Early Look

Monday, July 20, 2026

After U.S. stock markets declined last week amid weakness in technology, US futures are looking higher this morning as semis rebound. Last week stocks declined as the S&P 500 ended down -1.55%, the Nasdaq down -2.9%, and the Dow Jones Industrial Average fell – 0.93% as the PHLX chip index (SOX) was down 10% for the week, biggest weekly drop since April 2025. Earnings season truly kicks into gear this week with the spotlight on 2 of the Mag 7 companies Tesla (TSLA) and Alphabet (GOOG) as markets look for fresh insight into AI monetization, autonomous driving, digital advertising, cloud computing, and capital spending trends. Technology will remain at the forefront with results from ServiceNow (NOW), International Business Machines (IBM), Intel (INTC), Texas Instruments (TXN), along with telecom giants AT&T (T), Verizon Communications (VZ), T-Mobile US (TMUS), and Comcast (CMCSA). The financial sector will feature results from American Express (AXP), Blackstone (BX), Charles Schwab (SCHW), while key Industrial, aerospace names include Lockheed Martin (LMT), RTX (RTX), Northrop Grumman (NOC), Honeywell (HON), GE Vernova (GEV), 3M (MMM), Union Pacific (UNP), General Motors (GM), American Airlines (AAL), and Southwest Airlines (LUV). In Asian markets, The Nikkei Index was closed for holiday, the Shanghai Index rebounds 32 points to 3,796, and the Hang Seng Index jumps 58 points to 25,143. In Europe, the German DAX is up 41 points to 24,872, while the FTSE 100 is down -53 points to 10,547. Meanwhile the new US-Iran conflict since the ceasefire ended is now in its ninth day as WTI crude is down slightly at $82.35 (off highs $85.39 per barrel), while Brent crude is up slightly at $88.25 per barrel, down from earlier highs of $91.42

• The Dow Jones Industrial Average fell -406.55 points, or 0.77%, to 52,146.42
• The Nasdaq Composite stumbled -361.70 points, or 1.40%, to 25,520.24
• The Russell 2000 Index declined -12.35 points, or 0.42% to 2,962.22

• Earnings After the Close: AGNC AMC BOKF CALX CCK HBCP MCRI RBB SFBS STLD WASH WRB WTFC ZION

• Keir Starmer officially resigned as U.K. prime minister. In his farewell speech, he said he had rebuilt the Labour Party after its 2019 defeat, led it to a landslide election victory in 2024, and leaves Britain “stronger and fairer” than when he took over.
• The average US gas price officially rises back above $4.00 per gallon as the Iran War returns and the “Memorandum of Understanding” collapses.

• GameStop (GME) now owns 43.4 million outstanding shares of eBay (EBAY), or 9.8% of the e-commerce firm it offered to buy for $56 billion in May, according to an SEC filing.
• Jersey Mike’s (JMKE) announces launch of Initial Public Offering (IPO), currently expected to be between $21.00 and $25.00 per share. In addition, the Selling Stockholders are expected to grant the underwriters a 30-day option to purchase up to an additional 6,521,739 shares of the Company’s Class A common stock to cover over-allotments at the IPO price, less underwriting discounts and commissions.
• Nomad Foods (NOMD) says it expects Q2 2026 reported and organic revenue to decline by 2.5-3.5%; reiterates full year organic revenue, adj EBITDA, and adj free cash flow conversion guidance.
• Yeti Holdings (YETI) was upgraded to Buy from Neutral at Goldman Sachs citing a more durable growth outlook and improving revenue visibility; said retailer feedback remained constructive during Q2, with several accounts reporting inventory constraints and planned restocking heading into Q3.
• Yum Brands (YUM): The U.S. FDA said on Sunday that laboratory experts re-checked lettuce sample results from Taylor Farms in an investigation into an outbreak of the cyclospora parasite and concluded the finding should be considered a false positive. As of Sunday, there were no confirmed positive sample results for cyclospora.

• Boeing (BA): A senior Federal Aviation Administration (FAA) official Chris Rocheleau told Reuters that the agency expects to certify the Boeing MAX 7 and larger 10 soon, after an intensive review of the variants of the best-selling plane. “I think the -7 is literally around the corner, and -10 right behind it.” He also said he expects the Boeing 777X to be certified after the two MAX planes.
• BP (BP) said it had agreed to sell its Austrian mobility, convenience and electric vehicle (EV) charging businesses to Volenergy AG under confidential terms. The agreement is expected to complete at the end of 2026.

• Brookfield (BAM) and CPP investments to acquire LXP Industrial Trust (LXP) in $5.2B all-cash transaction where LXP shareholders to receive $61.20 per share in cash; shares to be delisted from NYSE and company to become privately held upon completion and to suspend common share dividends until closing or termination of agreement.

• Allegro MicroSystems (ALGM) downgraded to Equal Weight from Overweight, Penguin Solutions (PENG) downgraded to Underweight from Equal Weight while Lumentum (LITE) upgraded to Overweight from Equal Weight as Barclays as part of a ratings change outlook in the semiconductor and capital equipment space as part of a Q2 earnings preview.
• Global shipments of light detection and ranging (LiDAR) technology are expected to surge to 40 million units in 2030, compared with 5 million in 2025, UOB analyst said in a note. Lidar, which is essential for advanced driver-assistance systems, autonomous driving and robotics, is dominated by China with 90% of the market share, Dow Jones (watch shares of LiDAR companies AEVA, OUST, AMPX, OUST).
• HubSpot (HUBS) downgraded to Equal Weight from Overweight at Wells Fargo and cut tgt to $225 from $300 saying the company is undergoing several strategic initiatives, including changes in AI pricing and product reorientation for AI that all point to a broader AI pivot.
• Hut 8 (HUT) signed a 15-year, USD 9.8 billion triple-net lease for 352 MW of IT capacity at its Beacon Point AI data center campus; the deal doubles the existing high-investment-grade tenant’s contracted capacity at Beacon Point to 704 MW; campus base-term contract value rises to $19.6B; total contracted IT capacity across Hut 8’s AI data center portfolio increases to 949 MW; base-term contract value totals $26.6B.
• Samsung (SSNLF) has cut roles at its U.S. display, phone, and consumer electronics operations at its New Jersey and Texas offices, Reuters reported citing a documents and two people familiar with the matter. 739 roles were affected in Englewood Cliffs, New Jersey and additional 100 workers were let go at its Plano, Texas office.