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Here is Your Complete Market Rundown (07/14/2026):
Top Stories
Markets Await CPI Data and Fed Chair Warsh Testimony as IBM Plunges on Earnings
Stock futures traded mixed as investors anticipated inflation data and Fed Chairman Kevin Warsh's congressional testimony amid mounting rate hike expectations. IBM shares plummeted 23% on disappointing earnings, while major bank results provided mixed signals.
Trump Scraps Hormuz Fee for Gulf Investment Deals, Announces Iran Blockade
President Trump abandoned his proposed 20% cargo fee on Strait of Hormuz shipments, replacing it with trade and investment agreements from Gulf states. The strait remains open to all traffic except Iranian vessels, which face full blockade. Oil prices pared gains on the announcement.
US Inflation Drops Sharply to 3.5% in June, Beating Forecasts
June CPI fell 0.4% monthly and rose 3.5% yearly, significantly below the 3.8% forecast and marking the largest decline since June 2023. Core inflation reached 2.6% annually versus 2.8% expected, effectively ending prospects for a July Fed rate hike.
Company News
International Business Machines Corporation (IBM)
Performance Overview
1D Change: -25.21%
5D Change: -24.06%
News Volume: 363
Unusual Volume Factor: 14x
IBM Suffers Worst Day in Company History, Plunging 25% on Surprise Q2 Revenue Miss
IBM shares crashed 25% on July 14, 2026, marking the company's worst single-day decline on record and erasing $69 billion in market value. The technology giant released preliminary second-quarter results showing revenue of $17.2 billion, missing analyst estimates of $17.86 billion, with adjusted earnings per share of $2.27 versus expectations of $3.02. CEO Arvind Krishna acknowledged the shortfall in a letter to investors, stating "This quarter we faltered." The company attributed the miss to an unexpected shift in customer spending patterns during the final weeks of June, as clients redirected capital expenditure budgets toward servers, storage, and memory purchases to secure supply-constrained infrastructure ahead of anticipated price increases. Krishna admitted the company "did not anticipate the magnitude of the capex reprioritization." The revenue miss was concentrated in IBM's software and infrastructure segments, with infrastructure revenue falling 7% while software grew only 5%. Large mainframe and related software deals failed to close on expected timelines, and customers were distracted by rapidly evolving cybersecurity concerns, particularly the Mythos threat. Krishna characterized the spending shift as affecting mainframe and associated software rather than being widespread across the business. The collapse triggered a broader selloff across software and IT services stocks, with companies like ServiceNow, Accenture, Microsoft, and Salesforce declining in sympathy. Indian IT firms Infosys and Wipro saw their ADRs slump up to 8%. Analysts described the results as delivering a devastating blow to software stocks, with Goldman Sachs warning of a software bear case scenario. However, cybersecurity stocks surged on IBM's comments about customer security concerns, with CrowdStrike gaining 9% and Palo Alto Networks also rising. Hardware-focused companies like Dell and HP Enterprise saw gains as the AI infrastructure spending boom appeared to benefit chip and server manufacturers at the expense of traditional software vendors. Wall Street analysts responded swiftly, with HSBC downgrading IBM to Reduce and Bank of America cutting its price target, citing valuation concerns and software weakness. The decline represented IBM's steepest drop since at least 1968, with some reports suggesting it was the worst day since the company's modern-era 1962 IPO. The stock's 25% plunge shaved 425 points off the Dow Jones Industrial Average, where IBM holds a 3.3% weighting.
Tower Semiconductor Ltd. (TSEM)
Performance Overview
1D Change: 12.39%
5D Change: 14.74%
News Volume: 37
Unusual Volume Factor: 18x
Tower Semiconductor Stock Soars 19% on $3 Billion Japan Expansion Backed by Government Grant
Tower Semiconductor announced a $3 billion investment to expand its chip manufacturing operations in Japan, sending shares surging 19% in premarket trading. The Japanese government will provide $1 billion in grants to support the project, which focuses on expanding capacity for 300mm silicon photonics, silicon germanium, and advanced packaging technologies. The expansion includes repurposing the Arai facility and increasing output at Fab 7. The company also raised its 2028 financial targets following the announcement. The investment represents a significant commitment to Japan's semiconductor manufacturing ambitions and positions Tower to capture growing demand in specialized chip technologies.
The Goldman Sachs Group, Inc. (GS)
Performance Overview
1D Change: 9.11%
5D Change: 9.62%
Goldman Sachs Posts Record Q2 Results with Trading Revenue Surge, Stock Hits All-Time High
Goldman Sachs delivered a blowout second quarter on July 14, 2026, crushing Wall Street expectations with net revenue of $20.34 billion versus estimates of $16.35 billion and earnings per share of $20.98 compared to the $14.45 consensus. The 39% year-over-year revenue increase and 92% EPS growth marked one of the strongest quarterly performances in the bank's history. The standout performance came from trading operations, with equities sales and trading generating a record $7.42 billion against expectations of $5.02 billion, representing 72% year-over-year growth. Fixed income, currencies, and commodities trading produced $4.59 billion versus the $3.76 billion estimate. Investment banking revenue reached $3.40 billion, exceeding the $2.88 billion forecast, driven by robust deal activity including advisory work on the SpaceX IPO. Global Banking and Markets revenue totaled $15.52 billion, well above the $11.8 billion estimate, reflecting what CEO David Solomon described as clients bringing their most critical deals to the firm. Solomon noted particularly strong client activity in Asia, driven by AI-related capital formation and investment. The bank raised its quarterly dividend by 11% to $5.00 per share and announced expectations for full-year alternatives fundraising to exceed $125 billion. Goldman shares surged over 9% to reach an all-time high of $1,125.25, adding approximately 530 points to the Dow Jones Industrial Average. The stock's performance marked its best single-day gain since April 2025. Management highlighted the AI boom's impact on business activity, with Solomon stating the phenomenon remains in the early innings. The firm also emphasized wealth management expansion as a key growth driver, with that business generating client referrals across other divisions. Goldman raised $10 billion in a high-grade bond sale following the earnings announcement. Analysts raised price targets on the stock, citing the strong momentum across all major business segments and positive outlook for continued deal flow and trading activity.
Nvidia Corporation (NVDA)
Performance Overview
1D Change: 4.07%
5D Change: 7.56%
Nvidia Cuts Asian Customer List by Half Amid China Export Controls While Beginning Limited H200 Chip Deliveries
Nvidia has reduced its authorized AI chip buyer list in Asia by more than half, implementing a stricter "white list" of vetted customers across Singapore, Malaysia, and other key markets to prevent advanced chips from being diverted to China. The move comes as the company navigates tightening U.S. export restrictions on semiconductor technology. Despite the tighter controls, U.S. officials confirmed that shipments of Nvidia's H200 AI chips to China have begun, though volumes remain "very few" and "trivial" according to Jeffrey Kessler, a Trump administration official overseeing export control programs. Documents show Chinese telecommunications giant ZTE and infrastructure firm MagInfra are among companies licensed to purchase the H200 chips, while Kingsoft received approval to buy AI chips from AMD. On the business development front, Nvidia is exploring a partnership with Mitsubishi Heavy Industries to incorporate cooling systems and energy management technology at its next-generation data center facilities, according to Nikkei reports. Separately, AI startup Reflection AI signed a deal with Nebius worth over $1 billion through 2029 for access to Nvidia's GB300 chips. KeyBanc raised its price target on Nvidia stock to $330, citing strong demand, though reports indicate a slight delay in the rollout of the company's Rubin chip platform. Analysts remain bullish on the stock despite the delay, with some projecting significant upside potential. The developments highlight Nvidia's delicate balancing act between maintaining its dominant position in AI chip markets while complying with evolving U.S.-China trade restrictions. The limited H200 shipments to China represent a cautious reopening of that market under strict licensing requirements, while the reduced Asian customer list reflects heightened scrutiny to prevent unauthorized technology transfers.
Earnings Events
IBM Plunges Up to 26% After Preliminary Q2 Results Miss Estimates, Marking Worst Day Since 1987 Crash
IBM shares crashed as much as 26% on Tuesday, July 14, 2026, after the technology company released preliminary second-quarter results that fell significantly short of Wall Street expectations. The decline represents IBM's steepest single-day drop since the October 1987 market crash. The company reported preliminary Q2 revenue of $17.2 billion versus analyst estimates of $17.86 billion, representing just 1% year-over-year growth. CEO acknowledged the shortfall directly, stating "This quarter we faltered." The miss was primarily driven by weakness in mainframe and related software sales, with large deals failing to close on expected timelines. By segment, software revenue grew 5%, but infrastructure revenue declined 7% as customers unexpectedly shifted spending toward servers, storage, and memory late in the quarter. Both revenue and earnings per share came in below internal expectations and analyst forecasts. The stock opened down 23.68% at $221.50 in pre-market trading on volume of 2.64 million shares, making it the most active pre-market stock. By early trading, shares had fallen as low as $218.77, down approximately 26% from the previous close around $290. The earnings warning triggered broader weakness across the IT services sector. Infosys ADR fell 7.91% and Wipro ADR declined 4.21% in U.S. trading, while Accenture dropped 9.04% as investors reassessed global IT spending trends. Indian IT stocks also came under pressure, with HCL Tech falling 4.63%. Wall Street analysts scrambled to reassess their positions on IBM, with the stock's options chain being "rewritten as at-the-money calls evaporate." The preliminary results raised concerns about enterprise software spending patterns and the impact of shifting technology priorities on traditional IT infrastructure providers. Despite the IBM-led weakness in legacy technology names, broader market indices showed mixed performance. The S&P 500 opened up 0.13% and the Nasdaq gained 0.49%, supported by strength in semiconductor stocks and positive inflation data. The Dow Jones fell 0.23%, weighed down by IBM's decline.
Banks Post Strong Earnings as IBM Suffers Historic 28% Plunge
Major banks delivered solid quarterly results, lifting Morgan Stanley and Goldman Sachs shares while pushing the S&P 500 higher. IBM experienced its worst single-day decline in company history, dropping 28% and erasing billions in market value. SK Hynix surged 27% on the session. Cooling inflation data supported broader market gains, with the Nasdaq also closing positive despite late-session imbalances showing $1.4 billion in selling pressure.
Major Banks Report Strong Q2 2026 Earnings with Robust Revenue Growth
JPMorgan Chase, Wells Fargo, and FB Financial all posted strong second quarter 2026 results, with each reporting solid net income and revenue gains alongside notable loan growth expansion.
Citigroup Q2 Profit Surges 45% on Strong Trading and Investment Banking
Citigroup reported second-quarter earnings that exceeded analyst expectations, with profit jumping 45% year-over-year. Revenue climbed 14%, driven by robust performance in trading, capital markets, and investment banking activities.
Macro Events
US Inflation Drops to 3.5% in June as Gasoline Prices Plunge, Easing Pressure on Federal Reserve
US consumer prices fell 0.4% in June, marking the largest monthly decline since April 2020 and bringing annual inflation down to 3.5%, well below the 3.8% forecast. The sharp drop was driven primarily by a 9.7% monthly plunge in gasoline prices, attributed to falling energy costs during what headlines describe as a brief US-Iran ceasefire. Core inflation, which excludes volatile food and energy prices, showed even more encouraging signs of cooling. The core Consumer Price Index remained flat at 0.0% month-over-month versus the 0.2% expected, while the annual core rate declined to 2.6% from 2.9%, matching its lowest level since February and coming in below the 2.8% forecast. The surprisingly soft inflation data immediately impacted financial markets and Federal Reserve policy expectations. Stock futures rallied following the release, while rate-hike bets for July were effectively eliminated. Bitcoin surged from approximately $62,900 to $63,820 within 30 minutes of the announcement, adding nearly $900 as investors rushed into risk assets. Gold jumped roughly $70, climbing from around $4,030 to above $4,100. The dollar weakened as traders increased bets on potential rate cuts. Beyond energy, the report showed favorable trends in other key categories including car prices, shelter costs, and apparel, suggesting broader disinflationary momentum across the economy. Energy commodities overall fell 9.5% month-over-month, with fuel oil dropping 9.2%. The timing proved significant as the data was released just ahead of Fed Chairman Kevin Warsh's first testimony before Congress as head of the central bank. Market analysts noted the report provided welcome relief for policymakers who had been weighing further rate increases to combat persistent inflation. However, some strategists cautioned that the favorable trends may prove temporary if renewed conflict in the Middle East pushes oil prices higher. Despite the June cooldown, concerns about September rate action remained, with some market participants still anticipating potential tightening later in the year. The report also showed US small-business sentiment rebounded in June, though inflation remained a major concern for many business owners. Bitcoin exchange-traded funds experienced significant outflows exceeding $424 million, led by Fidelity and BlackRock, wiping out the previous week's gains despite the positive inflation news. The June CPI reading represented the first monthly decline in consumer prices in six years, offering Americans tangible relief particularly at gas stations and taking meaningful pressure off the Federal Reserve's inflation-fighting mandate.
Warsh Pledges Zero Tolerance for Inflation in Congressional Debut as Cooler CPI Data Eases Rate Hike Fears
Federal Reserve Chairman Kevin Warsh made his first appearance before Congress, delivering a forceful message that the central bank has "no tolerance for persistently elevated inflation" and vowing to make high inflation a "thing of the past." In prepared testimony to the House Financial Services Committee, Warsh criticized the Fed's 2020 policy framework as a mistake and promised a "regime change" to restore price stability and achieve the 2% inflation target. Warsh's hawkish stance came as markets were closely watching inflation data and reassessing expectations for Fed rate hikes. Prior to his testimony, some strategists had predicted no rate increases this year, but betting on near-term hikes mounted ahead of key economic releases. Fed Governor Waller separately noted that core inflation remains "too high," with markets pricing nearly 50% odds of a rate hike as soon as this month. The day brought relief when CPI data came in cooler than expected, with positive trends in car prices, shelter, and apparel beyond the anticipated energy decline. The softer inflation reading reduced rate hike expectations and lifted the S&P 500 and Nasdaq, though Warsh cautioned that "today's data does not say mission accomplished." He noted that containing inflation would support lower long-term Treasury yields and more affordable mortgages. Stock futures were mixed throughout the day as investors digested bank earnings alongside the inflation data. IBM shares plunged 23% on disappointing earnings, weighing on broader market gains. Rising U.S.-Iran tensions and oil prices climbing to one-month highs added uncertainty, with analysts warning that renewed Middle East conflict could reverse favorable inflation trends. Warsh expressed optimism about the overall economy, citing a stable labor market, few layoffs, and nominal wage growth, though he voiced caution regarding the AI boom. Democratic lawmakers pressed Warsh to defend the Fed's independence during the hearing as he outlined his systematic approach to policy changes.
Treasury Yields Drop as Softer-Than-Expected CPI Boosts Rate-Cut Hopes
The 30-year Treasury yield fell from 5.10% to near 5.05% after inflation data came in below forecasts, before recovering above 5.09%. Stock futures and the S&P 500 climbed on the cooler inflation reading, which strengthened expectations for potential Federal Reserve rate cuts. The dollar also declined following the report.
Dollar Retreats Ahead of Key US Inflation Data as Gold Rebounds Above $4,000
The dollar dipped before critical US CPI data release, though supported by rate expectations. Gold recovered above $4,000 amid the pullback. Sterling edged higher as the dollar rally paused. Middle East tensions provided earlier support for the greenback.
Geopolitics Events
Trump Abandons 20% Strait of Hormuz Fee in Favor of Gulf Investment Deals
President Donald Trump reversed his plan to impose a 20% reimbursement fee on cargo shipments through the Strait of Hormuz, opting instead for trade and investment agreements with Persian Gulf states. Trump stated the investments would be "massive" and beneficial for both parties, saying he was contacted by Gulf countries proposing the alternative arrangement after his initial fee announcement. The president declared the strait open to all shipping traffic except vessels linked to Iran, announcing a full blockade on ships traveling to or from Iranian ports or carrying Iranian cargo. Trump emphasized that "nobody should be able to charge a fee" for the waterway. Oil futures pared earlier gains and US crude turned negative following the announcement, as markets had initially reacted to the proposed fee earlier in the week. Iranian Foreign Minister Abbas Araghchi had previously mocked Trump's fee proposal, asserting Iran's role as the rightful guardian of the region. Trump indicated the Gulf states' investment commitments represented a superior outcome to collecting transit fees, stating "I think that's better." He also mentioned ongoing oil partnerships with Iraq and suggested Iran and Hezbollah could be added to Russia sanctions legislation, though secondary sanctions on India and China have not been discussed.
U.S. Strikes Iran for Fourth Day as Tehran Attacks Kuwait and Bahrain
U.S. forces conducted additional strikes on Iranian military targets Tuesday, marking the fourth consecutive day of operations against emerging threats. Iran launched missiles and drones at Kuwait and Bahrain, with Kuwait intercepting one ballistic missile, five cruise missiles, and 33 drones. A Kuwaiti naval vessel was hit in the attacks. Separately, tankers came under attack in the Strait of Hormuz.
Trump Pays E. Jean Carroll $5.6 Million in Sex Abuse and Defamation Case
Donald Trump paid E. Jean Carroll $5.6 million in a sex abuse and defamation settlement. The US court system transferred the funds Monday to an account established by Carroll's attorney, Roberta Kaplan, following Trump's repeated attempts to delay payment.
Corporate Actions Events
Uber in Advanced Talks to Acquire Delivery Hero
Ride-hailing giant Uber is pursuing an acquisition of German food-delivery company Delivery Hero, according to sources familiar with the negotiations. The talks are reportedly at an advanced stage, sending Delivery Hero's stock higher on the news.
DeepSeek Prepares for IPO Filing as Soon as This Year
Chinese AI company DeepSeek has begun preparations for an initial public offering, with potential filing as soon as this year, according to Bloomberg reports. The move could mark a significant debut for China's technology sector.
Fixed Income And Interest Rates Events
Treasury Yields Drop as Softer-Than-Expected CPI Boosts Rate-Cut Hopes
The 30-year Treasury yield fell from 5.10% to near 5.05% after inflation data came in below forecasts, before recovering above 5.09%. Stock futures and the S&P 500 climbed on the cooler inflation reading, which strengthened expectations for potential Federal Reserve rate cuts. The dollar also declined following the report.
Stock Markets Events
Buffett Excludes Gates Foundation From 2026 Stock Donations Amid Epstein Controversy
Warren Buffett has removed the Gates Foundation from his annual Berkshire Hathaway stock donations, redirecting shares to four family-linked charities instead. The decision follows ongoing scrutiny of Bill Gates' connections to Jeffrey Epstein.
Technology Events
JPMorgan's Dimon Discusses Succession Plans as AI Drives Job Cuts and Record Profits
JPMorgan CEO Jamie Dimon outlined expectations for his successor while reporting strong quarterly earnings driven by robust markets and consumer strength. Dimon revealed AI implementation has eliminated up to 40% of positions in certain roles, with technology efficiencies benefiting consumers through competitive pressure. The bank aims to expand its digital banking presence across Europe. Dimon's departure timeline remains unchanged.
Nvidia Begins Limited H200 AI Chip Deliveries to China After US Approval
Nvidia has started shipping H200 AI chips to China and Hong Kong following US Commerce Department clearance, though a senior US official confirmed deliveries remain "very few" in number.
Nebius Secures Over $1 Billion AI Computing Deal with Reflection AI Startup
Cloud provider Nebius agreed to sell more than $1 billion in computing power to Reflection AI, an artificial intelligence startup founded by two former Google DeepMind researchers.
OpenAI Plans Screenless AI Speaker as First Hardware Product
OpenAI will unveil a moveable, screenless home speaker this year as its debut hardware device, with commercial release targeted for 2027. The AI companion product moves forward despite Apple's lawsuit alleging trade secret violations related to OpenAI's consumer hardware initiative.
Crypto Events
EthSystems Brings Privacy Tech to Banks as Stablecoin Sector Draws $38M Investment
Ethereum Foundation spinout EthSystems launched privacy tools targeting institutional banking clients. Separately, stablecoin startup Velocity secured $38 million Series A funding from Dragonfly and FirstMark, while Japan's JCB partnered with Circle to explore cross-border stablecoin payments.
Japan's JCB Network Partners with Circle for Stablecoin Integration Across 40 Million Merchants
Japan's largest card network JCB is collaborating with Circle to introduce stablecoin payments to its merchant base. Meanwhile, Ripple's major shareholder SBI is developing institutional XRP lending infrastructure in Japan and partnering with Doppler for enhanced adoption.
Fed's Warsh Rules Out Bailouts for Crypto and Other Sectors
Federal Reserve official Kevin Warsh emphasized the central bank will not engage in bailout operations, explicitly stating this policy extends to the cryptocurrency sector.
Misc Events
Lucid Shares Plunge 50% on Bankruptcy Reports, Company Issues Denial
Electric vehicle maker Lucid's stock collapsed by half following reports the company was considering bankruptcy or going private, claims which Lucid has rejected.
PrairieSky Royalty Reports Record Q2 2026 Production with 38% FFO Growth
PrairieSky Royalty delivered record production volumes in Q2 2026, driving a 38% surge in funds from operations despite missing earnings per share expectations. The company maintained 99% operating margins during the quarter.
Other Events
Taco Bell Under Investigation as Cyclosporiasis Outbreak Sickens Thousands
Public health officials are investigating whether lettuce at Taco Bell restaurants caused a cyclosporiasis outbreak affecting thousands nationwide. Yum shares declined on the news, while medical device stocks fell separately after HCA reported weak surgical volumes. The FDA is examining produce items as the outbreak's source remains unconfirmed.
Healthcare Events
Biogen Advances Alzheimer's Drug Diranersen to Phase 3 After Positive Mid-Stage Results
Biogen reported positive Phase 2 trial data for Alzheimer's drug diranersen at AAIC and announced plans to advance to late-stage development, sending shares higher despite initial concerns over additional mid-stage data.
Alzheimer's Treatment Advances as Biogen and Eisai Report Long-Term Benefits
Eisai and Biogen released study data showing sustained benefits from Alzheimer's drug LEQEMBI in early-stage patients, though questions remain about Biogen's broader Alzheimer's portfolio. Roche announced plans to test brain shuttle technology for disease prevention. Meanwhile, CVS Health expanded GLP-1 support amid valuation concerns, and Envoy Medical reported improved 12-month cochlear implant trial results with enhanced word recognition and no serious adverse events.
AstraZeneca Acquires Global Rights to Chinese Lung Cancer Drug for $600M Upfront
AstraZeneca will pay China's Dizal Pharmaceutical $600 million upfront for global rights to lung cancer drug Zegfrovy, with total deal value reaching up to $1.5 billion including milestone payments.
Oil And Gas Events
China's Crude Imports Drop 41% to Near-Decade Low on Weak Demand and Gulf War
Chinese crude oil imports plunged 41% year-over-year in June to 29.27 million tons, the lowest level since October 2016. The sharp decline to 7.15 million barrels per day reflects an abrupt domestic demand slowdown and disruptions from Persian Gulf conflict. Several Chinese refiners will receive no Saudi term shipments next month due to weak local demand and Saudi supply constraints. The sustained drop of 4-5 million barrels per day from the world's largest crude importer removes significant demand from global markets, weighing directly on prices.
Oil Prices Target $90 as US-Iran Tensions Escalate Over Hormuz Blockade
US military operations against Iran have concluded as Washington reimposed blockades on Iranian ports. Iran maneuvered six sanctioned supertankers carrying 12 million barrels through the Strait of Hormuz before restrictions took effect. Trump's toll plans for the strategic waterway have refocused markets on supply disruption risks, pushing WTI and Brent crude toward $90 targets.
