• Market recap: All 3 major indices fell yesterday, with the Nasdaq down over 1%. In particular, Western Digital (WDC), Marvell (MRVL), Sandisk (SNDK), and Seagate (STX) fell 7–9%. Source: CNBC.
• Cancer vaccine meets trial goal: Moderna (MRNA) and Merck (MRK) announced that their experimental mRNA cancer vaccine significantly delayed recurrence of melanoma. Moderna surged 90% premarket, with Merck up 7%. Sources: WSJ / CNBC.
• Target beats: Target (TGT) raised its full-year sales and profit outlook after Q2 comparable sales rose 3.8%, beating estimates, while tariff refunds added $752M to net income. Digital comparable sales jumped 8.7%. Still, shares sank 1% premarket. Source: CNBC.
• Klarna sinks 23% on outlook: Klarna (KLAR) lowered its 2026 gross volume outlook to $149B-$151B on weak German spending, sending shares down 23% — despite Q2 revenue rising 27% to $1.04B. The firm is also looking for a new CFO. Source: WSJ.
• OpenAI's growth trails Anthropic's: OpenAI’s Q2 revenue rose 18% sequentially to $6.7B, while its operating loss widened to $12.3B. Anthropic more than doubled revenue to $11.6B and posted a small adjusted profit. Source: WSJ.
• SK Hynix launches huge buyback: SK Hynix (SKHY) plans to buy back and cancel $28.6B of shares and return over 50% of 2025–27 free cash flow to shareholders, signaling confidence in AI-memory demand. Shares fell 9% yesterday but gained 3.4% premarket. Source: Reuters.
• Amazon expands drone delivery: Amazon (AMZN) plans to expand drone delivery more than sixfold to nearly 500 U.S. cities, targeting 30M customers by year-end. Shares are up 12% YTD. Source: AP.
• Peacock raises streaming prices: Peacock raised monthly prices across all plans after the streaming giant reported its first profitable quarter and reached 48M subscribers. Parent company Comcast (CMCSA) gained 2.5%. Source: TechCrunch.
• Lyntris downsizes IPO: Defense contractor Lyntris (LYNX) raised $297.5M in a downsized IPO, pricing 17M shares below the marketed range at $17.50. Shares begin trading today. Source: Reuters.
• Unitree soars in Shanghai debut: China’s top humanoid robot manufacturer Unitree surged over 600% in its Shanghai debut after raising $905M in a heavily oversubscribed IPO. The firm plans to invest proceeds in AI, robot hardware, and factory expansion. Source: CNN.
• American Airlines pivots: American (AAL) will restore seatback TVs across its domestic fleet and add more premium seats, reversing its 2017 strategy as it seeks to improve the passenger experience and boost revenue. Shares fell 2.6%. Source: BBC.
• TikTok explores P2P payments: ByteDance is developing a feature that could let users send money through direct messages using TikTok Pay, potentially deepening its push into fintech. Source: Bloomberg.

• Theater chains back Paramount deal: AMC (AMC), Cinemark (CNK), and Regal, which represent about 60% of U.S. ticket sales, are backing Paramount’s (PSKY) $111B Warner Bros. Discovery (WBD) merger after receiving commitments on theatrical releases. AMC and CNK are both up over 50% YTD. Source: NY Times.
• KKR bids for gas and electric provider: KKR (KKR) offered to buy UGI (UGI) for $9B as AI data-center power demand boosts interest in natural-gas assets. UGI gained 9.4%. Source: WSJ.
• JBS bids for rest of Pilgrim’s: JBS (JBS) proposed acquiring the 18% of Pilgrim’s Pride (PPC) it doesn't already own, offering about 2.1 JBS shares per PPC share. The deal would take Pilgrim’s private. PPC rose 3.4% premarket. Source: WSJ.

• Disney vs. FCC: Disney (DIS) sued the FCC, alleging that its probes into ABC station licenses retaliate against news and entertainment content critical of President Trump and violate the First Amendment. Sources: NPR / The Verge.
• Palantir gains FAA foothold: Palantir (PLTR) is emerging as a key player in rebuilding FAA technology after Elon Musk's DOGE cuts eliminated 400 agency jobs last year. Still, shares are down 3% YTD. Source: The Verge.
• French court rejects social media ban: France’s top court struck down a ban on social media for children under 15, citing disproportionate restrictions on expression and privacy. President Macron plans a revised law before leaving office. Source: NY Times.

• Housing slumps as factories gain: U.S. single-family housing starts fell 9.9% in July to the lowest since Nov. 2022. Meanwhile, factory output rose 0.2% to a 4-year high as AI-related investment boosted high-tech production. Source: Reuters.
• U.K. inflation rises: British inflation rose to 2.9% in July — up from 2.6% — as household energy bills jumped, matching forecasts. Still, services inflation eased to 3.4%. Sources: WSJ / Reuters.

• Trump hits pause on Canadian tariffs: President Trump delayed his planned 50% tariffs on $20B of Canadian goods for 3 days as the U.S. and Canada work to finalize a trade deal. Source: WSJ.
• Zambian elections: Zambian President Hakainde Hichilema easily won his reelection campaign with 60% of the vote. Rival Brian Mundubile, who won 38%, plans a legal challenge and has gone into hiding over alleged threats. Source: BBC.
• Treasury expands debt buybacks: The U.S. Treasury is more than doubling the size of its longer-term government debt repurchases as yields hover near 20-year highs. Treasury yields fell sharply in response. Source: CNBC.
• Florida's primary results: Trump ally Byron Donalds won Florida's GOP nomination for governor, which would make him the state's first Black governor if elected. In a major upset, democratic socialist Angie Nixon bested Lt. Col. Alex Vindman for the Dems' Senate nominee. GOP Rep. Cory Mills lost his seat. Sources: WSJ / NY Times / AP.

• 7:00 AM: MBA 30-Year Mortgage Rate
• 10:30 AM: EIA Crude Oil & Gasoline Stocks Change
• 2:00 PM: FOMC Minutes

BHP Group (BHP) has released its quarterly earnings.

• Revenue of $58.76B (+14.63% YoY) beats by $772.05M.
• EPS of $5.20 (+30.00% YoY) beats by $0.12.
• Financials · As Reported · Metrics · Press Release

Keysight Technologies (KEYS) has released its quarterly earnings.

• Revenue of $1.85B (+36.54% YoY) beats by $97.48M.
• EPS of $3.07 (+78.49% YoY) beats by $0.65.
• Financials · As Reported · Metrics · Press Release

Analog Devices (ADI) has released its quarterly earnings.

• Revenue of $4.02B (+39.64% YoY) beats by $94.77M.
• EPS of $3.45 (+68.29% YoY) beats by $0.11.
• Financials · As Reported · Metrics · Press Release

The TJX Companies (TJX) has released its quarterly earnings.

• Revenue of $15.18B (+5.41% YoY) beats by $15.44M.
• EPS of $1.22 (+10.91% YoY) beats by $0.03.
• Financials · As Reported · Metrics · Press Release

Lowe's Companies (LOW) has released its quarterly earnings.

• Revenue of $25.96B (+8.34% YoY) misses by $292.94M.
• EPS of $4.40 (+1.62% YoY) beats by $0.02.
• Financials · As Reported · Metrics · Press Release

Target (TGT) has released its quarterly earnings.

• Revenue of $26.54B (+5.27% YoY) beats by $843M.
• EPS of $2.46 (+20.00% YoY) beats by $0.21.
• Financials · As Reported · Metrics · Press Release

Viking Holdings (VIK) has released its quarterly earnings.

• Revenue of $2.19B (+16.54% YoY) beats by $53.54M.
• EPS of $1.31 (+32.32% YoY) beats by $0.07.
• Financials · As Reported · Metrics · Press Release

The Estée Lauder Companies (EL) has released its quarterly earnings.

• Revenue of $3.63B (+6.33% YoY) beats by $80.80M.
• EPS of $0.39 (+333.33% YoY) beats by $0.07.
• Financials · As Reported · Metrics · Press Release

Sociedad Química y Minera de Chile (SQM) has released its quarterly earnings.

• Revenue of $2.47B (+136.85% YoY) beats by $212.60M.
• EPS of $2.31 (+645.16% YoY) beats by $0.27.
• Financials · As Reported · Metrics · Press Release

Walmart (WMT) will report tomorrow before market open.

• Analysts estimate revenue of $186.68B (+5.23% YoY).
• EPS is estimated to be $0.74 (+8.82% YoY).
• Financials · As Reported · Metrics

NetEase (NTES) will report tomorrow before market open.

• Analysts estimate revenue of $4.30B (+10.44% YoY).
• EPS is estimated to be $2.28 (+10.14% YoY).
• Financials · As Reported · Metrics

Ross Stores (ROST) will report tomorrow after market close.

• Analysts estimate revenue of $5.98B (+8.17% YoY).
• EPS is estimated to be $1.82 (+16.67% YoY).
• Financials · As Reported · Metrics

Advance Auto Parts (AAP) will report tomorrow before market open.

• Analysts estimate revenue of $2.04B (+1.33% YoY).
• EPS is estimated to be $0.81 (+17.39% YoY).
• Financials · As Reported · Metrics

Ubiquiti (UI) will report Friday.

• Analysts estimate revenue of $846.96M (+11.57% YoY).
• EPS is estimated to be $3.96 (+11.86% YoY).
• Financials · As Reported · Metrics

Intuit (INTU) will report Tuesday.

• Analysts estimate revenue of $4.27B (+11.44% YoY).
• EPS is estimated to be $3.30 (+20.00% YoY).
• Financials · As Reported · Metrics

HEICO (HEI) will report Tuesday.

• Analysts estimate revenue of $1.34B (+17.17% YoY).
• EPS is estimated to be $1.51 (+19.84% YoY).
• Financials · As Reported · Metrics

HEICO (HEI.A) will report Tuesday.

• Analysts estimate revenue of $1.34B (+17.17% YoY).
• EPS is estimated to be $1.51 (+19.84% YoY).
• Financials · As Reported · Metrics

Gold Fields (GFI) will report Tuesday.

• Analysts estimate revenue of $580M (-83.32% YoY).
• EPS is estimated to be $1.19 (+6.25% YoY).
• Financials · As Reported · Metrics

Zoom Video (ZM) will report Tuesday.

• Analysts estimate revenue of $1.27B (+4.28% YoY).
• EPS is estimated to be $1.38 (-9.80% YoY).
• Financials · As Reported · Metrics

• Confirmed today: Lyntris Inc. (LYNX), a defense technology company with $450.84M in TTM revenue and 16.5% revenue growth YoY.