MARKET WRAPS
STOCKS: U.S. stocks fell, with the Nasdaq composite ending 1.5% lower, as a fresh wave of selling hit semiconductor stocks.
TREASURYS: Treasury yields rose as Fed officials reinforced the central bank's commitment to fight inflation and U.S. indicators mostly surprised on the upside.
FOREX: The WSJ Dollar Index rose, snapping a two-trading-day losing streak.
COMMODITIES: Oil futures ended lower in an indecisive session with the market awaiting clarity on whether the U.S. steps up its strikes on Iran or the sides look to resume talks. WTI settled down 0.8% at $78.95 a barrel and Brent fell 0.8% to $84.23.
HEADLINES
Netflix Revenue and Profit Increase, But the Company Expects Growth to Slow
Netflix continued to see growth in the second quarter despite concerns that the company needs to do more to keep subscribers interested in its programming.
The company reported second-quarter revenue of $12.56 billion, up more than 13% from the same period a year earlier. Net income rose almost 9%, to $3.4 billion. The results were roughly in line with analysts' expectations.
Netflix attributed the gains in part to recent price increases and growth in advertising.
U.S. Retail Sales Rose at Slower Pace Last Month
Sales growth at U.S. retailers rose at a slower pace in June as consumers spent less on gasoline due to falling prices at the pump.
Retailers' sales grew by 0.2% last month to $768.6 billion, versus the 1% growth recorded in May, the Commerce Department said Thursday. That was inline with what economists polled by The Wall Street Journal expected.
Retail sales numbers are recorded in nominal terms and account for the total number of dollars spent. As consumers spent less on gasoline due to lower prices, spending growth slowed.
The Dallas Fed's Logan Says Interest Rates Need a Little Boost
Inflation came down a somewhat in June, but that hasn't changed Dallas Federal Reserve President Lorie Logan's mind about the need to raise interest rates.
In prepared remarks on Thursday, Logan said she currently believes that "modestly" higher interest rates would generate a better balance between economic risks and the Fed's mandates to stabilize prices and maximize employment.
"Inflation has been too high, for too long, and does not appear to be on track all the way back to 2%. And the inflation risks are to the upside, " said Logan, a current voting member of the Fed's Federal Open Markets Committee.
Verizon to Cut About 3,000 Jobs, Divest Itself of Some Retail Stores
Verizon Communications is cutting roughly 3,000 workers as part of a move to close hundreds of its retail stores.
The company plans to divest itself of 274 of its retail stores to franchise owners, according to a company spokesman Thursday. Verizon would still own about 1,000 retail stores after the divestment.
Management has decided Verizon needs a minimum of 1,000 corporate-owned stores for the next three years as part of its long-term strategy, according to an internal memo reviewed by The Wall Street Journal.
Uber to Buy Delivery Hero in $14.8 Billion Deal
Uber Technologies agreed to buy Delivery Hero in a deal that values the German company at $14.8 billion and brings together two of the world's biggest food-delivery platforms.
The San Francisco-based company said Thursday that the deal would significantly expand its international footprint, adding operations in 50 markets around the world from Asia to Latin America.
The proposed tie-up is the latest sign of consolidation in the food-delivery industry. DoorDash agreed to buy Britain's Deliveroo last year, while tech investor Prosus-owner of iFood-has snapped up Amsterdam-based Just Eat Takeaway.com.
Chevron Will Explore Creating Strait of Hormuz Alternative for Iraqi Oil
Chevron intends to sign preliminary deals Friday to invest in two Iraqi oil fields and will join a consortium of investors exploring the construction of a pipeline to connect Iraq's oil patch with the Syrian coast.
Iraq and other Middle East oil producers are scrambling for alternatives to the Strait of Hormuz, which Tehran has sought to shut down and put under its control, triggering a U.S. military response. About 20% of the world's oil transited the waterway before the Iran war began.
Gulf governments are pouring billions of dollars into new pipelines, rail corridors and energy storage hubs to bypass the strait, in what is set to become one of the most durable outcomes of the war.
TALKING POINT The Investors Riding Along With Strategy's Bitcoin Rollercoaster
James Anderson didn't panic when his shares of the bitcoin-hoarding firm Strategy went into a free fall this summer. Instead, he doubled down on his positions, which had recently been at around $100,000.
His holdings are now at around $62,000, including Strategy's common stock and related options contracts and exchange-traded funds.
"There's that quote 'buy when there's blood in the streets,'" said Anderson. "But the part people often leave out is, 'even when it's your own blood.' So if I'm feeling like I'm bleeding, then it's probably a good time to buy."
Anderson, 37 years old, is among Strategy's fervent fan base who are sticking by the firm despite its shares sliding 36% this year, along with bitcoin's steep declines. Some investors can't resist the prospect of amplifying short-term gains in bitcoin or collecting dividends on Strategy's preferred shares, while others are simply die-hard believers in bitcoin and think the cryptocurrency will emerge from its latest winter.
Strategy, which Michael Saylor founded in 1989, underwent its latest transformation in recent years from a software company into one of the world's biggest stockpiles of bitcoin. Its fortunes climbed along with bitcoin prices, inspiring dozens of imitators that sell shares or borrow money to fund their bitcoin acquisitions. Now bitcoin's selloff is forcing Strategy to reassure investors.
Last month, Strategy unveiled a turnaround plan that included buying back stock and selling bitcoin-something Saylor had urged people never to do.
--Vicky Ge Huang, The Wall Street Journal
Expected Major Events for Friday
08:30/UK: Jun Monthly Insolvency statistics
09:00/ITA: May Balance of Payments
12:30/US: Jun Import & Export Price Indexes
12:30/CAN: May International transactions in securities
12:30/US: Jun New Residential Construction - Housing Starts and Building Permits
13:15/US: Jun Industrial Production and Capacity Utilization
14:00/US: Jul University of Michigan Survey of Consumers - preliminary
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Expected Earnings for Friday
Avalon Advanced Materials Inc (AVL.T) is expected to report for 3Q.
Chino Commercial Bancorp (CCBC) is expected to report for 2Q.
Fifth Third Bancorp $(FITB)$ is expected to report $0.84 for 2Q.
Investar Holding Corp $(ISTR)$ is expected to report $0.66 for 2Q.
MetroCity Bankshares Inc (MCBS) is expected to report $0.82 for 2Q.
Regions Financial Corp $(RF)$ is expected to report $0.61 for 2Q.
Republic Bancorp Inc (Kentucky) - Class A (RBCAA) is expected to report $1.55 for 2Q.
South Plains Financial Inc (SPFI) is expected to report $0.82 for 2Q.
The Travelers Cos Inc $(TRV)$ is expected to report $4.71 for 2Q.
Truist Financial Corp (TFC) is expected to report $1.08 for 2Q.
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This article is a text version of a Wall Street Journal newsletter published earlier today.
(END) Dow Jones Newswires
July 16, 2026 16:38 ET (20:38 GMT)
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