Early Look

Wednesday, July 15, 2026

U.S. futures are higher as earnings season kicks into gear, a day after both U.S. stocks and bonds moved higher after June CPI data came in below expectations, easing concerns that the Federal Reserve will need to raise interest rates in the near term despite rising oil prices linked to renewed U.S.-Iran tensions. The S&P 500 extended its gains for the month as strength in semiconductor stocks offset weakness in software shares following disappointing sales results from IBM. Major U.S. banks (GS JPM hit all-time highs post earnings, also helping support sentiment after reporting solid earnings to kick off the second-quarter earnings season. The 10-year Treasury yield fell six basis points to 4.57%, and money markets lowered the implied probability of a July Fed rate hike to roughly 20% after CPI data and as Fed Chair Kevin Warsh reiterated that policymakers remain committed to keeping inflation under control. More tension overseas as at 6 A.M. et today, U.S. Central command forces began launching a Wave of strikes against Iran. The strikes are designed to further degrade military capabilities Iranian forces have used to attack commercial Shipping in the strait of Hormuz. In Asian markets, The Nikkei Index jumped 1,008 points to 68,751, the Shanghai Index fell -11 points to 3,955, and the Hang Seng Index gained 340 points to 24,681. In Europe, the German DAX is down -182 points to 24,964, while the FTSE 100 falls -18 points to 10,510. China’s economy grew 4.3% in Q2, its weakest pace since 2022.

• The Dow Jones Industrial Average rose 10.02 points, or 0.02%, to 52,508.66
• The Nasdaq Composite jumped 233.83 points, or 0.90%, to 26,107.01
• The Russell 2000 Index advanced 11.60 points, or 0.39% to 2,964.77

• 8:30 AM ET NY Empire Fed Manufacturing for July…est. 8.8
• 8:30 AM ET                   Producer Price Index (PPI) headline M/M for June…est. +0.0% (prior +1.1%)
• 8:30 AM ET                   Producer Price Index (PPI) headline Y/Y for June…est. +6.2% (prior +6.5%)
• 8:30 AM ET PPI core – Ex: Food & Energy M/M for June…est. +0.4% (prior +0.4%)
• 8:30 AM ET PPI core – Ex: Food & Energy Y/Y for June…est. +5.2% (prior +4.9%)
• 10:30 AM ET                 Weekly EIA Inventory Data

• Earnings After the Close: GSBC HOMB JBHT KARO UAL

• Pentair (PNR) shares tumble after announces CFO transition, said prelim Q2 sales fell -17% to $930M vs. est. $1.14B and sees adj EPS $1.12 vs. est. $1.48 saying results impacted by Pool channel inventory destocking and IEEPA refunds; sees 2026 sales down 4% to 7%, revising prior guide of up 2% to 4% and guides 2026 adj EPS of $4.60 to $4.80, down from prior guide of $5.30 to $5.40.
• Wabash (WNC) shares slip after the company announced a private offering of $100M in convertible senior unsecured notes due 2032, with an option for initial purchasers to buy an additional $15M. Wabash plans to use the proceeds for general corporate purposes.
• In Utilities, prices in the largest U.S. power auction hit $325 a megawatt day, down -2.5% from the last auction price of $333.44, grid operator PJM Interconnection said. The capacity auction held by PJM, an electrical grid that spreads across 13 Mid-Atlantic and Midwest states, affects the power bills of roughly 67 million people.

• Blackrock (BLK) Q2 EPS $13.91 vs. est. $12.67; Q2 revs rose 31% y/y to $7.08B vs. est. $6.82B; Q2 AUM $15,34T vs. est. $15.19T, up from $12.53T a year earlier and $13.89 trillion in the first quarter; attributed revenue growth to higher base fees, positive market performance, and strong inflows.
• Equity Bancshares (EQBK) Q2 adj. EPS $1.41 vs. est. $1.22; NII $73.9Mm (+48.3% YoY) vs est $74.29Mm, NIM 4.36% (+3bps QoQ); adj. non-interest Income $10.3Mm; efficiency ratio 53.4% (improved from 56.7%); core ROATCE 17.2%; provision $1.3Mm; NCOs $1.7Mm; ACL 1.19%; total assets $7.7B; loans $5.4B.
• Goldman Sachs (GS) raised $10B from a high-grade bond sale, bolstered by investor demand that equaled about three times that size on the same day it posted record Q2 stock-trading results, according to Bloomberg; debt offering drew orders of about $32B at its peak per the report.
• PayPal (PYPL) shares rise after Stripe and private equity firm Advent International have jointly offered to buy PYPL for over $53 billion, Reuters reported. The offer of $60.50 per share represents about 28% premium to co's last closing price and follows an initial approach made in early April, as per sources https://tinyurl.com/3z7z9d9y
• PNC Financial (PNC) Q2 profit jumped 25% to $2.06B, or $4.81 per share, as revs increased 21% to $6.88B vs. est. $6.5B; Q2 net interest income jumped 11% y/y to $4.107B vs. est. $4.106B driven by strong loan growth, the FirstBank acquisition and lower deposit costs; Q2 capital markets and advisory revenue surged 80% over the year earlier to $577M; sees Q3 net interest Income up 3%-3.5% vs Q2.
• JPMorgan Chase & Co (JPM) credit card delinquency rate 0.81% at June end and credit card charge-off rate 1.62% in June.

• Johnson & Johnson (JNJ) Q2 adj EPS $2.90 vs est. $2.85 and Q2 sales $25.31B vs est. $25.05B; Q2 Darzalex worldwide sales $4.21B, Stelara worldwide sales $740M and Tremfya worldwide sales $2.05B; guides FY adj EPS $11.60–$11.75 vs est. $11.59 and sales $100.3B–$100.9B vs est. $101.05B; said on track to meet 2026 target of more than $100B in annual revs.
• Kestra Medical (KMTS) Q4 EPS ($0.67) vs est ($0.60), adj EBITDA ($26.7)Mm vs est ($22.46)Mm on revs $28.6Mm vs est $26.48Mm; sees FY revs $137Mm vs est $132.89Mm; says secures up to $200Mm non-dilutive financing.

• ASML (ASML) said it now expects full year 2026 total net sales to be between EU43B and EU45B (midpoint at €44B), compared to the prior forecast range of EU36B and EU40B (midpoint at EU38B); sees gross margin to be between 54% and 56% versus the prior forecast range of 51% and 53%.
• IBM Corp. (IBM) announced IBM Power Autonomous Operations, an AI agent that can help continuously monitor Power systems and autonomously resolve issues to keep operations running.
• Lionsgate Studios (LION) is considering a sale and has attracted takeover interest from Bollore Group amid accelerating consolidation in the media industry, Reuters reports, citing three people familiar with the matter said. The company has been working with an investment bank to evaluate inbound approaches https://tinyurl.com/3rn3jy2n

Mid-Morning Look

Wednesday, July 15, 2026

U.S. stocks are moving higher, building on the prior day gains as earnings season is off to a solid start and softer inflation readings the last two days helping ease interest rate hike fears. After a “cooler” June consumer prices (CPI) inflation report Tuesday helped boost stock markets and push down interest rate hike chances by the Fed, today’s PPI data further validated the lower inflation view as June month-over-month PPI final demand -0.3% (consensus 0.0%). After a few days of mixed returns, strength in large cap tech helping buoy markets as AAPL hits a new all-time high, along with gains in AMZN, MSFT, META and GOOGL in Mag 7. More noise in the Middle East as U.S. Central Command launched a fourth consecutive day of strikes on Iran and reinstated a blockade of Iranian ports after President Trump reversed plans to charge protection fees for ships transiting the Strait of Hormuz. The U.S. said the attacks were intended to degrade Iran’s ability to target commercial shipping in the strategic waterway. Donald Trump reversed his plan to impose a 20% toll on ships transiting the Strait of Hormuz a day after announcing it initially. Still, no impact on U.S. stocks as the focus remains on earnings and inflation. ASML giving aid to the AI trade after better earnings and guidance in semi equipment on strong orders. In FinTech, PYPL shares rise on Reuters report Stripe, Advent offer to buy PayPal for more than $53 billion at $60.50 a share.

• NY Fed's Empire State current business conditions index +15.6 in July above the consensus +8.8 and vs +5.7 in June; new orders index surges +22.2 in July vs +3.5 in June, employment index at +11.4 in July vs +9.6 in June, six-month business conditions index +27.9 in July vs +30.1 in June while prices paid index drops to +52.3 in July vs +61.0 in June in a strong reading.
• China Q2 GDP reported at +0.9% q/q in-line with estimates and 4.3% y/y vs 4.5% consensus and its weakest reading pace since 2022. China June Unemployment Rate 5% vs 5.1% consensus; June Retail Sales +1% y/y vs -0.1% consensus and Industrial output +5.3% y/y vs 4.7% consensus.

• Aerospace: Morgan Stanley with several rating changes as they downgraded LOAR and TDG from Overweight to Equal weight in commercial aerospace, and downgrade CAE to Underweight. In Space, downgrades VOYG from Equal weight to Underweight all citing relative risk/reward profiles. The firm’s highest-conviction ideas are FTAI in Commercial Aerospace, NOC in Defense, and HAWK in Space Technologies, reflecting what it believes are the most attractive combinations of secular growth, earnings durability, and risk/reward. In other news, RDW secured $21.5M in follow-on purchase orders to support the U.S. Army's Family of Small Uncrewed Aircraft Systems program. KRMN rallied after news it will replace BTSG in the S&P Smallcap 600 index effective Friday 7/17. In Drones, UMAC was initiated Buy and $42 PT at HCW noting its product portfolio spans flight controllers, Electronic speed controllers (ESCs), analog video systems, FPV headsets, drone Motors, and pending the Upgrade Energy acquisition, batterie.
• Managed Care sector: after a massive rally for the sector the last few months, shares are sliding despite a beat and raise quarter for ELV. The company Q2 adj EPS $7.45 tops consensus $6.21 on revs $49.8B vs. est. $48.63B while raises FY26 adjusted EPS view to 'at least $27.00' from prior view "at least $26.75" (vs. consensus $26.91) and boosts FY26 operating cash flow guidance to at least $6B; medical cost ratio of 89.7%, was up from 88.9% a year earlier (shares of CNC, HUM, UNH take a breather today).

• ASML +3%; said it now expects full year 2026 total net sales to be between EU43B and EU45B (midpoint at EU44B), compared to the prior forecast range of EU36B and EU40B (midpoint at EU38B); sees gross margin to be between 54% and 56% versus the prior forecast range of 51% and 53%.
• BABA +6%; as AAPL’s on-device artificial Intelligence system got its long-awaited approval for release in China, integrating Alibaba Group Holding Ltd.’s Qwen Ai into the iPhone experience.
• BLK +6%; after results; as Q2 EPS $13.91 vs. est. $12.67; Q2 revs rose 31% y/y to $7.08B vs. est. $6.82B; Q2 AUM $15,34T vs. est. $15.19T, up from $12.53T a year earlier and $13.89 trillion in the first quarter; attributed revenue growth to higher base fees, positive market performance, and strong inflows.
• KRMN +6%; after news it will replace BTSG in the S&P Smallcap 600 index effective Friday 7/17.
• LION +7%; is considering a sale and has attracted takeover interest from Bollore Group amid accelerating consolidation in the media industry, Reuters reported saying the company has been working with an investment bank to evaluate inbound approaches https://tinyurl.com/3rn3jy2n  
• MANE +16%; said its oral, extended-release formulation of minoxidil induced hair growth in women with mild-to-moderate pattern hair loss, achieving the goal of a single-arm mid-stage study. The company is enrolling female participants in a Phase 2/3 study with results expected next year.
• PYPL +13%; after Stripe and private equity firm Advent International have jointly offered to buy PYPL for over $53 billion, Reuters reported; offer of $60.50 per share represents about 28% premium to co's last closing price and follows an initial approach made in early April, https://tinyurl.com/3z7z9d9y  
• XPEV +4%; aims to build monthly production capacity of more than 1,000 IRON robots by the end of this year, WSJ reported citing people familiar with the matter. XPeng introduced the IRON humanoid robot concept in November as part of its broader physical AI strategy.

• CELC -15%; shares fell after rising late Tuesday when the FDA approved its drug for an advanced form of breast cancer, making it the company's first product to gain market entry… but the company delayed the launch until late 3Q26, which weighed on sentiment.
• CRDF -32%; after saying it sold 8.57M shares and accompanying warrants at $1.05 in registered direct offering and said certain insiders and directors to buy 731,707 shares and warrants at $1.435; the co intends to use net offering proceeds for working capital and general purposes.
• ELV -8%; reported Q2 adj EPS $7.45 tops consensus $6.21 on revs $49.8B vs. est. $48.63B while raises FY26 adjusted EPS view to 'at least $27.00' from prior view "at least $26.75" (vs. consensus $26.91) and boosts FY26 operating cash flow guidance to at least $6B; medical cost ratio of 89.7%, was up from 88.9% a year earlier (shares of CNC, HUM, UNH take a breather today).
• PNR -12%; said prelim Q2 sales fell -17% to $930M vs. est. $1.14B and sees adj EPS $1.12 vs. est. $1.48 saying results impacted by Pool channel inventory destocking and IEEPA refunds; sees 2026 sales down (-4% to 7%), revising prior guide of up +2% to +4% and guides 2026 adj EPS of $4.60-$4.80 below prior outlook.
• SKHY -6%; as Memory stocks give back a little of prior day gains (MU, SNDK, SKHY). On Tuesday, SKHY shares jumped 27%; server maker DELL climbed 7%; and storage play SanDisk rose 5%.
• WNC -11%; shares tumbled after the company announced a private offering of $100M in convertible senior unsecured notes due 2032, with an option for initial purchasers to buy an additional $15M. Wabash plans to use the proceeds for general corporate purposes

Closing Recap

Tuesday, July 14, 2026

US equity futures were mixed into the pre-market following IBM’s surprise, disappointing, pre-release and -20% pre-market swoon competing with better earnings from several financials (C, JPM, GS, WFC).  S&P futures dipped modestly into the red, but Nasdaq futures gained.  The US/Iran conflict escalated further overnight as well, with another round of US strikes on military targets to eliminate Iranian control of the Strait of Hormuz.  The US also resumed its Iranian ports blockade.  Oil gained almost 4% overnight as a result.  On the equities side, a cooler CPI release seemed to please the Fed watchers and generated a nice pre-market pop back to positive territory.

By mid-morning, stocks held gains with breadth favoring advancers by 2:1 as small caps split the large cap indices with IWM (+0.46%) versus SPY (+0.36%) and QQQ (+1.04%).  SPY breadth favored decliners by 11:9, but QQQ breadth favored advancers by 9:8.  Financials (+1.01%), Utilities (+0.89%) and Technology (+0.83%) were outperformers among S&P sector ETFs, while Real Estate (-0.46%), Consumer Staples (-0.67%) and Health Care (-1.95%) paced the underperformers with 6 sectors gaining versus 5 declining.  In Fear & Greed today, the index remained in Fear territory at 44/100 versus last week’s 43 (Fear) and last month’s 35 (Fear), and still a very different picture versus last year’s 76 (Extreme Greed).

Stocks moved mostly sideways into late afternoon as US/Iran rhetoric continued to escalate but the rate-hike-expectations trade won out as Warsh spoke but made no sufficiently hawkish comments to spook investors.  Earnings have just begun to ramp, so many eyes will turn to growth and guidance from reporting companies to guide the next market moves in coming weeks. Shares of Dow components and financial giants JPM and GS both hit all-time record highs today after quarterly results crushed estimates, while shares of Citigroup (C) and Wells Fargo declined post results.

• WTI crude futures popped overnight as the US launched more strikes against military targets in Iran and resumed its blockade of Iranian ports.  Later comments from Trump clarified the Strait of Hormuz is open to all ship traffic except for Iran with the full blockade only applicable to ships coming from or going to Iranian ports.  August crude futures slipped back to losses on the headlines before trending flattish ahead of afternoon gains and eventually settled  +$1.20/bbl, or +1.54%, at $79.34. 
• U.S. Treasury yields declined after data showed consumer inflation slowed more than expected in June, dampening market expectations for a near-term rate hike from the Federal Reserve. The Labor Department said the Consumer Price Index increased 3.5% in the 12 months through June after surging 4.2% in May, the largest year-on-year rise since April 2023. On a monthly basis, CPI fell 0.4% after a 0.5% increase in May.

• In Homebuilders: Barclay’s said they expect 2026 could shape up to be another "lost year" for Builders as it remains lower conviction on the space vs building products, as Builders increasingly become entirely a rates trade in 2H, and demand remains more muted in the crosshairs of ongoing macro and affordability challenges. The firm tweaks near-term estimates slightly lower given intra-quarter choppier demand reads and still elevated rates, downgraded TMHC to EW from OW on M&A and remains underweight on TOL.

• In Autos: LCID shares tumbled as the company denied as "completely false" a blog post saying it was considering a potential take-private transaction or a Chapter 11 bankruptcy filing, after the electric-vehicle maker's shares tumbled more than 50% in what would be their steepest one-day decline. Lucid said it had sufficient liquidity to fund operations well into next year, had not formed a special board committee to explore the reported scenarios. Bloomberg reported UBER is in advanced talks to acquire Delivery Hero (DELHY) and an agreement could be reached as soon as this week, noting the transaction would likely value Delivery Hero well above its recent trading price of around EUR 36 per share.

• Oil refiners (VLO, DK, PBF, DINO, MPC) making 52-week highs daily given the surge in oil prices as tensions escalate between the US and Iran the last three days as cease fire is off. BP said it expects stronger oil and gas prices, robust oil trading and higher refining margins to lift Q2 earnings, while at the same time, Q2 results are expected to include around $1B of impairments, primarily related to its lower-carbon energy transition businesses.
• Alt Energy/Solar: FCEL was upgraded to Buy at UBS (raise tgt to $27) driven by recent deal with FIT Energy; announcement of collaboration with Siemens for product development and FCEL's ability to fill the void created by competitors scaling up to pursue significantly larger orders.

• Citi (C) posted Q2 adj. EPS $3.15 above est. $2.72 while revs rose 14.3% y/y to $24.766B topping est. $23.737B aided by robust trading and strong investment banking fees. Q2 FICC Sales & Trading Revs $4.71B (est $4.56B), Equities Sales & Trading Rev $2.3B (est $1.9B), Net Interest Income $17.13B (est $16.01B). Q2  investment banking jumped 44% to $1.55B and total banking revenues rose 34% to $1.92B. Also, Q2 Net interest income +13% and Non-interest revenue +18%; raises dividend by 12%, launches $30B buyback.
• GS reported blowout Q2 results as EPS $20.98 crushed ests $14.48 and revs surged 39% y/y to $20.34B above consensus est. $16.13B while raises quarterly dividend to $5.00 from $4.50. Investment banking revs surged 55% y/y to $3.4B, Q2 FICC sales & trading rev rose 32% y/y to $4.59B, tops est. $3.76B while equities business revs of $7.42B, surged 72% y/y; Q2 provision for credit losses better at -$102M vs est. -$204.9M primarily reflected impairments related to wholesale loans.
• JPM strong results as Q2 revs rose 27% y/y to $57.3B top estimates of $51.1B; Q2 EPS $7.70 tops est. $5.59; Q2 Total Deposits $2.71T (est $2.69T), loans: $1.54T (est $1.52T), Equities Sales & Trading $6.03B (est $3.98B), FICC Sales & Trading $6.05B (est $6.29B), Investment Banking Revs rose 30% to $3.90B (est $3.06B); Q2 net Charge-Offs$2.37B (est $2.62B); Net income included a $4.6B gain related to Visa shares and $1.0 bln of gains on certain equity investments.
• WFC reported top/bottom line beat as Q2 EPS $2.00 vs. est. $1.72; Q2 revs $22.62B vs. est. $21.83B; Q2 net interest income rose 5% y/y to $12.31B vs. est. $12.36B; Q2 provision for credit losses was $945M; consumer spending higher, charge-offs and delinquencies are lower; savings/investments grow across consumer segments. The increase was driven by robust trading performance as market volatility encouraged clients to adjust their portfolios.

• Crypto sector: stablecoin provider CRCL shares fell after Mizuho downgraded to underperform (tgt to $50 from $85) as believes that Open-USD's pass-through model to distributors and large scale with over 140 partners could fundamentally alter the company's business model.
• Financial Services: TRI said it would sell a 51% stake in its Global Print business to private equity firm KKR for about $500 million.

• BIIB shares fell after saying its experimental Alzheimer's drug diranersen missed the main goal of its mid-stage study, which tested whether higher doses provided greater benefit in patients with early Alzheimer's disease; said the drug, however, slowed decline in memory, thinking and daily functioning in the trial.
• Celcuity (CELC) said the FDA approved its gedatolisib with fulvestrant, with or without palbociclib, for advanced or metastatic breast cancer; Gedatolisib is CELC's experimental breast cancer drug.
• ERAS updated preliminary Phase 1 data for its pan-RAS molecular glue ERAS-0015 in patients with RAS-mutant solid tumors; announced clinical development plans for the ERAS-0015 program, including potentially registration-enabling trials in lung and pancreatic cancers; $500M secondary priced at $17.50.
• MBX announces executive leadership transition to support the company’s next phase of growth, appointing Steve Hoerter as Chairman and CEO as Kent Hawryluk steps down as President, CEO, board member.
• NXTC shares surge after saying it will merge with privately held Avere Therapeutics in an all-stock deal and operate as Avere Therapeutics after closing. NXTC says concurrent $320 mln private financing will fund development of AVR-001, an experimental once-weekly pill for inflammatory diseases.

• Medical Devices: ANGO Q4 sales $86.6M tops ests $80.4M; Q4 EPS loss (-$0.07) vs. est. loss (-$0.09); guides Fy27 sales outlook $336-$341M as expects Med Tech net sales growth of 12%–15% and Med Device net sales growth flat; sees gross margin of 54%–55% and adj EBITDA of $13M-$16M for fiscal 2027.

• Transports: in railroads: Susquehanna upgraded CSX to positive (IM, pricing acceleration, aligning valuation to market) and downgraded CNI to neutral (thesis played out; upside limited into USMCA review). The firm said they remain positive on CP up North (Can-Mex trade offsets and advantaged IM offerings) and remain positive on UNP longer-term (NSC neutral on deal terms). In trucking, Susquehanna said they are most constructive on KNX (purest one-way TL pricing play + LTL optionality) and JBHT (intermodal strength, and pricing power as diversified freight leader), favor CHRW within brokerage on execution, and stay negative on RXO, where they think valuation has outrun an improving but still-unproven earnings story.
• In Defense/Drones: KTOS receives approximately $400 million in new funding for hypersonic system and other programs; EH was downgraded from Buy to Neutral at Goldman Sachs and cut tgt to $7.30 from $16.90 on fair valuation, reflecting its lower estimates driven by potentially longer time needed for commercial ticketed services and VT-35 and overseas expansion remaining in an early Stage.
• Papers & Packaging sector: Bank America upgraded ATR to Buy from Neutral (tgt to $173 from $148) as valuation remains attractive versus comparable companies and difficult emergency medicine destocking comparisons near completion while resumes GPK at Neutral. The firm also downgraded SLVM to Neutral given updated valuation and view that paper pricing may be peaking; IP cut to Neutral on updated valuation. Additionally, had upgraded IP last August on a view that containerboard pricing would rise twice in, but this call has now played out; also downgraded OI to Underperform as don’t see lots of downside and management deserves credit for its cost cuts, but relative upside could lag on glass volume weakness; lastly GEF downgraded to Underperform, largely on valuation as we see limited upside after 14% move.

• Data Center/AI infrastructure sector: CLSK signed a 20-year infrastructure lease with a global technology company for its Sandersville, Georgia, campus. The triple-net lease is expected to generate about $6.6B in contracted revenue over its initial term, with the potential contract value rising to $11.6B if the tenant exercises two five-year extension options. Ai startup Reflection said it has signed a more than $1B deal to secure Computing capacity from NBIS, including access to NVDA’s latest chips. The move builds on Reflection's June agreement with SPCX for Computing capacity. HUT price tgt raised to $165 from $85 at Benchmark noting the co has converted the megawatts at two new Ai data center sites into at least $16.8B of contracted, investment-grade lease value, financed the buildout with $7.5B of non-dilutive project bonds, and expanded a development pipeline that now stands at more than 9 GW in six months. Other data center names WULF, RIOT, CIFR, HUT weaker too as New York Gov. Kathy Hochul hits pause on new 50MW+ hyperscale data centers for up to a year.
• Communications & Networking: ERIC shares fell on mixed Q2 results, with earnings topping analyst estimates despite a decline in sales, as strength in its cloud business, but flagged rising component costs linked to AI demand; Q2 revs declined 6.1% Y/Y to SEK 52.7B, missing the consensus estimate of SEK 54.04B while EPS of SEK 1.22 beat the consensus estimate of SEK 1.19. NOK and Taiwan Mobile extend 5G partnership to advance Ai-powered networks. Nokia's AirScale portfolio and Ai-driven software power Taiwan Mobile's; 5G network modernization for enhanced performance, automation, and sustainability.

• In Optical sector: AAOI expands Texas Manufacturing for AI Optical Transceivers as the company began construction of two new manufacturing facilities in Pearland, Texas, adding nearly 400,000 square feet of capacity. The expansion will support production of 800G and 1.6T optical transceivers for AI and cloud infrastructure networks.

• A top U.S. official told Congress that a small number of Nvidia NVDA.O H200 chips, one of the company's most powerful AI chips, have been shipped to China to date. "There have been minimal exports of any H200s to China so far," Jeffrey Kessler, undersecretary of commerce for industry and security, told the House Foreign Affairs Committee.
• Keybanc revised several company ests and tgts (raised for ADI, AMD, ARM, INTC, NRVL, MU, NVDA, TXN) while downgraded SWKS. What was most topical was data center demand strength driving broad crosscurrents across semis, supporting continued memory shortages, price increases, and tight supply conditions that are pulling forward PCs and flagship smartphone builds. Said they are  seeing analog track better, with DC and ind demand driving extended lead times, price increases, and improving bookings.
• TSEM said it plans to invest about $3B to expand its advanced semiconductor manufacturing capacity in Japan, backed by about $1B in grants from the Japanese government; the company also updated its 2028 financial targets, forecasting $3.6B in revenue.
• UMC reported its first mass-produced silicon photonics wafers manufactured within its Singapore facility; also plans to make its own 12-inch silicon photonics platform available for customer product development by 2027

Street Recommendations

Wednesday, July 15, 2026

• AN Barclays raised the firm's price target on AutoNation to $260 from $255 and keeps an Overweight rating on the shares. The firm adjusted targets in the auto dealers space as part of a Q2 earnings preview. Tough compares create a challenging quarter, but traffic "may be clearing," the analyst tells investors in a research note.
• GPI Barclays lowered the firm's price target on Group 1 Automotive to $435 from $470 and keeps an Overweight rating on the shares. The firm adjusted targets in the auto dealers space as part of a Q2 earnings preview. Tough compares create a challenging quarter, but traffic "may be clearing," the analyst tells investors in a research note.
• LAD Barclays analyst John Babcock lowered the firm's price target on Lithia & Driveway to $360 from $370 and keeps an Overweight rating on the shares. The firm adjusted targets in the auto dealers space as part of a Q2 earnings preview. Tough compares create a challenging quarter, but traffic "may be clearing," the analyst tells investors in a research note.
• PAG Barclays raised the firm's price target on Penske Automotive to $220 from $190 and keeps an Overweight rating on the shares. The firm adjusted targets in the auto dealers space as part of a Q2 earnings preview. Tough compares create a challenging quarter, but traffic "may be clearing," the analyst tells investors in a research note.
• SAH Barclays raised the firm's price target on Sonic Automotive to $92 from $77 and keeps an Equal Weight rating on the shares. The firm adjusted targets in the auto dealers space as part of a Q2 earnings preview. Tough compares create a challenging quarter, but traffic "may be clearing," the analyst tells investors in a research note.
• LNG Barclays analyst Theresa Chen raised the firm's price target on Cheniere Energy to $274 from $271 and keeps an Overweight rating on the shares. The firm says that although Cheniere continues to trade on headlines related to the Middle East conflict, it sees long-term value in the company's "operational and commercial excellence, attractive commercialization runway, and unmatched capital returns framework."
• GS Barclays analyst Jason Goldberg raised the firm's price target on Goldman Sachs to $1,245 from $1,048 and keeps an Overweight rating on the shares following the Q2 report. The bank's earnings were well ahead of estimates, reflecting much better than expected trading and investment banking fees, the analyst tells investors in a research note.
• JPM Barclays raised the firm's price target on JPMorgan to $420 from $391 and keeps an Overweight rating on the shares following the Q2 report. JPMorgan's earnings beat as trading and investment banking fees were ahead, the analyst tells investors in a research note.

• OFG Benchmark last night initiated coverage of OFG Bancorp with a Hold rating and no price target. The bank's fundamentals are solid, but its catalysts are less prevalent compared to its mainland and Puerto Rico peers, the analyst tells investors in a research note. The firm sees a slightly lower net interest margin level and OFG's concentration in the slowing segment of auto as more of a headwind relative to peers.
• FBP Benchmark last night initiated coverage of First BanCorp with a Buy rating and $31 price target. The firm cites the bank's strong fundamentals, high profitability, and the positive macro backdrop in Puerto Rico for the Buy rating. First BanCorp will be able to deliver at least mid-single digit earnings growth in the next two years, the analyst tells investors in a research note.

• REI BofA initiated coverage of Ring Energy with a Buy rating and $2 price target. The firm says the company's net asset value is underappreciated due to negative spot price realizations on its natural gas production. It expects Ring's gas realizations and profitability to "inflect" over the next 18 months as nearby pipeline takeaway capacity grows with the completion of several large pipe projects.
• PAGS As previously reported, BofA downgraded PagSeguro to Neutral from Buy with a price target of $10, down from $12. The firm reduced its FY26 and FY27 net income estimates by 2% and 6%, respectively, to reflect a more challenging operating backdrop, with Brazilian interest rates likely to remain "higher for longer."
• STNE BofA analyst Mario Pierry downgraded StoneCo to Neutral from Buy with a price target of $13, down from $23. The firm cut its FY26 and FY27 earnings estimates by 9% and 13%, respectively, to reflect a more challenging operating backdrop, with Brazilian interest rates likely to remain "higher for longer."
• PTCT BofA raised the firm's price target on PTC Therapeutics to $95 from $93 and keeps a Buy rating on the shares. The firm, which conducted a survey of 20 neurologists and geneticists, views the survey as supportive of PTC's long-term commercial opportunity, adding that the firm will focus on updated Sephience launch metrics during the Q2 call.

• CRWD BTIG raised the firm's price target on CrowdStrike to $237 from $191 and keeps a Buy rating on the shares. The firm notes that its field checks over the past few weeks picked up some compelling data points from six industry partners highlighting a positive demand environment, with AI creating incremental tailwinds for the company's core endpoint security offering, the analyst tells investors in a research note.

• CLSK Cantor Fitzgerald raised the firm's price target on CleanSpark to $26 from $17 and keeps an Overweight rating on the shares. The signing of a 20-year lease is the start of a new era for CleanSpark, making risk/reward at current levels attractive, the analyst tells investors in a research note.

• ABBV Citi analyst Geoff Meacham raised the firm's price target on AbbVie to $260 from $230 and keeps a Neutral rating on the shares. The firm adjusted targets in the biopharma group as a part of a Q2 earnings preview. Citi expects "largely robust" Q2 prints from the large cap names it covers.
• LLY Citi raised the firm's price target on Eli Lilly to $1,600 from $1,500 and keeps a Buy rating on the shares. The firm adjusted targets in the biopharma group as a part of a Q2 earnings preview. Citi expects "largely robust" Q2 prints from the large cap names it covers.
• MCD Citi lowered the firm's price target on McDonald's to $335 from $375 and keeps a Buy rating on the shares ahead of the Q2 earnings report. The firm sees the company's same-store-sales for Q2 declining 2%, reaching a multi-year low versus the fast food benchmark. The quarter should represent the "low water mark" for same-store-sales with beverages coming, the analyst tells investors in a research note.
• MELI Citi analyst Joao Pedro Soares raised the firm's price target on MercadoLibre to $2,000 from $1,950 and keeps a Neutral rating on the shares ahead of the Q2 report on August 5. The firm sees the company's margin pressures continuing in Q2 given its investments in logistics, credit and marketing. Citi's EBIT estimate is 5% below consensus. As such, the firm opened a "downside 30-Day catalyst watch" on MercadoLibre into earnings.
• RBLX Citi keeps a Buy rating on Roblox with a $70 price target ahead of the company's Q2 report on July 30. The firm expects Roblox to report Q2 bookings of $1.57B, near the low end of its $1.55B-$1.61B guidance. However, the company's Q3 bookings outlook should be near consensus and its booking guidance for the year should "hold steady," the analyst tells investors in a research note.
• MSFT Citi lowered the firm's price target on Microsoft to $570 from $620 and keeps a Buy rating on the shares ahead of the fiscal Q4 report. Citi remains positive on the shares following its constructive channel checks on CoPilot. Microsoft is also "increasingly strategically positioned" for optimizing token spend and AI efficiency, the analyst tells investors in a research note. The firm expects the company to report strong Q4 results but says investors will need to digest higher capex spend in Q1.
• NOW Citi analyst Tyler Radke lowered the firm's price target on ServiceNow to $156 from $158 and keeps a Buy rating on the shares. The firm says its ServiceNow partner checks are mixed, with some partners missing or just meeting targets. As such, the firm is "more measured" into the company's Q2 report.

• NXT Guggenheim upgraded Nextpower to Buy from Neutral with a $125 price target.

• STLD JPMorgan lowered the firm's price target on Steel Dynamics to $256 from $262 and keeps a Neutral rating on the shares. The firm adjusted targets in the steel group as part of a Q2 earnings preview. The recent selloff in steel mill names is due to deflation in the sector's "safe-haven" premium with the reopening of the Strait, the analyst tells investors in a research note. JPMorgan keeps a "constructive view" on the sector, citing relative insulation from the Middle East conflict, durable S232 tariffs, and tight supply.
• CLF JPMorgan lowered the firm's price target on Cleveland-Cliffs to $10 from $13 and keeps a Neutral rating on the shares. The firm adjusted targets in the steel group as part of a Q2 earnings preview. The recent selloff in steel mill names is due to deflation in the sector's "safe-haven" premium with the reopening of the Strait, the analyst tells investors in a research note. JPMorgan keeps a "constructive view" on the sector, citing relative insulation from the Middle East conflict, durable S232 tariffs, and tight supply.
• RS JPMorgan lowered the firm's price target on Reliance to $376 from $378 and keeps a Neutral rating on the shares. The firm adjusted targets in the steel group as part of a Q2 earnings preview. The recent selloff in steel mill names is due to deflation in the sector's "safe-haven" premium with the reopening of the Strait, the analyst tells investors in a research note. JPMorgan keeps a "constructive view" on the sector, citing relative insulation from the Middle East conflict, durable S232 tariffs, and tight supply.

• NET Mizuho analyst Gregg Moskowitz raised the firm's price target on Cloudflare to $310 from $260 and keeps an Outperform rating on the shares. The firm adjusted targets in the large-cap software group as part of a Q2 earnings preview. Mizuho's Q2 channel checks were good overall, with public cloud data points were strong and AI adoption remaining robust, the analyst tells investors in a research note. The firm's favorite June quarter ending stocks to own ahead of earnings are Palantir, Atlassian and ServiceNow. Software-as-a-service "continues to be resilient, although multiples continue to be plagued by investor concerns about AI-led disruption," Mizuho says.
• CVLT Mizuho raised the firm's price target on Commvault to $175 from $140 and keeps an Outperform rating on the shares. The firm adjusted targets in the large-cap software group as part of a Q2 earnings preview. Mizuho's Q2 channel checks were good overall, with public cloud data points were strong and AI adoption remaining robust, the analyst tells investors in a research note. The firm's favorite June quarter ending stocks to own ahead of earnings are Palantir, Atlassian and ServiceNow. Software-as-a-service "continues to be resilient, although multiples continue to be plagued by investor concerns about AI-led disruption," Mizuho says.
• DDOG Mizuho raised the firm's price target on Datadog to $300 from $220 and keeps an Outperform rating on the shares. The firm adjusted targets in the large-cap software group as part of a Q2 earnings preview. Mizuho's Q2 channel checks were good overall, with public cloud data points were strong and AI adoption remaining robust, the analyst tells investors in a research note. The firm's favorite June quarter ending stocks to own ahead of earnings are Palantir, Atlassian and ServiceNow. Software-as-a-service "continues to be resilient, although multiples continue to be plagued by investor concerns about AI-led disruption," Mizuho says.
• FTNT Mizuho raised the firm's price target on Fortinet to $125 from $86 and keeps an Underperform rating on the shares. The firm adjusted targets in the large-cap software group as part of a Q2 earnings preview. Mizuho's Q2 channel checks were good overall, with public cloud data points were strong and AI adoption remaining robust, the analyst tells investors in a research note. The firm's favorite June quarter ending stocks to own ahead of earnings are Palantir, Atlassian and ServiceNow. Software-as-a-service "continues to be resilient, although multiples continue to be plagued by investor concerns about AI-led disruption," Mizuho says.
• MSFT Mizuho analyst Gregg Moskowitz lowered the firm's price target on Microsoft to $490 from $515 and keeps an Outperform rating on the shares. The firm adjusted targets in the large-cap software group as part of a Q2 earnings preview. Mizuho's Q2 channel checks were good overall, with public cloud data points were strong and AI adoption remaining robust, the analyst tells investors in a research note. The firm's favorite June quarter ending stocks to own ahead of earnings are Palantir, Atlassian and ServiceNow. Software-as-a-service "continues to be resilient, although multiples continue to be plagued by investor concerns about AI-led disruption," Mizuho says.
• RPD Mizuho raised the firm's price target on Rapid7 to $11 from $8 and keeps a Neutral rating on the shares. The firm adjusted targets in the large-cap software group as part of a Q2 earnings preview. Mizuho's Q2 channel checks were good overall, with public cloud data points were strong and AI adoption remaining robust, the analyst tells investors in a research note. The firm's favorite June quarter ending stocks to own ahead of earnings are Palantir, Atlassian and ServiceNow. Software-as-a-service "continues to be resilient, although multiples continue to be plagued by investor concerns about AI-led disruption," Mizuho says.

• TDG Morgan Stanley downgraded TransDigm to Equal Weight from Overweight with a price target of $1,345, down from $1,680. The firm says that while aerospace and defense fundamentals remain constructive heading into Q2 earnings, volatility and valuation changes "demand greater selectivity." Morgan Stanley downgraded four names into earnings, citing relative risk/reward profiles.
• CAE Morgan Stanley downgraded CAE to Underweight from Equal Weight with a price target of C$37, down from C$43. The firm says that while aerospace and defense fundamentals remain constructive heading into Q2 earnings, volatility and valuation changes "demand greater selectivity." Morgan Stanley downgraded four names into earnings, citing relative risk/reward profiles.
• TS Morgan Stanley upgraded Tenaris to Equal Weight from Underweight with a price target of $65, up from $53. The firm says improving oil country tubular goods industry fundamentals amid declining imports and increasing demand are tightening inventories, which will support pricing. It sees upside to consensus estimates for Tenaris.
• FTAI Morgan Stanley named FTAI Aviation the analyst's "highest-conviction" idea and "Top Pick" in commercial aerospace. More broadly, aerospace and defense fundamentals remain constructive heading into Q2 earnings, but recent volatility and valuation changes demand greater selectivity, the analyst tells investors in a preview for the group. The analyst has an Overweight rating and $319 price target on FTAI.
• NOC Morgan Stanley analyst Kristine Liwag named Northrop Grumman the analyst's "highest-conviction" idea and "Top Pick" in defense. More broadly, aerospace and defense fundamentals remain constructive heading into Q2 earnings, but recent volatility and valuation changes demand greater selectivity, the analyst tells investors in a preview for the group. The analyst has an Overweight rating and $745 price target on Northrop Grumman.
• JPM Morgan Stanley raised the firm's price target on JPMorgan to $370 from $362 and keeps an Equal Weight rating on the shares. The "unexpected" raise in the expense guidance somewhat dampened the positive reaction to an even better-than-expected net interest income guidance raise, the analyst tells investors in a post-earnings note.
• GS Morgan Stanley analyst Manan Gosalia raised the firm's price target on Goldman Sachs to $1,145 from $1,099 and keeps an Equal Weight rating on the shares. While the firm remains Equal Weight on valuation, it sees further upside to Street estimates for 2027 as Goldman executes on a multi-year revenue opportunity, the analyst tells investors in a post-earnings note.
• CHEF Morgan Stanley downgraded Chefs' Warehouse to Equal Weight from Overweight with a price target of $97, up from $83. While the firm remain fans and contends that Chefs' Warehouse has "both the right exposure thematically" and high likelihood of beating guidance in Q2 and for the fiscal year, it is "going to take a breather" for valuation reasons with the stock up almost 60% year-to-date, the analyst tells investors.

• NOW Oppenheimer raised the firm's price target on ServiceNow to $140 from $130 and keeps an Outperform rating on the shares. ServiceNow's AI disruption concerns appear overstated given its strong platform, enterprise integration, and growing AI business, with Q2 upside potential from strong AI commentary, margin strength, and future growth drivers, the analyst tells investors in a research note.
• OUST Oppenheimer raised the firm's price target on Ouster to $57 from $42 and keeps an Outperform rating on the shares ahead of the Q2 report. The firm believes customer traction with Ouster's Rev8 "started strong and is building momentum." The company is reaching an inflection on volumes for industrial applications across a range of end markets, including industrial automation, robotics, autonomous vehicles, drones, mining, construction, agriculture, and smart infrastructure, the analyst tells investors in a research note.

• AIG Piper Sandler analyst Paul Newsome downgraded AIG to Neutral from Overweight with a price target of $80, down from $88. The firm adjusted six ratings in the insurance space. As market price softening accelerates, Piper identified areas of the insurance industry that remain resilient, the analyst tells investors in a research note. The firm says that as the cycle progresses, investors should look for smaller companies that are "able to avoid the harsh pressures of a soft market and are still able to grow."
• AJG Piper Sandler upgraded Arthur J. Gallagher to Overweight from Neutral with a price target of $276, up from $225. The firm adjusted six ratings in the insurance space. As market price softening accelerates, Piper identified areas of the insurance industry that remain resilient, the analyst tells investors in a research note. The firm says that as the cycle progresses, investors should look for smaller companies that are "able to avoid the harsh pressures of a soft market and are still able to grow."
• AON Piper Sandler downgraded Aon plc to Neutral from Overweight with a price target of $377, up from $355. The firm adjusted six ratings in the insurance space. As market price softening accelerates, Piper identified areas of the insurance industry that remain resilient, the analyst tells investors in a research note. The firm says that as the cycle progresses, investors should look for smaller companies that are "able to avoid the harsh pressures of a soft market and are still able to grow."
• HIG Piper Sandler analyst Paul Newsome downgraded Hartford to Neutral from Overweight with a price target of $146, down from $148. The firm adjusted six ratings in the insurance space. As market price softening accelerates, Piper identified areas of the insurance industry that remain resilient, the analyst tells investors in a research note. The firm says that as the cycle progresses, investors should look for smaller companies that are "able to avoid the harsh pressures of a soft market and are still able to grow."
• THG Piper Sandler downgraded The Hanover to Neutral from Overweight with an unchanged price target of $220. The firm adjusted six ratings in the insurance space. As market price softening accelerates, Piper identified areas of the insurance industry that remain resilient, the analyst tells investors in a research note. The firm says that as the cycle progresses, investors should look for smaller companies that are "able to avoid the harsh pressures of a soft market and are still able to grow."
• UVE Piper Sandler downgraded Universal Insurance to Neutral from Overweight with an unchanged price target of $44. The firm adjusted six ratings in the insurance space. As market price softening accelerates, Piper identified areas of the insurance industry that remain resilient, the analyst tells investors in a research note. The firm says that as the cycle progresses, investors should look for smaller companies that are "able to avoid the harsh pressures of a soft market and are still able to grow."

• MLM Raymond James lowered the firm's price target on Martin Marietta to $675 from $690 and keeps an Outperform rating on the shares. The outlook on Martin Marietta outlook is supported by strong heavy non-residential and infrastructure demand, durable pricing power, aggregates-focused M&A, and potential upside from margin expansion and capital deployment despite near-term volume uncertainty, the analyst tells investors in a research note.
• VMC Raymond James analyst Patrick Tyler Brown lowered the firm's price target on Vulcan Materials to $320 from $325 and keeps an Outperform rating on the shares. The firm's outlook on Vulcan Materials remains supported by resilient pricing, infrastructure-driven demand, and operational improvements that could deliver stronger long-term profitability than the market expects despite uncertain aggregate volumes, the analyst tells investors in a research note.
• ROAD Raymond James analyst Patrick Tyler Brown added Construction Partners to the firm's Analyst Current Favorites list. The list contains the current favorite stock ideas from the firm's equity analysts. An analyst may only have one "buy" idea on the list at any given time. Construction Partners is viewed favorably after its recent selloff, as weather concerns, infrastructure funding uncertainty, and fuel cost pressures appear overstated given operational flexibility, state-driven demand, and pass-through pricing mechanisms, the analyst tells investors in a research note.

• LGND RBC Capital raised the firm's price target on Ligand to $340 from $262 and keeps an Outperform rating on the shares. The firm is updating its model and price target to reflect the recent convertible offering and incremental capital deployment, the analyst tells investors in a research note. Ligand's varied investment approaches include acquiring companies in bankruptcy which, while generating very strong returns as observed in the Novan restructuring, probably warrant a higher cost of capital, the firm added.

• AMD Rosenblatt raised the firm's price target on AMD to $665 from $490 and keeps a Buy rating on the shares. The firm also named AMD its top semiconductor top long idea into earnings. The analyst expects AMD's EPYC server to deliver over 70% year-over-year revenue growth at above corporate average gross margin. Rosenblatt sees the server dominating the high-end market, noting Intel's Diamond Rapids server has been delayed.
• INTC Rosenblatt analyst Kevin Cassidy raised the firm's price target on Intel to $65 from $50 and keeps a Sell rating on the shares ahead of the earnings report. Intel should benefit from strong CPU demand, but may be limited to 20% year-over-year growth due to its low yields, the analyst tells investors in a research note.

• GXO Stifel lowered the firm's price target on GXO Logistics to $70 from $71 and keeps a Buy rating on the shares. The truckload cycle is "finally transitioning into a more constructive, albeit still messy, early-stage recovery," says the analyst, who adds in a preview for the third-party logistics group that "a key consideration" for Q2 is that the improvement is being driven "much more by supply-side tightening than by a clean demand inflection."
• EXPD Stifel raised the firm's price target on Expeditors to $158 from $154 and keeps a Hold rating on the shares. The truckload cycle is "finally transitioning into a more constructive, albeit still messy, early-stage recovery," says the analyst, who adds in a preview for the third-party logistics group that "a key consideration" for Q2 is that the improvement is being driven "much more by supply-side tightening than by a clean demand inflection."
• CHRW Stifel analyst J. Bruce Chan raised the firm's price target on C.H. Robinson to $215 from $207 and keeps a Buy rating on the shares. The truckload cycle is "finally transitioning into a more constructive, albeit still messy, early-stage recovery," says the analyst, who adds in a preview for the third-party logistics group that "a key consideration" for Q2 is that the improvement is being driven "much more by supply-side tightening than by a clean demand inflection."

• CRGY UBS initiated coverage of Crescent Energy with a Buy rating and $13 price target. Crescent Energy's portfolio expansion and integration efforts, along with improving execution and deleveraging, support a favorable long-term outlook, with its recent underperformance creating an attractive entry point, the analyst tells investors in a research note.
• SM UBS analyst Peyton Dorne initiated coverage of SM Energy with a Buy rating and $36 price target. SM Energy's successful integration of the Civitas merger, combined with expected cost savings, debt reduction, and a discounted valuation, supports an attractive risk-reward outlook, the analyst tells investors in a research note.
• ROL UBS lowered the firm's price target on Rollins to $50 from $61 and keeps a Neutral rating on the shares. Rollins faces a mixed Q2 setup as slower ancillary growth may pressure organic growth and fuel concerns around its relative performance versus Rentokil, though the long-term business quality remains intact, the analyst tells investors in a research note.
• AMD UBS analyst Timothy Arcuri raised the firm's price target on AMD to $700 from $670 and keeps a Buy rating on the shares. At its AI Day event, AMD is expected to highlight durable CPU and GPU roadmaps, potential AI partnerships, and expanded data center opportunities, with supply chain checks supporting a bullish outlook, the analyst tells investors in a research note.

Rating abbreviations…

***OP = Outperform

***SP = Sector Perform

***UP = Underperform

***OW = Overweight

***EW = Equal-weight

***UW = Underweight

***Report powered by thefly.com***

What’s on Tap Weekly Calendar

• Earnings After the Close: AERO FBK

• 7:45 AM ET ICSC Weekly Retail Sales
• 8:30 AM ET                   Consumer Price Index (CPI) headline M/M for June
• 8:30 AM ET                   Consumer Price Index (CPI) headline Y/Y for June
• 8:30 AM ET CPI core – Ex: Food & Energy M/M for June
• 8:30 AM ET CPI core – Ex: Food & Energy Y/Y for June
• 8:55 AM ET                   Johnson/Redbook Weekly Sales
• 11:00 AM ET                 Cleveland Fed CPI for June
• 4:00 PM ET                    Net Long Term TIC Flows for May
• 4:30 PM ET API Weekly Inventory Data

• Earnings After the Close: AEHR EQBK KMTS PXED

• China Q2 GDP, House Prices, Retail Sales and Industrial Output data

• 8:30 AM ET NY Empire Fed Manufacturing for July
• 8:30 AM ET                   Producer Price Index (PPI) headline M/M for June
• 8:30 AM ET                   Producer Price Index (PPI) headline Y/Y for June
• 8:30 AM ET PPI core – Ex: Food & Energy M/M for June
• 8:30 AM ET PPI core – Ex: Food & Energy Y/Y for June
• 10:30 AM ET                 Weekly EIA Inventory Data

• Earnings After the Close: GSBC HOMB JBHT KARO UAL

• 8:30 AM ET                   Continuing Claims
• 8:30 AM ET                   Philly Fed Business Survey for July
• 8:30 AM ET                   Retail Sales M/M for June
• 8:30 AM ET                   Retail Sales – Less Autos for June
• 10:00 AM ET                 Business Inventory M/M for May
• 10:00 AM ET                 Pending Home Sales M/M for June
• 10:00 AM ET NAHB Housing Market Index for July
• 10:30 AM ET                 Weekly EIA Natural Gas Inventory Data

• Earnings After the Close: AA FNB INDB ISRG NFLX SFNC

• Bank America 27th Annual Washington D.C. Health Care Conference, 7/15-7/16, in DC

• 8:30 AM ET                   Building Permits M/M for June
• 8:30 AM ET                   Import Prices M/M for June
• 8:30 AM ET                   Export Prices M/M for June
• 9:15 AM ET                   Industrial Production M/M for June
• 9:15 AM ET                   Capacity utilization for June
• 10:00 AM ET                 University of Michigan Confidence, July-prelim
• 10:00 AM ET                 University of Michigan 1-yr and 5-yr inflation expectations
• 1:00 PM ET                    Baker Hughes Weekly rig count data

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