Morning Preview: July 10, 2026

Early Look

Friday, July 10, 2026

U.S. futures are looking mixed with the S&P flat overnight and Nasdaq futures giving back a little of yesterday’s gains (but still on track with a weekly advance of 1.4%) as attention remains on semiconductors and memory chips after was SK Hynix (SKHY) priced its 17.79M share ADR IPO at $149.00 as the South Korean chipmaker will join the Nasdaq in the largest-ever market debut by a foreign company, after raising $26.51 billion in yesterday’s offering. U.S. stocks close higher Thursday, with tech-heavy Nasdaq booking sharp gain over 1.3% as the PHLX chip index (SOX) surged 3.06%, up for a second straight session, while the Smallcap Russell 2000 rising over 1% as well. In Asian markets overnight, The Nikkei Index advanced 813 points to 68,557, the Shanghai Index fell -40 points to 3,996, and the Hang Seng Index rose 144 points to 24,175. In Europe, the German DAX is up 20 points to 25,139, while the FTSE 100 gains 8 points to 10,480. In earnings this morning, ahead of the unofficial start of the quarter next week with big banks kicking things off Tuesday, airline Delta (DAL) reported a top and bottom line beta and reaffirmed its outlook for the year this morning. Geopolitical risk also kept investors on edge after Iranian armed forces launched attacks on U.S. military infrastructure in the Gulf states on Thursday, after U.S. strikes on Iran’s southern coastal and eastern provinces, yet oil prices are lower.

• The Dow Jones Industrial Average rose 138.99 points, or 0.27%, to 52,487.38
• The Nasdaq Composite jumped 336.24 points, or 1.30%, to 26,206.89
• The Russell 2000 Index advanced 36.16 points, or 1.22% to 2,992.54

• 1:00 PM EST               Baker Hughes Weekly rig count data

• Delta Airlines (DAL) Q2 adj EPS $1.56 vs. est. $1.46; Q2 operating margin 9.4%; Q2 operating revs $17.67B vs. est. $17.53B; still sees FY adj EPS $6.50-$7.50, reaffirming the range it first issued in January after leaving it out of its April first-quarter release; guides Q3 EPS $2.00-$2.50 vs. est. $2.02 while expects mid-teen revenue growth and an operating margin of 11% to 13%.
• Pepsi (PEP) was downgraded to Neutral at Citigroup on continued weakness in North America at PFNA & PBNA, which have remained soft despite PEP’s strategic actions (price reductions, innovation, shelf space gains).
• Toll Brothers (TOL) was upgraded to Buy at Citigroup in homebuilders with a $176 TP ahead of Q2 homebuilder earnings season. Citi said it expects homebuilders to point to 2H GM stabilization after 3+ years of compression, as well as significant outperformance among higher ASP communities & more affluent homebuyers.

• Rare earths startup ReElement no longer seeking $80 million Pentagon loan, administration sources say, Reuters reported.
• Solaris Energy Infrastructure Inc. (SEI) will replace Catalyst Pharmaceuticals Inc. (CPRX) in the S&P SmallCap 600 effective prior to the opening of trading on Wednesday, July 15.
• WD-40 (WDFC) Q3 EPS $2.24 vs. est. $1.56 with margins 56.6%; Q3 sales rose 24% y/y to $195.1M vs. est. $172.8M; Q3 net income rises 44% to $30.2M; guides FY sales $675M-$690M vs. est. $661.6M and sees year margins 54.5%-55.5%; updates guidance to reflect reclassification of Americas Homecare and Cleaning Brands.

• Cohen & Steers, Inc. (CNS) preliminary assets under management of $100.1B as of June 30, 2026, an increase of $644M from assets under management of $99.5B at May 31, 2026. The increase was due to market appreciation of $611 million and net inflows of $495 million, partially offset by distributions of $462 million.
• Polymarket has sought regulatory approval to offer margin trading in the U.S., which would allow users to bet on events with less capital upfront, Bloomberg News reported. The company last week filed an application with the National Futures Association to operate as a futures commission merchant and register as a swap firm through its affiliate Coming Home GBA (watch SCHW, HOOD).

• Simulations Plus (SLP) Q3 adj. EPS $0.30 vs. est. $0.23 (beat); rev $21.9Mm vs. est. $20.9Mm (beat), +7% YoY; software rev $12.6Mm (flat YoY); services rev $9.3Mm (+20% YoY); gross profit $15.1Mm (69% margin, vs. 64% prior year); operating Income $4.5Mm; adj. EBITDA $7.9Mm (36% margin) vs est $6.47B; cash $35.3Mm.

• CCC Intelligent Solutions (CCC) shares rise after Reuters reported the software firm has hired Morgan Stanley to advise on a sale process and has reached out to prospective buyers, including private equity firms, according to three people familiar with the matter
• ChipMOS Technologies (IMOS) said Q2 revenue increased 6.5% sequentially and 28.7% y/y to NT$7,383.1M (US$231.8M); June revenue rose 6.5% from May and 37.2% from a year earlier to NT$2,538.4M (US$79.7M).
• Netflix (NFLX) is exploring live TV and bundles amid decline in engagement, the WSJ reported last night. While Netflix customer defections remain at industry lows, the company’s subscriber engagement has been showing signs of decline. In response, Netflix executives have recently discussed adding live channels that would continuously stream certain programs and also explored bundling other subscription-based streaming services.
• Sonos (SONO) has laid off several Senior executives from its Design and product teams as part of a restructuring effort. The cuts affected long-serving employees, including Design and UX leaders.
• Commerce Secretary Howard Lutnick called on Samsung Electronics Co. (SSNLF) and Sk Hynix Inc. (SKHY) to expand memory chip production in the US to help address a global shortage in components critical to the development of artificial Intelligence.