Warsh Returns, PPI Arrives, and Earnings Season Broadens
By Jacqueline Policastro | Quincy News Correspondent
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Washington (Quincy News) — Market Recap: Stocks finished mostly higher Tuesday as investors welcomed cooler inflation and strong bank earnings. The S&P 500 gained 0.38% and the Nasdaq rose 0.90%, while the Dow finished nearly flat as a sharp decline in IBM offset gains in financials. Treasury yields and the dollar moved lower; oil rose amid renewed U.S.-Iran fighting and new concerns about the Strait of Hormuz supply.
June CPI fell 0.4%, the largest one-month decline since April 2020, pulling the annual rate down from 4.2% to 3.5%. Core prices were unchanged for the month and up 2.6% year-over-year, with a 5.7% drop in energy driving most of the improvement. The relief was real but partial: a trip to the grocery store or gas station still costs meaningfully more than it did a year ago, and renewed fighting near the Strait of Hormuz could push prices back up before the end of summer.
Today’s Focus: June PPI lands at 8:30 a.m. ET alongside the Empire State Manufacturing Survey. PPI measures what producers charge for goods before they reach store shelves, a stronger reading would signal that businesses may be absorbing higher costs that could eventually get passed along to consumers, while a softer one would reinforce Tuesday’s CPI report.
At 10:00 a.m. ET, Fed Chair Kevin Warsh returns to Capitol Hill for the Senate Banking Committee’s semiannual hearing. During Tuesday’s House testimony, Warsh said policymakers have “no tolerance” for persistently elevated inflation but gave no direct signal on the July 28-29 meeting. At 2:00 p.m. ET, the Fed releases its Beige Book. Earnings from ASML, BNY, BlackRock, Johnson & Johnson, Morgan Stanley, and United Airlines round out the day.
ON THE SCHEDULE FOR WEDNESDAY JULY 15, 2026
-8:30 a.m. ET – June Producer Price Index; Empire State Manufacturing Survey
-Before open – ASML, BNY, BlackRock, Johnson & Johnson, Morgan Stanley earnings
-After close – United Airlines earnings
-10:00 a.m. ET – Fed Chair Kevin Warsh testifies before the Senate Banking Committee
-10:30 a.m. ET – EIA Weekly Petroleum Status Report
-2:00 p.m. ET – Federal Reserve Beige Book
-Thursday, 8:30 a.m. ET – Initial and continuing jobless claims; June retail sales
-Thursday, 10:00 a.m. ET – May business inventories
-Friday, 8:30 a.m. ET – June import and export prices
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