S&P 500 – 7,509.72 (+0.89%)

Dow Jones – 52,200.05 (+0.70%)

NASDAQ – 25,847.87 (+1.33%)

• Markets Push Higher as Tech Rebound Leads the Charge: U.S. stocks moved higher Tuesday as technology shares bounced back, helping lift the broader market. The Nasdaq led gains as semiconductor names regained momentum ahead of a major week of technology earnings. Treasury yields also climbed, with the 10-year Treasury yield hovering around 4.63%. The U.S. dollar strengthened against major currencies as investors continued to monitor interest rates and economic conditions.
• Global Markets Remain Mixed as Oil Prices Rise: International markets showed a mixed picture, with Asian markets finishing uneven overnight while most European indexes traded lower. In commodities, WTI crude oil climbed toward $84 per barrel as continued geopolitical tensions in the Middle East supported energy prices and kept investors focused on global supply risks.
• Trade Tensions Escalate With New Canada Tariffs: The Trump administration announced sweeping new tariffs on Canadian imports, targeting industries including autos, dairy, and alcohol. The move has increased concerns around higher costs, supply chain disruptions, and rising trade tensions between the U.S. and Canada.
• Nvidia’s AI Bet Sends Nebius Shares Higher: Nvidia’s expanding investment in AI infrastructure provider Nebius sent shares sharply higher, reinforcing investor confidence in companies positioned to benefit from the continued growth of artificial intelligence and cloud computing demand.
• General Motors Raises Outlook After Strong Earnings: General Motors posted stronger-than-expected earnings and revenue while raising its full-year guidance. The automaker continues to benefit from strong demand for trucks and SUVs, cost reductions, and improved operational efficiency.
• Northrop Grumman Slips Despite Earnings Beat: Northrop Grumman shares moved lower despite the defense contractor reporting better-than-expected results and raising guidance. Defense stocks remain under pressure as investors weigh potential changes in government spending following upcoming elections.
• 3M Extends Earnings Winning Streak: Shares of 3M surged after the company delivered another earnings beat and raised its full-year forecast above Wall Street expectations. The latest results marked the company’s 14th consecutive quarter of exceeding earnings estimates.
• Semiconductor Stocks Lead Market Rally: Chip and semiconductor infrastructure companies were among Tuesday’s strongest performers as investor enthusiasm around AI demand continued to drive the sector higher. Sandisk, Western Digital, SK Hynix, Micron, Corning, Applied Materials, Lumentum, and Intel all posted gains of 5% or more ahead of Intel’s upcoming earnings report.
• TSMC Considers Price Increases Amid Rising Costs: Taiwan Semiconductor Manufacturing Company (TSM) is reportedly discussing potential price increases of up to 10% with customers as the chip giant looks to offset rising manufacturing costs, according to reports from Japan’s Nikkei.
• Software Stocks Face Pressure After Downgrades: Salesforce and Adobe shares moved lower after Morgan Stanley downgraded both companies, weighing on sentiment across the broader software sector.
• Crypto Stocks Gain as Bitcoin Rebounds: Bitcoin’s continued strength helped push crypto-related stocks higher, with Circle Internet Group and Coinbase extending Monday’s gains. Bitcoin climbed above $66,000 per token, reaching its highest level since early June and signaling renewed risk appetite among investors.
• Market Breadth Shows Signs of Narrowing: Around 61% of S&P 500 companies remain above their 50-day moving averages, down from recent highs near 70%. The decline suggests that while the market remains strong, fewer stocks are participating in the rally.
• Fed Rate Expectations Remain in Focus: According to CME FedWatch data, investors are pricing in roughly a 14% chance of a Federal Reserve rate hike in July, with expectations rising to about 64% by September as markets continue tracking inflation and economic data.

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“Canada is a country whose main exports are hockey players and cold fronts.” — Pierre Berton

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Notable Stocks

• Alphabet (GOOGL)
• Netflix (NFLX)
• American Airlines Group (AAL)
• Intel (INTC)
• AMC Entertainment (AMC)

Weekly Notables

Netflix Doubles Down on AI With $587 Million Acquisition

Netflix is making a major investment in artificial intelligence, revealing it paid $587 million to acquire InterPositive, the AI-powered filmmaking company founded by actor Ben Affleck. The streaming giant originally announced the acquisition in March, but the purchase price was disclosed in a recent SEC filing.

Novo Nordisk Takes Legal Aim at Eli Lilly Over GLP-1 Drug Ads

Novo Nordisk is suing rival Eli Lilly, accusing the company of using "deceptive marketing" in advertisements promoting its popular GLP-1 medications. The lawsuit, filed Tuesday in federal court, challenges Lilly's direct-to-consumer advertising for Zepbound and Mounjaro, claiming the company is using outdated studies and unfair comparisons between its higher-dose treatments and lower doses of Novo's obesity and diabetes medications.

Earnings Spotlight: Tesla (TSLA)

Tesla (NASDAQ: TSLA) is scheduled to release its second-quarter 2026 financial results after the market closes on Wednesday, July 22, 2026. Wall Street analysts expect the electric vehicle and AI company to report revenue around $25.7 billion and adjusted earnings per share (EPS) of $0.54. 

What to Watch Ahead

Investors are gearing up for one of the busiest weeks of earnings season, with Alphabet and Tesla set to report results after Wednesday's closing bell. Beyond headline earnings, markets will be closely watching Alphabet's spending on artificial intelligence and its ability to turn those investments into long-term growth. Overall, corporate earnings are expected to remain strong, with S&P 500 profits projected to rise roughly 23% compared to last year. 

July 22: Expected earnings from GE Vernova (GEV), Philip Morris (PM), AT&T (T), CME Group (CME), Alphabet (GOOGL), Tesla (TSLA), Texas Instruments (TXN), IBM (IBM), ServiceNow (NOW), and CSX (CSX).
July 23: ECB rate decision and expected earnings from RTX (RTX), T-Mobile (TMUS), Thermo Fisher Scientific (TMO), Union Pacific (UNP), Blackstone (BX), Lockheed Martin (LMT), Freeport McMoRan (FCX), Comcast (CMCSA), Honeywell (HON), Intel (INTC), SAP (SAP), and Newmont (NEM).
July 24: June new home sales and expected earnings from American Express (AXP), NextEra Energy (NEE), Verizon Communications (VZ), and HCA Healthcare (HCA).
July 27: June durable orders, and expected earnings from Nucor (NUE).
July 28: June consumer confidence and expected earnings from Coca-Cola (KO), Boeing (BA), Corning (GLW), United Parcel Service (UPS), Sherwin-Williams (SHW), Illinois Tool Works (ITW), Royal Caribbean Cruises (RCL), Visa (V), Seagate (STX), Waste Management (WM), Mondelez (MDLZ), Ford (F), and Teradyne (TER).