• Market recap: All 3 main indices slumped yesterday, with the Nasdaq down over 1.5%. Sandisk (SNDK) in particular tumbled 13%, with AMD (AMD), Micron (MU), Intel (INTC), Oracle (ORCL), and Seagate (STX) down 4-6%. Source: CNBC.
• CleanSpark lands AI lease: CleanSpark (CLSK) signed a 20-year data-center lease expected to generate $6.6B in revenue, sending shares rocketing 14% premarket. The deal advances its shift from Bitcoin mining to AI infrastructure. Source: Bloomberg.
• SpaceX slips: SpaceX (SPCX) fell for a 2nd straight session, dropping below its $150 debut price and nearing its $135 IPO price. Shares are down 13% WoW. Source: CNBC.
• Brown-Forman CEO retires: Brown-Forman (BF.B) CEO Lawson Whiting plans to retire after a successor is named, as the Jack Daniel's maker navigates slowing alcohol demand and leadership succession. The company reaffirmed its fiscal-year guidance, but shares slumped 2% premarket. Source: WSJ.
• UMC launches new chips: Taiwanese chipmaker UMC (UMC) began mass production of new chips at its Singaporean plant, targeting AI data-center demand. Citi (C) expects the company to post stronger H2 sales and margins, with shares up 2% premarket. Source: CNBC.
• States challenge media merger: 12 states sued to block Paramount’s (PSKY) proposed acquisition of Warner Bros. Discovery (WBD), arguing it would reduce competition, raise prices, and cut content output. WBD fell 1% premarket. Source: CNN.
• Tylenol legal fight resurrected: An appeals court revived more than 500 lawsuits against Kenvue (KVUE) over claims that prenatal Tylenol use is linked to autism and ADHD, sending shares down 1.3%. Source: CNBC.
• Chipotle enters Mexico: Chipotle (CMG) is opening its first restaurant in Mexico, using the launch to test international expansion. Shares rose 4%. Source: BBC.
• Samsung denies U.S. listing claims: South Korean tech behemoth Samsung (KRX:005930) is reportedly exploring a U.S. ADR listing and has held preliminary talks with banks, though the company refuted the news. Sources: Bloomberg / Reuters.

Here’s a corner of private credit most investors overlook. A film production gets approved for a state tax credit, but can’t redeem it until post-production wraps. They need capital now.

Bridge lenders provide it, secured against the credit itself. When the credit clears, the lender gets repaid. It’s short-term, asset-backed, and largely uncorrelated to equity markets. Distribution contracts and completion bonds add further layers of security.

The deals are typically 12-16 weeks in duration. The yields are double-digit. And the underlying asset is a government-backed receivable. Not glamorous. Highly functional.

• IBM: IBM (IBM) preliminarily reported Q2 EPS and revenue below expectations, citing shifting spending habits and delayed software deals. Shares tanked 19% premarket. Source: CNBC.
• BofA: Bank of America (BAC) reported higher Q2 profit on record trading revenue and a turnaround in investment banking. Net income rose to $9.1B, while net interest income increased 9% to $16B. All the same, shares dropped 1.7% premarket. Source: Reuters.
• JPMorgan: JPMorgan (JPM) posted record Q2 profit, fueled by a 30% rise in investment banking fees and a 35% increase in trading revenue. Shares fell 2.6% premarket after the bank raised its 2026 expense forecast. Source: Reuters.
• Goldman: Goldman Sachs (GS) reported sharply higher Q2 profit amid record equities trading and a rebound in dealmaking. Investment banking fees rose 55%, while equities revenue surged 72% to a record. Shares rose 1.3% premarket. Source: Reuters.

• Inflation comes in below expectations: Inflation slowed to 3.5% YoY in June, below the 3.8% forecast, as lower gasoline prices offset broader price pressures. On a monthly level, inflation actually declined 0.4%, the largest drop in 6 years. Sources: WSJ / NY Times.
• Small-business optimism rebounds: U.S. small-business optimism rose to 97.4 in June, nearing its long-term average, but inflation remained the top concern. Source: Reuters.
• Oil hits 1-month high, Hormuz shipping plunges: Brent crude rose above $85 a barrel, its highest level in 1 month, as traffic through the Strait of Hormuz plummeted to its lowest level since mid-June. Sources: NY Times / NY Times.
• Chinese exports surge: China's June exports jumped 27% YoY, the fastest pace in 5 years. The uptick was driven by AI hardware demand and tariff-related frontloading. Source: CNBC.
• Singaporean economy beats: Singapore's economy grew 5.7% in Q2, exceeding expectations as manufacturing strength offset slower services growth. Source: CNBC.

• Middle East war resumes amid blockade: President Trump notified Congress that the U.S. is once again at war with Iran and reinstated a blockade of the Strait of Hormuz, saying he will impose a 20% levy on all shipments. Iranian attacks on oil tankers have killed at least 1 person. Sources: Politico / NPR / CNBC / Bloomberg.
• Hungary ousts president: Hungary’s parliament voted to remove President Tamas Sulyok, an ally of former authoritarian leader Viktor Orban, as newly elected PM Peter Magyar pushes to dismantle Orban's political network. Critics panned the move as a power grab. Source: NY Times.
• China expels Politburo member: China expelled Politburo member Ma Xingrui from the Communist Party, extending President Xi Jinping’s anti-corruption purge that has removed 3 Politburo members since 2022. Source: AP.
• U.K. targets Revolutionary Guards: The U.K. is designating Iran's Islamic Revolutionary Guard Corps as a terrorist organization, citing its alleged role in directing antisemitic attacks across Europe. Source: NY Times.

• Trump shrinks Utah monuments: President Trump reduced the Bears Ears and Grand Staircase-Escalante national monuments by about 90%, citing local control and energy development. Conservation groups plan legal challenges. Source: KUER.
• Judge voids IRS settlement: A federal judge scrapped President Trump's $1.8B IRS settlement, ruling that it improperly shielded him from tax audits and created an unlawful compensation fund. Source: BBC.
• NY halts data centers: New York Gov. Kathy Hochul is imposing the first statewide moratorium on new data centers for up to 1 year while regulators develop rules on energy, water, and environmental impacts. Source: AP.
• Graham's sister appointed: South Carolina Gov. Henry McMaster, a Republican, tapped Darline Graham Nordone, sister of the late Sen. Lindsey Graham, to serve out the remainder of Graham's term. Source: Reuters.
• Man killed by ICE in Maine: An immigration officer shot and killed a 26-year-old Colombian man during an ICE enforcement operation in Maine after authorities said the vehicle drove toward an officer. The man lived in the U.S. on a valid work permit. Source: WSJ.

• 8:15 AM: ADP Employment Change Weekly
• 8:30 AM: Core Inflation Rate MoM & YoY
• 8:30 AM: Inflation Rate MoM & YoY
• 8:30 AM: CPI & CPI seasonally adj.
• 10:00 AM: Fed Chair Warsh Testimony
• 4:00 PM: Net Long-term TIC Flows
• 4:30 PM: API Crude Oil Stock Change
• Wednesday: PPI MoM, Fed Chair Warsh Testimony
• Thursday: Retail Sales MoM
• Friday: Building Permits Prelim., Housing Starts, Michigan Consumer Sentiment Prelim.

JPMorgan Chase (JPM) has released its quarterly earnings.

• Revenue of $58.02B (+27.01% YoY) beats by $8.63B.
• EPS of $6.14 (+23.79% YoY) beats by $0.55.
• Financials · As Reported · Metrics · Press Release

Bank of America (BAC) has released its quarterly earnings.

• Revenue of $31.56B (+19.25% YoY) beats by $1.23B.
• EPS of $1.21 (+35.96% YoY) beats by $0.10.
• Financials · As Reported · Metrics · Press Release

The Goldman Sachs Group (GS) has released its quarterly earnings.

• Revenue of $20.34B (+39.46% YoY) beats by $4.29B.
• EPS of $20.98 (+92.30% YoY) beats by $6.88.
• Financials · As Reported · Metrics · Press Release

Wells Fargo & Company (WFC) has released its quarterly earnings.

• Revenue of $22.62B (+8.64% YoY) beats by $825.77M.
• EPS of $1.96 (+27.27% YoY) beats by $0.25.
• Financials · As Reported · Metrics · Press Release

Citigroup (C) has released its quarterly earnings.

• Revenue of $24.77B (+14.30% YoY) beats by $1.30B.
• EPS of $3.15 (+60.71% YoY) beats by $0.48.
• Financials · As Reported · Metrics · Press Release

Fastenal Company (FAST) has released its quarterly earnings.

• Revenue of $2.39B (+14.71% YoY) beats by $51.32M.
• EPS of $0.33 (+13.79% YoY) in line with estimates.
• Financials · As Reported · Metrics · Press Release

Telefonaktiebolaget LM Ericsson (ERIC) has released its quarterly earnings.

• Revenue of $5.42B (-6.54% YoY) misses by $418M.
• EPS of $0.13 (-7.14% YoY) in line with estimates.
• Financials · As Reported · Metrics · Press Release

Grupo Aeroportuario del Pacífico (PAC) has released its quarterly earnings.

• Revenue of $649.12M (+8.96% YoY) misses by $213.80M.
• EPS of $2.79 (+29.17% YoY) misses by $0.46.
• Financials · As Reported · Metrics · Press Release

Elevance Health (ELV) will report tomorrow before market open.

• Analysts estimate revenue of $48.59B (-1.68% YoY).
• EPS is estimated to be $6.20 (-29.86% YoY).
• Financials · As Reported · Metrics

Cintas (CTAS) will report tomorrow before market open.

• Analysts estimate revenue of $2.87B (+7.77% YoY).
• EPS is estimated to be $1.23 (+12.84% YoY).
• Financials · As Reported · Metrics

Kinder Morgan (KMI) will report tomorrow after market close.

• Analysts estimate revenue of $4.24B (+4.87% YoY).
• EPS is estimated to be $0.31 (+10.71% YoY).
• Financials · As Reported · Metrics

Conagra Brands (CAG) will report tomorrow before market open.

• Analysts estimate revenue of $2.89B (+3.88% YoY).
• EPS is estimated to be $0.46 (-17.86% YoY).
• Financials · As Reported · Metrics

ASML Holding (ASML) will report tomorrow before market open.

• Analysts estimate revenue of $10.28B (+17.87% YoY).
• EPS is estimated to be $7.98 (+19.28% YoY).
• Financials · As Reported · Metrics

Johnson & Johnson (JNJ) will report tomorrow before market open.

• Analysts estimate revenue of $25.05B (+5.50% YoY).
• EPS is estimated to be $2.85 (+2.89% YoY).
• Financials · As Reported · Metrics

Home BancShares (HOMB) will report tomorrow after market close.

• Analysts estimate revenue of $288.90M (+6.60% YoY).
• EPS is estimated to be $0.61 (+5.17% YoY).
• Financials · As Reported · Metrics

United Airlines Holdings (UAL) will report tomorrow after market close.

• Analysts estimate revenue of $17.58B (+15.40% YoY).
• EPS is estimated to be $1.81 (-53.23% YoY).
• Financials · As Reported · Metrics

TSMC (TSM) will report Thursday.

• Analysts estimate revenue of $39.76B (+32.22% YoY).
• EPS is estimated to be $3.77 (+52.63% YoY).
• Financials · As Reported · Metrics

U.S. Bancorp (USB) will report Thursday.

• Analysts estimate revenue of $7.59B (+8.86% YoY).
• EPS is estimated to be $1.27 (+14.41% YoY).
• Financials · As Reported · Metrics

State Street (STT) will report Thursday.

• Analysts estimate revenue of $3.83B (+11.06% YoY).
• EPS is estimated to be $3.24 (+28.06% YoY).
• Financials · As Reported · Metrics

UnitedHealth Group (UNH) will report Thursday.

• Analysts estimate revenue of $110.77B (-0.76% YoY).
• EPS is estimated to be $4.85 (+18.87% YoY).
• Financials · As Reported · Metrics

The Travelers Companies (TRV) will report Friday.

• Analysts estimate revenue of $11.23B (-7.32% YoY).
• EPS is estimated to be $4.94 (-24.12% YoY).
• Financials · As Reported · Metrics

Truist Financial (TFC) will report Friday.

• Analysts estimate revenue of $5.23B (+3.96% YoY).
• EPS is estimated to be $1.08 (+18.68% YoY).
• Financials · As Reported · Metrics

Fifth Third Bancorp (FITB) will report Friday.

• Analysts estimate revenue of $3.25B (+44.62% YoY).
• EPS is estimated to be $0.88 (-2.22% YoY).
• Financials · As Reported · Metrics

• Estimated Wednesday, July 15: Tarsier Pharma Ltd. (TARX), a pharmaceutical company focused on diseases that cause blindness.
• Estimated Thursday, July 16: Csquare, Inc. (CSQR), a data center provider with $1.02B in TTM revenue and 8.8% revenue growth YoY.
• Estimated Thursday, July 16: Standard Nuclear, Inc. (STDN), a nuclear fuel firm with 3.36M in TTM revenue.