^{_{Welcome to the TraderTV Live Morning Research Note. Here's what's making major moves in the market today.}}

0830 - CPI y/y for June: Expected 3.8%; Prior 4.2%
0830 - CPI m/m for June: Expected -0.1%; Prior 0.5%
0830 - Core CPI y/y for June: Expected 2.8%; Prior 2.9%
0830 - Core CPI m/m for June: Expected 0.2%; Prior 0.2%
1000 - Fed Chair Warsh delivers semiannual testimony at Capitol Hill
1240 - Fed’s Barr speaks
1300 - Fed’s Goolsbee speaks

International Business Machines Corp (IBM)

-17.38%

Gapping down after sharing weaker-than-expected preliminary earnings for Q2 2026. Revenue was reported at $17.2 billion, representing 1% year-over-year growth and falling well below estimates of $17.86 billion. Software revenue grew by 5%, infrastructure revenue dropped by 7%, and consulting revenue was flat year-over-year. CEO Arvind Krishna said that the company “did not anticipate the magnitude of the capex reprioritization” and acknowledged that IBM “faltered” in Q2. The company intends to release its full results for the quarter on July 22.

Oil and Energy Stocks

+3.11%

Trading higher as a group amid growing concerns about potential supply disruptions. On Monday morning, US President Donald Trump announced plans to impose shipping fees in the Strait of Hormuz and reinstate a blockade of Iranian ports. The blockade is set to go into effect at 4:00 PM ET on Tuesday, July 14. Analysts from Citi warn that the proposed measures could increase geopolitical risks and keep oil prices elevated.

USO, OXY, XOM, CVX, DVN, COP, TPET, EONR, BATL

JPMorgan Chase & Co (JPM)

-2.85%

Trading lower premarket after its Q2 2026 earnings report. JPMorgan posted revenue of $58.02 billion and earnings of $7.70 per share, beating estimates of $51.39 billion and $5.72, respectively. Net interest income grew by 10% year-over-year to $25.64 billion, narrowly missing estimates of $25.62 billion. Equities sales and trading revenue grew by 86% year-over-year to $6.03 billion, though fixed income, currency, and commodities sales and trading revenue of $6.05 billion fell short of the estimated $6.29 billion.

Apple Inc (AAPL)

-1.13%

Trading marginally lower premarket after KeyBanc downgraded the stock from Sector Weight to Underweight with a $250 price target. The downgrade was attributed to weaker consumer spending trends, slowing iPhone demand, potential price pressures, and risks to future Mac, iPad, Wearables, and Services growth. KeyBanc believes Apple’s valuation is stretched at roughly 35x P/E, with slower device upgrades, reduced carrier subsidies, and international growth challenges creating downside risk to 2027 estimates. Separately, IDC data suggests that Apple’s Q2 2026 iPhone shipments in China grew by roughly 20% despite an overall decline of 6.7% for global smartphone shipments in the region.

NVIDIA Corp (NVDA)

+0.99%

The Financial Times reported that the company cut its list of approved Asian AI chip customers by more than half after implementing stricter compliance checks aimed at preventing chips from reaching China. Nvidia has reportedly increased due diligence efforts in Singapore, Malaysia, and Japan. Many neo-cloud providers have been removed from the whitelist, though they will be allowed to reapply after addressing compliance concerns.

Major Banks

-0.28%

On watch as a group after their Q2 2026 earnings reports. Bank of America posted revenue of $31.56 billion and earnings of $1.21 per share, beating estimates of $30.49 billion and $1.13, respectively. Trading revenue ex-DVA came in at $7.16 billion, outpacing estimates of $6.21 billion and representing 33% year-over-year growth. Wells Fargo, meanwhile, posted revenue of $22.6 billion and EPS of $2.00, beating estimates of $21.87 billion and $1.72, respectively. Net interest income of $12.32 billion met analyst estimates. Goldman Sach’s net revenue grew by 39% year-over-year to $20.34 billion, outpacing estimates of $16.35 billion. Earnings of $20.98 per share represented 92% growth and trounced expectations of $14.45. Citigroup is expected to release its report at 8:00 AM ET.

BAC, WFC, GS, C

Circle Internet Group Inc (CRCL)

-2.76%

Trading lower premarket. The company signed a memorandum of understanding with JCB to explore using USDC stablecoins for cross-border treasury operations, payments, and internal fund transfers, including a proof of concept within JCB. The partnership will also evaluate stablecoin-based in-store payments for merchants and international visitors in Japan, expanding digital payment use cases.

Alphabet Inc (GOOGL)

-0.50%

The company signed a virtual power purchase agreement to buy the initial output from the Steel River solar and battery project in Arkansas, securing 1.6GW of solar capacity and 2GWh of storage expected online by 2029. First Solar will supply U.S.-made panels and LG will provide batteries, as Google expands clean energy sourcing to support growing data center electricity demand. Separately, Alphabet is facing a preliminary investigation from Switzerland’s competition regulator over Google’s removal of the Android “Choice Screen” feature that lets users select their default search engine. COMCO said the change forces Swiss Android users to use Google Search by default.

Applied Optoelectronics Inc (AAOI)

+6.68%

Gapping up after starting work on a nearly 400,000-square-foot manufacturing expansion in Pearland, Texas to increase production of 800G and 1.6T optical transceivers for AI and cloud networking infrastructure. The added capacity is expected to accelerate advanced optical component manufacturing and strengthen AOI’s role as a supplier to growing AI data center markets.

CleanSpark Inc (CLSK)

+14.24%

Gapping up after signing a 20-year, $6.6 billion data center lease with a high-investment-grade global technology company for its 175MW Sandersville, Georgia campus. Deliveries are set to begin in Q4 2027. The agreement could generate up to $11.6 billion in revenue if extensions are exercised. The tenant also secured exclusivity through a letter of intent for CleanSpark's 885MW Texas data center portfolio.

Tower Semiconductor Ltd (TSEM)

+19.60%

Gapping up after announcing plans to invest $3 billion to expand its Japan operations, with $1 billion in government grants supporting new 300mm silicon photonics, silicon germanium, and advanced packaging capacity. Tower Semi is targeting production readiness by Q4 2027. The company also raised its 2028 financial outlook, forecasting $3.6 billion in revenue and $1.2 billion in net profit as the expansion strengthens its long-term growth.

Nebius Group NV (NBIS)

+2.61%

The company signed a $1 billion-plus agreement to supply AI compute to Reflection AI through 2029, providing access to Nvidia GB300 chips to support advanced AI development. The deal adds to Nebius’ growing AI infrastructure partnerships, which already include Microsoft and Meta, while Reflection AI continues expanding with major compute commitments and potential fundraising plans.

Meta Platforms Inc (META)

-1.23%

Australia’s internet regulator criticized Apple, Alphabet, and Meta for having “significant gaps” in preventing child abuse and online extortion on their platforms. The eSafety Commissioner said companies are failing to deploy available technologies to detect known exploitation tactics despite receiving evidence and guidance on how to address the issue.

LM Ericcson Telefon (ERIC)

-9.47%

The company’s US-listed shares are gapping down after its Q2 2026 earnings report. The company posted 52.7 billion Swedish krona in quarterly revenue, representing a 6% year-over-year decline; earnings of 1.22 Swedish krona per share beat estimates of 1.2 while representing an 11% drop. Adjusted EBITDA fell by 7% year-over-year to 6.88 krona. The company projected networks adjusted gross margin between 48% and 50% for Q3 2026, implying a sequential decline.

NextCure Inc (NXTC)

+339.45%

Gapping up after agreeing to merge with privately-held Avere Therapeutics. The all-stock merger will combine Avere’s oral IL-23 inflammatory disease program with NextCure’s public company platform, creating a new Nasdaq-listed company expected to trade as AVRX in the second half of 2026. NextCure has a market capitalization of $36.14 million and a float of 2.37 million shares, approximately 6.7% of which are sold short.