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Market Update:
One characteristic of today’;s trading has been a lack of follow through, most notably in crude oil after extending highs earlier.US stocks tryig to buck that trend with US500 trading back above 7500 (and NAS100 above 29K), perhaps getting some support ahead of the earnings delkuge later on.
EURUSD US500 XBRUSD
Market Update: Indices
US stocks likely in a holding pattern awaiting a slew of key earnings reports lster today.
Meanwhile, the battle to regain US7500 and NAS100 29k continues with a failure to hold above each cooling the upside, leaving both consolidating.
US500 needs to hold 7466 to avoid down momentum taking over. Same for NAS100 28515.
US500 NAS100
Only a modest reaction to these threats but would signal an escalation
From this point forward, any time the Islamic Republic of Iran shoots at a ship in the Strait of Hormuz, whether it be by Missile, Rocket, Drone, or any other device or weapon, the United States will bomb and destroy ONE BRIDGE OR POWER PLANT, including those located next to, or in, the Capital City of Tehran. Thank you for your attention to this matter! President DONALD J. TRUMP
Source: Newsquawk – Truth Social
US PRE-MARKET MOVERS: SMCI, CB, EQNR, TEL, GEV, T, PHM, PM, OKLO/XE
ES -0.4% NQ -0.9% RTY -0.4%
- SMCI +15.5%: Stellar Q4 prelim GM figure
- CB -2.5%: Net premiums written missed
- EQNR +4.5%: Q2 EBT rose, supported by higher oil & gas prices linked to Middle East supply disruptions
- TEL -6.5%: Strong Q metrics & said it will power purchase Astrodyne TDI for $1.4bln
- GEV -6.5%: Profit light; Lifted FY26 rev. guidance, but left EBITDA unch.
- T +4%: Postpaid phone net adds. topped exp.
- PHM +2.2%: Top & bottom line surpassed Wall St. exp.
- PM -1%: FY EPS view light
- OKLO +2% XE +3%: Cos. joining an effort by Trump’s admin to speed up nuclear power plant development for AI data centers
Source: Try Newsquawk free for 7 days
Newsquawk Daily US Opening News – 22nd July 2026
- US Secretary of State Rubio said the US has many options to deal with Iran if it refuses to negotiate. He also stated that China is displeased with Iran’s actions in the Strait and Iran is in a lot of trouble.
- Iranian Interior Ministry spokesperson said there is currently no ongoing negotiation and that it may only involve the exchange of messages, Mehr News reported.
- BoJ officials are reportedly considering hiking rates faster than every 6 months due to the JPY’s weakness adding to upside inflation risks, Bloomberg reported. Initial weakness was seen in JGBs while JPY saw fleeting strength.
- US equity futures trades with losses, with underperformance in the NQ ahead of Tesla and Alphabet earnings AMC.
- Fixed income benchmarks hold steady despite the surge in energy prices (Brent +4.8%).
- Looking ahead, highlights include US MBA Mortgage Applications, Supply from the US, Earnings from Tesla, Alphabet, and IBM.
Source: Try Newsquawk free for 7 days
MNarket Update: Puzzle pieces
Checklist
- USD: Mixed in tight ranges, limited follow through so far
- US stocks: Consolidating with US500 and NAS100 back below 7500 and 29K, respectively. Waiting for slew of earnings.
- Crude oil: XBRUSD extending move up but off overnight high
- US yields: Remain firm but down slightly after rising yesterday
EURUSD US500 XBRUSD
Forex Market Snapshot
Mixed bag for the dollar as the forex and other markets turn defensive as escalating US-Iran tensions outweigh diplomatic hopes.
One focus is on the JPY, with USDFJPY pivoting 163 after extending its 40-year high as traders weigh potential for a BoJ response (i.e. higher interest rates and/or intervention).
EURUSD unable to shake a focus from 1.14 but flows out of GBP (i.e. firmer EURGBP) providing modest support while weighing modestly on GBPUSD.
Antipodeans are down slightly while USDCAD pivots 1.41 with one eye on the crude oil market.
be alert and quick !
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