U.S. Stocks Reversed Course From Record Highs As Economic Data Painted A Nuanced Picture Tuesday – ( $GLD $GOVX $MCD $ORCL $RIO $SER Rise!)

By John F. Heerdink, Jr.

Stocks pulled back as major indices reversed course from record highs amid disappointing earnings and investor caution ahead of the Federal Reserve’s policy announcement. Losses were broad based, with technology, consumer, and industrial leaders softening as traders recalibrated expectations for economic and monetary policy momentum.

S&P 500, Dow 30, Nasdaq, and Russell Index Performance

The S&P 500 slipped 0.3% to close at 6,370.86, breaking a six-day winning streak as profit-taking set in following record highs. The Dow Jones Industrial Average fell 204.57 points, or .46%, to 44,632.99. The Nasdaq Composite shed 80.29 points, finishing down .4% at 21,098.29, while the Russell 2000 index of small-cap stocks dropped 0.61% to 2,242.96.

Key Macroeconomic Reports

Economic data released Tuesday painted a nuanced picture. U.S. consumer confidence climbed, partly offsetting a report indicating employers advertised fewer job openings at the end of June. The International Monetary Fund (IMF) also updated its global outlook, projecting U.S. and global growth at 3.0% for 2025, helped by lower tariffs and easier credit, but warning that overall prospects are still slightly below pre-April forecasts due to ongoing trade tensions. Corporate earnings delivered mixed signals, with high-profile disappointments in healthcare and transportation weighing on sentiment.

Tariffs and Trade Policy Updates

While recent U.S.-EU and U.S.-Japan agreements have calmed markets by enacting less punitive import tariffs, global trade uncertainty remains elevated. The IMF noted that lower tariff rates versus earlier 2025 levels are supporting a steadier global growth environment, but ongoing negotiations and episodic tensions are still cited as a drag on business sentiment, particularly for multinationals with heavy international exposure.

Yield Curve and Interest Rate Movements

Treasury yields edged lower as traders positioned for the Federal Reserve’s statement at its July meeting. The yield curve remained stable, with short and long-term rates showing little movement. Bond markets broadly expect the Fed to keep rates unchanged but price in possible easing later in the year, depending on further evidence of disinflation and labor strength.

Sector and Stock Highlights

NVIDIA (NVDA)

NVIDIA shares closed at $175.51, -.70%, as the company reportedly placed a large order for AI chips destined for the Chinese market, following a partial easing of trade restrictions. This development bolstered investor confidence in NVIDIA’s leadership within the global AI supply chain and contributed to a modest rally in the broader semiconductor sector. Technical analysts highlighted key resistance levels, noting the stock may be positioned for further gains if trade policy tailwinds persist.

Tesla (TSLA)

Tesla shares declined for a second consecutive session amid continued volatility closing at $321.20, -1.35%. RBC Capital reaffirmed a positive long-term outlook, citing ongoing progress in robotics and software, but flagged near-term risks from tariffs, slowing deliveries, and heightened regulatory scrutiny. Tesla faces further scrutiny as it pushes robotaxi deployments and attempts to counteract margin pressures tied to U.S. and global tariffs.

Meta Platforms (META)

Meta traded near $720.60 as investors geared up for tomorrow’s Q2 earnings release, but closed at $700, -2.46% on the day. Market sentiment is positive on Meta’s AI and digital advertising initiatives, with earnings per share projected to rise sharply from last year. Analyst coverage is overwhelmingly bullish, implying mild upside ahead, although capital spending and regulation remain key themes for the quarter.

McDonald’s (MCD)

McDonald’s shares ended at $302.67, +1.15% after recent news of institutional buying and a reassessment of its outlook. The company maintains a strong balance sheet and a defensive profile, even as revenue growth slows. Analysts project stable earnings for the remainder of the fiscal year, with the brand viewed as a port in the current market’s uncertainty.

Oracle (ORCL)

Oracle remains near all-time highs and closed at $249.98, +.92%, driven by robust demand for cloud and AI infrastructure solutions. The company’s fourth-quarter revenue and profit beat expectations, propelled by 11% year-over-year sales growth and rapid expansion in its Infrastructure as a Service business. Investors continue to view Oracle as a core AI beneficiary despite valuation concerns.

Palantir Technologies (PLTR)

Palantir held relatively steady following recent profit-taking and closed at $156.24, -1.04%, with Wall Street focused on its expanding government and commercial contracts. Analyst sentiment is constructive long term, but the company remains volatile ahead of earnings, reflecting heightened expectations for continued revenue growth—a focal point in the coming quarter.

Rio Tinto Group (RIO)

Rio Tinto traded marginally higher closing at $62.27, +.13%, supported by improving metals demand and news of incremental stake increases in high-profile global projects. Analysts remain constructive, citing disciplined capital deployment and a strong outlook in materials demand, especially following recent acquisitions in the lithium and copper sectors.

Commodities and Digital Assets

Gold: Closed significantly higher at $69.25, +3.81% as investors weighed shifting inflation signals and cautious Fed commentary. SPDR Gold Shares (GLD) closed at $306.25, +.28%)
Silver: Posted mild gains, closing at $38.385, +.26%.
Crude Oil: Prices rose $69.25, +3.81%, anchored by robust demand and ongoing OPEC+ supply discipline.
Bitcoin: Ended the session near recent highs at $118,345, as institutional interest in digital assets provided a counterweight to choppy equity markets.

Vista Partners Watchlist Highlights & Updates

Eupraxia Pharmaceuticals (EPRX, $5.58, -1.64%) is clinical-stage biotechnology firm headquartered in Victoria, Canada, has quietly become one of the more intriguing stories on both sides of the border in 2025. The company’s shares now trade under the ticker EPRX on both the Nasdaq and the Toronto Stock Exchange, following its U.S. market debut in April 2024. This dual listing has broadened its investor base at a time when the company’s clinical and financial narrative is gaining momentum. All covering analysts currently rate the stock as a “Buy” or better, with not a single “Hold” or “Sell” recommendation in sight. In a sector defined by binary outcomes and frequent disappointment, such unanimity is striking. Overall, analysts cite Eupraxia’s strong clinical pipeline and revenue growth potential as key drivers behind their bullish outlook.

On July 24, Cantor Fitzgerald initiated coverage on Eurpaxia with an Overweight rating and a $11 Price Target. Their report is titled “Set It and Forget It” Approach to EOE & Beyond.” Here are the other analysts that cover Eupraxia currently:

HC Wainwright: Initiated Covrage on EPRX with a “Strong Buy” on June 26, 2025.
Canaccord Genuity: Initiated coverage with a “Speculative Buy” rating in June 2025.
Raymond James Ltd.: Maintains a “Strong Buy” rating as of June 2025, with a history of upgrades from “Outperform” to “Strong Buy” over the past year.
Research Capital Corporation: Maintains a “Buy” rating, consistently reaffirming its positive stance throughout 2024 and 2025.

Eupraxia announced on July 8 that the first patient dosed in their Phase 2b randomized, placebo-controlled portion of the RESOLVE clinical trial evaluating EP-104GI, an investigational treatment for eosinophilic esophagitis (“EoE”). EP-104GI is injected directly into the affected tissues of the esophagus to reduce inflammation with stable, localized, and long-duration drug delivery, while minimizing unwanted systemic adverse events and side effects often associated with steroid-based therapies. The Phase 2b portion of the RESOLVE study will enroll a minimum of 60 participants randomized in a 1:1:1 ratio to receive one of two doses of EP-104GI or placebo. After six months, eligible patients initially dosed with placebo may elect to receive EP-104GI. The primary objective is to assess the efficacy of EP-104GI in improving tissue health, as measured by the Eosinophilic Esophagitis Histology Scoring System (“EoEHSS”). Secondary and exploratory objectives include evaluating symptomatic improvement through patient-reported outcomes — Straumann Dysphagia Index score (SDI) and Dysphagia Symptom Questionnaire (DSQ), endoscopic and histologic changes (including Peak Eosinophil Count, “PEC”), pharmacokinetics, safety, and tolerability of the selected dose regimens. Up to 25 sites globally are expected to participate in the trial.The Phase 2b portion of the study employs an innovative adaptive design to select the doses of EP-104GI that are administered to patients. The first active dose selection was based on available data from cohorts 1 to 8 of the Phase 2a portion of the study. Based on the previously reported safety, pharmacokinetic, and efficacy data from cohorts 1 to 6, and additional one month data from cohorts 7 and 8, the 120 mg dose (20 injections of 6 mg per site) from cohort 8 was selected for the first treatment arm in the dose optimization phase. A second dose will be selected for evaluation after enrollment in the first arm is complete, based on additional long-term data from the Phase 2a portion of the study. James Helliwell, CEO of Eupraxia Pharmaceuticals stated, “Entering into the Phase 2b stage of the RESOLVE trial is a significant event for Eupraxia. This is an important step for us before proceeding towards the pivotal trials necessary for submitting an application for regulatory approval. We are optimistic that EP-104GI has the potential to significantly advance the standard of care and offer a meaningful new treatment paradigm for patients living with EoE.”

Tribe Public hosted a CEO Presentation and Q&A Webinar Event on Wednesday, May 14th with James A. Helliwell, Director and CEO of Eupraxia Pharmaceuticals (NASDAQ: EPRX). The event is titled “Hard To Swallow: An Underdiagnosed Condition Rising To Surface (EOE).” You may view it now at https://youtu.be/tCtY_27EJG4?si=0PJIp-oyGDEpzxzR

Summit Therapeutics Inc. (NASDAQ: SMMT, $26.74, -2.59%) is a biopharmaceutical oncology company focused on the discovery, development, and commercialization of patient-, physician-, caregiver- and societal-friendly medicinal therapies intended to improve quality of life, increase potential duration of life, and resolve serious unmet medical needs.

Summit announced (May 30) topline results from the Phase III clinical trial, HARMONi, the first global Phase III study evaluating ivonescimab, successfully met the progression-free survival (PFS) primary endpoint and showed a positive trend in the other primary endpoint, overall survival (OS). HARMONi is a multiregional, double-blinded, placebo-controlled, Phase III study sponsored by Summit evaluating ivonescimab plus platinum-doublet chemotherapy compared to placebo plus platinum-doublet chemotherapy in patients with epidermal growth factor receptor (EGFR)-mutated, locally advanced or metastatic non-squamous non-small cell lung cancer (NSCLC) who have progressed after treatment with a 3rd generation EGFR tyrosine kinase inhibitor (TKI). This is a clinical setting with a patient population where PD-1 monoclonal antibodies have previously been unsuccessful in Phase III global clinical trials in showing either a PFS or OS benefit.

Modular Medical, Inc. (NASDAQ: MODD, $.70, +0.00%), an insulin delivery system technology company preparing to launch a market expansion product with a more accessible, easier to prescribe, and easier to pay for and live with technology. Using its patented technologies, the company seeks to eliminate the tradeoff between complexity and efficacy, thereby making top quality insulin delivery both affordable and simple to learn. Their mission is to improve access to the highest standard of glycemic control for people with diabetes taking it beyond “superusers” and providing “diabetes care for the rest of us.” Modular Medical was founded by Paul DiPerna, a seasoned medical device professional and microfluidics engineer. Prior to founding Modular Medical, Mr. DiPerna was the founder (in 2005) of Tandem Diabetes and invented and designed its t:slim insulin pump. More information is available at https://modular-medical.com.

On June 16, Modular Medical announced its participation in the American Diabetes Association (“ADA”) 85th Scientific Sessions, taking place June 20-23, 2025, at the McCormick Place Convention Center in Chicago, Illinois. The Company will feature a poster, number 783-P, titled “Elucidating the potential benefit of pump-delivered subcutaneous GLP-1R agonist: an exploratory study in the diet-induced obese mouse,” to be presented by David Maggs, MD, FRCP during the General Poster Session on Sunday, June 22, 2025, from 12:30pm to 1:30pm in the Poster Hall. The presentation will highlight data from an exploratory study evaluating the effects of pump-delivery of a short-acting GLP-1RA on weight, food intake, and glucose tolerance in a diet-induced obese (“DIO”) mouse.”We are excited to share our findings from this novel study in the DIO mouse comparing the pump delivery of exenatide to intermittent dosing of semaglutide,” said Jeb Besser, CEO of Modular Medical. “Given the high rate of gastrointestinal tolerability challenges and resultant discontinuation that is characteristic of GLP-1 therapy, we believe that a personalized approach to GLP-1 titration and dosing, including a mealtime bolus option, would give patients an opportunity to reach their treatment goals, while experiencing easier therapy initiation and a more tolerable maintenance regimen.”

After the close May 28, Modular Medical announced the appointment of Jeff Goldberg to its Board of Directors. Mr. Goldberg brings decades of experience in health care, life sciences, and medical device leadership, including development of generic insulin. Mr. Goldberg began his work in medical technology alongside pioneering medical entrepreneur, and founder of MiniMed, Alfred E. Mann. Mr. Goldberg currently serves as Chairman of Lannett Company, Inc., a generic pharmaceutical manufacturer where he has helped execute a post-restructuring turnaround. During his tenure, Lannett has made significant strides in launching a generic insulin product – progress that aligns closely with Modular Medical’s commitment to innovation and affordability in diabetes care. In addition to his work at Lannett, Mr. Goldberg previously served as President and CEO within Alfred E. Mann’s incubator, IncuMed, where he oversaw multiple portfolio companies focused on drug-device combination products, including an insulin patch-pump program. His tenure with Mr. Mann’s enterprises included pivotal roles in regulatory strategy, operations turnaround, and successful exits, underscoring his ability to guide early-stage technologies to commercial viability. Mr. Goldberg also serves on the boards of several health-care and consumer-focused companies, including ATI Physical Therapy, Cano Health, and Eating Recovery Centers. He holds a JD from UCLA School of Law and an AB from Harvard College. Mr. Goldberg stated, “Modular Medical is advancing a truly disruptive approach to insulin delivery. I’m excited to join the board and contribute to the Company’s journey toward simplifying treatment for people living with diabetes, particularly as the industry shifts toward more accessible and patient-friendly solutions.”

Jeb Besser, CEO of Modular Medical, presented on May 29 at Tribe Public’s Webinar Presentation and Q&A Event titled“Making Diabetes Management Simpler: The New Era of Insulin Therapy.”You may view the event video now at the Tribe Public YouTube Channel.

Shares of ADT Inc. (ADT, $8.34, -.24%) is a leading provider of monitored security and automation solutions for residential and small business customers in the United States and Canada.

ADT released Q1, 2025 results on Thursday, April 24 and highlighted the following: Continued strong financial results with record recurring monthly revenue and customer retention, GAAP operating cash flows up 28%, Adjusted Free Cash Flow including interest rate swaps up 105%, Returned $445 million to shareholders through share repurchases and dividends, and that they are on track to achieve full year 2025 guidance metrics.

On April 30, ADT in collaboration with Yale and the Z-Wave Alliance, announced the launch of the Yale Assure Lock 2 Touch with Z-Wave for ADT+. The Z-Wave 800 Series smart lock is the only one on the market with fingerprint control and the first smart lock to leverage the newly introduced Z-Wave User Credential Command Class. This industry-first innovation allows users to unlock and disarm their ADT+ security system using just their fingerprint.

On Jan. 22, ADT announced the appointment of Thomas Gartland to the Company’s Board of Directors as an additional independent director. In conjunction with his appointment, Gartland will join the Board’s Audit Committee. Gartland is chairman and chief executive officer of Montway Auto Transport, a privately held auto transport company, and has held this position since 2023. Prior to Montway, Gartland served as executive chairman of Scan Global Logistics and as president, North America, for Avis Budget Group. Gartland serves on the boards of Xenia Hotels & Resorts, Inc. and ABM.

GeoVax Labs, Inc. (Nasdaq: GOVX, $.75, +1.55%) is a clinical-stage biotechnology company developing immunotherapies and vaccines against cancers and infectious diseases.

After the close on July 28, GeoVax announced financial results for the second quarter ended June 30, 2025, and provided a business update. “The second quarter marked a pivotal period for GeoVax, with compelling clinical data and regulatory milestones reinforcing the strength of our pipeline and our focus on accelerating to commercial status,” said David Dodd, GeoVax’s Chairman and CEO. “The favorable European regulatory guidance for GEO-MVA, robust immune responses demonstrated by GEO-CM04S1 in immunocompromised patients, particularly those with Chronic Lymphocytic Leukemia (CLL), and the continued progress towards initiation of the Gedeptin(R) Phase 2 trial highlight our expanding footprint in oncology and global infectious disease preparedness. These achievements reflect our commitment to advancing innovative, vaccines and immunotherapies that address urgent and underserved medical needs.

On July 28 (morning), GeoVax announced the initiation of a research program to evaluate the immunogenicity and stability of GEO-MVA delivered via Vaxxas’ proprietary high-density microarray patch (HD-MAP) platform in preclinical models.

On July 24, GeoVax announced a strategic shift in its Gedeptin(R) clinical development program, with a new emphasis on evaluating Gedeptin as a neoadjuvant therapy in combination with pembrolizumab for patients with primary, resectable head and neck squamous cell carcinoma (HNSCC). The revised strategy follows the landmark results of the KEYNOTE-689 Phase 3 trial, published in the New England Journal of Medicine on June 18, 2025, which demonstrated a significant improvement in event-free survival (EFS) with the addition of perioperative pembrolizumab in resectable, locally advanced HNSCC patients. These data represent the first validated use of PD-1 inhibition in curative-intent HNSCC and have catalyzed a major shift in treatment paradigms toward neoadjuvant immunotherapy.

On July, 21, GeoVax reinforced the strategic and commercial significance of the recent positive Scientific Advice (SA) received from the European Medicines Agency (EMA) for its GEO-MVA vaccine targeting Mpox and smallpox. The EMA’s feedback indicated that a single Phase 3 immuno-bridging trial, bypassing the need for Phase 1 and 2 studies, may be sufficient to support a Marketing Authorization Application (MAA) under the EU’s centralized procedure. The ability to proceed without Phase 1 and 2 clinical trials substantially reduces development risk and timelines, positioning GeoVax to achieve product commercialization and revenue generation significantly earlier than previously anticipated. Immuno-bridging studies allow for vaccine approval by the immune response elicited by a candidate vaccine comparable to that of an already approved vaccine. This approach, when accepted by regulatory authorities, can reduce the need for large-scale efficacy trials, thereby reducing development time while maintaining regulatory standards for safety and immunogenicity. “This EMA guidance is more than a regulatory milestone; it represents a potential commercial inflection point,” said David Dodd, Chairman and CEO of GeoVax. “We now have a clear, expedited path to commercialization in one of the world’s largest vaccine markets. With the Phase 3 trial in operational preparation, we are entering a potential revenue acceleration phase supported by growing global demand, regulatory momentum, and our progressing advanced MVA manufacturing platform.”

Indaptus Therapeutics, Inc. (Nasdaq: INDP, $9.51) is a company with the ability to harness both the body’s innate and adaptive immune responses, believes that they are uniquely positioned to revolutionize the treatment of cancer and certain infectious diseases.

On July 1, Indaptus announced the additional sale of approximately $3.4 million in aggregate principal amount of convertible promissory notes and accompanying warrants. Together with a prior sale of $2.3 million of convertible promissory notes and accompanying warrants, the Company raised an aggregate of $5.7 million in gross proceeds in this offering.

On June 2, Indaptus announced that the first patient has been dosed in the expansion arm of its Phase 1b/2 clinical trial evaluating Decoy20 in combination with BeOne’s (formerly known as Beigene) PD-1 checkpoint inhibitor, tislelizumab. This newly activated arm of the trial will assess safety, dose optimization, and early signs of anti-tumor activity in patients with advanced solid tumors, previously treated with a checkpoint inhibitor or with tumors typically unresponsive to a checkpoint inhibitor. Jeffrey Meckler, Indaptus’ CEO commented, “This is an important milestone in our clinical development. We have long believed the Decoy platform has the potential to be a game-changing approach to treating solid tumors. Preclinical data consistently demonstrated that Decoy20 works synergistically with a checkpoint inhibitor. Now, for the first time, we are testing this combination in patients. Checkpoint inhibitors, like tislelizumab, have been one of the biggest breakthroughs in cancer therapy and have significantly improved outcomes in a variety of cancers. However, most patients still do not benefit. We believe the combination of Decoy20 plus a PD-1 inhibitor, such as tislelizumab, could enhance immune responses, potentially helping patients who have not responded or have tumors that classically do not respond to checkpoint inhibitor therapy.”

Teladoc Health (TDOC, $7.53) is the world leader in virtual care. Teladoc Health uses proprietary health signals and personalized interactions to drive better health outcomes across the full continuum of care, at every stage in a person’s health journey. Teladoc Health leverages more than two decades of expertise and data-driven insights to meet the growing virtual care needs of consumers and healthcare professionals. For more information, please visit www.teladochealth.com.

Teladoc, (July 29), reported financial results for the three months ended June 30, 2025 (“Second Quarter 2025”). Unless otherwise noted, percentage and other changes are relative to the three months ended June 30, 2024 (“Second Quarter 2024”). Highlights:

Second Quarter 2025 revenue of $631.9 million, down 2% year-over-year
Second Quarter 2025 net loss of $32.7 million, or $0.19 per share
Second Quarter 2025 adjusted EBITDA of $69.3 million, down 23% year-over-year
Integrated Care segment revenue of $391.5 million, up 4% year-over-year, and adjusted EBITDA margin of 14.7%
BetterHelp segment revenue of $240.4 million, down 9% year-over-year, and adjusted EBITDA margin of 4.9%
Paid $550.6 million using cash on hand to retire convertible senior notes due in Second Quarter 2025
On July 17, 2025, they entered into a credit agreement providing for a five-year, $300.0 million senior secured revolving credit facility to preserve and enhance our financial and operational flexibility

Serina Therapeutics, Inc. (NYSE American: SER, $5.97, +4.37%), a clinical-stage biotechnology company, recently announced that its Board of Directors has established November 7, 2025, as the date of its 2025 annual meeting of stockholders (the “Annual Meeting”). The time and location of the Annual Meeting will be set forth in the Serina’s definitive proxy statement for the Annual Meeting to be filed with the Securities and Exchange Commission (the “SEC”). Because the date of the Annual Meeting represents a change of more than 30 days from the anniversary of Serina’s 2024 annual meeting of stockholders, the deadline for stockholder proposals to be submitted pursuant to Rule 14a-8 of the Securities Exchange Act of 1934, as amended (“Exchange Act”), for inclusion in Serina’ proxy materials for the Annual Meeting will be 5:00 p.m. (Central Time) on Friday, August 15, 2025, which Serina’s Board of Directors has determined to be a reasonable period of time before Serina expects to begin to print and send its proxy materials for the Annual Meeting. Stockholder proposals submitted in accordance with Rule 14a-8 of the Exchange Act must also comply with the remaining requirements of Rule 14a-8 in order to be included in the proxy materials for the Annual Meeting. Serina is a clinical-stage biotechnology company developing a pipeline of wholly owned drug product candidates to treat neurological diseases and other indications. Serina’s POZ PlatformTM provides the potential to improve the integrated efficacy and safety profile of multiple modalities including small molecules, RNA-based therapeutics and antibody-based drug conjugates (ADCs). Serina is headquartered in Huntsville, Alabama on the campus of the HudsonAlpha Institute of Biotechnology. For more information, please visit https://serinatherapeutics.com.

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