• Stripe bids for PayPal: PayPal (PYPL) popped 19% premarket after Stripe and private-equity firm Advent offered to buy the online-payments giant at $60.50 per share, a 28% premium that values the payments giant at more than $53B. Source: Reuters.
• Tower expands Japanese capacity: Tower Semiconductor (TSEM) will invest $3B to expand chip production in Japan, backed by a $1B government grant, and raised its 2028 targets to $3.6B in revenue and $1.2B in net profit. Shares popped 11%. Source: WSJ.
• Lucid denies bankruptcy rumors: Lucid (LCID) rejected reports that it is considering a take-private deal or bankruptcy filing after shares tanked 16%. The EV maker claims it has sufficient liquidity into next year and that its advisor is focused on operational improvements, not restructuring. Source: Reuters.
• Uber pursues Delivery Hero: Uber (UBER) is in advanced talks to acquire Delivery Hero (ETR:DHER) for about $45.66 per share, valuing the food-delivery company at $13.7B. A deal would expand Uber’s global footprint but likely face antitrust scrutiny. Uber fell 3%. Source: Bloomberg.
• IBM suffers historic drop: In its largest-ever 1-day slump, IBM (IBM) plunged 25% after warning on customer spending habits. Source: WSJ.
• Intel adopts high-tech tools: Intel (INTC) has begun using ASML’s (ASML) next-generation lithography machines to help produce its laptop chips. Intel climbed 4.5% yesterday and another 2.5% premarket. Source: Reuters.
• Google opens up Play Store: Google (GOOGL) will begin allowing 3rd-party Android app stores inside Google Play on July 22 after dropping efforts to modify the antitrust injunction from its lawsuit with Epic Games. The move expands app distribution and competition. Source: The Verge.
• Hollywood writers challenge merger: The Writers Guild sued to block Paramount’s (PSKY) $81B acquisition of Warner Bros. Discovery (WBD), arguing the merger would suppress writers’ wages and cut creative opportunities. Paramount fell 4.5%. Source: WSJ.
• Frontier adds Starlink WiFi: Budget airline Frontier (ULCC) will begin rolling out SpaceX’s (SPCX) Starlink in-flight WiFi in early 2027, marking its first onboard internet service. Frontier fell 2.7%. Source: CNBC.
• Big Tech lawsuits: Apple (AAPL) won dismissal of a lawsuit alleging that it failed to prevent child sexual abuse material on iCloud, while a group of employees filed suit against Meta (META) alleging that AI-assisted layoff decisions disproportionately targeted workers on medical or parental leave. Sources: CNN / AP.

• Morgan Stanley: Morgan Stanley (MS) reported Q2 EPS of $3.46 and revenue of $21.35B, topping estimates amid strong trading and investment banking results. Shares climbed 1% premarket. Source: CNBC.
• BlackRock: BlackRock (BLK) popped 4.6% premarket after posting better-than-expected Q2 earnings. Assets under management reached a record $15.34T, driven by strong ETF inflows and rising markets. Source: Reuters.
• ASML: Dutch chip giant ASML (ASML) raised its 2026 sales forecast to $49.2B-$51.5B and plans to expand production capacity as AI-driven chip demand accelerates. Shares rose 3.6% premarket. Source: Bloomberg.
• HCA Healthcare: HCA (HCA) lowered its 2026 earnings guidance after more patients lost exchange insurance coverage, increasing uninsured care. Quarterly pretax income fell by $400M, sending shares down 7%. Source: WSJ.

• Neko hits $7B valuation: Neko Health, a diagnostic-scanning and disease-prevention startup founded by a Spotify (SPOT) exec, raised $700M in a new funding round. The move lifts its valuation to nearly $7B. Source: NY Times.
• OpenAI moves into consumer hardware: OpenAI is developing a movable, screen-free AI speaker as a personalized ChatGPT companion for smart-home control and everyday tasks, targeting a 2027 launch. Source: Bloomberg.

• Long-term unemployment hits 5-year high: Nearly 2M Americans have been unemployed for at least 6 months despite a stronger job market, with long-term unemployment reaching its highest level since 2021. Source: WSJ.
• Warsh vows policy overhaul: In his first Congressional testimony, Fed Chair Kevin Warsh pledged a monetary policy “regime change” to restore price stability, calling the Fed’s 2020 inflation framework — which allowed for a flexible inflation target — a mistake. Source: CNBC.
• Wholesale prices fall: U.S. wholesale prices unexpectedly fell 0.3% MoM in June as lower gasoline prices eased inflation. Core PPI rose 0.2%, slightly below forecasts of 0.3%. Sources: CNBC / Bloomberg.
• Chinese growth slows: China’s economy grew 4.3% in Q2, missing expectations and marking its slowest pace in 3 years. Weak consumer spending and a property slump offset strong AI-driven exports. Source: NY Times.

• U.S. expands Iran strikes: American forces are launching new strikes on Iranian military targets after President Trump warned that attacks will intensify in the absence of peace talks. Oil prices ticked up to $87 per barrel, though Trump backed down on his plan to impose a 20% tax on vessels transiting the Strait of Hormuz. Sources: CNBC / NY Times.
• Ukraine war updates: Ukraine sank a Russian patrol ship docked on the Black Sea using a naval drone. Separately, June was the deadliest month for Ukrainian civilians since April 2022, with the U.N. reporting 293 deaths amid intensified Russian attacks. Sources: WSJ / CNN.

• Trump launches AI clearinghouse: The White House is creating a cybersecurity body to coordinate advanced-AI vulnerability detection and response between government and industry. Source: CNN.
• Capitol Hill latest: Senate Dems blocked a $1.15T defense authorization bill, citing opposition to the Trump administration’s handling of the Iran war. Meanwhile, the House passed a bill that would make daylight savings time permanent. Sources: Reuters / AP.
• ICE halts traffic stops: ICE suspended traffic stops for immigration arrests after 2 fatal shootings so far this month. Source: WSJ.
• Cyclospora outbreak grows: U.S. cases of the parasitic illness cyclospora nearly doubled to 1,645 in a matter of days, with 141 hospitalizations and no confirmed source. Health experts are racing to trace the outbreak. Source: NY Times.
• Buffett redirects donations: Billionaire Warren Buffett ended annual donations to the Gates Foundation amid controversy over Bill Gates's ties to Jeffrey Epstein. Source: BBC.

• 7:00 AM: MBA 30-Year Mortgage Rate
• 8:30 AM: PPI MoM & Core PPI MoM
• 8:30 AM: NY Empire State Manufacturing Index
• 10:00 AM: Fed Chair Warsh Testimony
• 10:30 AM: EIA Crude Oil & Gasoline Stocks Change
• Thursday: Retail Sales MoM
• Friday: Building Permits Prelim., Housing Starts, Michigan Consumer Sentiment Prelim.

ASML Holding (ASML) has released its quarterly earnings.

• Revenue of $10.67B (+21.24% YoY) beats by $321M.
• EPS of $8.69 (+27.00% YoY) beats by $0.77.
• Financials · As Reported · Metrics · Press Release

Johnson & Johnson (JNJ) has released its quarterly earnings.

• Revenue of $25.31B (+6.60% YoY) beats by $261.43M.
• EPS of $2.90 (+4.69% YoY) beats by $0.05.
• Financials · As Reported · Metrics · Press Release

Morgan Stanley (MS) has released its quarterly earnings.

• Revenue of $21.35B (+27.13% YoY) beats by $2.07B.
• EPS of $3.46 (+62.44% YoY) beats by $0.65.
• Financials · As Reported · Metrics · Press Release

BlackRock (BLK) has released its quarterly earnings.

• Revenue of $7.08B (+30.63% YoY) beats by $406.52M.
• EPS of $13.91 (+15.44% YoY) beats by $1.36.
• Financials · As Reported · Metrics · Press Release

The Progressive Corporation (PGR) has released its quarterly earnings.

• Revenue of $21.57B (+6.22% YoY) misses by $46.41M.
• EPS of $4.86 (-0.41% YoY) beats by $0.27.
• Financials · As Reported · Metrics · Press Release

The Bank of New York Mellon Corporation (BNY) has released its quarterly earnings.

• Revenue of $5.70B (+13.33% YoY) beats by $321M.
• EPS of $2.46 (+26.80% YoY) beats by $0.26.
• Financials · As Reported · Metrics · Press Release

PNC Financial (PNC) has released its quarterly earnings.

• Revenue of $6.88B (+21.44% YoY) beats by $476.03M.
• EPS of $4.85 (+25.97% YoY) beats by $0.42.
• Financials · As Reported · Metrics · Press Release

Elevance Health (ELV) has released its quarterly earnings.

• Revenue of $49.83B (+0.82% YoY) beats by $1.23B.
• EPS of $7.45 (-15.72% YoY) beats by $1.25.
• Financials · As Reported · Metrics · Press Release

M&T Bank (MTB) has released its quarterly earnings.

• Revenue of $2.53B (+5.68% YoY) beats by $66.64M.
• EPS of $5.35 (+25.00% YoY) beats by $0.68.
• Financials · As Reported · Metrics · Press Release

TSMC (TSM) will report tomorrow before market open.

• 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 tomorrow before market open.

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

Vista Energy (VIST) will report tomorrow after market close.

• Analysts estimate revenue of $1.19B (+95.62% YoY).
• EPS is estimated to be $54.36 (+2,416.67% YoY).
• Financials · As Reported · Metrics

State Street (STT) will report tomorrow before market open.

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

Marsh & McLennan Companies (MRSH) will report Tuesday.

• Analysts estimate revenue of $7.28B (+4.41% YoY).
• EPS is estimated to be $2.90 (+6.62% YoY).
• Financials · As Reported · Metrics

3M Company (MMM) will report Tuesday.

• Analysts estimate revenue of $6.39B (+3.74% YoY).
• EPS is estimated to be $2.24 (+3.70% YoY).
• Financials · As Reported · Metrics

América Móvil (AMX) will report Tuesday.

• Analysts estimate revenue of $13.77B (+14.87% YoY).
• EPS is estimated to be $0.52 (+36.84% YoY).
• Financials · As Reported · Metrics

Northrop Grumman (NOC) will report Tuesday.

• Analysts estimate revenue of $10.79B (+4.27% YoY).
• EPS is estimated to be $6.81 (-4.22% YoY).
• Financials · As Reported · Metrics

General Motors Company (GM) will report Tuesday.

• Analysts estimate revenue of $46.81B (-0.67% YoY).
• EPS is estimated to be $3.15 (+24.51% YoY).
• Financials · As Reported · Metrics

• 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.