MARKET WRAPS

STOCKS: U.S. stocks rose after muted consumer-inflation data and strong bank earnings.

TREASURYS: Treasury yields fell after the inflation data.

FOREX: The U.S. dollar fell after a reported drop in consumer prices in June from a month earlier.

COMMODITIES: Oil futures added to gains as the U.S. and Iran continued to fight over control of the Strait of Hormuz.

HEADLINES

Inflation Slowed to 3.5% in June, as Americans Got a Break From Gasoline Prices

Americans got a break on inflation last month, with better deals at the gas station and cooler price increases across much of the economy.

Consumer prices were up 3.5% in June from a year earlier, beating expectations and improving from the 4.2% inflation rate in May. Inflation was also lower than the 3.8% that analysts polled by The Wall Street Journal expected.

Big Banks' Profits Surge After a Red-Hot Quarter on Wall Street

A Wall Street boom fueled by red-hot stock-market debuts and volatility that kept trading floors bustling is leading to surging profits at the nation's biggest banks.

JPMorgan Chase, Goldman Sachs, Bank of America, Citigroup and Wells Fargo collectively earned more than $49 billion, a 39% jump from a year ago and above analyst estimates. Their combined revenues rose by more than a fifth.

The results were also strong across consumer businesses, showing the U.S. economy continues to benefit from resilient households and optimistic boardrooms.

Warsh Tells Congress the Fed Has 'No Tolerance' for High Inflation

WASHINGTON-Chairman Kevin Warsh pledged to lawmakers on Tuesday that the Federal Reserve will bring inflation down, saying members of its rate-setting committee "have no tolerance for persistently elevated inflation."

Warsh returned to that pledge repeatedly during three hours of testimony before the House Financial Services Committee where he faulted the central bank for inflation running above its 2% target for the past five years.

No Mission Accomplished

IBM Suffers Biggest Share Drop in Its History

International Business Machines shares sank as much as 25% in morning trading after the company issued a profit warning citing a shift in customer spending from software to AI hardware and memory chips.

IBM said the performance of its software and infrastructure business fell short of expectations in the second quarter, and the company didn't react quickly enough to changing market conditions. Tuesday's share decline was the largest intraday percentage decrease for the company on record.

Chief Executive Arvind Krishna said in a letter to investors that the weakness in IBM's infrastructure arm was worse than anticipated, driven by a shortfall in demand for the z17, the company's flagship enterprise mainframe designed for the artificial intelligence age. The company expects infrastructure revenue to fall 7%, after previously anticipating a low-single-digit decline.

Frontier Airlines, a Wi-Fi Holdout, Is Partnering With SpaceX's Starlink

Discount airline Frontier Airlines is going with SpaceX's Starlink to offer Wi-Fi on its planes for the first time.

The budget airline said Tuesday that it planned to start offering Starlink Wi-Fi early next year. Starlink will also provide connectivity for Frontier's pilots, flight attendants, maintenance teams and ground operations, which Frontier said would help improve its operational performance and customer service.

Starlink, the speedy internet service operated by Elon Musk's SpaceX, is quickly becoming the airline industry's dominant in-flight internet provider. Carriers including United Airlines, American Airlines, Southwest Airlines and Alaska Air Group are installing it on their planes.

EV Maker Lucid Hires Firm to Advise on Turnaround

Electric-vehicle startup Lucid Group has hired a financial adviser to counsel it on a turnaround, the company said Tuesday.

AlixPartners, the financial adviser, will provide advice on "improving execution, strengthening operations and positioning Lucid to realize the full potential of its technology, products and innovation," a Lucid spokesman said. The adviser hasn't made any recommendations to Lucid's board, the spokesman said.

Shares fell more than 15% on Tuesday following a report that Lucid could seek bankruptcy or go private. Trading was halted several times. Yet Lucid-majority-owned by Saudi Arabia's Public Investment Fund-said it wasn't exploring a bankruptcy or taking the company private.

Verizon Plans New Round of Layoffs This Week

Verizon Communications is planning another round of layoffs this week, as the company seeks to reduce costs under its new CEO.

The nation's largest wireless carrier will announce the cuts on Thursday morning, according to an employee who was briefed on the plans. Barron's couldn't verify the number of employees that would be affected.

Verizon CEO Daniel Schulman has made cost savings a priority since he took the job last October. In November, Verizon cut 13,000 jobs, the company's largest ever layoff. It made a smaller wave of cuts this past May. At the end of 2025, Verizon had 89,900 employees.

U.S. Small Business Confidence Improved in June

Confidence among U.S. small businesses improved in June as lower fuel costs provided some relief for businesses.

The National Federation of Independent Business said Tuesday that its small-business optimism index rose 2.1 points in June to 97.4. Economists polled by The Wall Street Journal expected a lower reading of 95.7.

The NFIB survey provides a monthly snapshot of small businesses in the U.S., which account for nearly half of private-sector jobs. Small businesses are often more sensitive than larger firms to sudden price fluctuations, higher interest rates and broader economic uncertainty.

Uber, Delivery Hero in Advanced Talks Over Potential Takeover

Uber is in advanced discussions with Delivery Hero regarding a potential takeover of the German food-delivery company.

Delivery Hero on Tuesday said talks are at an advanced stage, and didn't comment on speculation regarding the price of the offer. The discussions follow an approach made in May by Uber that valued Delivery Hero at about 10 billion euros ($11.38 billion).

The talks mark Uber's latest efforts to bolster its international presence, and comes after a series of recent changes at Delivery Hero including plans for the departure of its co-founder and chief executive officer.

New York Set to Temporarily Ban Large New Data Centers

Gov. Kathy Hochul is banning large data-center construction for up to a year, making New York the latest state to confront the rollout of sites powering the artificial-intelligence boom.

The governor, a Democrat, was set to sign an executive order Tuesday halting construction of big, new data centers, her office said. The moratorium would give the state time to create regulations for data centers that can help the environment and energy grid.

No other state has enacted a similar freeze. Maine Gov. Janet Mills, a Democrat, vetoed a bill earlier this year that would have halted construction of new data centers. The legislature voted against an exemption she wanted for a project in one town. Dozens of cities and counties across the U.S. have issued temporary halts on data-center construction. Many states have proposed similar bans.

TALKING POINT How Women in Finance Are Building Professional Networks That Make a Difference

Every three months, a group of women gather around a table at Kokkari, the bustling Greek restaurant in San Francisco where the waitstaff weave between crowded tables carrying flaming saganaki and plates of grilled fish. I always request the same round table, sized for eight, so that no one is relegated to the far end and every voice can be heard.

Around the table sit women who advise ultrahigh-net-worth families ranging from estate attorneys and accountants to wealth advisors and philanthropic consultants. We span generations, professions, and life stages yet within minutes, the conversation becomes effortless, moving from the challenges of selecting the right kindergarten for our kids to the implications of the next major technology IPO.

In these all-women gatherings, I find an increased capacity for listening, asking questions, and exchanging ideas. By the end of lunch, a group of female professionals has become a trusted network.

Trusted women. Some of my best investment ideas, hiring referrals, and business solutions don't come from industry conferences or research reports. Rather, they come from conversations with trusted women, a group that I call my personal board of directors. For instance, when a new client in Seattle asked for recommendations for a local estate attorney and accountant, I reached out to my personal board and I received quality referrals to vetted, established service providers with relevant experience, perfectly fitting the needs of my client.

Recent research by RBC suggests that high-net-worth millennial women are narrowing, and in some cases eradicating, traditional gender wealth gaps through entrepreneurship, executive leadership roles, and investing. It's a change that's altered the wealth management landscape. As more women have moved into positions of investment leadership, women-led networks have reached critical mass and evolved from social communities into meaningful sources of information, expertise, and opportunity.

Needs and leads. One of my most valuable networks is the San Francisco Women in Family Offices group. At our in-person meetings every two months, our most popular discussion topic is called "needs and leads," where members openly share opportunities and challenges.

One such conversation changed my view of a private credit manager we were evaluating. The manager's marketing materials emphasized robust liquidity protections, but a fellow investor had experienced an actual gating event with the manager. Her firsthand perspective provided context that no due diligence questionnaire or pitch book could offer. Ultimately, we decided not to invest.

These communities serve as powerful referral and diligence ecosystems. I experienced this firsthand at The Alts Alignment Summit, an education-first, LP-led gathering of women allocators across family offices and institutional wealth platforms.

--Alana Mag, Barron's

Expected Major Events for Wednesday

04:30/JPN: May Tertiary Industry Index

04:30/JPN: May Revised Retail Sales

11:00/US: 07/10 MBA Weekly Mortgage Applications Survey

12:30/CAN: May Wholesale trade

12:30/CAN: May Monthly Survey of Manufacturing

12:30/US: Jul Empire State Manufacturing Survey

12:30/CAN: May New motor vehicle sales

12:30/US: Jun PPI

13:45/CAN: Bank of Canada interest rate announcement

14:30/US: 07/10 EIA Weekly Petroleum Status Report

18:00/US: U.S. Federal Reserve Beige Book

All times in GMT. Powered by Onclusive and Dow Jones.

Expected Earnings for Wednesday

American Resources Corp $(AREC)$ is expected to report for 1Q.

BV Financial Inc (BVFL) is expected to report for 2Q.

Bank of New York Mellon Corp $(BNY)$ is expected to report $2.23 for 2Q.

BayCom Corp $(BCML)$ is expected to report $0.31 for 2Q.

BitMine Immersion Technologies Inc (BMNR) is expected to report for 3Q.

BlackRock Inc $(BLK)$ is expected to report for 2Q.

Chemung Financial Corp (CHMG) is expected to report $1.83 for 2Q.

Cintas Corp $(CTAS)$ is expected to report $1.22 for 4Q.

Cogeco Communications Inc (CCA.T,CGEAF) is expected to report $2.03 for 3Q.

Cogeco Inc (CGO.T) is expected to report for 3Q.

Commerce Bancshares Inc $(CBSH)$ is expected to report $1.06 for 2Q.

Community Trust Bancorp Inc $(CTBI)$ is expected to report $1.52 for 2Q.

Conagra Brands Inc $(CAG)$ is expected to report $0.46 for 4Q.

Elevance Health Inc (ELV) is expected to report $5.79 for 2Q.

First Horizon Corp $(FHN)$ is expected to report $0.52 for 2Q.

Frequency Electronics Inc $(FEIM)$ is expected to report $0.24 for 4Q.

Great Southern Bancorp Inc $(GSBC)$ is expected to report $1.38 for 2Q.

Home BancShares Inc (HOMB) is expected to report $0.61 for 2Q.

JB Hunt Transport Services Inc $(JBHT)$ is expected to report $1.72 for 2Q.

Johnson & Johnson $(JNJ)$ is expected to report $2.66 for 2Q.

Kinder Morgan Inc $(KMI)$ is expected to report $0.32 for 2Q.

M&T Bank Corp $(MTB)$ is expected to report $4.66 for 2Q.

Marten Transport Ltd $(MRTN)$ is expected to report $0.08 for 2Q.

Morgan Stanley $(MS)$ is expected to report $2.89 for 2Q.

PNC Financial Services Group Inc $(PNC)$ is expected to report $4.46 for 2Q.

Plumas Bancorp (PLBC) is expected to report $1.36 for 2Q.

Progressive Corp $(PGR)$ is expected to report.

Rocky Mountain Chocolate Factory Inc $(RMCF)$ is expected to report for 1Q.

Strata Skin Sciences Inc (SSKN) is expected to report for 1Q.

TRX Gold Corp (TRX,TRX.T) is expected to report for 3Q.

United Airlines Holdings Inc $(UAL)$ is expected to report $1.82 for 2Q.

VivoSim Labs Inc $(VIVS)$ is expected to report for 4Q.

Powered by Onclusive and Dow Jones.

We offer an enhanced version of this briefing that is optimized for viewing on mobile devices and sent directly to your email inbox. If you would like to sign up, please go to https://newsplus.wsj.com/subscriptions.

This article is a text version of a Wall Street Journal newsletter published earlier today.

(END) Dow Jones Newswires

July 14, 2026 16:37 ET (20:37 GMT)

Copyright (c) 2026 Dow Jones & Company, Inc.