News Bulletin
Monday, July 20, 2026
Evening Edition

Economic Numbers:

Time	Event	Actual	Forecast	Previous
Monday, July 20, 2026
10:00	US Leading Index (MoM) (Jun)	-0.20%	-0.10%	0.10%
11:30	3-Month Bill Auction	3.73%		3.76%
11:30	6-Month Bill Auction	3.84%		3.86%

Indices

	CLOSE	50 DMA	200 DMA
DJIA	51,839.26	51,259.55	48,791.55
NASDAQ	25,508.07	26,134.74	23,891.83
S&P 500	7,443.28	7,466.67	6,990.42

Earnings Calendar:

(EPS: Earning Per Share / Rev: Revenue / Mkt Cap: market Capital/ BMO: Before Market Opening /AMC: After Market Close)

COMPANY	EPS Act	EPS Fore	Rev Act	Rev Fore	Mkt Cap	Time
Steel DynamicsSTLD:US		3.98		5.65B	$35.62B	PM
W.R. BerkleyWRB:US		1.09		3.26B	$16.78B	PM
Crown HoldingsCCK:US		2.16		3.35B	$11.77B	PM
Dominos PizzaDPZ:US	4.07	4.26	1.19B	1.19B	$11.56B	AM
American Capital AgencyAGNC:US		0.38		1.05B	$9.80B	PM
Zions BancorporationZION:US		1.55		872.5M	$9.23B	PM
Wintrust FinancialWTFC:US		3.13		737.21M	$9.15B	PM
BOK FinancialBOKF:US		2.66		564.12M	$8.59B	PM
ServisFirst BancsharesSFBS:US		1.56		167.61M	$4.33B	PM
BancfirstBANF:US		1.73		176.02M	$3.99B
CalixCALX:US		0.41		289.95M	$3.29B	PM
MonarchMCRI:US		1.67		142.16M	$2.21B	PM
1st SourceSRCE:US		1.66		113.3M	$2.06B

Market News:

U.S. stocks began Monday’s session on a bright note, but soon gave up gains and traded mixed for most of the day and eventually ended in negative territory. Amid a dearth of economic data and the Federal Reserve’s communications blackout, investors this week are looking to the earnings season for further market catalysts. Meanwhile, rising tensions in the Middle East will remain in the spotlight.

Wall Street on Friday snapped a two-week win streak, driven by a sustained sell-off in chip stocks that pushed the Philadelphia Semiconductor Index into bear market territory amid concerns about the high-flying artificial intelligence trade.

Sentiment was also pressured by spiking oil prices due to the escalating situation between the U.S. and Iran which offset positive inflation data. A post-earnings slide in Netflix further dampened the mood.

The benchmark S&P 500 index shed 0.2% to close at 7,445.94 points, while the blue-chip Dow Jones Industrial Average declined 0.6% to settle at 51,841.28 points. The tech-heavy NASDAQ Composite fared slightly better, slipping 0.1% to conclude at 25,508.07 points

Chip stocks bounce back from bear market

The AI boom, despite driving much of the gains in equities this year, has recently been hit with a bout of profit-taking amid questions around the longevity of a massive spending surge on the nascent technology. Mega-cap names such as members of the Magnificent Seven have outlined plans to shell out billions of dollars in building out AI infrastructure, boosting jitters about returns. Blowout quarterly reports from major names in the space so far have failed to calm nerves.

The AI trade was significantly hit on Friday by worries around competition from China. Moonshot AI, a Beijing-based startup developing generative AI and large language models, unveiled its Kimi K3 model, a gargantuan 2.8-trillion-parameter system that it said rivaled U.S. models such as those from Anthropic and OpenAI.

"One of the longer-term challenges is that no one really knows who the ultimate winners and losers of the AI race will be, even if it is increasingly clear that AI will be a major force for global productivity in the years ahead. A case in point came from developments in China’s AI ecosystem at the end of last week," Deutsche Bank’s Jim Reid said.

"Chinese models are increasingly being priced at levels broadly comparable to mid-tier U.S. models despite delivering performance that approaches higher-end systems, implying a materially lower cost-to-intelligence ratio. This challenges the economics underpinning the current U.S.-led AI stack, where frontier capability has traditionally been associated with extremely high levels of compute and capital intensity," he added.

On Monday, chip stocks bounced back after their steep losses, with the Philadelphia Semiconductor Index advancing 0.6%. Marvell ended among the top percentage gainers on the Nasdaq Composite.

Tesla, Alphabet headline earnings

Traders are now looking ahead to this week’s earnings for more clues on AI and for the broader market.

In terms of AI, Alphabet’s quarterly report will be closely perused, especially after a Bloomberg report last week that Google was months behind schedule on delivering Gemini 3.5 Pro, its most powerful flagship AI model. Reports from Intel and Texas Instruments could offer a fresh look into the state of heavy spending on the infrastructure needed to power AI.

Other major names on this week’s docket include Elon Musk’s Tesla, major automaker General Motors, defense contractors RTX and Lockheed Martin, industrial giant Honeywell, and credit-card issuer American Express.

Trump says Iran will ’pay’ after deaths of U.S. service members

Turning to the Middle East, Washington and Tehran ramped up their rhetoric against each other amid continued fighting. The U.S. military has now pounded Iran for nine consecutive days with strikes, prompting attacks from the country on critical infrastructure sites across the Gulf region.

On Sunday, U.S. Central Command said three service members had been killed by Iranian attacks.

"Every time Iran kills an American Soldier they will pay for that killing many times over! This directive has been passed on to Secretary of War, Pete Hegseth, Chairman of the Joint Chiefs of Staff, Daniel Caine, and every Leader in the Military," President Donald Trump posted on his Truth Social service on Monday.

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