Mega-Cap Earnings Collide With Oil Surge

US Earnings Front and Center

The busiest earnings week of 2026 is underway. Alphabet reports after the close today, with investors fixated on AI revenue. IBM and Texas Instruments also drop results. AT&T already delivered a positive surprise — the telecom giant beat Wall Street on subscriber growth, sending a positive signal ahead of T-Mobile's own report tomorrow. Wednesday also brings Intel, RTX, and Thermo Fisher into focus. American Express reports Thursday, with premium consumer spending data in the spotlight.

Oil Dominates Global Markets

Crude is above $95 per barrel after Trump threatened further escalation against Iran. Goldman Sachs warned Brent could spike to $120 if the Strait of Hormuz stays disrupted. That's the single biggest macro story crossing desks in London and New York today. Energy stocks are catching a bid, with Barclays raising its price target on EQT to $70 in a fresh overweight note.

Chips and Bears

Options flow shows a sharp split in semiconductors. Bullish bets dominate MaxLinear and SiTime — both up big in 2026. Bears are pushing back hard on Sandisk, up 486% year-to-date, and Micron, which has tripled this year. Short sellers also added pressure on Wolfspeed, which now carries 80.6% short interest as a percentage of free float with zero shares left to borrow.

Europe and Macro Watch

The yen slid below ¥163 to the dollar — its weakest level in nearly 40 years. Tokyo pledged "bold" action but offered no detail. Japanese government bond yields are rising, with big bond investors warning of the next "widow-maker trade." The macro backdrop heading into the second half of July is increasingly complex. Earnings, oil, and FX volatility are all moving at once.