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Welcome to your new week.
Massive market volatility remains in place. Mid-summer drama is all over the headlines. Let’s dive into everything you need to know over the next five trading days.
Read on!
Key Earnings Announcements:
Banks kick off a new earnings season, with a few other tech-related giants joining in on the fun.
Monday (7/13): AeroGrow, FirstBank
Tuesday (7/14): Bank of America, Citi, Ericsson, Fastenal, Goldman Sachs, JPMorgan Chase, Wells Fargo
Wednesday (7/15): ASML, BlackRock, Cintas, Elevance Health, Johnson & Johnson, Morgan Stanley, PNC, Progressive, United Airlines
Thursday (7/16): Abbott, GE Aerospace, Netflix, Prologis, State Street, TSMC, UnitedHealth Group, U.S. Bancorp
Friday (7/17): Autoliv, Fifth Third Bank, Regions Financial, Travelers, Truist Financial, Volvo
Here’s How Some Investors Are Seeking 2x on SpaceX’s Daily Returns
Two weeks after its public debut, SpaceX remains one of the market's most closely watched companies. Investor interest continues to extend beyond the stock itself, reflecting the company's position at the intersection of several powerful growth themes, including launch services, satellite communications, AI infrastructure, and next-generation technologies.
For investors seeking amplified exposure to the stock, the ProShares Ultra SpaceX ETF (SPCF) is designed to target two times (2x) the daily return of SpaceX stock.
While SpaceX is best known for its rockets, much of the investment conversation has centered on the company's broader commercial opportunities. Through Starlink, SpaceX operates one of the world's largest satellite communications networks, while its growing AI infrastructure ambitions and expanding connectivity platform have helped position the company at the center of several of today's most closely watched technology trends.
ProShares is the world's largest provider of leveraged and inverse ETFs, and SPCF is part of the growing category of single-stock ETFs designed for investors seeking magnified daily exposure to individual companies.
What We’re Watching:
ASML (ASML)
ASML (+68% YTD) reports Q2 FY2026 earnings Wednesday before the open, with investors focused on whether AI-driven chip demand is still translating into stronger lithography orders and better visibility for 2026 and 2027. ASML sits at the center of the semiconductor supply chain, giving investors a direct read on capacity expansion plans from the world’s largest chipmakers.
Last quarter, ASML delivered €8.8 billion in net sales, 53.0% gross margin, and €2.8 billion in net income, with results landing within guidance and margins at the high end of expectations. Management also raised its full-year 2026 outlook to €36 billion–€40 billion in net sales and 51%–53% gross margin, citing stronger AI-related infrastructure demand and customers accelerating capacity expansion plans.
This quarter, the focus will be on whether ASML can keep up with demand while managing supply-chain constraints, China export restrictions, and customer timing around new fab buildouts. Investors will be watching Q2 revenue guidance, gross margin, EUV demand, High-NA adoption, memory-related orders, and whether management signals that chip demand continues to outpace supply.
“The semiconductor industry's growth outlook continues to solidify, driven by ongoing AI-related infrastructure investments. Demand for chips is outpacing supply.”
ASML Holding (ASML) Stock Performance, 5-Year Chart, Seeking Alpha
Netflix (NFLX)
Netflix (-21% YTD) reports Q2 FY2026 earnings Thursday after the close, with investors focused on whether the company can keep growing revenue and margins while engagement becomes a bigger part of the streaming debate. The stock has been under pressure recently as investors weigh strong profitability against concerns around viewership trends, ad-tier scaling, content costs, and competition from Disney, YouTube, HBO Max, and free ad-supported platforms.
Last quarter, Netflix delivered $12.25 billion in revenue (+16% YoY) and $1.23 in diluted EPS, ahead of guidance, while operating income rose 18% to $4.0 billion and operating margin expanded to 32.3%. Management maintained its full-year 2026 outlook for $50.7 billion to $51.7 billion in revenue and a 31.5% operating margin, supported by membership growth, pricing, and an expected doubling of ad revenue this year.
For this week's earnings call, I’ll be watching whether Netflix can deliver against its Q2 guide for $12.57 billion in revenue and a 32.6% operating margin while continuing to expand its ad business. Investors will also be watching commentary around engagement, live events, pricing power, content amortization, video podcasts, games, and whether Netflix can keep proving it deserves a premium valuation as the streaming market gets more crowded.
“In such a fast-changing industry, and with so many consumer options, we strive to be a ‘must have service’ — the first place people go for entertainment and the last they cancel.”
Netflix, Inc. (NFLX) Stock Performance, 5-Year Chart, Seeking Alpha
Investor Events / Global Affairs:
Apple & OpenAI Drama ensues, and the U.S.-Iran attacks ramp up once again.
Apple & OpenAI Drama
Source: Less NurPhoto via Getty Images
Apple is suing OpenAI for alleged trade secret theft, accusing the company of using former Apple employees and confidential information to accelerate its push into consumer hardware. The lawsuit is especially notable because Apple and OpenAI were positioned as partners just two years ago, when ChatGPT was integrated into Apple Intelligence across the iPhone ecosystem.
This has also sparked competition to control the next major consumer computing platform. Apple is trying to protect its hardware moat, while OpenAI is moving beyond software and deeper into devices after acquiring Jony Ive’s AI hardware startup. If OpenAI can build a successful AI-native device, it could become a direct threat to Apple’s control over distribution, operating systems, and the App Store.
The lawsuit also shows how quickly AI partnerships can turn into competitive conflicts. Markets will be watching whether the dispute affects Apple Intelligence, future ChatGPT integrations, OpenAI’s hardware timeline, and the broader battle between Big Tech platforms and AI-native challengers.
"Apple sees OpenAI moving from partner to potential rival, while OpenAI is trying to reduce its dependence on the iPhone and build a direct relationship with consumers. Even if the allegations are not proven, the lawsuit could delay OpenAI’s hardware ambitions and further weaken what is already becoming an increasingly fragile partnership."
Apple, Inc. (APPL) Stock Performance, YTD Chart, Seeking Alpha
“At every level… OpenAI has been stealing Apple’s trade secrets and confidential information.”
U.S.-Iran Attacks Ramp Up
The U.S. launched a fresh wave of strikes on Iranian military targets near the Strait of Hormuz this weekend, targeting missile systems, air-defense sites, radar equipment, drone storage depots, and small boats tied to the Islamic Revolutionary Guard Corps. U.S. officials said the strikes were aimed at degrading Iran’s ability to attack commercial vessels after another round of shipping incidents near the strategic waterway.
The escalation marks the most serious test yet of last month’s interim ceasefire agreement. Over the weekend, the U.S. said it struck 140 Iranian targets using jet fighters, drones, and warships, while Iran retaliated against sites in Kuwait, Bahrain, Qatar, and Oman. The fighting intensified after the Revolutionary Guard declared the Strait of Hormuz closed and attacked a Cyprus-flagged container ship traveling near the Oman route promoted by the U.S. military.
Roughly 20% of the world’s oil flowed through Hormuz before the war, and any prolonged disruption could quickly reprice crude, pressure transportation and airline stocks, and complicate the inflation outlook. The U.S. says it has helped more than 800 commercial vessels and 380 million barrels of crude transit since early May, but shipping traffic remains well below pre-war levels and slows further whenever violence flares.
The broader takeaway: the peace framework still exists, but control of Hormuz is now the real pressure point. If the U.S. can loosen Iran’s grip on the strait, oil flows could normalize and inflation pressure could ease. If Iran keeps using Hormuz as leverage, markets may need to price in a longer geopolitical risk premium across energy, defense, and global shipping.
“Iran made a poor choice. Now they pay.”
Major Economic Events:
Consumer Price Index, Michigan Consumer Sentiment, and Producer Price Index highlight the week.
Monday (7/13): ECB President Christine Lagarde meets Fed Chair Kevin Warsh, Fed Governor Christopher Waller speaks, Fed Vice Chair Michelle Bowman speaks, Monthly Treasury Balance
Tuesday (7/14): Chicago Fed President Austan Goolsbee speaks, CPI, CPI Core YoY, CPI YoY, Fed Chair Kevin Warsh testimony, NFIB Small Business Optimism Index
Wednesday (7/15): Empire State Manufacturing Survey, Ex-Food & Energy PPI, Fed Beige Book, Fed Chair Kevin Warsh testimony, Fed Governor Lisa Cook speaks, New York Fed President John Williams speaks, Personal Consumption, PPI
Thursday (7/16): Dallas Fed President Lorie Logan speaks, Fed Governor Philip Jefferson speaks, Manufacturing & Trade Inventories, NAHB Housing Market Index, Pending Home Sales, Philadelphia Fed Business Outlook Survey, Retail Sales, Weekly Jobless Claims
Friday (7/17): Capacity Utilization, Housing Starts, Import Prices, Industrial Production, U. Michigan Consumer Sentiment Prelim
What We’re Watching:
Consumer Price Index
The Consumer Price Index rose 0.5% MoM in May, slowing from April’s 0.6% increase and matching expectations. While the headline monthly pace eased slightly, inflation remains under pressure from higher energy prices tied to the ongoing shock from the Iran conflict.
Energy prices rose 3.9% in May after climbing 3.8% in April and 10.9% in March. The energy index accounted for more than 60% of the monthly CPI increase, with gasoline prices jumping 7.0% and fuel oil rising 3.8%. Shelter also increased 0.3%, while food prices rose 0.2%.
The report was not uniformly hot. Motor vehicle insurance fell 1.7%, household furnishings and operations declined 0.6%, and new vehicle prices slipped 0.3%. Still, gains in airline fares, communication, medical care, personal care, and recreation show that inflation pressure remains broad enough to keep the Fed cautious.
Economists expected the following this week:
CPI MoM: +0.5% vs. +0.5% expected
Prior Month: +0.6%
Energy Prices: +3.9%
Gasoline Prices: +7.0%
“Most of the analytical tools that we have to try to analyze inflation start in the labor market. Yet the labor market is not causing the inflation. That makes it a particularly challenging moment for us.”
Producer Price Index
The Producer Price Index rose 1.1% MoM in May, matching April’s downwardly revised increase and coming in above forecasts for a 0.7% gain. On a year-over-year basis, PPI climbed 6.5%, the fastest pace since November 2022 and slightly above expectations for 6.4%.
The pressure was heavily concentrated in goods. Goods prices surged 2.8%, with more than half of the increase tied to a 23.4% jump in gasoline. Diesel fuel, jet fuel, industrial chemicals, plastic resins, and natural gas liquids also moved higher, showing how energy volatility is still working its way through producer costs.
The core details were a little less alarming. Services prices rose 0.3%, slowing from 0.7% in April, while core PPI increased 0.4% MoM, below expectations for 0.5%. Core PPI rose 4.9% YoY, also below forecasts for 5.4%, suggesting underlying inflation pressures were not as hot as the headline number implied.
For the Fed, this is a mixed report. The headline print keeps inflation risk front and center, especially with energy prices moving sharply higher, but the softer core reading gives policymakers some evidence that broader price pressures may not be accelerating as quickly.
Economists expected the following this week:
PPI MoM: +1.1% vs. +0.7% expected
PPI YoY: +6.5% vs. +6.4% expected
Goods Prices: +2.8%, driven by gasoline and energy inputs
“Against the current backdrop of compounding tariff pressures and an oil price shock, the US inflation picture is heating up again. The PPI measure of inflation re-accelerated to 6.0% year-over-year in April—the highest reading since 2022.”
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Cover Image Source: Business Insider/Monica Schipper/Getty, Nordin Catic/Getty, Tyler Le
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