Early Look

Thursday, July 16, 2026

After recording back-to-back winning days, U.S. futures are looking lower overnight following a sharp decline in Asia with Nasdaq futures leading declines amid weakness in global technology stocks. The Dow Jones Industrials, S&P 500 and Nasdaq had logged back-to-back gains on Wednesday, helped by financial stocks which closed at record levels. Yesterday the 2-Year Treasury yield fell -6.5bps to 4.126% and the 10-Year Treasury -4.2bps to 4.545% while the U.S. Dollar weakened following softer inflation data (PPI). In Asian markets overnight, The Nikkei Index tumbled -1,915 points to 2.79% to 66,835, the Shanghai Index dropped -73 points to 3,882, and the Hang Seng Index rose 327 points to 25,008. In Europe, the German DAX is down -152 points to 24,847, while the FTSE 100 fell -21 points to 10,494. The technology sector came under pressure after South Korea’s Kospi tumbled 7%, weighed down by a selloff in chip stocks and despite better results from TSM overnight, but higher capex spending. On the economic calendar, investors will monitor initial jobless claims, retail sales, the Philadelphia Fed Manufacturing Index, and the Housing Market Index. Lots of volatility this week heading into heart of earnings season as, @Barchart noted on X, the “$QQQ has moved 1% up or down in 20 of the 26 last trading days. Since 2000, this has only happened during Covid, the Bear Market of 2022, the Global Financial Crisis, and the Dot Com Bubble.” Note tonight President Trump is holding a speech at 9:000 pm et.

• The Dow Jones Industrial Average rose 150.91 points, or 0.29%, to 52,659.18
• The Nasdaq Composite jumped 162.22 points, or 0.62%, to 26,269.23
• The Russell 2000 Index advanced 11.51 points, or 0.39% to 2,976.28

• 8:30 AM ET                  Continuing Claims…est.1.815M
• 8:30 AM ET                  Philly Fed Business Survey for July…est. 13.0
• 8:30 AM ET                  Retail Sales M/M for June…est. +0.2% (prior +0.9%)
• 8:30 AM ET                  Retail Sales – Less Autos for June…est. (-0.1%)
• 10:00 AM ET                Business Inventory M/M for May…est. +0.3%
• 10:00 AM ET                Pending Home Sales M/M for June…est. (-0.5%)
• 10:00 AM ET NAHB Housing Market Index for July…est. 35
• 10:30 AM ET                Weekly EIA Natural Gas Inventory Data

• Earnings After the Close: AA FNB INDB ISRG NFLX SFNC

• Bank America 27th Annual Washington D.C. Health Care Conference, 7/15-7/16, in DC

• Hasbro (HAS) announced that it inked a new licensing partnership with Nintendo (NTDOY) that will set up the toy company to create products based on the popular Legend of Zelda franchise. The multi-year collaboration is set to begin in 2027.
• Uber (UBER) entered into a business combination agreement with Delivery Hero (DELHY), extending the mobility and delivery platform to a total of 99 markets, with combined pro-forma gross bookings of $236B in 2025. Under the terms of the voluntary takeover offer, Uber will offer Delivery Hero shareholders cash consideration of EUR 41.50 per share, representing an equity value of $14.8B.

• ABB Ltd. (ABBNY) agreed to acquire Rotork (RTOXF), the provider of mission-critical intelligent flow control solutions for £5.03/share ($6.81) in cash. Separately, ABB reported Q2 net profit rose to $1.23B from $1.15B in the year-earlier quarter, on revenue of $9.475B, up 12% Y/Y.
• Ge Aerospace (GE) Q2 adj EPS $2.02 vs est. $1.86; Q2 revs $12.63B vs est. $11.86B; Q2 total orders $16.5B; raises FY adj EPS $7.65 to $7.85, from prior $7.10 to $7.40 and sees Fy26 adj rev growth of high-teens vs prior forecast of low double digit
• JB Hunt (JBHT) Q2 EPS $1.91 tops est. $1.73 and revs rose 19% y/y to $3.5B vs. est. $3.241B; Q2 net income $181M vs. est. $163M; Q2 intermodal revs $1.75B, integrated capacity solutions revs $388M and dedicated contract service revs $921M; ICS operating results returned to profit at $1.7M; Truckload swung to an operating loss of $1.3M; cited operational excellence and cost discipline for beat.
• United Airlines (UAL) Q2 adj. EPS $1.99 vs. est. $1.88; Q2 revenue $17.7B vs. est. $17.62B; Q2 operating Income $1.1B; capacity +3.5% YoY, traffic +3.8% YoY, load factor 83.4%, avg. fuel $4.19/gal, CASM +15.2% YoY, CASM-ex +6.1% YoY; sees Q3 adj. EPS $2.50-$3.50 vs. est. $3.59, as assumed fuel $3.69/gal, profit sharing accrual $135Mm-$220Mm raises low end of FY26 adj. EPS to $9.00-$11.00 (vs. est. $10.47).
• @MikeZaccardi noted on “X”, China–US container shipping rates have climbed for 10 consecutive weeks to their highest level since 2024.

• Great Southern Bancorp (GSBC) Q2 EPS $1.43 vs. consensus $1.38; Q2 preliminary Q2 book value per share $58.95; preliminary Q2 CET1 capital ratio 14% and prelim Q2 net charge-offs .07%.
• Home Bancshares (HOMB) Q2 adj EPS $0.64 vs. est. $0.61; and posts record $295.1M in revs vs. est. $289.22M rising 7% y/y; Q2 Total assets stood at $24.71 billion for the second quarter, up 8% from $22.90B y/y; Net interest income after credit loss was $236.4 million for the quarter, up 5.8% y/y.

• Merck’s (MRK) Lipfendra® (enlicitide) is the first and only once-daily oral pcsk9 inhibitor approved by the U.S. FDA to reduce LDL-c in adults with hypercholesterolemia.
• ResMed (RMD) was downgraded to Sector Perform from Outperform at RBC Capital saying the company faces a number of challenges in FY27, including device sales being impacted by replacing its Astral ventilators, higher costs of goods, and supply constraints on some component parts.
• UnitedHealthcare (UNH) Q2 revenue $112.0B vs. est. $110.8B and adj EPS $6.38 vs. est. $4.85; Q2 Medical Care Ratio (MCR) 86.7% vs. est. 88.6% and down -270 bps y/y; raises FY26 adj EPS to $19.50-$20.00 from over $18.25 and vs consensus $18.48; Q2 Optum revs fell -2% y/y to $65.7B.

• Japan plans to purchase 27,500 of Nvidia’s (NVDA) next-generation Rubin AI chips to develop a homegrown foundation AI model for robotics. The initiative will be led by newly established Noetra Corp.,
• Jabil (JBL) announces $1.5B share repurchase authorization.