Overnight Summary and Early Morning Trading:
- The S&P 500 finished Friday higher by 0.05% at 7411.98 from Thursday lower by -1.21% at 7408.30.
- The S&P 500 sees support now at 7400 from 7500. Resistance is now at 7500 from 7600. In the last four months, support has moved from 6300 to 7400.
- S&P 500 hit its 25th All-Time Closing High of 2026 on Tuesday, 6/2/26.
- Bond Market is lower today on price with the 10-Year Yield at 4.639% from 4.683%.
Executive Summary:
- Stocks are now in a two-week losing streak, with the S&P 500 dropping -0.61% in the last week, ended 7/24.
- U.S. moves into Week 23 of its attack on Iran, almost six months. Fighting has stopped as there are question about munitions inventory.
- 2 Day Losing Streak on the S&P 500 ended on Thursday.
- The S&P 500 had its second loss for the month of July of more than -1%. We are now clustering with another loss of -1%. So hunker down with 5 trading days left in the month.
Key Geopolitical Events of Note:
- Economic news of note.
- Monthly –Durable Goods.
- Weekly – None of note.
- 5-Year Auction at 1:00 p.m. EDT.
- Fed Speakers of Note today: The Federal Reserve (FOMC) blackout period runs until Thursday, July 30, 2026.
- President Trump’s schedule:
- Participates in Executive Time at 8:00 a.m. EDT.
- Has out-of-town travel with no mention of where he is going.
- Views a Drag Race and Vehicle Demonstration at 1:55 p.m. EDT
- Delivers Remarks at 2:50 p.m. EDT.
Capital Raises of Note/Pricings:
- IPO Filings & News: IOND JMKE REF are coming public this week.
- Secondaries Filed Or Priced:
- CALC: Form S-3.. 56,020,287 shares of Common Stock.
- CHEK: Form F-1.. Ordinary Share Offering.
- CELZ: Form S-3.. 5,580,680 Shares of Common Stock.
- EDHL – Pricing of $8.07 Million Public Offering.
- MH: Form S-3.. Up to 165,160,216 Shares of Common Stock.
- SILO: Form S-3.. 1,906,392 Shares of Common Stock.
- VRAX: Form F-3.. Up To 1,682,360 Ordinary Shares.
- Notes Filed Or Priced:
- HTGC – Notes Offering of $325.0 Million 6.300% Unsecured Notes due 2031.
- Convertible Offerings Filed or Priced: None of note.
- Private Placement: None of note.
- Direct Offering: None of note.
- Exchangeable Subordinate Voting Shares: None of note.
- Selling Shareholders:
- MH files for 165,160,216 share common stock offering by selling stockholder.
- BBIO files for 24,628,286 share common stock offering by selling shareholders.
- REPL files for 25,103,489 share common stock offering by selling shareholders.
- Mixed Shelf Offerings:
- AMBO files for $100 million mixed securities shelf offering.
- CEPL files for $500 million mixed securities shelf offering.
- BAH files mixed securities shelf offering.
- EPOW: Form F-3.. $200,000,000 Mixed Shelf.
Notable Earnings Out After The Close:
- Beats: None of note.
- Misses: None of note.
- Flat: None of note.
Winners From The Week: THC (234.67 +20.4%), ARWR (85.60 +15.21%), NVCR (18 +13.03%), MEDP (605.07 +12.52%), CLF (11.94 +28.66%), SXT (126.14 +15.67%), EGO (32.00 +14.49%), NG (5.92 +14.29%), LMT (583.81 +14.75%), SBLK (28.26 +13.47%), CMCO (16.18 +12.66%), THRM (42.69 +18.78%), RNG (48.46 +17.28%), OII (52.90 +25.12%), VET (11.26 +14.5%).
Losers From The Week: CDXS -21.1%,KPTI (7.57 -20.4%), RUN (9.93 -16.24%), TSLA (310.99 -18.34%), RPD(9.48 -22.34%), SEDG (42.48 -20.56%), TENB (32.25 -19.13%),STM (51.34 -17.27%),PEGA (26.69 -17.01%), ADTN (9.84 -15.54%), BMI (126.43 -15.42%),LBRT (17.44 -26.85%)
News After The Close:
- Paramount Skydance (PSKY) extends note exchange and tender offers to Aug. 7.
- HF Sinclair (DINO) files suit against EPA over delays in biofuel-blending decision.
- Amazon (AMZN) Ticking lower on report TikTok is testing a rival to Amazon Prime. (Business Insider)
- US to resume cattle imports from Mexico. (WSJ)
- GD awarded a US Air Force contract, with a not-to-exceed value of $400,400,000.
- RTX awarded a $333.6 million Defense Logistics Agency contract.
- 10Q Delays – None of note.
Executive, Corporate Changes:
- CARR announces election of Neil Barua, President and CEO of PTC Inc, to its Board of Directors.
- MCHP COO Richard J. Simoncic, resigns, effective August 17, 2026 to become head of a private company, Menlo Microsystems.
- CACC CTO Ravi Mohan to step down.
Buybacks of Note: None of note.
Dividend Info:
- RY BNY WIT BCO USAC WMK LPG goes Ex-Div Monday.
- ASML FAST PAYX CE NEXA goes Ex-Div Tuesday.
- RBA increases quarterly cash dividend to $0.33 per share from $0.31 per share.
What Happening This Morning:
Futures S&P 500 +74, NASDAQ 100 +462, Dow Jones +542. Europe is higher while Asia is higher as well. Bond yield is at 4.639% from 4.687% on the 10-Year. Crude Oil and Brent Crude are lower with Natural Gas lower. Gold, Silver and Copper are higher. The U.S. Dollar is lower versus the Euro, lower against the Pound and lower against the Yen. Bitcoin is at $65,291 from $64,891.
Sector Action:
- Daily All ex Energy were higher
- Daily: Energy was lower.
- One-Month Winners: Technology, Communication Services, Consumer Defensive, Healthcare and Real Estate of note.
- Three-Month Winners: Energy, Materials, Utilities, Consumer Defensive and Industrials of note.
- Six-Month Winners: Energy, Materials, Utilities, Industrials, Healthcare and Consumer Defensive of note.
- Twelve-Month Winners: Materials, Energy, Industrials, Utilities, Communication Services and Technology of note.
- Year-to-Date Winners: Energy, Materials, Consumer Defensive, Utilities and Industrials of note.
Bolded means the Sector is new to the period in which it falls.
Upcoming Earnings Of Note: (Erlanger Chartroom Software – sorted by market cap, highest to lowest with most visible names)
- Monday After the Close:
- Tuesday Before The Open:
Notable Earnings of Note This Morning:
- Beat: AZN +0.14, ENSG +0.07, BKR +0.06, LKFN +0.05, BOH +0.01 of note.
- Missed: None of note.
- Flat: None of note.
- Still to Report: None of note.
Company Earnings Guidance:
- Positive Guidance: After The Close & This Morning – ENSG of note.
- Mixed – None of none.
- Negative or Mixed Guidance: After The Close & This Morning – None of note.
Advance/Decline Daily Update: Market Breadth has weakened.
Gap Ups & Down In Early Pre-Market: (+2% or down more than -2%):
- Gap Up: SAFT +38.5%, of note
- Gap Down: ROL -17.2%, of note.
Insider Action: None sees Insider Buying with dumb short selling. ACOG FSBC sees Insider Buying with smart short sellers. Above $100,000 in purchases with high shorts but no history: None of note.
Other Trading Action: None of note.
Rags & Mags: Repeated stories from prior days never listed, i.e. “rehashed news”. Sorted by Global, U.S. and stock specific. Bolded source means paywall.
- How the Houthis Cornered Saudi Arabia Into a New Battle. (NYT)
- Big Firms are Starting to Hire. (WSJ)
- Nvidia’s $750 Billion Deals Revive Fear of AI Circular Financing. (Bloomberg)
- Stocks and Bonds Rally as Oil Tumbles Below $90. (Bloomberg)
- Nvidia may fund OpenAI to the tune of $250 billion.
Economic & Geopolitical:
- Federal Reserve Speakers of note today: The Federal Reserve (FOMC) blackout period runs through Thursday, July 30, 2026.
- President Trump’s schedule for today:
- Participates in Executive Time at 8:00 a.m. EDT.
- Has out-of-town travel with no mention of where he is going.
- Views a Drag Race and Vehicle Demonstration at 1:55 p.m. EDT
- Delivers Remarks at 2:50 p.m. EDT.
- Economic Data Out –
- Weekly
- None of note.
- Monthly
- June Durable Goods are out at 8:30 a.m. EDT and are expected to fall to 0.90% from 1.30%.
- Weekly
M&A Activity & Daily: Microchip (MCHP) to acquire edge AI chipmaker Hailo.
Moving Average Table: 34% from 30% of Equities are Positive, and 0% from 0% Bonds are Positive.
Meeting & Conferences of Note:
- Sellside Conferences: None of note.
- Top Analyst, Investor: MNKD of note.
- Shareholder Meetings: NUWE of note.
- Fireside Chat: None of note.
- FDA Presentation: None of note.
- R&D Day: None of note.
- Meetings:
- ASRS
- Society of Robotic Surgery Meeting
Upgrades & Downgrades:
The recommendations listed below in this “Upgrade/Downgrade” section are compiled from what we believe are Tier I, II and III firms. Recommendations posted are taken from a variety of sources each day and we only post upgrades or significant initiations as well as downgrades to underweight or sell. The purpose of this posting is to make the reader aware of market-moving recommendations. None of these recommendations should be interpreted as actual recommendations from CAPIS or its employees.
Upgrades: F GM OTLK of note.
Downgrades: CORT STLA of note.
Initiations: Buys: CIFR HIVE PMN WULF CLH ITG ADUR BSP DMRA ITG LIME (2) of note. Sells: None of note.