Tariffs, Tech, and 5 Stocks to Watch as Earnings Season Begins

Markets entered earnings season with a bang, despite mounting global trade friction.

Over the weekend, President Trump confirmed new 30% tariffs on goods from Mexico and the EU, starting August 1.

But stocks remain near all-time highs as investors prepare for Q2 reports from JPMorgan, Wells Fargo, BlackRock, and more.

Meanwhile, all eyes are on inflation and whether companies can pass on higher costs or if margin pressure will start showing in results.

Tech optimism remains strong, with chip and AI-related stocks still drawing bullish price targets despite elevated valuations.

With volatility brewing beneath the surface, here are five stocks that stood out heading into Monday:

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Broadcom | AVGO

Price: $275.63

Broadcom is back in the headlines as HSBC issued a Street-high $400 price target, citing bullish growth projections for the company’s AI-focused ASIC business.

HSBC expects Broadcom to more than double its average selling prices by FY 2027, while expanding its hyperscale customer base from 3 to 7.

That optimism comes with caveats. Broadcom recently hit an all-time high, and it now trades at a forward P/E above 38x, far above its two-year average.

Some analysts note that recent gains were driven more by multiple expansion than earnings beats, which could limit upside unless Broadcom delivers on pipeline conversion.

Still, sentiment remains bullish. Over a dozen analysts have raised targets since its last earnings report, and the average forecast sits around $307.

With Nvidia’s forward P/E now lower than Broadcom’s, comparisons may draw investor scrutiny.

But if demand for AI infrastructure holds, Broadcom could remain a top-tier name in the space.

CleanSpark | CLSK

Price: $12.61

CleanSpark has doubled off its April lows and continues to benefit from strong momentum in Bitcoin and AI-adjacent infrastructure.

The company recently surpassed 50 EH/s in hashrate and is on track to hit 60 EH/s soon, milestones that boost its earnings potential within the crypto mining ecosystem.

Revenue grew 90% YoY to $537 million, and adjusted EBITDA margins are now in the mid-60% range.

A strong balance sheet, with over $900 million in cash and a conservative debt profile, adds stability.

CLSK's high price-to-sales ratio suggests investors are pricing in continued growth, but with Bitcoin volatility and energy costs a risk, sentiment could shift quickly.

Even so, analysts see room for upside. The average price target is $20, implying potential 50% gains.

For speculative investors comfortable with volatility, CLSK could be one of the more interesting momentum plays this earnings season.

CSX Corp | CSX

Price: $33.98

CSX shares have climbed over 6% YTD and recently hit a new 2025 high after a wave of analyst upgrades.

Barclays raised its price target to $36, while Bernstein and Citi reaffirmed their positive outlooks.

The key driver is optimism around Q2 performance and improved intermodal efficiency.

Although five-year returns have been modest, CSX’s total shareholder return is buoyed by dividends.

It now sports a 1.52% yield and has consistently returned capital through buybacks and payouts.

Recent infrastructure investments and tech upgrades have also positioned the railroad for long-term cost efficiency and operational scalability.

If earnings surprise to the upside and macro headwinds ease, CSX could continue riding momentum into Q3.

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Halliburton | HAL

Price: $22.02

Halliburton’s stock has struggled in 2025, down nearly 17% year-to-date.

But Nomura maintains a Buy rating, citing HAL’s order backlog and diversified exposure to commercial aircraft maintenance through its partnership with Airbus.

Despite a YoY decline in Q4 earnings and revenue, HAL has built a tendering pipeline worth over INR 1.4 trillion, which provides some medium-term visibility.

The stock trades at just 9.7x earnings and offers a nearly 3% dividend yield, adding to its appeal for value-focused investors.

If Middle East tensions intensify or oil rebounds, HAL could benefit from geopolitical tailwinds.

Still, margin pressure and muted EPS trends warrant caution ahead of its next earnings report.

Levi Strauss & Co. | LEVI

Price: $21.38

Levi Strauss surprised to the upside last quarter, posting EPS of $0.22, double analyst expectations.

Revenue rose 6.4%, with the Levi’s brand gaining 9% globally.

TD Cowen raised its price target to $22, while other firms, including UBS, JPMorgan, and Wells Fargo, are also bullish, with targets as high as $25.

The company’s transformation strategy is gaining traction, driven by strong women’s apparel growth and digital expansion.

Margins are improving, and 13 straight quarters of same-store sales gains highlight its retail resilience.

Levi also maintained EBIT margin guidance of 11.4–11.6% and expects 3–4% Q3 revenue growth.

With consistent performance and broad analyst support, LEVI may remain a steady outperformer in a consumer sector clouded by tariff and pricing concerns.

Despite growing tariff headwinds and signs of policy friction between the Fed and the White House, earnings season is starting with cautious optimism.

AI and infrastructure plays like Broadcom and CSX are gaining momentum on growth prospects, while dividend-paying stocks like Halliburton and Levi offer a margin of safety in volatile conditions.

As always, earnings surprises and macro headlines could shake things up.

But for now, selective positioning in quality names remains a smart approach as investors digest early results.