• Musk fuels merger speculation: Elon Musk declined to rule out a future merger between Tesla (TSLA) and SpaceX (SPCX), citing growing operational overlap in AI chips and manufacturing. SpaceX fell 6.7%. Source: Reuters.
• E.U. clears media merger: European regulators approved the proposed $110B Paramount (PSKY) – Warner Bros. Discovery (WBD) merger after the company said it would terminate a distribution partnership with Universal (CMCSA). The deal remains paused in the U.S. amidst lawsuits. Source: BBC.
• Amazon slashes AI jobs, revamps Prime Video: Amazon (AMZN) cut jobs in its general AI unit as it refocuses AI priorities. The company is also redesigning Prime Video with AI-powered recommendations and voice search under a project backed by Jeff Bezos. Shares fell 2% premarket. Sources: CNBC / Reuters.
• Intel, AMD secure CPU deals: Intel (INTC) and AMD (AMD) are signing longer-term server CPU supply agreements with Chinese customers as AI-driven demand pushes some processor prices up more than 40% this year. Intel rose 1.4% premarket, with AMD up 1.5% yesterday. Source: Reuters.
• Eli Lilly delays obesity filing: Eli Lilly (LLY) will seek approval for a next-gen obesity drug in early 2027, delaying its timeline to complete manufacturing data. Two additional late-stage trials showed strong outcomes. Source: CNBC.
• Meta avoids addiction trial: A teen plaintiff dropped a social media addiction suit against Meta (META) without payment, marking a legal win for the company. Still, shares fell 2.6% yesterday and another 1.2% premarket. Source: CNN.
• Nestlé offloads water unit: Nestlé (SWX:NESN) plans to sell a 50% stake in its Waters and Beverages unit, including Perrier and San Pellegrino, to Platinum Equity for $3.4B. Shares tumbled 7%. Source: WSJ.
• Prologis wins Segro buyout: Prologis (PLD) secured support from Segro’s (LON:SGRO) board for a sweetened $18.7B cash-and-stock takeover offer, advancing the largest acquisition of a publicly traded U.K. real estate company. Segro rose 7%, with Prologis down 3.5%. Source: Bloomberg.
• TECfusions plans SPAC listing: Data-center operator TECfusions agreed to merge with Apex Treasury (APXT), a blank-check company, in a deal valuing the company at $4.2B. Source: WSJ.
• Precious metals tick up: Gold and silver rebounded this week after recent declines, up 2.4% and 6.3% WoW, respectively. Silver may outperform due to resilient industrial demand. Source: CNBC.

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• Google: Google (GOOGL) reported 23% revenue growth YoY but posted negative free cash flow for the first time in at least 10 years as AI infrastructure spending rose. The company increased its 2026 AI investment plan to as much as $205B. Separately, the E.U. slapped the tech giant with a $1B antitrust fine. Shares fell 4% premarket. Sources: BBC / The Verge.
• Tesla: Tesla (TSLA) plunged 6% premarket after reporting lower Q2 profit despite stronger-than-expected revenue and rebounding vehicle sales. Price cuts and higher spending on Robotaxis, AI, and manufacturing weighed on margins. Source: NY Times.
• ServiceNow: ServiceNow (NOW) topped Q2 earnings and revenue estimates as backlog growth eased AI demand concerns. The company modestly raised full-year subscription revenue guidance, with shares gaining 5% premarket. Source: Barron's.
• American Airlines: American (AAL) lowered its Q3 and FY earnings guidance as surging jet fuel prices offset strong travel demand. Despite beating Q2 revenue and adjusted EPS forecasts, shares fell 4.6% premarket. Source: WSJ.
• Lockheed: Lockheed Martin (LMT) raised its 2026 sales and profit forecasts as demand for missiles and F-35 fighters boosted results. The company’s backlog climbed to $230.4B, with shares up 6% premarket. Source: Reuters.
• STMicro: STMicroelectronics (STM) raised its AI data-center revenue targets above $1B for 2026 and well above $2B for 2027, but shares tumbled 14% premarket as investors focused on valuation concerns. Source: WSJ.

• Europe's EV sales accelerate: European new-car registrations rose 13% in June — the fastest growth since Oct. 2023 — as EV sales jumped 51%. Source: Bloomberg.
• ECB holds rates steady: The European Central Bank kept its deposit rate unchanged at 2.25% but remains open to further rate hikes as energy prices increase inflation risks. Source: Reuters.
• U.K. inflation hits 15-month low: British inflation slowed to 2.6% YoY in June, its lowest level in 15 months and slightly below expectations of 2.7%. Source: WSJ.

• Trump targets generic drugs: President Trump said he plans to impose 100% tariffs on imported generic drugs in 2028, rising to 200% in 2029, to encourage U.S. manufacturing. Source: Politico.
• Capitol Hill latest: The House narrowly approved a $95B bill to fund the Iran War, with 2 Republicans and 1 independent joining all Democrats in opposition. The House also passed a package that would limit insider trading and restrict voting. Sources: AP / Reuters.
• Treasury yield hits 17-month high: Treasury yields rose, with the 10-year topping 4.7% for the first time since Jan. 2025. Surging oil prices and strong jobless claims reinforced expectations of persistent inflation and higher interest rates. Source: CNBC.
• Jobless claims: Seasonally adjusted initial jobless claims totaled 187,000 for the week ending July 18, down 22,000 WoW. The 4-week moving average was 207,500, down 7,250 WoW. Source: Dept. of Labor.

• 8:30 AM: Chicago Fed National Activity Index
• 8:30 AM: Initial Jobless Claims

Alphabet (GOOGL) has released its quarterly earnings.

• Revenue of $119.80B (+24.23% YoY) beats by $6.16B.
• EPS of $9.11 (+294.37% YoY) beats by $6.24.
• Financials · As Reported · Metrics · Press Release

Tesla (TSLA) has released its quarterly earnings.

• Revenue of $28.24B (+25.52% YoY) beats by $3.00B.
• EPS of $0.33 (-17.50% YoY) misses by $0.11.
• Financials · As Reported · Metrics · Press Release

Texas Instruments (TXN) has released its quarterly earnings.

• Revenue of $5.46B (+22.82% YoY) beats by $231.96M.
• EPS of $2.14 (+51.77% YoY) beats by $0.22.
• Financials · As Reported · Metrics · Press Release

International Business Machines (IBM) has released its quarterly earnings.

• Revenue of $17.16B (+1.09% YoY) misses by $698.21M.
• EPS of $2.93 (+4.64% YoY) misses by $0.09.
• Financials · As Reported · Metrics · Press Release

ServiceNow (NOW) has released its quarterly earnings.

• Revenue of $3.99B (+24.01% YoY) beats by $60.32M.
• EPS of $0.90 (+9.76% YoY) beats by $0.14.
• 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

CSX Corporation (CSX) has released its quarterly earnings.

• Revenue of $3.94B (+10.24% YoY) beats by $167.44M.
• EPS of $0.54 (+22.73% YoY) beats by $0.05.
• Financials · As Reported · Metrics · Press Release

Southwest Airlines Co. (LUV) has released its quarterly earnings.

• Revenue of $8.43B (+16.46% YoY) misses by $139.40M.
• EPS of $0.94 (+118.60% YoY) beats by $0.45.
• Financials · As Reported · Metrics · Press Release

RTX Corporation (RTX) has released its quarterly earnings.

• Revenue of $24.71B (+14.49% YoY) beats by $1.84B.
• EPS of $1.89 (+21.15% YoY) beats by $0.23.
• Financials · As Reported · Metrics · Press Release

T-Mobile US (TMUS) has released its quarterly earnings.

• Revenue of $22.79B (+7.85% YoY) misses by $185.37M.
• EPS of $2.99 (+5.28% YoY) beats by $0.41.
• Financials · As Reported · Metrics · Press Release

Thermo Fisher (TMO) has released its quarterly earnings.

• Revenue of $11.99B (+10.49% YoY) beats by $296.97M.
• EPS of $6.03 (+12.50% YoY) beats by $0.32.
• Financials · As Reported · Metrics · Press Release

TotalEnergies SE (TTE) has released its quarterly earnings.

• Revenue of $61.77B (+24.47% YoY) beats by $9.87B.
• EPS of $2.68 (+70.70% YoY) misses by $0.07.
• Financials · As Reported · Metrics · Press Release

Blackstone (BX) has released its quarterly earnings.

• Revenue of $3.80B (+23.64% YoY) beats by $379.60M.
• EPS of $1.52 (+25.62% YoY) beats by $0.17.
• Financials · As Reported · Metrics · Press Release

Lockheed Martin (LMT) has released its quarterly earnings.

• Revenue of $20.06B (+10.51% YoY) beats by $695.82M.
• EPS of $7.94 (+8.92% YoY) beats by $0.71.
• Financials · As Reported · Metrics · Press Release

Comcast (CMCSA) has released its quarterly earnings.

• Revenue of $29.94B (-1.23% YoY) beats by $678.85M.
• EPS of $1.04 (-16.80% YoY) beats by $0.07.
• Financials · As Reported · Metrics · Press Release

Honeywell International (HON) has released its quarterly earnings.

• Revenue of $9.72B (-6.11% YoY) beats by $3.76B.
• EPS of $4.52 (-17.82% YoY) beats by $2.10.
• Financials · As Reported · Metrics · Press Release

STMicroelectronics (STM) has released its quarterly earnings.

• Revenue of $3.49B (+26.07% YoY) beats by $30.41M.
• EPS of $0.31 (+416.67% YoY) beats by $0.05.
• Financials · As Reported · Metrics · Press Release

Nokia Oyj (NOK) has released its quarterly earnings.

• Revenue of $5.60B (+8.60% YoY) beats by $7.60M.
• EPS of $0.08 (+100.00% YoY) beats by $0.01.
• Financials · As Reported · Metrics · Press Release

Infosys (INFY) has released its quarterly earnings.

• Revenue of $5.08B (+2.85% YoY) misses by $382.29B.
• EPS of $0.20 (+5.26% YoY) misses by $0.01.
• Financials · As Reported · Metrics · Press Release

PG&E Corporation (PCG) has released its quarterly earnings.

• Revenue of $5.90B (+0.07% YoY) misses by $308.53M.
• EPS of $0.40 (+29.03% YoY) beats by $0.04.
• Financials · As Reported · Metrics · Press Release

Dow Inc. (DOW) has released its quarterly earnings.

• Revenue of $12.09B (+19.68% YoY) beats by $120.92M.
• EPS of $1.44 beats by $0.20.
• Financials · As Reported · Metrics · Press Release

The Ensign Group (ENSG) will report tomorrow after market close.

• Analysts estimate revenue of $1.44B (+17.18% YoY).
• EPS is estimated to be $1.80 (+13.21% YoY).
• Financials · As Reported · Metrics

HCA Healthcare (HCA) will report tomorrow before market open.

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

Booz Allen Hamilton Holding (BAH) will report tomorrow before market open.

• Analysts estimate revenue of $2.80B (-4.08% YoY).
• EPS is estimated to be $1.49 (+0.68% 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

Microsoft (MSFT) will report Wednesday.

• Analysts estimate revenue of $87.61B (+14.61% YoY).
• EPS is estimated to be $4.23 (+15.89% YoY).
• Financials · As Reported · Metrics

Meta Platforms (META) will report Wednesday.

• Analysts estimate revenue of $60.22B (+26.74% YoY).
• EPS is estimated to be $7.18 (+0.56% YoY).
• Financials · As Reported · Metrics

Automatic Data Processing (ADP) will report Wednesday.

• Analysts estimate revenue of $5.44B (+6.04% YoY).
• EPS is estimated to be $2.60 (+15.04% YoY).
• Financials · As Reported · Metrics

Robinhood (HOOD) will report Wednesday.

• Analysts estimate revenue of $1.21B (+22.35% YoY).
• EPS is estimated to be $0.41 (-2.38% YoY).
• Financials · As Reported · Metrics

Johnson Controls International (JCI) will report Wednesday.

• Analysts estimate revenue of $6.46B (+6.73% YoY).
• EPS is estimated to be $1.30 (+23.81% YoY).
• Financials · As Reported · Metrics

Canadian Pacific Railway (CP) will report Wednesday.

• Analysts estimate revenue of $2.94B (-20.52% YoY).
• EPS is estimated to be $0.90 (-19.64% 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.