MARKET WRAPS

STOCKS: U.S. stocks rose broadly as chip shares staged a strong recovery and investors positioned for a wave of major technology earnings.

TREASURYS: Treasury yields rose again as investors await next week's Federal Reserve interest-rate setting meeting.

FOREX: The dollar strengthened. Sterling weakened and could fall further in coming months if fiscal concerns rise, Rabobank said.

COMMODITIES: Oil futures rose for a third straight session as the U.S. and Iran continued military strikes.

HEADLINES

Canada's Carney Says Trump Agrees to Talks to Avert New 50% Tariff

OTTAWA-Canadian Prime Minister Mark Carney said he and President Trump agreed Tuesday to accelerate trade talks in an effort to resolve friction and avoid a new 50% U.S. tariff on a series of goods.

The 50% tariff kicks in as of Aug. 19, after Trump signed a series of proclamations that target Canada for alleged discriminatory treatment of U.S. automobiles, alcohol and dairy products. The hefty duty would affect $20 billion of U.S.-bound Canadian exports, or 5% of total shipments to America. Economists and trade analysts say what's more important is the message: That Trump is prepared to use its economic heft to force policy changes on the Canadian side.

Carney told reporters in brief remarks that he is scheduled to speak later Tuesday to the country's provincial premiers, via videoconference, to decide on next steps and whether a policy response is required should the White House make good on its tariff threat. "We will do whatever it takes and keep all options," he said.

GM Raises Full-Year Outlook, Says Demand Remains Strong

General Motors raised its full-year earnings outlook and said customer demand has remained strong, particularly for vehicles such as pickup trucks and SUVs.

Sales of these larger, pricer models during the recent quarter helped drive revenue higher, even as the Detroit company sold fewer total vehicles.

Shares rose 3.8%, to $78.69 on Tuesday. Despite the gain, the stock remains off by about 3% since the beginning of the year.

OpenAI Is Adding Two Independent Board Members Ahead of IPO

OpenAI is adding David Vélez, founder and global chief executive of Nubank, a Latin American digital services firm, and Robin Vince, the chief executive of Bank of New York Mellon, to its board of directors, the company said.

The appointments will expand OpenAI's board, bringing on two seasoned public-market executives who are well-known names in the financial world, as the company moves toward a public listing that could come as soon as later this year. Vince will chair the audit committee, OpenAI said.

The company has worked to improve its corporate governance after a previous set of directors abruptly fired Chief Executive Sam Altman three years ago for what they described as a lack of candor in his communications, throwing the company into disarray.

Kalshi Seeks to Launch Perpetual Futures for Precious Metals

Kalshi is asking regulators for permission to let users speculate on the price of gold, silver and platinum with a new kind of derivative contract that never expires.

The prediction-markets provider has filed with the Commodity Futures Trading Commission to start offering perpetual futures contracts linked to the spot price of precious metals.

The request comes after Kalshi got approval from the CFTC in May to launch the country's first set of perpetuals, which were linked to the price of cryptocurrencies. That approval now undergirds Kalshi's application to offer perpetuals on metals.

3M Raises Full-Year Forecast as Safety and Electronics Lift Sales

3M increased its full-year targets as the conglomerate saw higher sales in safety and electronics.

The maker of Post-It notes on Tuesday said it now expects adjusted earnings per share between $8.80 and $8.95 for the year, up from a previous range of $8.50 to $8.70. Analysts polled by FactSet currently expect full-year earnings of $8.74 a share.

The company also anticipates adjusted total sales growth of over 4.5%, reflecting adjusted organic sales growth of more than 3.5%.

Utz Brands to Be Taken Private by Germany's Intersnack Group

Utz Brands has agreed to be taken private by German salty-snacks-maker Intersnack Group at an enterprise value of about $2.9 billion.

Intersnack would pay $14.25 a share in cash for Utz, the Hanover, Pa., company said Tuesday, a 91% premium to Monday's closing price of $7.45.

Shares of Utz were recently up 89%, at $14.12.

Novo Sues Rival Lilly Over Alleged False Advertising in Weight-Loss Ads

Novo Nordisk filed a lawsuit against rival Eli Lilly, arguing that the Indianapolis drugmaker uses deceptive advertising to mislead consumers, in the latest escalation of the weight-loss wars.

The complaint, filed in a district court in New Jersey, accuses Eli Lilly of using outdated studies to promote its branded GLP-1 drugs, Mounjaro and Zepbound, as helping consumers lose significantly more weight on average than Novo Nordisk's Ozempic and Wegovy.

In reality, Novo Nordisk said, more-recent data shows that the company's drugs can help patients lose a comparable amount of weight as Eli Lilly's. It is the most direct hit between the two companies fighting for control of the nearly $80 billion weight-loss drug market. Lilly was able to quickly take market share from Novo by promoting the superior weight-loss benefits of its shot, but now Novo's fighting to change that narrative with newer data.

TALKING POINT Jamie Dimon Warns a Bond Market Reckoning Is Coming

JPMorgan CEO Jamie Dimon, one of Wall Street's most venerated leaders and a man once on the shortlist of names to become Treasury Secretary, offered some straight talk on the value of U.S. debt and the impact of deficit spending this week.

Dimon, who at the age of 70 is nearing the end of his two decade tenure at the helm of the world's biggest bank but remains the market's central conscience, told Wilfred Frost's Master Investor Podcast that he wouldn't be a buyer of U.S. Treasuries. At least not at current levels.

"I don't understand what the upside is," he said, noting that debt and deficit figures are hitting startling levels even as the economy, and broader equity markets, continue to outperform. "[Usually] you have to have a 'Great recession' or a depression or war to have numbers like that...And so my view is it will become a problem."

Dimon said the government can handle the issue one of two ways, either through a bipartisan effort similar to the Simpson-Bowles Commission of 2010, proposed by President Barack Obama and led by Republican Congressman Paul Ryan, or "waiting for it to become a problem."

"My guess is that is what's going to happen," Dimon said. "That will exhibit itself in higher interest rates, a rattled market, and people talking about things like 'bond vigilantes.' Hopefully not worse than that, but it could be."

Overall U.S. debt levels are on pace to $40 trillion by the end of the year, and are growing at a rate of around $1 trillion every five to seven months, according to the Economic Policy Innovation Center.

The current federal government deficit, meanwhile, is likely to surpass $2 trillion this fiscal year, which ends in September. The nine month tally, published last week, reached $1.4 trillion.

--Martin Baccardax, Barron's

Expected Major Events for Wednesday

05:00/JPN: Jun Steel Production

05:00/JPN: Jun Supermarket sales

06:00/UK: Jun Producer Price Index

06:00/UK: Jun CPI

08:30/UK: May UK House Price Index

11:00/US: 07/17 MBA Weekly Mortgage Applications Survey

14:30/US: 07/17 EIA Weekly Petroleum Status Report

23:01/UK: BRC Consumer Sentiment Monitor

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

Expected Earnings for Wednesday

AT&T Inc $(T)$ is expected to report $0.59 for 2Q.

Badger Meter Inc (BMI) is expected to report $1.01 for 2Q.

BankUnited Inc (BKU) is expected to report $1.01 for 2Q.

Banner Corp $(BANR)$ is expected to report $1.46 for 2Q.

CME Group Inc $(CME)$ is expected to report $2.82 for 2Q.

Cal-Maine Foods Inc (CALM) is expected to report $0.08 for 4Q.

Choice Properties Real Estate Investment Trust (CHP.UN.T) is expected to report for 2Q.

Farmers National Banc Corp (FMNB) is expected to report $0.34 for 2Q.

Fidelity D&D Bancorp Inc $(FDBC)$ is expected to report for 2Q.

First Community Corp (South Carolina) $(FCCO)$ is expected to report $0.69 for 2Q.

First Industrial Realty Trust Inc $(FR)$ is expected to report $0.44 for 2Q.

Fulton Financial Corp $(FULT)$ is expected to report $0.41 for 2Q.

GE Vernova Inc (GEV) is expected to report for 2Q.

Greene County Bancorp Inc $(GCBC)$ is expected to report for 4Q.

Healthcare Services Group Inc $(HCSG)$ is expected to report $0.22 for 2Q.

Iridium Communications Inc $(IRDM)$ is expected to report $0.28 for 2Q.

John Marshall Bancorp Inc (JMSB) is expected to report $0.44 for 2Q.

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

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

Martin Midstream Partners LP $(MMLP)$ is expected to report $0.24 for 2Q.

Moody's Corp $(MCO)$ is expected to report $4.41 for 2Q.

NVR Inc (NVR) is expected to report $89.98 for 2Q.

Northern Trust Corp $(NTRS)$ is expected to report $4.22 for 2Q.

Norwood Financial Corp (NWFL) is expected to report $0.87 for 2Q.

Old National Bancorp (ONB) is expected to report $0.62 for 2Q.

Otis Worldwide Corp (OTIS) is expected to report $1.00 for 2Q.

Parke Bancorp Inc $(PKBK)$ is expected to report for 2Q.

Philip Morris International Inc (PM) is expected to report $2.00 for 2Q.

Pinnacle Financial Partners Inc $(PNFP)$ is expected to report for 2Q.

Preferred Bank Los Angeles $(PFBC)$ is expected to report $2.65 for 2Q.

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July 21, 2026 16:41 ET (20:41 GMT)

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