Morning Preview: July 22, 2026

Early Look

Wednesday, July 22, 2026

U.S. futures are down slightly, with technology led Nasdaq down the most after surging on Tuesday and after the Dow gained nearly 400 points as the S&P 500 snapped its 3-day losing run as chip stocks rose. Oil prices are jumping again, adding to last week’s 16% advance as Brent crude rises 3% or $2.75 to $83.81 per barrel. U.S. Secretary of State Marco Rubio said Washington was still willing to negotiate an end to the Iran crisis, but that Tehran was “not serious” about talks. Investors are now looking to results from Alphabet (GOOGL) and Tesla (TSLA), the first of the so-called “Magnificent 7” megacap stocks to report results after the bell for fresh evidence that these companies’ multibillion dollar investments in AI are paying off. In Asian markets, The Nikkei Index slid -115 points to 66,115, the Shanghai Index edged higher 2 points to 3,867, and the Hang Seng Index dropped -239 points to 24,892. In Europe, the German DAX is higher by 233 points to 25,245, while the FTSE 100 is up 100 points to 10,687. Gold prices are higher, the dollar little changed holding at 40-year highs vs the Japanese yen and yields remain higher. Busy day of earnings ahead as the calendar ramps up the next three weeks.

• The Dow Jones Industrial Average rose 384.67 points, or 0.74%, to 52,223.93
• The Nasdaq Composite jumped 329.13 points, or 1.29%, to 25,837.21
• The Russell 2000 Index advanced 44.96 points, or 1.53% to 2,987.39

• 10:30 AM ET                Weekly DOE Inventory Data
• 1:00 PM ET US Treasury to sell $13B in 20-year notes

• Earnings After the Close: AVB BANR BDN CASH CATY CCI CCS CSX CYH EFSC EGBN EGP ELS EPRT EQR FAF FR FRME FSBC FULT GGG GL GOOGL GSHD GTY HBNC IBM KALU KMI KNX LBRT LOV LUV MEDP MMLP MOH NOW NTST OBK OII PKG PNFP QCRH QS RELL RGP RJF RLI RNR ROL RS SEIC SLG SON STC TCBI TSLA TXN URI WCN WEX

• UK’s Consumer Prices Index rose by 2.6% in the 12 months to June, down from 2.8% the previous month. On a monthly basis, CPI rose by 0.1% in June, compared with a rise of 0.3% in June 2025.
• Escalating hostilities between the United States and Iran could reignite inflation, drive interest rates higher and knock global growth back to as low as 1.3%, down from 2.9% last year, World Bank chief economist Gill told Reuters.
• Japan’s trade balance swung to a deficit of JPY 406.9 billion in June 2026, reversing from a surplus of JPY 122.3 billion in the same period last year. The trade shortfall, marking the second consecutive monthly deficit, far exceeded market expectations of a JPY 120 billion gap. Japan’s exports surged 19.3% year-on-year to a three-month high.

• Cal-Maine Foods (CALM) Q4 EPS loss (-$0.76) vs. est. $0.08; Q4 revs $552.58M vs. est. $563.8M; said prepared foods production capacity projected to increase over 60% from FY2026 to FY2028; New $54M investment to further expand prepared foods production capacity; will not pay cash dividend for Q4.

• EQT Corp. (EQT) Q2 adj EPS $0.39 vs est $0.40, adj EBITDA $1.2B vs est $1.165B on revs $1.81B vs est $1.773B; raises FY production guidance by about 90BCFE, cuts FY CAPEX guide by $25Mm; raising fy2026 total sales volume guidance to 2,375 – 2,450 bcfe
• FedEx (FDX) files for mixed shelf offering; size not disclosed
• GE Vernova (GEV) Q2 revs $45.5B vs. est. $45.45B;Q2 orders $24.2B; raises annual revenue forecast as strong power demand accelerates order growth across its power and electrification units; now sees Fy revs $45.5B-$46.5B up from prior view of $44.5B-$45.5B.
• Iberdrola reaffirmed its full-year guidance on Wednesday after higher investment in electricity networks in Britain, the United States and Brazil boosted first-half profit.; reported net profit reached €4.34 billion ($4.95 billion) between January and June, up 22% from the €3.56 billion y/y.
• Joby Aviation (JOBY) finalized its partnership with Virgin Atlantic, converting an agreement announced in 2025 into a binding, multi-year commercial deal.
• Oklo (OKLO) and X-Energy (XE) jump into the Trump admin push to fast-track advanced reactors and feed the AI power hunger per Bloomberg. Focus on speeding up small modular and advanced nuclear for data centers
• Otis Worldwide (OTIS) Q2 adj EPS $1.01 in-line with consensus and revs $3.86B vs. est. $3.75B; cuts FY26 adjusted EPS view to $4.01-$4.05 from $4.20-$4.24 (est. $4.19); backs FY26 revenue view $15.1B-$15.3B; lowers FY26 adjusted free cash flow view to $1.5B-$1.55B from $1.6B-$1.65B and lowers FY26 adjusted operating profit view to $2.4B from $2.5B.
• Range Resources (RRC) Q2 Adj. EPS $0.79 vs. est. $0.64; Revenue $834Mm vs. est. $739.78Mm; Adj. Net Income $186Mm vs. est. $156.7Mm; Production 2.30 Bcfe/day (~67% gas); CAPEX $222Mm; CFO $333Mm (ex. WC); 2026 production guidance 2.35–2.40 Bcfe/day; CAPEX budget $650–700Mm; returned $102Mm
• Rocket Lab (RKLB) won a $266M U.S. government contract for 12 firm-fixed-price suborbital launches, with an option for six additional launches. The missions will launch from the Pacific Spaceport Complex in Alaska, with work scheduled through December 2028.
• Weatherford (WFRD) Q2 EPS $0.55 vs. est. $0.90; Q2 revs $1.11B vs. est. $1.07B; said despite the significant disruption in the Middle East due to the Iran conflict, Q2 results, especially adjusted free cash flow, were strong, demonstrating the reliability and resilience of our operating paradigm.

• Bank OZK (OZK) Q2 EPS $1.49 vs. est. $1.48 and down 5.7% y/y; Q2 profit rose 2.5% q/q; Q2 return on assets of 1.60%, net interest margin of 4.24%, and an efficiency ratio of 39.2%.
• Chubb Inc. (CB) Q2 adj EPS $7.26 vs. est. $6.85; Q2 Consolidated net premiums written of $14.7B, up 3.6%, with P&C and Life Insurance up 3.0% and 7.5%; P&C combined ratio of 83.8%; P&C net premiums written were $12.77 billion, up 3.0%, or 6.3% excluding large account and E&S property; Total pre-tax net catastrophe losses were $475M compared with $630M y/y.
• Capital One Financial (COF) Q2 EPS $4.73 vs. est. $4.03; Q2 net income rises to $3B and NIM widens 14bps to 8.01% q/q; Q2 revs $15.85B and provision for credit losses $3B; June domestic credit card net charge-offs rate 4.37% and 30+ day performing delinquencies rate for domestic credit card 3.39 % at June end; June Auto net charge-offs rate 1.65 %
• EastWest Bancorp (EWBC) Q2 EPS $2.63 vs est $2.62 on revs $791Mm vs est $718.25Mm, total assets $84.8B.
• Hancock Whitney (HWC) Q2 EPS $1.55 vs est $1.55 on NII $293.012Mm vs est $293.75Mm, credit loss allowance $13.775Mm, CET1 ratio 13.18%, total deposits $29.6B, total loans $24.6B.
• Interactive Brokers (IBKR) Q2 adj. EPS $0.69 vs est. $0.64; Q2 revs $1.896B vs est. $1.748B; Q2 Commission revenue increased 30% to $673M on higher customer trading volumes; Q2 customer trading volume in options, stocks and futures increased 17%, 14% and 2%, respectively; Q2 NII rose 23% to $1.06B primarily on higher average customer margin loans and customer credit balances.
• Metropolitan Bank (MCB) Q2 EPS $1.54 misses consensus $2.26; Q2 revs $93.01M vs. est. $93.39M; 2Q net interest income of $90.4M, net income of $19.2M and net interest margin of 4.08%; Q2 net interest income increased to $90.45M from $85.91M; Q2 non-interest expense climbed 11.6% to $51.8M; loans grew 4% to $7.3B.
• Orrstown Financial (ORRF) Q2 EPS $1.09 vs est $1.03 on NII $48.831Mm vs est $50.76Mm, NIM 3.87%.
• TrustCo Bank (TRST) Q2 EPS $0.98 on NII $45.59Mm, NIM 2.87%, credit loss provision $650k.
• Webster Financial (WBS) Q2 adj EPS $1.60 vs. est. $1.64 and revs $740M; Q2 net interest margin 3.26%, Q2 Deposits balance of $70.3 billion, up $1.2 billion, or 1.8% q/q; Provision for credit losses of $31.5M; Q2 Return on average assets of 1.19% and Q2 CET1 capital ratio 11.69%.
• Western Alliance (WAL) Q2 EPS $2.36 vs est $2.36 on NII $796.9Mm vs est $786.35Mm, NIM 3.53%

• Repligen Corp (RGEN) said it would buy BioLife Solutions (BLFS) in a cash-and-stock deal valued at about $1.5 billion, to expand its presence in the fast-growing cell therapy market; BioLife shareholders will receive $11.25 in cash and 0.1442 shares of Repligen for each share, valuing the cell-and-gene-therapy maker at $31 per share.

• AT&T (T) Q2 adjusted EPS $0.65 vs. est. $0.59; Q2 revs $31.6B vs. consensus $31.81B; reports Q2 432,000 postpaid phone net adds topping estimates of 338,500 additions with postpaid phone churn of 0.86%; bundled offerings also helped the company post record broadband additions, with 367,000 new fiber internet users and 279,000 fixed wireless subscribers.
• Monday.com (MNDY) initiates restructuring plan affecting ~20% of workforce; Estimates $45-55M charges; Raises FY26 non-GAAP operating margin to ~15% (prior: ~13%) – filing
• OpenAI said that an autonomous agent powered by its advanced AI models went rogue during a security test and triggered a hack that compromised the infrastructure of AI startup Hugging Face last week.
• Palto Alto (PANW) agrees to acquire Embrace to add real user monitoring and digital experience visibility to its observability platform. The deal builds on an observability business that surpassed $300M in ARR and is expected to close in fiscal Q1 2027.
• Pegasystems (PEGA) Q2 adj EPS $0.35 vs est $0.43 on revs rose 09% y/y to $420.7Mm but vs est $426.24Mm; saw Pega Cloud ACV rise 22% yr/yr, but AI market changes slowed overall ACV growth; said unprecedented changes in the AI market led clients to delay purchasing decisions, slowing overall ACV growth.
• Reddit (RDDT) is considering cutting off Google (GOOGL) access to its content for AI use as its $60M annual licensing deal nears expiration. Other publishers are also reevaluating Google’s crawler as AI summaries erode referral traffic with USA Today reportedly down ~50% over the past year – WSJ
• Super Micro (SMCI) shares rise 15% pre mkt on margin guidance; sees Q4 revenue near low end of $11B-$12.5B vs. consensus $11.73B; sees Q4 GAAP and non-GAAP gross margins to be in the range of 15% to 17% which is significantly higher than guidance of 8.2% to 8.4%, primarily due to a favorable customer and product mix. Backlog rose to record levels at the end of FY26 with total new orders in excess of $60 billion received during the fourth quarter of fiscal 2026.
• Wistron has opened its first U.S. manufacturing facility in Fort Worth, Texas, to produce AI servers for Nvidia (NVDA), expanding the chipmaker’s domestic supply chain as it ramps up U.S. AI infrastructure investments. The 324,000-square-foot D1 facility produces Nvidia Grace Blackwell Ultra and will also produce Vera Rubin Superchips as part of a combined $700M investment in advanced American manufacturing.