• Merck's new cholesterol drug: Merck (MRK) won FDA approval for Lipfendra, the first daily PCSK9 cholesterol pill. The drug could expand treatment beyond statins and is expected to become a multibillion-dollar product. Source: WSJ.
• TSMC expands U.S. investment: Taiwan Semiconductor Manufacturing (TSM) plans to invest an additional $100B in U.S. chip production, bringing its total commitment to $265B and expanding its Arizona footprint to 10 fabs and two packaging facilities. Source: Bloomberg.
• JPMorgan nears $1T: JPMorgan Chase (JPM) reached a roughly $919B market value after posting the highest quarterly profit ever by a U.S. bank, putting it on track to become the first $1T bank. Source: Reuters.
• Apple AI boosts Chinese tech: Alibaba (BABA) rose 5% and Baidu (BIDU) gained 4% after confirming their AI models will power Apple (AAPL) Intelligence features in China, after regulatory approval. Source: CNBC.
• Lilly acquires AtaiBeckley: Eli Lilly (LLY) agreed to buy AtaiBeckley (ATAI) for up to $3.8B, expanding its neuroscience pipeline with a promising psychedelic-based depression treatment. Source: Bloomberg.
• SpaceX faces lockup risk: SpaceX (SPCX) fell below its $135 IPO price and is down 33% from its post-IPO high. More volatility could follow as up to 911.5M insider shares become eligible for sale after earnings, with the tradable float rising to 40% by December. Source: Reuters.
• Nvidia expands Japan AI ties: Nvidia (NVDA) partnered with Fanuc (TYO:6954), Yaskawa Electric (TYO:6506), Kawasaki Heavy Industries (TYO:7012), and Fujitsu (TYO:6702) to advance robotics and physical AI in Japan. Separately, Noetra plans to buy 27,500 Nvidia Rubin chips for a new AI computing project. Source: Reuters.
• Anthropic advances IPO plans: Anthropic is scheduling investor meetings ahead of a potential IPO later this year, with Goldman Sachs (GS), Morgan Stanley (MS), and JPMorgan Chase (JPM) leading the offering. The AI startup was last valued at $965B. Source: CNBC.
• UnitedHealth raises outlook: UnitedHealth Group (UNH) reported adjusted Q2 EPS of $6.38 versus the $4.90 expected on $112.0B in revenue. It also raised its 2026 adjusted EPS forecast to $19.50–$20.00 as AI and cost controls improved margins. Source: CNBC.
• GE Aerospace lifts outlook: GE Aerospace (GE) beat Q2 earnings estimates and raised its full-year guidance, citing strong demand for jet engines and aftermarket services despite supply chain challenges and Middle East tensions. Revenue rose 21% to $13.35B and adjusted EPS increased to $2.02. Sources: Bloomberg / Reuters.
• AI backlash raises security costs: Rising threats against AI companies are prompting firms like Palantir (PLTR), Oracle (ORCL), and Salesforce (CRM) to increase executive protection spending. Source: WSJ.

• Diesel prices top $5: U.S. diesel prices rose above $5 a gallon, up 33% since the Iran war began, as renewed fighting in the Strait of Hormuz and reduced global refinery output tighten fuel supplies. Source: NY Times.
• Jobless claims: Seasonally adjusted initial jobless claims totaled 208,000 for the week ending July 11, down 8,000 WoW. The 4-week moving average was 214,250, down 4,750 WoW. Source: Dept. of Labor.
• Grocery demand weakens: U.S. grocery unit sales fell 1.8% YoY in June as shoppers bought fewer items, outweighing 2–3% food inflation. Grocery prices are up about 33% since 2019. Source: CNBC.
• China faces rising defaults: Record consumer loan defaults are undermining China's push to boost spending, with household non-performing loans rising to 2.22T yuan (USD $324.5B) in 2025. Banks are tightening lending as weak incomes and a property slump weigh on borrowers. Source: Reuters.
• Bank of Korea raises rates: The Bank of Korea raised its benchmark interest rate by 25 basis points to 2.75%, its first hike since January 2023, as inflation reached a three-year high of 3.2%. Source: CNBC.

• Iran warns U.S. over Hormuz: Iran warned that it would retaliate against regional infrastructure if the U.S. strikes its infrastructure, calling any American interference in the Strait of Hormuz an “unbreakable red line,” as U.S. forces launched more attacks. Sources: CNBC / AP.
• U.S. imposes Brazil tariffs: The Trump administration will impose a 25% tariff on many Brazilian imports under Section 301, citing unfair trade practices. Key exports, including oil, beef, coffee, and aircraft parts, are exempt. Brazil plans to reciprocate. Sources: NY Times / WSJ.
• Ukraine protests minister's removal: Protests erupted across Ukraine after President Zelensky dismissed Defence Minister Mykhailo Fedorov, a key military reformer. Source: BBC.
• The latest from Washington: President Trump is delivering a primetime speech today on election security. Yesterday, Attorney General nominee Todd Blanche faced bipartisan questioning over the DOJ's handling of the Epstein files, the abandoned anti-weaponization fund, and his ties to President Trump, leaving his Senate confirmation uncertain. Finally, the Pentagon will begin annual testosterone screening for all service members age 30 and older. Sources: Reuters / NPR / NY Times.
• Canadian wildfire smoke spreads: Smoke from more than 800 active Canadian wildfires is drifting across Ontario and into the northern U.S., creating hazy skies. Source: BBC.
• World Cup final set: Argentina rallied to beat England 2–1 in the World Cup semifinal. They will face Spain in Sunday's final. Source: Reuters.

• 8:30 AM: Retail Sales MoM, Retail Sales Ex. Control Group, Ex. Autos
• 8:30 AM: Initial Jobless Claims
• 8:30 AM: Philadelphia Fed Manufacturing Index
• 10:00 AM: Business Inventories MoM
• 10:00 AM: NAHB Housing Market Index
• 10:00 AM: Pending Home Sales MoM & YoY
• Friday: Building Permits Prelim., Housing Starts, Michigan Consumer Sentiment Prelim.

Cintas (CTAS) has released its quarterly earnings.

• Revenue of $2.91B (+8.93% YoY) beats by $31.20M.
• EPS of $1.29 (+18.35% YoY) beats by $0.06.
• Financials · As Reported · Metrics · Press Release

United Airlines Holdings (UAL) has released its quarterly earnings.

• Revenue of $17.67B (+15.99% YoY) beats by $89.67M.
• EPS of $1.99 (-48.58% YoY) beats by $0.18.
• Financials · As Reported · Metrics · Press Release

J.B. Hunt Transport Services (JBHT) has released its quarterly earnings.

• Revenue of $3.50B (+19.36% YoY) beats by $297M.
• EPS of $1.91 (+45.80% YoY) beats by $0.20.
• Financials · As Reported · Metrics · Press Release

TSMC (TSM) has released its quarterly earnings.

• Revenue of $40.20B (+33.69% YoY) beats by $440M.
• EPS of $4.31 (+74.49% YoY) beats by $0.54.
• Financials · As Reported · Metrics · Press Release

UnitedHealth Group (UNH) has released its quarterly earnings.

• Revenue of $112.03B (+0.37% YoY) beats by $1.27B.
• EPS of $6.38 (+56.37% YoY) beats by $1.53.
• Financials · As Reported · Metrics · Press Release

GE Aerospace (GE) has released its quarterly earnings.

• Revenue of $13.35B (+21.10% YoY) beats by $1.56B.
• EPS of $2.02 (+21.69% YoY) beats by $0.17.
• Financials · As Reported · Metrics · Press Release

Prologis (PLD) has released its quarterly earnings.

• Revenue of $2.18B (+7.17% YoY) beats by $27.51M.
• EPS of $1.63 (+11.64% YoY) beats by $0.10.
• Financials · As Reported · Metrics · Press Release

U.S. Bancorp (USB) has released its quarterly earnings.

• Revenue of $7.69B (+10.19% YoY) beats by $92.69M.
• EPS of $1.35 (+21.62% YoY) beats by $0.08.
• Financials · As Reported · Metrics · Press Release

State Street (STT) has released its quarterly earnings.

• Revenue of $4.05B (+17.40% YoY) beats by $218.50M.
• EPS of $3.65 (+44.27% YoY) beats by $0.41.
• Financials · As Reported · Metrics · Press Release

Citizens Financial Group (CFG) has released its quarterly earnings.

• Revenue of $2.28B (+12.08% YoY) beats by $40.97M.
• EPS of $1.30 (+41.30% YoY) beats by $0.06.
• Financials · As Reported · Metrics · Press Release

Vista Energy (VIST) will report today after 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

The Travelers Companies (TRV) will report tomorrow before market open.

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

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

Alphabet (GOOGL) will report Wednesday.

• Analysts estimate revenue of $113.63B (+17.84% YoY).
• EPS is estimated to be $2.87 (+24.24% YoY).
• Financials · As Reported · Metrics

Tesla (TSLA) will report Wednesday.

• Analysts estimate revenue of $25.24B (+12.18% YoY).
• EPS is estimated to be $0.44 (+10.00% YoY).
• Financials · As Reported · Metrics

CSX Corporation (CSX) will report Wednesday.

• Analysts estimate revenue of $3.77B (+5.56% YoY).
• EPS is estimated to be $0.49 (+11.36% YoY).
• Financials · As Reported · Metrics

Equinor ASA (EQNR) will report Wednesday.

• Analysts estimate revenue of $35.84B (+42.72% YoY).
• EPS is estimated to be $1.49 (+132.81% YoY).
• Financials · As Reported · Metrics

Moody's (MCO) will report Wednesday.

• Analysts estimate revenue of $2.06B (+8.53% YoY).
• EPS is estimated to be $4.18 (+17.42% YoY).
• Financials · As Reported · Metrics

Kinder Morgan (KMI) will report Wednesday.

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

• Confirmed today: Csquare, Inc. (CSQR), a data center provider with $1.02B in TTM revenue and 8.8% revenue growth YoY.
• Confirmed today: Standard Nuclear, Inc. (STDN), a nuclear fuel firm with $3.36M in TTM revenue.
• Estimated Thursday, July 16: QumulusAI, Inc. (QMLS), a cloud infrastructure company with $10.00M in TTM revenue and 58% revenue growth YoY.