Good morning.
The Fast Five → Trump proposes 20% toll on Strait of Hormuz cargo, Apple says former employee stole confidential files, Pentagon invests $25M into rare earths startup, Warren calls UAE chip export rule 'corrupt', and SpaceX stock sinks nearing $135 IPO price...
📌 BloombergNEF just told us where $185 Trillion is going next →
(from Behind The Markets)
Calendar: Full Calendar »
Today:
Consumer Price Index, 8:30A
Fed Chair Warsh Testifies, 10A
Tomorrow:
Producer Price Index, 8:30A
Fed Beige Book 2:00P
Your 5-minute briefing for Tuesday, July 14:
BEFORE THE OPEN
As of market close 7/13/2026.
Pre-Market:
Market Wrap:
Futures: Dow -40 (-0.1%), S&P flat, Nasdaq flat
Mon: Dow -0.3%, S&P -0.8%, Nasdaq -1.6%
Oil surged after Trump reinstated the Iran blockade
Brent jumped 9% for its biggest gain since 2020
Higher oil prices pushed Treasury yields higher
Big bank earnings kick off Tuesday before the bell
Focus turns to CPI and Fed Chair Warsh’s testimony
EARNINGS
Here’s what we’re watching today:
Today: *Bank of America $BAC ( ▼ 0.29% ), *Citigroup $C ( ▼ 0.06% ), *Goldman Sachs $GS ( ▼ 0.88% ), *JPMorgan $JPM ( ▼ 0.58% )
*Wells Fargo $WFC - $1.72 EPS (+7.5% YoY) on $21.85B revenue (+4.9% YoY)
WED: *BlackRock $BLK ( ▼ 0.44% ), *Johnson & Johnson $JNJ ( ▲ 0.31% ), *Morgan Stanley $MS ( ▼ 0.54% ), United Airlines $UAL ( ▼ 3.84% )
*ASML $ASML ( ▼ 3.97% ) - EPS of $6.88 (+16.6% YoY) on revenue of $8.87 billion (+15.3% YoY)
THU:
*Netflix $NFLX ( ▲ 0.63% ) - EPS of $.79 (+9.7% YoY) on $12.58B revenue (+13.6% YoY)
A Drilling Crew Just Broke a Record Nobody Expected —
A drilling crew in Beaver County, Utah punched through 15,765 feet of solid granite.
Nearly three miles straight down.
The Department of Energy said it should take 64 days.
They did it in 16.
They hit the DOE’s 2035 performance targets twelve years early. Costs were cut in half in 18 months.
24 days later, the President signed a law that killed tax credits for solar and wind, but preserved full credits for this energy source through 2033.
The Energy Secretary who championed it? He invented the technology behind the shale revolution.
One company has been building this for sixty years. The smart money is already in. The August 18th catalyst is just weeks away.
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HEADLINES
Trump also said the US will reimpose its blockade of Iranian ports near the strait.
Apple revealed that a former employee allegedly siphoned reams of sensitive files from the company's shared network folders, weeks after leaving Apple for a job at OpenAI.
Wall Street ends lower as Iran tensions dampen risk appetite; chipmakers drop (more)
Warren calls UAE chip export rule 'corrupt' over Trump stablecoin deal (more)
Trump invested crypto gains in stocks and bonds, filings show (more)
Fed rate-hike bets mount before inflation data, Warsh testimony (more)
A July rate hike from the Fed? The odds are rising (more)
Pentagon invests $25M into rare earths startup ReElement Technologies (more)
Tariff refunds push US June budget deficit to $120 billion (more)
US, China ramp up mineral investments (more)
Oil climbs to one-month high (more)
US IPO market poised to break records (more)
Memory chip companies to report big leaps in sales as earnings arrive (more)
Data-center builders are racing to offload stakes worth billions (more)
California-led states sue to block Paramount’s $110B Warner Bros deal (more)
SK Hynix shares rebound after early rout as AI jitters persist (more)
SpaceX stock sinks for a second-straight day, nearing $135 IPO price (more)
David Zaslav sells $59M more in Warner Bros. Discovery stock (more)
Volkswagen CEO flags 50,000 extra job cuts as costs squeezed (more)
Goldman pitches investors on loans to their own private funds (more)
Big banks poised to report booming revenue propelled by SpaceX IPO, war (more)
Kalshi launches ‘Pro’ product for trading multiple markets at same time (more)
Shein executive chairman to step down as IPO nears completion (more)
DEALFLOW
M+A | Investments
Aditya Birla Renewables to buy Sprng Energy from Shell
Ferguson to buy FloWorks from Wynnchurch Capital for $1.6B
Greenfire Resources to buy Connacher for about $900M
Mylan to sell up to $363M stake in India's Biocon, term sheet shows
Momentum Life Sciences receives growth investment from Parthenon Capital
VC
Gauntlet Networks, a decentralized finance risk management and crypto vault optimization platform, raised $125M in Series C funding
Skapion, a developer of autonomous counter-drone swarm defense architectures, raised $36M in Seed funding
Augmodo, a developer of wearable spatial computing devices and physical AI inventory tracking software, raised $21M in funding
Ravee Optics, a company developing laser communication systems, raised $6M in Seed funding
Guthrie AI, a construction technology company, raised $4M in Seed funding
PreciTaste, an AI-driven kitchen management software company, closed a 7-figure financing round in undisclosed amount
CRYPTO
Trump's crypto riches loom over Clarity Act talks to ban conflicts for US officials (more)
Trump invokes US senator’s death to push crypto bill (more)
Bitcoin threatens $62K in risk-asset rout as Trump says US will 'run' Hormuz (more)
Strategy pauses its BTC buying spree to hoard a massive $3B cash cushion (more)
BULLISH BITES
😱 The wildest allegations in Apple’s trade secrets lawsuit against OpenAI.
🤑 Why the market's biggest winners look so cheap.
🤖 Wall Street banks ramp up digital assistants in bid to win productivity race.
🎸 The 35-year-old powering Paul McCartney and the Rolling Stones.
DAILY SHARES
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