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.
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.
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.
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.
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