Early Look

Tuesday, July 21, 2026

U.S. futures are looking strong, led by a surge in technology stocks and semiconductors following a surge in Asian markets following positive trade data. Taiwan export orders in June rose 59.4% from a year earlier to $95.26 billion, the topping analysts’ expectations for a gain of 49.5% and marked a 17th straight monthly gain. Also in semis, Nikkei reported that TSM is set to raise prices for both advanced and mature chip production services by up to 10% in 2027. In another semi/AI story, NVDA disclosed a 9.3% passive stake in AI cloud infrastructure company NBIS as the stake includes Nvidia’s earlier $2 billion investment announced in March, when it held an 8.3% stake. Oil prices edge higher, building on the late day moves after Yemen’s Iran-aligned Houthis said they would impose a naval blockade on Saudi Arabia, a move that could further disrupt energy supplies. Investor focus this week will be on earnings from companies including Alphabet, IBM, and Intel to gauge the impact of the war and whether the AI trade has more room to run, given sky-high profit expectations for the second quarter.

In trade news, U.S. President Trump is poised to unleash fresh tariffs on dozens of countries as soon as this week, the Financial Times reported, with his temporary 10% global tariff scheduled to expire Friday. Also, President Trump will impose an additional 50% tariff on certain goods from Canada including wine, hockey sticks and cement. In a statement, the White House said that the tariffs were a response to the country’s “discriminatory treatment of American products.” Some sectors and goods, including energy, potash and fish or critical Minerals, will be exempt from the new tariffs, the White House said. In Asian markets, The Nikkei Index reopens from holiday and rises 2,091 points or 3.26% to 66,232, the Shanghai Index jumps 68 points to 3,864, the Hang Seng Index slips -10 points to 25,132 and South Korea’s volatile ended 4.5% higher. In Europe, the German DAX is up 116 points to 24,962, while the FTSE 100 rises 36 points to 10,560.

• The Dow Jones Industrial Average fell -307.16 points, or 0.59%, to 1,839.26
• The Nasdaq Composite slipped -12.17 points, or 0.05%, to 25,508.07
• The Russell 2000 Index declined -19.77 points, or 0.67% to 2,942.43

• 8:55 AM ET                  Johnson/Redbook Weekly Sales
• 4:30 PM ET API Weekly Inventory Data

• Earnings After the Close: AIR ALK BWB CB COF EQT EWBC FFBC HAFC HWC IBKR KREF MCB NLY NP NPB ORRF OZK PEGA RRC TFIN TRST WAL WBS WSBC

• D.R. Horton (DHI) Q3 EPS $3.20 vs. est. $2.99; Q3 revs $9.2B vs. est. $9.17B; guides FY revs $32.5B-$33B vs. est. $33.6B;
• General Motors (GM) Q2 adj EPS $3.57 vs. est. $3.20; Q2 revs $48B vs. est. $47B; raised its 2026 profit outlook by $500 million to a range of $14B-$16B; said its results will continue to be weighed down by tariff pressures and rising supply costs; Q2 net income dropped 31% y/y to $1.3B, mostly due to about $2.3B in costs related to restructuring its electric-vehicle factory; Q2 NA profit margin improved to 8.6% from 6.1% a year earlier.
• Hasbro (HAS) Q2 adj EPS $1.28 vs. est. $1.13; Q2 revs rose 16% y/y to $1.14B vs. est. $1.07B; Revenue in the Wizards of the Coast and Digital Gaming segment rose 27% in the quarter; now expects annual revenue to grow in the range of 5% to 7%, compared with its prior forecast of 3% to 5%; raises FY core profit to $1.45B-41.5B from prior view $1.4B-$1.45B.
• Kraft Heinz (KHC) strikes deal with Disney (DIS) to supply resorts and tap characters. Disney will serve Kraft Heinz products at its properties throughout North America, and Kraft Heinz will be able to use Disney’s characters on some goods in stores, the report said per Bloomberg News.
• Ross Stores (ROST) announced the grand opening of 47 new stores nationwide during June and July, including 35 Ross Dress for Less and 12 dd’s DISCOUNTS locations across 15 states and territories.

• Gold and silver miners (AG, AEM, NEM, PAAS, HL) rally this morning as Spot silver rises around 5% to $59 an ounce as investors assess diplomatic efforts to ease the U.S.-Iran conflict, which could curb oil-driven inflation risks and shape the Fed’s rate path.
• Crown Holdings (CCK) Q2 adj EPS $2.49 vs est $2.16 on sales $3.668B vs est $3.367B; Q2 global beverage can volumes increased 5%; guides FY adj EPS $8.30-8.50 (from prior $7.90-$8.30) and vs est $8.11 and adj FCF at least $900Mm; sees FY26 CapEx $550M.
• Steel Dynamics (STLD) Q2 EPS $3.69 vs. est. $3.64; Q2 sales $6.09B vs. est. $5.56B; Q2 net income $530.78M and operating income $700.5M; says remain confident market conditions are in place to support strong domestic steel, aluminum consumption through remainder of 2026, 2027.
• V2X Inc. (VVX) will replace Avanos Medical Inc. (AVNS) in the S&P SmallCap 600 effective prior to the opening of trading on Monday, July 27. American Industrial Partners is acquiring Avanos Medical in a deal expected to close soon, pending final closing conditions.
• Magnolia Oil & Gas (MGY) 46.3M share Spot Secondary priced at $23.75.

• BOK Financial (BOKF) Q2 EPS $2.92 vs est $2.57;on NII $351.8Mm vs est $353.21Mm, +$9.3Mm seq.; NIM 2.91% vs. 2.90% in Q126; fees & commissions rev $202.0Mm vs. $209.8Mm in Q126 (lower trading partially offset by record fiduciary/AM rev and higher Ib rev); operating expense $361.7Mm, +$7.5Mm seq.
• Principal Financial Group (PFG) reported assets under management of $808 billion as of June 30, 2026; Investment Management managed $601.9B; Principal Asset Management – International Pension managed $168.5B; Foreign currency translation, market performance, and other items lifted AUM by about 6.4% vs beginning-period levels.
• RBB Bancorp (RBB) Q2 EPS $0.59 vs est $0.53 on NII $30.1Mm vs est $30.3Mm, NIM 3.06%.
• ServisFirst (SFBS) Q2 EPS $1.57 vs est $1.57 on NII $155.637Mm vs est $156.66Mm, credit loss provision $11.412Mm, NIM 3.63%; Loans increased 9.4% YoY to $14.48B, including $533M of growth during the quarter
• Synchrony (SYF) Q2 EPS $2.59 vs. est. $2.13; Q2 net income fell 8% yr/yr to $885M; Q2 tangible book value per share $42.01; Q2 CET1 capital ratio 13.2%; Q2 Revenue of $3.72B (+1.9% Y/Y) misses by $10M; Q2 average active accounts were flat at 68.3 million; Q2 Net interest margin increased 30 basis points to 15.08%.
• Washington Trust (WASH) Q2 EPS $0.83 vs. est. $0.77, net income $16M and net interest income $41.8M; Q2 credit loss provisions $1.6M.
• Wintrust Financial (WTFC) Q2 EPS $3.30 vs. est. $3.14; Q2 revs $738.63M vs. est. $735.5M; Q2 Net Income $233.693M; Q2 net interest Income $597.366M; Q2 book value per common share $105.26; Q2 Total loans increased by $1.6B, or 12% y/y; total deposits increased by $2.2B or 15% y/y and total assets increased $2.5B.
• WR Berkley (WRB) Q2 Op EPS $1.27 vs. est. $1.08; rev $3.72B vs. est. $3.20B, +3.3% YoY; GWP $4.14B (record, +4.2% YoY) vs est $4.114B; NWP $3.43B (+2.4% YoY); net premiums earned $3.19B (+2.9% YoY); underwriting Income $317.5Mm (+21.8% YoY); combined ratio 90.0% vs. 91.6% in Q225; loss ratio 61.5%; expense ratio 28.5%; accident year combined ratio ex-cat losses 88.1%; Cat losses $62.4Mm.
• Zion BancShares (ZION) Q2 adj EPS $1.74 vs. est. $1.81; Q2 adj PPNR +5% to $332M; Q2 Organic customer-related noninterest income rose 11% y/y; Q2 net interest income (NII) +4% to $677M; says Q2’27 outlook NII moderately increasing vs Q2’26; Q2 CET capital ratio 11.8%; Q2 NIM 3.27% and net income $452M.

• Krystal Biotech Inc. (KRYS) will replace Taylor Morrison Home Corp. (TMHC) in the S&P MidCap 400, and Tutor Perini Corp. (TPC) will replace Krystal Biotech in the S&P SmallCap 600 effective prior to the opening of trading on Friday, July 24.

• Calix Inc. (CALX) shares fell after Q2 results beat but guides Q3 lower; Q2 adj. EPS $0.47 vs est $0.40; Q2 sales $293.329M vs est $289.950M; sees Q3 Adj EPS $0.37-$0.45 vs $0.46 Est and guides Q2 sales $301M-$307.0M vs $301.625M Estimate.
• Samsung Electronics (SSNLF) launched its first U.S. co-branded credit card with Barclays (BCS), deepening its push into the financial services space. The Samsung Galaxy Card, issued by Barclays and running on Visa’s (V) network, will allow users to apply, manage accounts, track spending and redeem rewards entirely through Samsung Wallet. The card offers 5% cash back on Samsung purchases and additional rewards.
• Taiwan Semi (TSM) is set to raise prices for both advanced and mature chip production services by up to 10% in 2027, Nikkei Asia reported on Tuesday, citing multiple sources.