Morning Preview: July 15, 2026

Early Look

Wednesday, July 15, 2026

U.S. futures are higher as earnings season kicks into gear, a day after both U.S. stocks and bonds moved higher after June CPI data came in below expectations, easing concerns that the Federal Reserve will need to raise interest rates in the near term despite rising oil prices linked to renewed U.S.-Iran tensions. The S&P 500 extended its gains for the month as strength in semiconductor stocks offset weakness in software shares following disappointing sales results from IBM. Major U.S. banks (GS JPM hit all-time highs post earnings, also helping support sentiment after reporting solid earnings to kick off the second-quarter earnings season. The 10-year Treasury yield fell six basis points to 4.57%, and money markets lowered the implied probability of a July Fed rate hike to roughly 20% after CPI data and as Fed Chair Kevin Warsh reiterated that policymakers remain committed to keeping inflation under control. More tension overseas as at 6 A.M. et today, U.S. Central command forces began launching a Wave of strikes against Iran. The strikes are designed to further degrade military capabilities Iranian forces have used to attack commercial Shipping in the strait of Hormuz. In Asian markets, The Nikkei Index jumped 1,008 points to 68,751, the Shanghai Index fell -11 points to 3,955, and the Hang Seng Index gained 340 points to 24,681. In Europe, the German DAX is down -182 points to 24,964, while the FTSE 100 falls -18 points to 10,510. China’s economy grew 4.3% in Q2, its weakest pace since 2022.

• The Dow Jones Industrial Average rose 10.02 points, or 0.02%, to 52,508.66
• The Nasdaq Composite jumped 233.83 points, or 0.90%, to 26,107.01
• The Russell 2000 Index advanced 11.60 points, or 0.39% to 2,964.77

• 8:30 AM ET NY Empire Fed Manufacturing for July…est. 8.8
• 8:30 AM ET                  Producer Price Index (PPI) headline M/M for June…est. +0.0% (prior +1.1%)
• 8:30 AM ET                  Producer Price Index (PPI) headline Y/Y for June…est. +6.2% (prior +6.5%)
• 8:30 AM ET PPI core – Ex: Food & Energy M/M for June…est. +0.4% (prior +0.4%)
• 8:30 AM ET PPI core – Ex: Food & Energy Y/Y for June…est. +5.2% (prior +4.9%)
• 10:30 AM ET                Weekly EIA Inventory Data

• Earnings After the Close: GSBC HOMB JBHT KARO UAL

• Pentair (PNR) shares tumble after announces CFO transition, said prelim Q2 sales fell -17% to $930M vs. est. $1.14B and sees adj EPS $1.12 vs. est. $1.48 saying results impacted by Pool channel inventory destocking and IEEPA refunds; sees 2026 sales down 4% to 7%, revising prior guide of up 2% to 4% and guides 2026 adj EPS of $4.60 to $4.80, down from prior guide of $5.30 to $5.40.
• Wabash (WNC) shares slip after the company announced a private offering of $100M in convertible senior unsecured notes due 2032, with an option for initial purchasers to buy an additional $15M. Wabash plans to use the proceeds for general corporate purposes.
• In Utilities, prices in the largest U.S. power auction hit $325 a megawatt day, down -2.5% from the last auction price of $333.44, grid operator PJM Interconnection said. The capacity auction held by PJM, an electrical grid that spreads across 13 Mid-Atlantic and Midwest states, affects the power bills of roughly 67 million people.

• Blackrock (BLK) Q2 EPS $13.91 vs. est. $12.67; Q2 revs rose 31% y/y to $7.08B vs. est. $6.82B; Q2 AUM $15,34T vs. est. $15.19T, up from $12.53T a year earlier and $13.89 trillion in the first quarter; attributed revenue growth to higher base fees, positive market performance, and strong inflows.
• Equity Bancshares (EQBK) Q2 adj. EPS $1.41 vs. est. $1.22; NII $73.9Mm (+48.3% YoY) vs est $74.29Mm, NIM 4.36% (+3bps QoQ); adj. non-interest Income $10.3Mm; efficiency ratio 53.4% (improved from 56.7%); core ROATCE 17.2%; provision $1.3Mm; NCOs $1.7Mm; ACL 1.19%; total assets $7.7B; loans $5.4B.
• Goldman Sachs (GS) raised $10B from a high-grade bond sale, bolstered by investor demand that equaled about three times that size on the same day it posted record Q2 stock-trading results, according to Bloomberg; debt offering drew orders of about $32B at its peak per the report.
• PayPal (PYPL) shares rise after Stripe and private equity firm Advent International have jointly offered to buy PYPL for over $53 billion, Reuters reported. The offer of $60.50 per share represents about 28% premium to co’s last closing price and follows an initial approach made in early April, as per sources https://tinyurl.com/3z7z9d9y
• PNC Financial (PNC) Q2 profit jumped 25% to $2.06B, or $4.81 per share, as revs increased 21% to $6.88B vs. est. $6.5B; Q2 net interest income jumped 11% y/y to $4.107B vs. est. $4.106B driven by strong loan growth, the FirstBank acquisition and lower deposit costs; Q2 capital markets and advisory revenue surged 80% over the year earlier to $577M; sees Q3 net interest Income up 3%-3.5% vs Q2.
• JPMorgan Chase & Co (JPM) credit card delinquency rate 0.81% at June end and credit card charge-off rate 1.62% in June.

• Johnson & Johnson (JNJ) Q2 adj EPS $2.90 vs est. $2.85 and Q2 sales $25.31B vs est. $25.05B; Q2 Darzalex worldwide sales $4.21B, Stelara worldwide sales $740M and Tremfya worldwide sales $2.05B; guides FY adj EPS $11.60–$11.75 vs est. $11.59 and sales $100.3B–$100.9B vs est. $101.05B; said on track to meet 2026 target of more than $100B in annual revs.
• Kestra Medical (KMTS) Q4 EPS ($0.67) vs est ($0.60), adj EBITDA ($26.7)Mm vs est ($22.46)Mm on revs $28.6Mm vs est $26.48Mm; sees FY revs $137Mm vs est $132.89Mm; says secures up to $200Mm non-dilutive financing.

• ASML (ASML) said it now expects full year 2026 total net sales to be between EU43B and EU45B (midpoint at €44B), compared to the prior forecast range of EU36B and EU40B (midpoint at EU38B); sees gross margin to be between 54% and 56% versus the prior forecast range of 51% and 53%.
• IBM Corp. (IBM) announced IBM Power Autonomous Operations, an AI agent that can help continuously monitor Power systems and autonomously resolve issues to keep operations running.
• Lionsgate Studios (LION) is considering a sale and has attracted takeover interest from Bollore Group amid accelerating consolidation in the media industry, Reuters reports, citing three people familiar with the matter said. The company has been working with an investment bank to evaluate inbound approaches https://tinyurl.com/3rn3jy2n