Earnings, M&A, and a $6.5 Trillion Supply Warning

US Market Highlights

NFLX and ISRG report Q2 earnings today, kicking off a packed week. GOOGL drops its results on Wednesday. That $2.1 trillion giant is the week's marquee event. Short interest across all three remains below 2.5% of free float. Bears have little conviction heading into each print.

JBHT shares jumped ~8% premarket. Analyst upgrades lifted the consensus target to $292 from $284. Freight bulls are back after months of soft volume pressure.

UBER CEO Dara Khosrowshahi confirmed the $14.8 billion Delivery Hero deal this morning. He said it will double Uber's addressable mobility and delivery markets. Analysts had already trimmed the consensus target slightly this week. The market will now weigh deal risk against the strategic upside.

Europe & Global

TSMC posted its fifth straight record profit in Q2, crushing estimates. Yet the stock slid. Investors appear to be taking profits rather than chasing the rally. Key customers AAPL, NVDA, and AVGO all have earnings on the horizon. TSMC's results set a strong AI demand backdrop for those upcoming prints.

In Europe, Telenor held its Q2 2026 earnings call this morning.

Macro Alert

The IEA warned today that China's rare earth export curbs could trigger a $6.5 trillion supply shock. Industries from electric vehicles to weapons systems are at risk. The alert sent rare earth ETFs sharply higher and puts fresh pressure on Western supply chain strategies.

Short Interest Watch

CMPS short interest surged 26% in one week to 10.5 million shares. Analyst upgrades and an approaching July 30 earnings date are driving the build. Bears and bulls are both circling ahead of that catalyst.