Morning Preview: July 14, 2026

Early Look

Tuesday, July 14, 2026

U.S. futures look mixed as the ongoing rotation continues. After leading markets notably lower on Monday, technology stocks are lifting Nasdaq futures this morning as semiconductors/memory names rebound overnight. Exchange of fire between US/Iran stretches to a 3rd day sending US WTI crude oil futures higher by over 4% topping $81 per barrel. The U.S. Central Command reported that precision munitions were employed against Iranian Coastal Defense systems, missile and drone locations, and Maritime capabilities. During the five-hour mission, U.S. forces successfully struck military targets across Iran including Bushehr, Chah Bahar, Jask, Konarak, Abu Musa, and Bandar Abbas to further degrade Iran’s ability to attack commercial shipping. While the fighting and headlines continue, pressing oil higher along with inflation expectations, attention turns to bank earnings with JPM, Wells, Citi, and Goldman reporting this morning as well as June consumer price (CPI) inflation data. Tech shares pulled U.S. stocks lower on Monday after President Donald Trump announced that he would reinstate a blockade on Iranian ports in the latest escalation of U.S.-Iran hostilities that sent oil prices jumping and dampened risk appetite. Risk sentiment deteriorated after the U.S. announced it would reinstate the naval blockade on Iran. President Trump said the U.S. would assume security of the Strait of Hormuz and impose a 20% transit charge on cargo vessels. Treasury yields climbed across the curve as rising oil prices boosted inflation expectations. In Asian markets overnight, The Nikkei Index rose 500 points to 67,743, the Shanghai Index gained 53 points to 3,967, and the Hang Seng Index gained 127 points to 24,340. In Europe, the German DAX is down -151 points to 24,962, while the FTSE 100 falls -44 points to 10,453. In data, China’s trade surplus widened to $125.62 billion in June 2026 from $113.89 billion in the same period last year, surpassing market expectations of $121 billion to register the second-largest monthly surplus on record. For 1H26, the cumulative trade surplus reached $575.98 billion, down slightly from $586 billion in H1 2025 due to accelerated import growth. June exports surged 27.0% year-on-year to a record $412.39 billion, easily beating forecasts of an 18.2% increase.

• The Dow Jones Industrial Average slid -138.19 points, or 0.26%, to 52,498.82
• The Nasdaq Composite dropped -408.43 points, or 1.55%, to 25,873.18
• The Russell 2000 Index declined -24.64 points, or 0.83% to 2,953.17

• 7:45 AM ET ICSC Weekly Retail Sales
• 8:30 AM ET                  Consumer Price Index (CPI) headline M/M for June…est. (-0.1%) vs. prior +0.5%
• 8:30 AM ET                  Consumer Price Index (CPI) headline Y/Y for June…est. +3.8% (prior +4.2%)
• 8:30 AM ET CPI core – Ex: Food & Energy M/M for June…est. +0.2% (prior +0.2%)
• 8:30 AM ET CPI core – Ex: Food & Energy Y/Y for June…est. +2.8% (prior +2.9%)
• 8:55 AM ET                  Johnson/Redbook Weekly Sales
• 11:00 AM ET                Cleveland Fed CPI for June
• 4:00 PM ET                   Net Long Term TIC Flows for May
• 4:30 PM ET API Weekly Inventory Data

• Earnings After the Close: AEHR EQBK KMTS PXED

• China Q2 GDP, House Prices, Retail Sales and Industrial Output data

• Lulu’s Fashion Lounge (LVLU) said that its board of directors has formed a special committee of independent directors to evaluate strategic alternatives available to the company in an effort to maximize stockholder value.
• Trex Company (TREX) upgrades distribution network; raises full year guidance; guides prelim Q2 revenue about $418M vs. prior view $388M-$403M and vs. est. $397.5M, above guidance range and Q2 adj Ebitda expected to be about $112M; raises FY26 revenue view to $1.215B-$1.25B from $1.185B-$1.23B and also boosts FY26 adjusted EBITDA view to $335M-$350M from $315M-$340M.

• Parsons (PSN) awarded $245M naval research laboratory Satellite ground systems contract; to advance Neptune software and VMOC for U.S. naval research laboratory.
• Vision Marine Technologies (VMAR) shares rise after Q3 results, with revenue rising about 27% sequentially to $18.4M; for the first nine months ended May 31, 2026, revenue increased to $48.6M from $0.4M a year earlier, primarily reflecting the contribution from the acquisition of Nautical Ventures Group

• JP Morgan (JPM) Q2 revs rose 27% y/y to $57.3B top estimates of $51.1B; Q2 EPS $7.70 tops est. $5.59; Q2 Total Deposits $2.71T (est $2.69T), loans: $1.54T (est $1.52T), Equities Sales & Trading $6.03B (est $3.98B), FICC Sales & Trading $6.05B (est $6.29B), Investment Banking Revs rose 30% to $3.90B (est $3.06B); Q2 net Charge-Offs$2.37B (est $2.62B); Net income included a $4.6B gain related to Visa shares and $1.0 bln of gains on certain equity investments.
• Wells Fargo (WFC) Q2 EPS $2.00 vs. est. $1.72; Q2 revs $22.62B vs. est. $21.83B; Q2 net interest income rose 5% y/y to $12.31B vs. est. $12.36B; Q2 provision for credit losses was $945M; consumer spending higher, charge-offs and delinquencies are lower; savings/investments grow across consumer segments.
• AllianceBernstein L.P. (AB) preliminary assets under management increased to $905 billion at the end of June 2026, from $899 billion at the end of May. The increase was primarily driven by firmwide net inflows, including a large low-fee passive fixed income mandate, as markets had a largely neutral impact on AUM during the month
• FB Financial (FBK) Q2 adj EPS $1.14 vs. est. $1.15; Q2 revs $174.75M vs. est. $178M; Q2 net interest income $149M; Q2 adj net income $58.9M.

• AstraZeneca (AZN) said it entered into an exclusive global license agreement with China’s Dizal Pharmaceutical for the lung cancer treatment drug Zegfrovy, in a deal valued at up to $1.5B; said it would make an upfront payment of $600B, as well as additional payments of up to $900M of milestones.
• Erasca (ERAS) announced updated preliminary Phase 1 data for its pan-RAS molecular glue ERAS-0015 in patients with RAS-mutant solid tumors. The company also announced clinical development plans for the ERAS-0015 program, including potentially registration-enabling trials in lung and pancreatic cancers. The co also Erasca $500M Spot Secondary priced at $17.50.
• MBX Biosciences (MBX) announces executive leadership transition to support the company’s next phase of growth, appointing Steve Hoerter as Chairman and CEO as Kent Hawryluk steps down as President, CEO, board member.

• CleanSpark (CLSK) shares surged after the data center developer signed a 20-year infrastructure lease with a global technology company for its Sandersville, Georgia, campus. The triple-net lease is expected to generate about $6.6B in contracted revenue over its initial term, with the potential contract value rising to $11.6B if the tenant exercises two five-year extension options.
• Ericsson (ERIC) shares fall on mixed Q2 results, with earnings topping analyst estimates despite a decline in sales, as strength in its cloud business, but flagged rising component costs linked to AI demand; Q2 revs declined 6.1% Y/Y to SEK 52.7B, missing the consensus estimate of SEK 54.04B while EPS of SEK 1.22 beat the consensus estimate of SEK 1.19.
• Nokia (NOK) and Taiwan Mobile extend 5G partnership to advance Ai-powered networks. Nokia’s AirScale portfolio and Ai-driven software power Taiwan Mobile’s; 5G network modernization for enhanced performance, automation, and sustainability.
• Tower Semiconductor (TSEM) said it plans to invest about $3B to expand its advanced semiconductor manufacturing capacity in Japan, backed by about $1B in grants from the Japanese government; the company also updated its 2028 financial targets, forecasting $3.6B in revenue.
• United Microelectronics (UMC) reported its first mass-produced silicon photonics wafers manufactured within its Singapore facility; also plans to make its own 12-inch silicon photonics platform available for customer product development by 2027.
• Quantum Corp (QMCO) files to sell 13.81M shares of common stock for holders