MARKET WRAPS
STOCKS: U.S. stocks ended slightly lower in cautious trading as a chip-stock rebound lost steam.
TREASURYS: Treasury yields rose at the start of a quiet week for U.S. economic data and Federal Reserve speakers, with policymakers in a blackout period ahead of next Wednesday's interest-rate decision.
FOREX: The dollar strengthened despite interest-rate differentials moving against it.
COMMODITIES: Oil prices settled higher in choppy trading as U.S.-Iran fighting escalated while mediators sought a 10-day ceasefire and a return to talks.
HEADLINES
Judge Temporarily Blocks Paramount-Warner Deal
The proposed $81 billion merger of Paramount and Warner Bros. Discovery hit its first significant speed bump Monday when a federal judge in California granted a temporary restraining order that prohibits the companies from closing the deal.
The court said that during the pause it would consider whether the merger should remain blocked pending the resolution of an antitrust challenge brought by a dozen states.
The 14-day restraining order means Paramount will fall short on its hopes to have the deal closed before the end of the month. If the court later grants the states a preliminary injunction, the companies would be barred from closing the merger while the states' antitrust lawsuit proceeds.
Iran War Mediators Push for Traction on New Ceasefire
Mediators were working Monday to push the U.S. and Iran into a new ceasefire, fearful the two foes could settle into a pattern where they keep conflict below the level of all-out war but disrupt regional economies indefinitely and run the risk of a miscalculation that escalates the fighting.
The efforts come after Washington carried out a ninth straight night of attacks, Iran retaliated against U.S. Arab allies including Kuwait and Bahrain, and another two vessels in the Strait of Hormuz were hit by projectiles.
President Trump warned of retaliation after at least two U.S. servicemembers were killed in Iranian strikes over the weekend. "Every time Iran kills an American soldier they will pay for that killing many times over!" he said on social media.
U.S. Leading Indicators Ticked Down in June
U.S. leading economic indicators edged lower in June on weakening consumer spending, according to a basket of monthly economic indicators.
The Leading Economic Index, or LEI, published by research group The Conference Board, slid by 0.2% to 99.1, following a 0.1% increase in May and 0.2% increase in April.
While the prior two months' gains were partially reversed, the index is only down by 0.3% for the first half of 2026, compared with a 1.1% contraction in the back half of 2025, The Conference Board said.
FDA Walks Back Finding of Cyclospora Parasite as Outbreak Probe Continues
The Food and Drug Administration walked back an earlier statement that a sample of lettuce from Taylor Farms tested positive for cyclospora, but noted that tests are continuing on products pulled from the market.
The finding complicates the messaging from health authorities tracking the sources behind major outbreaks of foodborne illnesses and efforts to address concerns from the public about which foods are safe to eat.
The FDA said its investigation is ongoing. It is still advising consumers not to eat recalled iceberg lettuce from Taylor Farms. "To clarify, this false-positive lab sample DOES NOT change the basis for FDA's ongoing outbreak investigation or the overwhelming epidemiological data supporting the current voluntary recall by Taylor Farms," the FDA said in a Monday post on X.
BlackRock Leads $12 Billion Financing for New Meta Data Centers in Texas
BlackRock is leading a debt sale targeting at least $12 billion for its massive new El Paso data-center project backed by Meta Platforms, people familiar with the matter said.
The world's largest investment firm, along with its infrastructure and private-credit arms, owns an 80% stake in the Texas data-center project, while Meta Platforms, which will use the data centers, owns the other 20%. The complex is expected to have around 1 gigawatt of capacity, the people said.
JPMorgan Chase and Morgan Stanley are leading the jumbo debt sale to finance the project and are reaching out to other potential investors, the people said.
Lockheed Martin Plans Bargain-Rate Patriot Missile to Replenish Low Stockpiles
Lockheed Martin said it would field a new and cheaper model of Patriot missile that could hit the battlefield faster, as global stockpiles of high-end interceptors dwindle.
The company said Monday that its planned PAC-3 Adapted Capability Effector can be made more quickly and will cost buyers less than half as much as Lockheed's bestselling Missile Segment Enhancement version. Recent Army budget documents show MSE interceptors cost more than $4 million a round.
Lockheed said its scaled-down Patriot design can thwart an array of attacks, from cruise missiles to "close-range and short-range ballistic missiles." It isn't intended to replace high-end Patriots capable of hitting the longer-range ballistic weapons that Russia has hurled at Ukraine to devastating effect.
Jersey Mike's Sets IPO Terms That Could Push Market Cap Toward $8 Billion
Jersey Mike's Subs unveiled terms of a planned initial public offering that could give the sandwich chain, backed by private-equity giant Blackstone, an initial market capitalization approaching $8 billion.
Jersey Mike's on Monday said it plans to sell nearly 13.8 million shares at between $21 and $25 apiece in the IPO.
At the $23 midpoint of that price range, the Tinton Falls, N.J., company said it expects net proceeds of about $301 million.
AMC Stock Soars 24% After Earnings. 'The Odyssey' Is Helping, Too.
Shares of AMC Entertainment surged Monday after the theater operator surprised Wall Street with strong second-quarter earnings. Christopher Nolan's The Odyssey isn't hurting the meme stock either.
AMC stock soared 24% to $2.41 after the company posted adjusted earnings of 14 cents per share in the quarter ended June 30, well above Wall Street's expectations of a 4-cent loss. Revenue grew 14% to $1.59 billion, beating the analyst consensus call for $1.5 billion, according to FactSet.
AMC saw adjusted quarterly earnings before interest, taxes, depreciation, and amortization, or Ebitda, increase 70% to $321.4 million, while the theater operator also generated $190.1 million in free cash flow.
TALKING POINT The Massive Supply Deals Feeding the AI Frenzy Are No Sure Thing
Contracts worth billions of dollars have become the commercial glue holding the AI boom together. But investors shouldn't rely on them sticking if the boom fades.
Contracts to supply computing power for artificial-intelligence calculations have become such a fixture of the craze that whole industries have begun reorganizing around them. AI suppliers say these arrangements give them unprecedented visibility into their future revenue, allowing them to wow investors with promises of bumper sales and profits ahead.
The computer-memory business may be the most extreme example. Memory suppliers and their customers have sought out longer-dated deals in recent months.
This is because of the explosive growth of autonomous AI agents, which are memory-intensive. And that is turning what historically has been a cutthroat, cyclical business where price competition is fierce into something much more stable.
The world's big memory-chip manufacturers-South Korea's Samsung Electronics and SK Hynix, along with U.S.-based Micron Technology-are all raking in record profits and touting a supply shortage they expect to last into 2028. An executive at SK Hynix, which listed shares in New York this month to capitalize on the excitement about memory, suggested on a call with analysts in April that long-term deals could improve the market's view of the memory business as a whole.
Micron has been an especially active dealmaker. Its "strategic customer agreements" typically last five years and are take-or-pay. This means the buyer has to pony up whether they take shipment of the memory or not. Last month, Micron Chief Executive Sanjay Mehrotra said on an earnings call that these agreements would supply more than half of the company's revenue in the years ahead.
That sounds like a boon for investors in memory companies. And they have been strong choices of late. Micron's stock has roughly tripled this year, SK Hynix has risen nearly as much, and Samsung has about doubled.
--Asa Fitch, The Wall Street Journal
Expected Major Events for Tuesday
05:00/JPN: Jun Convenience Store Sales
06:00/UK: Jun UK monthly unemployment figures
06:00/UK: Jun Public sector finances
09:05/GER: Jul ZEW Indicator of Economic Sentiment
12:55/US: 07/18 Johnson Redbook Retail Sales Index
14:00/US: Jun State Employment and Unemployment
20:30/US: API Weekly Statistical Bulletin
23:50/JPN: Jun Provisional Trade Statistics for the Month
All times in GMT. Powered by Onclusive and Dow Jones.
Expected Earnings for Tuesday
3M Co $(MMM)$ is expected to report $2.21 for 2Q.
ASA Gold & Precious Metals Ltd $(ASA)$ is expected to report for 2Q.
Ally Financial Inc $(ALLY)$ is expected to report $1.18 for 2Q.
Atlantic Union Bankshares Corp $(AUB)$ is expected to report $1.00 for 2Q.
Auburn National Bancorporation Inc (AUBN) is expected to report for 2Q.
Bank First Corp $(BFC)$ is expected to report $2.25 for 2Q.
Blue Ridge Bankshares Inc (BRBS) is expected to report for 2Q.
CSB Bancorp Inc (CSBB) is expected to report for 2Q.
Capital City Bank Group Inc (CCBG) is expected to report $0.90 for 2Q.
Charles Schwab Corp $(SCHW)$ is expected to report $1.49 for 2Q.
City Holding Co $(CHCO)$ is expected to report $2.22 for 2Q.
DR Horton Inc $(DHI)$ is expected to report $2.97 for 3Q.
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July 20, 2026 16:45 ET (20:45 GMT)
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