Morning Preview: July 08, 2026

Early Look

Wednesday, July 8, 2026

Global stock markets are tumbling, as oil surges and bond prices rise after U.S. President Trump said the ceasefire truce between the U.S. and Iran is over. Trump said his tentative ceasefire with Iran is over after Washington launched a fresh wave of strikes against the country and tightened sanctions, escalating tensions between the two nations. Iran targeted U.S. military sites in Bahrain and Kuwait on Wednesday in response. The moves come 2 days after Iran targeted three commercial vessels transiting the Strait of Hormuz. While the geopolitical situation jumps into focus, investors also looked ahead to the release of the FOMC minutes and consumer credit data for further clues on the outlook for interest rates and consumer spending. Oil prices jump over 6% to 2-week highs while precious metal prices slide over 2% amid renewed fears of disruptions to Middle East oil supplies. U.S. Treasury yields edged lower as investors sought the safety of government bonds. The 10-year Treasury yield slipped 1 basis point to 4.55%, while the 2-year yield fell nearly 2 basis points to 4.18%. The 30-year Treasury yield (US30Y) eased marginally to 5.05%.

On Tuesday, main US indexes ended lower with the tech heavy Nasdaq down the most along with Industrials while energy led gainers. The U.S. dollar was up along with oil while Bitcoin and gold declined. Healthcare shares rose, as the S&P 500 Healthcare index (XLV) and Nasdaq Biotech (XBI) both registered record closing highs. Some investors remain worried about how well tech shares and the AI-driven rally may hold up as S&P 500 companies get set to report results for the second quarter. Earnings season unofficially begins next week. In Asian markets, The Nikkei Index tumbles -1,427 points (2.1%) to 66,819, the Shanghai Index fell -19 points to 3,970, and the Hang Seng Index rose 702 points to 24,199. In Europe, the German DAX is tumbling -560 points or 2.3% to 24,903, while the FTSE 100 is down -160 points of 1.5% to 10,503.

• The Dow Jones Industrial Average fell -130.76 points, or 0.25%, to 52,925.15
• The Nasdaq Composite slumped -302.47 points, or 1.16%, to 25,818.69
• The Russell 2000 Index declined -27.05 points, or 0.90% to 2,982.49

• 10:00 AM ET               Wholesale Inventory M/M for May
• 10:30 AM ET               Weekly EIA Inventory Data
• 1:00 PM ET US Treasury to sell $39B in 10-year notes
• 3:00 PM ET                  Consumer Credit for May

• Earnings After the Close: AZZ LEVI PSMT

• China PPI, CPI for June

• Coty (COTY) said it had agreed to return the Gucci Beauty license to Kering (PPRUY) for about $400 million, ending the agreement about a year early as the U.S. cosmetics group raises cash to cut debt and invest in core brands.
• Kura Sushi (KRUS) Q3 adj EPS $0.03 vs. est. loss (-$0.02); Q3 revs $85.92M vs. consensus $86.46M; Q3 adj Ebitda $6.6M vs. est. $6.42M;cuts FY26 revenue view to $330.5M-$331.5M from $333M-$335M (est. $334.13M); guides FY26 restaurant-level operating profit margins 18.5%; expects 16 new restaurants, maintaining an annual unit growth rate above 20%, with average net capital expenditures per unit of approximately $2.5M.
• RH (RH) was upgraded to Neutral from Sell at Goldman Sachs and raise tgt to $155 from $86 saying after several earnings misses driven by margin pressure, promotions, tariffs, backorders, and international expansion costs, RH could see stronger sales and margin improvement in 2027, though ongoing earnings volatility, declining membership, and inventory and discounting risks support a cautious outlook.
• Rivian (RIVN) 75M share Secondary priced at $15.50.

• Daimler Truck (DTRUY) reported an 8% increase in Q2 group vehicle sales, selling 86,707 vehicles during the quarter, up from 80,607 units a year earlier. The improvement was driven by its Trucks North America division, where vehicle sales rose 8% Y/Y to 41,687 units.
• ExxonMobil (XOM) changes in liquids prices to impact Q2 Upstream results by $3.5B- $3.9B vs Q1; said changes in gas prices to impact Q2 Upstream results by $-0.2B – $0.2B vs Q1; changes in margins to impact Q2 energy products earnings by $2B – $2.4B vs Q1.
• FuelCell Energy (FCEL) announced the launch of an underwritten public offering of $200M of shares of its common stock; priced 10.7M share Spot Secondary priced at $21.00.
• MasTec, Inc. (MTZ) entered into a definitive agreement to acquire Electrical Specialists, Inc., The Superior Group, a premier full-service electrical contractor focused on critical infrastructure; purchase price is approximately $1.65B, consisting of approximately $475 million payable in shares of MasTec common stock and approximately $1.175B in cash.

• Genworth Financial (GNW) President & CEO Thomas J. McInerney to take temporary leave of absence; Jerome Upton, Genworth CFO, named interim President & CEO.
• Saratoga Investment (SAR) Q1 EPS ($0.42) vs. est. $0.55; NII/share $0.47; adj. NII/share $0.47; total investment Income $30.8Mm; NAV $378.5Mm; NAV/share $23.23 vs. $24.42 prior quarter; AUM $1.13B; portfolio fair value $1.13B (81.7% first lien term loans); originations $79.2Mm (two new platforms.

• Amphastar Pharmaceuticals (AMPH) said one of its subsidiaries received a warning letter from the FDA regarding one of its facilities, citing violations of current good manufacturing practices.
• Vanda Pharmaceuticals (VNDA) announces FDA rare pediatric disease designation for investigational therapy for Charcot-Marie-tooth disease type 2s.

• Also helping US listed China stocks (BIDU, BABA), Reuters reported – Chinese authorities have held meetings ​with top tech firms over the past month about potentially restricting overseas access to China’s most advanced AI models, including those yet to be released.
• Apple (AAPL) said its new multiyear agreement with Broadcom (AVGO) is expected to exceed $30B and will lead to the production of over 15B U.S.-made chips and support hundreds of American jobs.
• Penguin Solutions (PENG) Q3 adj EPS $0.84 vs est $0.54, adj EBIT $64.4Mm vs est $45.09Mm on revs $478.7Mm vs est $405.53Mm; guides FY adj sales +20-24% vs est +13.71% and adj EPS $2.55-2.65 vs est $2.23.
• Wolfspeed (WOLF) said it filed a patent infringement lawsuit against Navitas Semiconductor (NVTS), a gallium nitride semiconductor developer. The suit alleges that a broad range of Navitas products infringes on Wolfspeed patents, in accordance with several semiconductor and high-power electronic provisions of patent law.