Chip stocks had another brutal session, and the Dow moved the other way, with consumer staples and cyclicals posting one of their best days of the year.
Sherwin-Williams jumped on earnings, and Kiniksa hit an all-time high. Today’s edition covers it all before Wednesday’s Fed decision and mega-cap tech earnings.
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Markets
The chip selloff extended into a second week with the PHLX briefly falling nearly 6% before recovering to about 2% lower, as Sandisk led losses at -13% and South Korea’s Kospi fell 10% overnight — the same AI spending concerns rattling U.S. names are global now.
The rotation into everything that isn’t chips gave the Dow one of its best sessions in months, with five components gaining 4%+ and Coca-Cola heading to a record close as consumer staples broadly gained over 2%.
Sherwin-Williams led the charge, jumping nearly 9% on Q2 sales that beat estimates by more than $180 million — its biggest single-day gain in over four years.
Nucor rallied 6% on tariff-driven domestic steel demand, and J&J agreed to pay $5.5 billion to settle its talc lawsuits, putting years of litigation behind it. The Fed’s rate decision comes Wednesday alongside earnings from Microsoft, Meta, and Apple — the session everyone is building toward.
DJIA [+1.03%]
S&P 500 [+0.21%]
Nasdaq [-0.22%]
Russell 2000 [+0.22%]
Energy & Oil
CenterPoint Expands Its Investment Plan
CenterPoint Energy raised its 10-year capital plan by $1.2 billion to $66.7 billion after reporting stronger second-quarter results, as data-center and industrial electricity demand accelerates across its Houston territory.
The utility will direct $800 million toward upgrades tied to 14 gigawatts of expected new demand and another $400 million toward modernizing Downtown Houston’s energy system, while maintaining major investments across its electric and natural-gas networks.
Rubico Adds a Third Product Tanker
Rubico expanded its fleet through the acquisition of a third newbuilding tanker, increasing its potential gross revenue backlog by 24% to approximately $379 million.
The addition strengthens the Nasdaq-listed shipping company’s core tanker business and provides greater capacity to transport refined fuels and chemicals, while increasing the amount of future revenue supported by its vessel and charter pipeline.
Financial Services & Asset Management
Invesco Pulls In Record $45 Billion
Invesco reported record second-quarter inflows after bringing in $45.1 billion from clients, pushing the asset manager to a record $2.47 trillion in assets under management and its 12th consecutive quarter of long-term net inflows.
Net revenue increased to $1.33 billion, while tighter expense control lifted adjusted operating income by nearly 45% from last year and gave Invesco more room to expand ETFs, private-market products, and its QQQ franchise.
Butterfield Builds Toward Caribbean Expansion
Butterfield reported an 18.9% increase in core earnings, supported by higher interest income, growing deposits, and added trust revenue from its recently acquired R&H Guernsey business.
The bank is also preparing to acquire CIBC Caribbean, a transaction expected to close during the first half of 2027 and expand Butterfield’s banking and wealth-management presence across several international markets.
Technology & Semiconductors
Apple Adds Monthly Device Leasing
Apple launched a U.S. device-leasing program through Klarna, with monthly plans starting at $17.99 for an iPhone and additional options covering Apple Watches, iPads, and Macs.
The program gives Apple another way to support product demand without cutting prices, replacing large upfront purchases with predictable monthly payments as the company prepares for possible iPhone price increases later this year.
ASML Faces a New Chinese Chip-Tool Rival
ASML faces a fresh competitive threat after China began producing homegrown immersion DUV machines, equipment used to print the circuitry needed for advanced semiconductors.
China’s machines remain behind ASML in production scale and performance, but the push adds long-term pressure to a business already restricted by U.S.-led export controls and expecting roughly 20% of its 2026 revenue from China.
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Healthcare & Life Sciences
ICON Brings Claude Into Clinical Trials
ICON launched a multiyear partnership that will bring Anthropic’s Claude AI tools across its clinical trial operations, expanding the technology within the company’s Orbis AI platform.
The collaboration will support trial-site planning, enrollment-risk monitoring, protocol design, and direct access to ICON’s data, giving drug developers a faster way to identify delays and manage complex studies.
Repligen Raises Its Full-Year Outlook
Repligen reported stronger second-quarter earnings and revenue, with sales reaching $204.1 million as demand improved across its bioprocessing portfolio.
The company raised its 2026 earnings guidance and is preparing to add BioLife Solutions through a $1.5 billion acquisition, expanding Repligen’s position in cell processing and other newer drug-manufacturing technologies.
Retail & Consumer
Chobani Faces Zero-Sugar Lawsuit
A U.S. appeals court revived a proposed class action after rejecting Chobani’s zero-sugar defense, allowing consumers to argue that the company’s yogurt labels were misleading because each serving contained four grams of allulose.
The ruling sends the case back to a Chicago federal court and increases pressure on Chobani’s packaging claims, while reinforcing stricter labeling standards for food brands using alternative sweeteners.
eBay Pays $56 Million to Close Harassment Case
eBay and three former executives agreed to pay $55.7 million to settle a lawsuit brought by a Massachusetts couple targeted in a cyberstalking campaign after criticizing the e-commerce company in their newsletter.
eBay will provide $46.15 million directly to the couple and fund $6 million in charitable contributions, closing a long-running case that had already produced criminal convictions, prison sentences, and a separate $3 million corporate fine.
Top Winners and Losers
T3 Defense [DFNS] $24.00 (+83.21%)
T3 Defense is continuing one of the most extraordinary post-reverse-split runs of the summer.
The 1-for-125 split that took effect July 20 collapsed the float, and Project35 — the company’s acquisition strategy for drone and interception systems — keeps attracting defense-focused momentum buyers on a day when the Iran war context remains very real. Strong Buy rated at $24.76 million market cap.
Baiya International Group [BIYA] $6.44 (+54.44%)
Baiya International Group is a commercial services company with a $40.19 million market cap running at 1.38x average volume on a strong momentum session.
The stock was at $4.57 Monday and has now broken above $6 on a session where capital is flowing broadly from chip names into any alternative trade with upward momentum. Today’s numbers: $6.38, +53%, 28.98 million shares traded.
Kiniksa Pharmaceuticals [KNSA] $79.03 (+25.03%)
Kiniksa reported Q2 revenue of $243.60 million, beating the $226.49 million estimate by 7.6%, as its flagship ARCALYST drug continues to grow.
The stock hit an all-time intraday high as it raised full-year guidance and analyst price target upgrades from Wells Fargo and Citi reinforced a thesis that was already working. Strong Buy rated at $6.17 billion on a day when strong pharma can still find an audience.
Replimune [REPL] $5.35 (-38.01%)
FDA staff reviewing Replimune’s RP1 drug for advanced melanoma concluded that the IGNYTE trial could not determine whether RP1, rather than Bristol Myers Squibb’s nivolumab alone, drove the benefit.
An advisory committee meets July 30, and the final FDA decision is targeted for August 2. This is the third significant FDA setback for RP1 after Complete Response Letters in July 2025 and April 2026. A shareholder rights firm has also opened a probe into alleged misstatements around the trial.
Travelzoo [TZOO] $7.57 (-25.86%)
Travelzoo provides travel deals to subscribers across North America and Europe. The stock fell 25% today at a $78.54 million market cap on 8.17x average volume.
Travel consumer spending confidence is softening as gas prices remain elevated from oil’s summer run, and companies whose revenue depends on discretionary vacation spending are getting repriced accordingly.
Advanced Biomed [ADVB] $10.88 (-24.23%)
Advanced Biomed has now been on both the winners list and the losers list multiple times this month — up 83% Monday, down 21% Tuesday, and now down 32% today.
The Helena Global deal termination that drove the original pop is real, but the stock is finding its actual value level through a series of violent moves. At a $16.03 million market cap, these swings are thin-float mechanics in action.
Which stage of the economic cycle do you think we're currently in?
Before Elon’s Reveal (Sponsored)
Most investors are focused on Tesla, SpaceX, and the biggest AI stocks.
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Everything Else
📊 Quiet accumulation is starting to appear in select small caps, as investors look for early-stage setups before the broader market catches on.
📈 Wall Street mostly moved higher Tuesday as falling oil prices and strong earnings helped offset weakness in chip stocks, which slipped to their lowest level in more than two months.
✈️ Boeing posted a wider-than-expected second-quarter loss as rising Air Force One costs added pressure to its defense business.
💳 Visa is cutting 7% of its workforce as it pushes for greater efficiency and adapts jobs around AI.
🥤 Coca-Cola raised its annual forecasts as strong demand and World Cup hydration breaks supported sales growth.
📦 UPS lifted its full-year forecasts after cutting Amazon deliveries, but shares fell as investors questioned the strength of the outlook.
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