• Market recap: The Dow rocketed 385 points yesterday, with the Nasdaq and S&P 500 up 1.3% and 0.9%, respectively. In particular, Marvell (MRVL), Intel (INTC), and 3M (MMM) gained 6-8%, with Micron (MU) soaring 12%. Source: CNBC.
• AMD expands Anthropic partnership: AMD (AMD) signed a multibillion-dollar AI infrastructure deal under which Anthropic will buy up to 2 GWs of chips. AMD will also invest up to $5B in Anthropic. AMD fell 2.5% premarket. Source: WSJ.
• Apple launches device leasing: Apple (AAPL) plans to launch a leasing program with Klarna (KLAR) at the end of the month, offering subscription-like financing for most devices to support sales. Klarna rose 1.4%. Source: Bloomberg.
• Rocket Lab wins Space Force deal: Rocket Lab (RKLB) secured a $266M U.S. Space Force contract to conduct up to 18 suborbital launches through 2028. Shares gained 5% yesterday and another 2.9% premarket. Source: GovCon Wire.
• Kraft Heinz partners with Disney: Kraft Heinz (KHC) and Disney (DIS) signed a multiyear pact making Kraft Heinz the exclusive provider of select food products at Disney’s North American parks and cruises. Source: WSJ.
• News Corp sues Brave: News Corp (NWSA) countersued Brave, alleging that the search engine company illegally scraped and resold WSJ and New York Post content to AI companies. News Corp rallied 3.5% premarket. Source: Reuters.
• Publishers rethink Google ties: Online publishers including Reddit (RDDT), Reuters (TRI), and Politico are weighing limits on Google's (GOOGL) access to their content as AI search reduces referral traffic. Reuters fell 5% yesterday, with Reddit down 6% premarket. Source: WSJ.
• TSMC plans price hikes: Taiwan Semiconductor (TSM) is planning price increases of up to 10% to offset rising costs. The company noted that higher-cost U.S. manufacturing is weighing on margins as it invests $200B in American chip facilities. Shares fell 2% premarket. Sources: Reuters / CNBC.
• Nike revamps Chinese sales: Nike (NKE) will terminate online sales through third-party distributors in mainland China, shifting to its own digital channels to strengthen brand control. Shares fell 1.2%. Source: WSJ.
• OpenAI discloses hack: OpenAI said that one of its pre-release AI models exploited vulnerabilities during testing, gained internet access, and breached a platform run by AI company Hugging Face before being detected. The attack highlights emerging AI cybersecurity risks. Source: The Verge.
• Sony ends PlayStation discs: Sony (SONY) will stop producing physical discs for new PlayStation games starting in 2028. The move threatens the $7B second-hand game market and reduces consumer options. Shares are down 18% YTD. Source: CNBC.
• Google releases AI models: Google (GOOGL) launched 3 new Gemini models, including its most powerful Flash version and a cybersecurity-focused model for governments and trusted partners. Source: NY Times.

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• Super Micro: Super Micro (SMCI) doubled its Q4 gross margin forecast to 15–17% on a stronger customer and product mix, while reporting a record $60B order backlog. Shares rallied 16% premarket. Source: WSJ.
• AT&T: AT&T (T) reported stronger-than-expected Q2 earnings as growth in postpaid phone and fiber customers lifted revenue. The company maintained full-year guidance and accelerated share repurchases, with shares up 4% premarket. Source: WSJ.
• GE Vernova: GE Vernova (GEV) forecast $100M–$200M in tariff-related costs for 2026 after narrowly missing Q2 profit estimates. Despite raising its revenue and free cash flow outlook, shares slumped 6.5% premarket. Source: Reuters.
• Hasbro: Hasbro (HAS) gained 9% after raising its full-year revenue and adjusted EBITDA outlook after stronger-than-expected quarterly results. Source: WSJ.

• Oil tops $95: Brent crude rose above $95 per barrel as attacks continued across the Middle East. Threats to Red Sea shipping have heightened supply concerns. Source: NY Times.
• Miami's costs surpass NYC's: Miami’s cost of living has overtaken NYC's for the first time, with surging housing, insurance, and education costs eroding Florida’s tax advantage. Source: Bloomberg.
• Japanese trade growth accelerates: Japan’s June exports and imports posted their fastest growth since Nov. 2022, driven by semiconductor demand, a weak yen, and higher energy costs. Source: CNBC.

• Iran War updates: Defence Secretary Hegseth said that the war with Iran has cost $37.5B so far. Meanwhile, President Trump threatened to attack one of Iran's major nuclear facilities, and Secretary of State Rubio claimed that Tehran was 'not serious' about resuming negotiations. Sources: Reuters / NY Times / CNBC.
• U.S.-Saudi nuclear deal approved: President Trump signed off on a 30-year civilian nuclear agreement with Saudi Arabia, allowing the kingdom to enrich uranium and opening major opportunities for U.S. nuclear companies. Source: WSJ.
• Zelensky sacks Army chief: Ukrainian President Volodymyr Zelensky replaced commander-in-chief Oleksandr Syrskyi with Mykhailo Drapatyi following protests over the ousting of the country's popular defence minister. Source: CNN.
• France bars youth from social media: France passed a law banning social media access for children under 15, becoming the first European country to institute teen restrictions. Source: BBC.

• Trump's picks advance in AZ: Republicans Andy Biggs and Jay Feely, who were endorsed by President Trump, won Arizona primaries for governor and a key House seat. Biggs and the GOP nominee for AZ secretary of state both deny the results of the 2020 election. Sources: Reuters / NPR.
• House passes funding bill: The House approved a stopgap spending bill to fund the government through Dec. 4. The measure must still pass the Senate. Source: NY Times.
• Mamdani drops arrest pledge: NYC Mayor Zohran Mamdani admitted that he lacks the authority to detain Israeli PM Benjamin Netanyahu under an arrest warrant from the International Criminal Court. Netanyahu is expected to visit NYC in September. Source: AP.
• Disease outbreak contained: HHS Secretary RFK Jr. claimed that the cyclospora outbreak is under control following recalls of affected lettuce. Critics asserted that the FDA and CDC were too slow to respond. Source: CNBC.

• 7:00 AM: MBA 30-Year Mortgage Rate
• 10:30 AM: EIA Crude Oil & Gasoline Stocks Change

Chubb (CB) has released its quarterly earnings.

• Revenue of $12.77B (+3.02% YoY) misses by $812.06M.
• EPS of $7.26 (+18.24% YoY) beats by $0.59.
• Financials · As Reported · Metrics · Press Release

Capital One Financial (COF) has released its quarterly earnings.

• Revenue of $15.85B (+26.88% YoY) beats by $115.24M.
• EPS of $5.81 (+6.02% YoY) beats by $1.01.
• Financials · As Reported · Metrics · Press Release

Interactive Brokers Group (IBKR) has released its quarterly earnings.

• Revenue of $1.90B (+28.11% YoY) beats by $178.05M.
• EPS of $0.69 (+35.29% YoY) beats by $0.08.
• Financials · As Reported · Metrics · Press Release

EQT Corporation (EQT) has released its quarterly earnings.

• Revenue of $1.68B (+5.25% YoY) misses by $212.17M.
• EPS of $0.39 (-13.33% YoY) misses by $0.08.
• Financials · As Reported · Metrics · Press Release

Philip Morris International (PM) has released its quarterly earnings.

• Revenue of $11.19B (+10.37% YoY) beats by $608.37M.
• EPS of $2.20 (+15.18% YoY) beats by $0.15.
• Financials · As Reported · Metrics · Press Release

GE Vernova (GEV) has released its quarterly earnings.

• Revenue of $11.10B (+21.87% YoY) beats by $354.97M.
• EPS of $2.47 (+32.80% YoY) misses by $0.75.
• Financials · As Reported · Metrics · Press Release

AT&T (T) has released its quarterly earnings.

• Revenue of $31.56B (+2.46% YoY) misses by $270.39M.
• EPS of $0.65 (+20.37% YoY) beats by $0.06.
• Financials · As Reported · Metrics · Press Release

Equinor ASA (EQNR) has released its quarterly earnings.

• Revenue of $34.02B (+35.47% YoY) misses by $1.82B.
• EPS of $1.33 (+107.81% YoY) misses by $0.16.
• Financials · As Reported · Metrics · Press Release

CME Group (CME) has released its quarterly earnings.

• Revenue of $1.71B (+0.84% YoY) misses by $21.02M.
• EPS of $2.99 (+1.01% YoY) in line with estimates.
• Financials · As Reported · Metrics · Press Release

Moody's (MCO) has released its quarterly earnings.

• Revenue of $2.19B (+15.00% YoY) beats by $122.91M.
• EPS of $4.68 (+31.46% YoY) beats by $0.50.
• Financials · As Reported · Metrics · Press Release

TE Connectivity (TEL) has released its quarterly earnings.

• Revenue of $5.16B (+13.81% YoY) beats by $153.66M.
• EPS of $2.94 (+21.99% YoY) beats by $0.10.
• Financials · As Reported · Metrics · Press Release

Westinghouse Air Brake Technologies (WAB) has released its quarterly earnings.

• Revenue of $3.18B (+17.48% YoY) beats by $106.14M.
• EPS of $2.76 (+21.59% YoY) beats by $0.16.
• Financials · As Reported · Metrics · Press Release

Northern Trust (NTRS) has released its quarterly earnings.

• Revenue of $2.70B (+35.04% YoY) beats by $343.59M.
• EPS of $4.23 (+98.59% YoY) beats by $0.78.
• Financials · As Reported · Metrics · Press Release

Teledyne Technologies (TDY) has released its quarterly earnings.

• Revenue of $1.66B (+9.85% YoY) beats by $86.18M.
• EPS of $6.28 (+20.77% YoY) beats by $0.50.
• Financials · As Reported · Metrics · Press Release

Otis Worldwide (OTIS) has released its quarterly earnings.

• Revenue of $3.86B (+7.34% YoY) beats by $121.97M.
• EPS of $1.01 (-3.81% YoY) in line with estimates.
• Financials · As Reported · Metrics · Press Release

PulteGroup (PHM) has released its quarterly earnings.

• Revenue of $3.98B (-9.54% YoY) misses by $3.80M.
• EPS of $2.48 (-18.15% YoY) beats by $0.12.
• Financials · As Reported · Metrics · Press Release

Alphabet (GOOGL) will report today after close.

• 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 today after close.

• 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 today after close.

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

Newmont (NEM) will report tomorrow after market close.

• Analysts estimate revenue of $6.38B (+19.97% YoY).
• EPS is estimated to be $2.18 (+52.45% YoY).
• Financials · As Reported · Metrics

FirstCash Holdings (FCFS) will report tomorrow before market open.

• Analysts estimate revenue of $1.03B (+23.46% YoY).
• EPS is estimated to be $2.39 (+33.52% YoY).
• Financials · As Reported · Metrics

Freeport-McMoRan (FCX) will report tomorrow before market open.

• Analysts estimate revenue of $6.63B (-12.56% YoY).
• EPS is estimated to be $0.60 (+11.11% YoY).
• Financials · As Reported · Metrics

Comcast (CMCSA) will report tomorrow before market open.

• Analysts estimate revenue of $29.26B (-3.47% YoY).
• EPS is estimated to be $0.97 (-22.40% YoY).
• Financials · As Reported · Metrics

HCA Healthcare (HCA) will report Friday.

• Analysts estimate revenue of $19.37B (+4.12% YoY).
• EPS is estimated to be $7.41 (+8.33% YoY).
• Financials · As Reported · Metrics

Cadence Design Systems (CDNS) will report Monday.

• Analysts estimate revenue of $1.58B (+23.65% YoY).
• EPS is estimated to be $1.97 (+19.39% YoY).
• Financials · As Reported · Metrics

UPS (UPS) will report Tuesday.

• Analysts estimate revenue of $21.68B (+2.25% YoY).
• EPS is estimated to be $1.65 (+6.45% YoY).
• Financials · As Reported · Metrics

Barclays (BCS) will report Tuesday.

• Analysts estimate revenue of $11.11B (+15.81% YoY).
• EPS is estimated to be $0.89 (+41.27% YoY).
• Financials · As Reported · Metrics

Waste Management (WM) will report Tuesday.

• Analysts estimate revenue of $6.69B (+4.06% YoY).
• EPS is estimated to be $2.00 (+4.17% YoY).
• Financials · As Reported · Metrics

• Estimated Friday, July 24: Scribe Therapeutics Inc. (SCTX), a longevity-oriented pharma company with $36.28M in TTM revenue and 86.7% revenue growth YoY.