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Last updated: July 14, 2026, 2:30 PM ET

Inflation Data Cools, Easing Fed Rate Hike Pressure

U.S. Treasury yields surged from bets on Federal Reserve interest-rate hikes after consumer prices data came in lower than forecast. The dollar faces further declines after more than expected in June. U.S. consumer prices declined in June for the first time in six years and a key gauge of underlying inflation was little changed the Federal Reserve to raise interest rates. Federal Reserve Chairman Kevin Warsh, however, reiterated a vow to tame price growth that has been elevated for five years, stating policymakers have "no tolerance" for high inflation and his remarks. U.S. stocks rose on Tuesday as investors parsed the latest inflation data and Fed Chairman Kevin Warsh’s remarks.

Geopolitical Tensions Drive Oil Prices Higher, Impacting Global Markets

Oil prices trimmed gains after President Trump said he would replace the proposed 20% fee on cargo passing through the Strait of Hormuz with “trade and investment deals” as renewed tensions between the U.S. and Iran alarm energy markets. Brent crude climbed after the U.S. responded to Iranian attacks on tankers with a fresh round of strikes. The escalation of hostilities and the virtual standstill in observable traffic through the Strait of Hormuz is prompting Asian oil refiners to try and buy more U.S. crude as commodity supplies beyond oil are put at risk. Renewed missile attacks on ships crossing the Strait of Hormuz threaten to bolster crude’s rally, with oil touching $87. UK borrowing costs hit their highest level since May as oil surges, with the ten-year yield briefly climbing above 5%. Traders boosted wagers on faster Bank of England and European Central Bank interest-rate hikes after surging oil prices reignited inflation fears as fuel markets in the US and Europe flash record tightness.

Wall Street Banks Report Record Earnings Amid AI Boom and Trading Activity

Wall Street banks smashed records on stock trading, with earnings at JPMorgan, Goldman Sachs, Citigroup, and Bof A benefiting from the AI frenzy and a SpaceX IPO as quarterly results reflect the dichotomy between geopolitical uncertainty and the stable American economy. Big banks and Big Tech are surfing the same wave, with Wall Street no longer the only industry reaching into every corner of the economy. However, despite strong earnings, "tectonic" risks loom for the major financial institutions.

Tech and Software Stocks Face Volatility Amid AI Spending Shifts

Software stocks plunged Tuesday after International Business Machines Corp. reported preliminary results that missed analyst expectations, reigniting questions over the sector as IBM misses deliver a "devastating blow." Shares of software and IT services companies plunged. IBM shares plunged 25% as customers shift spending to AI, with Chief Executive Arvind Krishna stating the company "faltered" as clients raced to buy servers and storage. Meanwhile, chip giant CXMT Corp. unveiled the terms of its initial public offering, seeking $9.8 billion in Shanghai. Nvidia halved its Asia buyer list in China amid a chip crackdown, with tougher vetting in Singapore, Malaysia, and Japan reflecting Washington’s push to close export-control loopholes.

Other Market Movers and Corporate News

Gold settled 1.6% higher and silver rose nearly 2%, snapping a two-session losing streak as metals snapped their slide. Buyout firm Francisco Partners is in advanced talks to acquire a controlling stake in construction software maker Command Alkon Inc. for as much as $1.3 billion, a sign that investors still see value. Honduras is looking to buy back bonds and tap global markets for the first time since 2024, joining this year’s borrowing spree in emerging markets. Medical provider Oncoclinicas announced an agreement with part of its creditors for an out-of-court restructuring of 5.1 billion reais ($993 of debt. Chinese memory giant CXMT Corp. unveiled the terms of its initial public offering. Russian billionaire Dmitry Rybolovlev’s family trust prevailed in its effort to remove the manager of a bankrupt $2.5 billion venture capital fund it backed.