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Another Day, Another Intraday Reversal.
RiskReversal Recap: Thursday, August 7th
RiskReversal Media
August 07, 2025
MARKET WRAP
We saw a familiar pattern play out again today: stocks gapped higher to open, only to find sellers within the first hour. It was a fairly sharp slide of nearly -1.5% from the morning highs to the afternoon lows. But once again it didn’t get ugly, with a bounce off the lows into the close. On the day: SPX -0.1%, QQQ +0.3% and IWM -0.3%
Elsewhere, this week’s volatility has mostly been within equities. Today was no different. The US10YY was just slightly higher, now 4.24%. Gold with a +1% move while the DXY was unched. Oil continues to drift lower -1% today. The VIX got hammered on the open, was higher for most the day before finishing unched.
Notable Gainers: AAPL +2.2%, AMD +5.7%, APP +12%, MSTR +5%, DASH +5%, VZ =1.5%
Notable Losers: LLY -14%, DIS -2%, CAT -2.5%, ABNB -8%, CRM -3.3%, TEAM -8%, ZS -6%, CRWD -6%, RL
After hours: More big earnings moves, TTD is down -29% (!), XYZ is up +11%.
MRKT Call: MRKT Call welcomes Liz back! The crew discusses the market rally in light of slowing economic data, valuations, and passive investor exposure to the Mag7+.
MRKT MATRIX: TODAY’S TOP STORIES
Dow tumbles 200 points, giving up 300-point morning gain (CNBC)
Waller Emerges as Favorite for Fed Chair Among Trump Team (Bloomberg)
White House Prepares for Trump to Nominate Miran to Fed (Bloomberg)
US Continuing Jobless Claims Rise to Highest Since End of 2021 (Bloomberg)
Stagflation Concerns Ripple Through Wall Street as Tariffs Hit (Bloomberg)
Trump to Sign Order Easing Path for Private Assets in 401(k)s (Bloomberg)
Trump Urges ‘Conflicted’ Intel CEO Tan to Resign Immediately (Bloomberg)
Auto Industry Takes $12 Billion Hit From Trade War (WSJ)
WHAT’S NEXT?
Today was another reminder that intraday strength hasn’t exactly been sticking lately. This kind of price action has become routine over the past couple of weeks with opening gaps now being sold more often than not. However, we’ve had multiple strong up days mixed in, usually driven by one or two mega-cap tech names. The result is a market that looks like it’s moving sideways from a distance, but under the surface, there’s been a fair share of volatility, especially within individual names.
It could be the early signs of a topping process, but it's still too early to call. So far, dip buyers have stepped in reliably after one or two red days. Until that pattern breaks — with a sell-off stringing together more than two days in a row — it's hard to say whether this is the start of something bigger, or just another stretch of choppy consolidation hiding in plain sight amongst a ton of large earnings season moves. What is true is without some of the mega-caps holding things up, the past two weeks may have looked a lot uglier.
Not a ton on the tape for tomorrow so it’s conceivable we could get a good read on buyer/seller resolve into the weekend:
Friday, August 8th
Pre-market: FUBO 12%
10am - UoM Inflation Expectations
10:20am -Fed Musalem speech
SPX Expected Move: 0.5%
TODAY’S EPISODES
Watch MRKT Call’s newest episode: Liz Thomas Returns!
MRKT Call welcomes Liz back! The crew discusses the market rally in light of slowing economic data, valuations, and passive investor exposure to the Mag7+.
Liz’s SoFi Report - Valuations are high (but also a terrible mechanism for market timing). And with 10 stocks making up 42% of SPX market cap, how over-exposed investors are by no fault of their own. Plus realized vol vs historical vol over the past 1 month.
Your Questions:
WAVY MCFLY - Thoughts from Liz on Japanese bond market and the Yen carry trade blowup perhaps coming back. Thanks.
Learn more about our sponsor, SoFi.
RiskReversal Podcast’s newest episode: Mixed Market Reactions and the Return of Liz Thomas!
Dan Nathan, Guy Adami & Liz Thomas break down the top market headlines and bring you stock market trade ideas for Thursday, August 7th.
Learn more about our sponsor SoFi.
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