Tonight's Highlights: Soft U.S. CPI Sparks Nasdaq Future Rally; IBM Plunges Over 22%

U.S. June CPI rose 3.5% YoY (vs. 3.8% exp; 4.2% prior) and fell 0.4% MoM (vs. -0.1% exp; +0.5% prior). Core CPI rose 2.6% YoY (vs. 2.8% exp; 2.9% prior) and remained unchanged MoM (vs. +0.2% exp), pushing Nasdaq futures up over 1%.

IBM plunged over 22% pre-market after missing Q2 adjusted EPS expectations ($2.93 vs. $3.01 exp). Major banks JPM, WFC, BAC, and C all slid pre-market despite mostly beating revenue estimates, while Goldman Sachs rallied over 1% on blockbuster profits.

International oil prices continued to climb, with Brent crude surging over 4% past $87 per barrel as ongoing U.S. strikes against Iran dimmed hopes for de-escalation. Investors also await Fed Chair Kevin Warsh's congressional testimony on monetary policy at 10:00 AM ET.

Pre-Market Earnings Summary

JPMorgan Chase: Q2 adjusted revenue hit $58.02B (vs. $51.39B exp) with an EPS of $7.70. Equity sales and trading revenue reached $6.03B (vs. $3.98B exp).
Goldman Sachs: Q2 net revenue surged 39% YoY to $20.34B. Net profit jumped 78% YoY to $6.63B, driving diluted EPS up 92% YoY to $20.98.
Bank of America: Q2 net revenue topped expectations at $31.56B (vs. $30.49B exp) with an EPS of $1.21. Net interest income stood at $16.00B (vs. $15.92B exp).
Citigroup: Q2 revenue rose 14% YoY to $24.77B, delivering an EPS of $3.15.
Wells Fargo: Q2 revenue beat estimates at $22.62B (vs. $21.80B exp), netting $6.40B in profit ($2.00/share). Average deposits reached $1.47T (vs. $1.44T exp).
IBM: Q2 preliminary revenue edged up 1% YoY to $17.00B, though GAAP EPS fell 2% to $2.27. CEO Arvind Krishna affirmed the company remains on track to deliver its first large-scale fault-tolerant quantum computer by 2029.

Corporate News

Samsung Electronics: Denied recent media reports regarding a potential U.S. listing, stating that the company is not considering issuing American Depositary Receipts (ADRs).
Warren Buffett: Announced plans to convert 8,000 Berkshire Hathaway Class A shares into 12 million Class B shares to donate across four family foundations.
Berkshire Hathaway: Warren Buffett stated his goal to fully dispose of his remaining Berkshire holdings within approximately eight years, aiming for his children to complete the process by December 31, 2034.
SoftBank: Launched its OpenAI-powered "Patch as a Service" cybersecurity solutions, expanding the rollout to 3,000 eligible Japanese enterprises.