The latest Market Talks covering Equities. Published exclusively on Dow Jones Newswires throughout the day.

1127 ET - Alphabet reported its first-ever negative free cash flow number in company history, Davidson analysts say in a research note, as artificial-intelligence investments continue to climb. The Google parent raised its capital expenditure outlook for the year by $15 billion, to between $195 billion and $205 billion, aiming to accelerate its pace of capacity delivery to meet growing demand. "The updated guide implies a material ramp in capex through year-end with nearly $60B in quarterly capex in 3Q and 4Q," the analysts write. Plus, management reiterated that capex will increase "significantly" next year, fretting markets and sending shares 7.5% lower. (connor.hart@wsj.com)

1117 ET - Canadian energy companies are among the top gainers on Toronto's indexes as oil surges back higher, with Brent crude reaching $100 a barrel before easing amid renewed Middle East tensions flaring up. Crude jumped after Tehran-backed Houthi militants claimed attacks on two Saudi oil tankers in the Red Sea, threatening another key shipping route and reviving fears of a broader return to confrontation with Iran. Canada's energy companies have already benefited from higher prices and renewed investor interest during the early weeks of the conflict as limited movement in the key shipping lane of the Strait of Hormuz threatened global supplies. Among the top gainers in the session are Vermilion Energy, Athabasca Oil, Cenovus and Suncor. (adriano.marchese@wsj.com)

1109 ET - Albertsons is dealing with more cost pressures at a time when shoppers are demanding lower prices on groceries. The company is expecting supply costs to increase this year due to elevated fuel costs from the Iran war, executives tell analysts on a call. At the same time, shoppers are taking a more cautious approach to grocery shopping, with some choosing cheaper options like Walmart and Aldi over Albertsons brand stores, executives say. Management says it will negotiate aggressively with suppliers to try to get them to absorb higher costs, but is also willing to take on some compression to margins to avoid raising prices for consumers. Shares slide 21%. (katherine.hamilton@wsj.com)

1106 ET - RTX and Lockheed Martin shares are climbing despite a wider selloff hitting the broader market. The defense contractors just reported strong 2Q earnings bolstered by hefty spending for the White House's military actions in Iran, particularly for missile systems. RTX shares are up over 7% and on pace for their largest percent increase in nearly two years. Lockheed shares are up nearly 11%and on pace for their largest percent increase in more than six years. The rest of the market is getting crushed as global oil prices climb back to $100 a barrel from Tehran-backed Houthi militant attacks on Saudi tankers. (dean.seal@wsj.com)

1050 ET - U.A.E. stocks end higher as major banks rise, while Saudi Arabia also gains, supported by index heavyweight Saudi Aramco. This comes as President Trump says the U.S. would hold Iran responsible for future attacks by Houthi militants after the group fired on two Saudi tankers in the Red Sea. First Abu Dhabi Bank and Emirates NBD, the largest listed banks on their respective exchanges, support gains in Abu Dhabi and Dubai after both lenders reported resilient earnings in 2Q, a period marked by war-related disruptions. Healthy loan growth and solid capital levels are improving confidence in the banking sector, says Mazen Abou Ismail, head of trading desk at FFA Private Bank Dubai. Abu Dhabi's benchmark index gains 0.7%, Saudi Arabia's Tadawul All Share Index rises 0.3%, the Dubai Financial Market General Index adds 0.2% and Qatar's QE Index falls 0.3%. (farhan.salehrafid@wsj.com)

1020 ET - RTX says its Raytheon subsidiary booked nearly $20 billion in awards during the second quarter, giving it a jaw-dropping 2.4 book-to-bill ratio. Those bookings included more than $5 billion for GEM-T Patriot effectors, its primary interceptor for the Patriot air and missile defense system, driven by international customers, CEO Chris Calio says on a call with analysts. The bookings also include more than $4 billion of classified and confidential awards, along with $1.8 billion for the company's AIM-120 Advanced Medium-Range Air-to-Air Missile, Calio says. The bookings boosted Raytheon's backlog to $86 billion. (dean.seal@wsj.com)

1010 ET - Fewer apartments are sitting empty, rents are climbing, and yet the deals keep coming, Zillow says. The typical U.S. asking rent rose to $1,965, up 2.2% compared to a year ago, and nearly 2 in 5 rental listings came with a concession attached. A concession is a move-in discount, commonly a free month's rent, waived fees or free parking. For renters who land a freebie, the real cost of renting can be softer than the asking price suggests. The 2.2% annual rent growth in June is a slight acceleration from the previous month. Yet the increase in concessions-39.7% of rental listings on Zillow offered one in June, up from 35.2% a year ago--softens the blow for renters. The backdrop is a rental market that has added significant new inventory over the past few years, giving renters more choices.(chris.wack@wsj.com)

1007 ET - Roche Holding is taking a disciplined approach to dealmaking since it doesn't have its back against the wall to fill its drug pipeline, CEO Thomas Schinecker says on a call with analysts. The Swiss drugmaker is open to doing deals as long as they make sense from a financial perspective, Schinecker says. "We always make very detailed due diligence. We always have material-transfer agreements where we really test the molecules in our own hands...I've seen other companies lose a bit of discipline in this space," he adds. Shares rise 4.4%. (adria.calatayud@wsj.com)

0958 ET - After a strong 2Q, Mullen Group's guidance now looks conservative. TD Cowen's Tim James says there "appears to be upside to 2026 adj. Ebitda outlook/guide based on results, current trends and M&A commentary." He says that the adjusted Ebitda outlook implies a 13% y/y growth, but results and trends suggest upside, especially after a strong June performance. "[The] outlook [is] increasingly optimistic relative to Q1/26 due to commercial freight, overall market conditions, and Nation Building opportunities in Canada," he says. (adriano.marchese@wsj.com)

0957 ET -- RTX CEO Chris Calio says the company has been seeing bipartisan support for an increase in defense spending in 2027. "What I can tell you, as we engage with Congress, is there's a bipartisan support for increased munitions and ramping in those areas which are pretty core to our capabilities," Calio says on a call with analysts. The House just narrowly passed a $1.15 trillion defense policy bill in a 216-to-212 vote, with six Democrats supporting the measure and seven Republicans opposing it. The Senate's version of the bill is currently stalled, with Democrats arguing that the bill doesn't attempt to restrain the White House's military actions in Iran. (dean.seal@wsj.com)

0956 ET - RTX lifts its full-year outlook for sales and earnings, citing a deluge of demand at Raytheon as U.S. military spending surges. The majority of the company's recent sales outperformance has been happening in the defense channel, primarily at Raytheon, CFO Neil Mitchill says on a call with analysts. Internationally, there's been a strong push for integrated air and missile defense systems, CEO Chris Calio says on the call. Raytheon has booked more than $10 billion of international awards in the first six months of the year, more than double what it was in the same span last year. It has also doubled its output across critical munitions during that time, Calio says. RTX surges 8% in early trading. (dean.seal@wsj.com)

0953 ET - Albertsons says it is seeing its low-income customers move to Walmart, Amazon and Aldi. The grocery store chain is facing stiffer competition when it comes to pricing, as more grocery providers are investing more to make sticker prices lower, Chief Executive Susan Morris told investors. As a result, Albertsons is losing customers to rivals that are known for lower prices. Morris says the company is trying to address this by lowering frontline pricing and offering more personalized deals through its loyalty program to low-earners. Shares fall 19%. (katherine.hamilton@wsj.com)

(END) Dow Jones Newswires

July 23, 2026 11:27 ET (15:27 GMT)

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