. As a result, European LNG imports have fallen by more than is usual for the summer season. "If disruptions in the Strait of Hormuz persist, upward pressure on European gas prices is likely to continue," says Norman Liebke from Commerzbank. The outlook is further complicated by Europe's historically low gas storage levels, which require substantial replenishment ahead of winter and will be difficult to rebuild without stronger LNG inflows. (giulia.petroni@wsj.com)

0945 ET - American Express is seeing progress in its efforts to attract young people to its credit cards. Millennial and Gen Z customers were the fastest growing cohort in the U.S. during the second quarter, making up 65% of new consumer accounts, executives tell analysts. Young consumers made up the biggest share of U.S. consumer spending for Amex. Outside the U.S., millennials and Gen Z accounted for 70% of new Platinum card accounts, which is one Amex's more expensive cards. (katherine.hamilton@wsj.com)

0941 ET - CN Rail delivered a 2Q beat, raising its 2026 outlook, helped by stronger volumes, better yields in key segments and cost controls, according to Citi in a report. The analysts note that adjusted EPS rose 11% to C$2.08, ahead of estimates, and CN Rail lifted its 2026 EPS growth target to mid- to high-single digits on low-single-digit revenue ton-mile growth. Revenue and operating ratio came in better than expected, helped by lower fuel and casualty costs. They say CN Rail "has been benefiting from higher-than-expected volumes driven by Grain, NGLs [natural gas liquids] and refined petroleum products within PetroChems, and Autos." With shares up more than 30% in 2026, the results and outlook should support continued momentum, the analysts say. (adriano.marchese@wsj.com)

0932 ET - American Express's wealthy card members are spending more, executives tell analysts. The card company has invested in adding more premium perks to its credit cards, especially its Platinum card, which is now its fastest-growing product in the U.S. Spending on restaurants, Amex's biggest category, rose 10% in the second quarter, while travel bookings jumped 22%. U.S. consumer spending overall increased at the highest rate since the start of 2018, excluding periods impacted by Covid-19, executives say. (katherine.hamilton@wsj.com)

(END) Dow Jones Newswires

July 24, 2026 11:39 ET (15:39 GMT)