China's manufacturing PMI slipped to 50.9 in July. The print missed estimates of 51.9 and fell from 51.7 prior. That's the weakest reading in months. Separately, the yen jumped 3% as speculation swirled over US Treasury intervention in currency markets. The New York Fed reportedly sold euros to buy yen — a rare move. South Korean stocks soared 18% on AI optimism, a stark contrast to broader caution in Asian markets.
The US earnings sprint is fully underway. Over 1,800 companies report this week. AMGN Amgen is the headline act on Tuesday. Investors will focus on its obesity drug pipeline. AMD is the options market's most-watched name. Traders are pricing a 12% swing either way. AMD has run 122% year-to-date. That bar is high. APP AppLovin reports too — down 23% from its highs but bulls remain active.
Short sellers are not stepping back. HTZ Hertz heads into earnings with short interest at 84.6% of free float. Borrow is nearly impossible to find. CoreWeave shorts are rebuilding ahead of its first full-quarter report as a public company. That sets up a potential squeeze or validation for the bears — depending on the print.
XOM ExxonMobil and CVX Chevron both posted soaring profits. Political commentary around Big Oil's gains is growing louder. In Europe, EBRO Ebro Foods saw a director buy $32.3 million worth of shares — one of the week's biggest insider purchases outside the US. The Spanish food giant is making a contrarian bet in a tough consumer environment.
ORTEX Market Intelligence content is generated by AI from a snapshot of ORTEX's proprietary data. Content is informational only and does not constitute investment advice.
