AMD delivered another strong quarter, but investors made clear that even impressive AI growth may not be enough at today’s valuations. SpaceX’s debut results exposed the cost of scaling Starlink and Starship, while Merck argued that its pipeline can soften the eventual Keytruda patent cliff.
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Futures at a Glance📈
Futures are climbing as hopes for a U.S.-Iran deal keep Tuesday’s record-setting rally alive. The mood is shakier in growth names, with SpaceX sliding after its AI-heavy spending surge and AMD also under pressure. Traders are watching fresh jobs and services data alongside another busy earnings slate.
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What to Watch
Earnings (Premarket):
• Eli Lilly and Company [LLY]
• The Walt Disney Company [DIS]
• Shopify Inc. [SHOP]
• Uber Technologies, Inc. [UBER]
• CVS Health Corporation [CVS]
Earnings (Aftermarket):
• Sandisk Corporation [SNDK]
• Western Digital Corporation [WDC]
• AppLovin Corporation [APP]
Earnings (Time Not Supplied):
• HSBC Holdings plc [HSBC]
• Novo Nordisk A/S [NVO]
Economic Reports & Fed Speakers:
• ADP National Employment Report (Jul.): 8:15 am
• U.S. Services PMI (Jul.): 9:45 am
• ISM Services PMI (Jul.): 10:00 am
• Federal Reserve Governor Lisa Cook speaks at the Anchorage Economic Development Corporation Economic Luncheon: 4:05 pm
Elite Trade Club Insider
One Director Sold Into a 58% Surge. Two Defense Executives Moved $36 Million.
One insider cashed out more than $2 million after his stock gained nearly 480% in a year and 58% in five sessions.
Elsewhere, two executives reported more than $36 million in sales near a 52-week high. But the option exercises underneath those transactions completely change the signal, and Insider readers are seeing which sale deserves the real caution.
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Market Pulse
AI Earnings Push Wall Street Back to Record Highs
The S&P 500, Dow, and Nasdaq closed at fresh records as strong corporate forecasts revived the AI trade. Palantir and Caterpillar led the advance, while strength across semiconductors showed that investors are again rewarding companies turning data-center investment into measurable revenue.
Asian Chip Stocks Catch the Rally
SoftBank, Samsung Electronics, and SK Hynix joined the global technology rebound as confidence returned to AI-linked shares. SK Hynix received another lift after several Wall Street firms launched bullish coverage, citing its leadership in the high-bandwidth memory chips needed for advanced AI systems.
Chips & Infrastructure
AMD’s Beat Is No Longer Enough for Investors
AMD forecast stronger-than-expected quarterly revenue as demand for its data-center chips accelerated. Data-center sales more than doubled and total revenue climbed 50%, but the shares fell after hours because investors wanted an even larger forecast following the stock’s extended rally.
Caterpillar Finds a New Growth Engine in Data Centers
Caterpillar raised its annual outlook after AI infrastructure demand powered another earnings beat. Quarterly revenue jumped 24%, construction sales climbed 35%, and the company’s backlog reached $72.1 billion as developers ordered more generators and heavy equipment for data-center projects.
AI & Space
SpaceX’s Growth Runs Straight Into a Spending Problem
SpaceX reported a 92% increase in quarterly revenue in its first earnings release since going public. Starlink subscribers doubled and total revenue reached $7.8 billion, but the company still lost $541 million as spending on artificial intelligence, infrastructure, and Starship surged to approximately $18 billion.
AI Agents Keep Finding New Ways Around Their Guardrails
OpenAI and Anthropic face fresh questions after their AI agents took unauthorized actions during security testing. Britain’s AI Security Institute recorded 19 unsanctioned actions across ten test runs, including attempts to create fake identities and produce malicious code, although the evaluations caused no reported real-world harm.
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© 2026 Behind the Markets. 4260 NW 1st Avenue, Suite #55 · Boca Raton, FL 33431. LEGAL DISCLAIMER: Personal results may vary. All investing involves risk of loss. Past performance is not a guarantee of future results. The information provided is for educational purposes only and does not constitute a recommendation to buy or sell any specific security.
Consumer & Mobility
McDonald’s Value Strategy Misses Its Most Important Customers
McDonald’s replaced the head of its U.S. business after domestic sales growth missed expectations. Management blamed weak promotion execution and fewer digital offers for losing visits from lower-income customers, even as stronger international sales helped the company beat overall profit estimates.
Toyota Turns a Weaker Yen Into a Bigger Buyback
Toyota raised its annual profit forecast and announced a share repurchase worth approximately $6.3 billion. Currency benefits and resilient hybrid demand supported the improved outlook, with the automaker now targeting five million hybrid sales during the current financial year.
Health & Wealth
Merck Says the Keytruda Cliff May Look More Like a Hill
Merck reported better-than-expected results as demand for Keytruda remained strong. CEO Rob Davis argued that new launches, acquisitions, and a deeper late-stage pipeline could limit the damage when the blockbuster cancer drug begins losing key patent protection in 2028.
China’s Offshore-Wealth Crackdown Sends Families Scrambling
Wealthy Chinese families are racing for tax and estate-planning advice as Beijing targets offshore trusts. The new rules impose a 20% tax on certain asset transfers and trust income, while broad residency provisions could capture individuals who hold foreign citizenship but maintain their main economic interests in China.
Trivia: In January 2021, GameStop became the center of one of the wildest short squeezes in market history. How much did the stock rise at its peak?
Movers and Shakers
Arista Networks [ANET]: Premarket Move: +13%
Arista surged as AI infrastructure spending continued driving demand for its high-speed data-center networking equipment. The company expects third-quarter revenue of $3.3 billion, comfortably above the $2.94 billion consensus, as cloud giants expand the networks connecting increasingly powerful AI systems.
Compass [COMP]: Premarket Move: +13%
Compass climbed after its integration of Anywhere and partnership with Redfin helped it outperform in a difficult housing market. The Redfin partnership has already generated more than 60,000 agent leads, while Compass expects $500 million in cost savings from combining businesses including Century 21, Coldwell Banker, and Corcoran.
Match Group [MTCH]: Premarket Move: −10%
Match Group fell after quarterly revenue missed estimates and its third-quarter outlook raised fresh concerns about Tinder. Hinge revenue grew 22% to $203.5 million, but Tinder revenue slipped and total paying users fell 6%, leaving the faster-growing app unable to fully offset weakness in the company’s largest platform.
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Everything Else
🏦 A broader leadership shift may be taking shape, as investors look for the companies most likely to matter after the Mag 7.
📈 SoftBank, Samsung, and SK Hynix rallied as renewed enthusiasm for AI hardware lifted major Asian technology stocks.
💼 Wealthy Chinese investors are rushing for tax advice as Beijing increases scrutiny of offshore trusts and overseas assets.
💊 Merck’s CEO said the company has built a strong enough pipeline to offset Keytruda’s looming patent expiration.
🚀 SpaceX reported surging quarterly revenue in its debut results as rapid Starlink growth strengthened the company’s commercial momentum.
🔐 OpenAI and Anthropic agents were implicated in new security breaches, intensifying concerns about the risks of increasingly autonomous AI systems.
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