TL;DR

TXN, NXPI, ENPH drop on weak outlooks; SAP misses cloud target; US-Indonesia trade deal boosts minerals.

Highlights

• Texas Instruments fell up to 11% after Q2 beat but Q3 guidance flagged soft auto demand, tariffs, and inventory headwinds; NXP Semiconductors dropped ~5% on weak outlook and continued sector softness 1.
• SAP missed cloud revenue targets despite 9% overall growth; shares slipped ~2%, weighing on German tech 6.
• Enphase Energy topped Q2 estimates but issued a below-consensus Q3 outlook, sending shares down ~5% after hours 7.
• Alphabet extended its rally to 10 sessions ahead of Q2 earnings, outperforming a down Nasdaq 8.
• Block’s Square enabled Bitcoin payments for its 4 million merchants via the Lightning Network 3.
• Trump administration advanced deep-sea mining and secured a U.S.-Indonesia trade deal, unlocking $50B in U.S. market access and critical minerals supply 2.
• Mexico plans a $7–10B international bond sale to support Pemex liquidity; Pemex bonds rallied on the news 4.
• Ukraine’s president curtailed anti-graft agency independence, drawing EU condemnation and triggering protests 5.
• Abivax’s obefazimod met Phase 3 endpoints in ulcerative colitis; shares halted pending further data 9.

Commentary

Semiconductor and tech hardware stocks were under pressure after hours as Texas Instruments and NXP Semiconductors both beat Q2 expectations but issued cautious Q3 guidance. Both cited weaker automotive demand, ongoing tariff and supply-chain disruptions, and elevated inventories. These signals point to persistent headwinds for analog, industrial, and communications chipmakers, with potential spillover to related US and European tech equities 1. SAP ’s miss on cloud revenue, despite solid topline growth, added to the cautious tone and weighed on broader tech sentiment 6.

Enphase Energy’s Q2 beat was overshadowed by a soft Q3 outlook, reinforcing concerns about near-term demand in the solar and clean energy sector. The market’s reaction suggests a continued focus on forward guidance over backward-looking results, especially in sectors exposed to policy and macro uncertainty 7.

On the policy front, the Trump administration’s moves to accelerate deep-sea mining and secure a trade deal with Indonesia mark a renewed push to secure critical minerals and expand market access for US goods. The Indonesia agreement removes export restrictions on key industrial commodities and opens significant new trade channels, which could benefit US manufacturers and supply chains tied to batteries and green tech. However, legal and regulatory risks around deep-sea mining could inject volatility into metals and mining equities 2.

Mexico’s planned $7–10B bond sale to support Pemex was well received by credit markets, with Pemex bonds rallying on the prospect of improved liquidity and reduced default risk. This sovereign backstop provides near-term relief for the world’s most indebted oil producer and may help stabilize broader EM credit sentiment 4.

Block’s Square rolling out Bitcoin payments to its large merchant base is a notable step for crypto adoption in US retail payments, potentially increasing transaction volumes and visibility for Bitcoin and Lightning Network-linked assets 3.