Andrew, Ben, and Tom discuss the Houthis targeting Saudi tankers Encelia and Layla in the Red Sea with Trump vowing to destroy a bridge or power plant for every Strait attack, a mixed AI earnings print with ServiceNow up 6% cementing itself as the AI control tower while Google fell 4% on heavy cloud spend without ad acceleration and TPU revenue pushed to 2027, STMicroelectronics dropping 14% on a big margin miss, strong railroad growth from CSX raising numbers with FCF up over 80%, Norfolk Southern posting solid revenue growth, the 30-year yield nearing 5.2%, the ECB holding rates at 2.25% while warning on energy inflation, Uber cutting 10% of customer service jobs, and Bessent moving to oust Fed Vice Chair Barr over SVB. Join our live YouTube stream Monday through Friday at 8:30 AM EST: http://www.youtube.com/@TheMorningMarketBriefing Please see disclosures: https://www.narwhal.com/disclosure

Houthis Target Saudi Ships in Red Sea + Mixed AI Earnings + Railroads Ripping | July 23, 2026 – Morning Market Briefing

The Morning Market Briefing

Hey everybody, welcome to the Morning Market Briefing. It's Thursday, July 23, 2026. Hope you are doing well out there. Ben, how are we feeling? Ben, we got a lot going on. Lots going on. The Houthis are targeting ships in the Red Sea. Trump says he's going to hold them accountable. They're going after commercial ships. I mean, it's just chaos out there, man. Yeah, so they targeted two ships, the Houthis opening a new front. They targeted our refined products, both under the Saudi flag.

Refined products tank are called Encelia. The other vessel is called Layla, which does crude oil, both again with Saudi. Trump has said that every time Iran targets a ship, he's going to destroy one bridge or power plant. So we'll see what happens. Rubio has warned the Houthis to stay out of it. We'll see what happens. Trump was here at Wheeler High School yesterday.

Yep, yep. Trump made the rounds. I cannot quite figure out why it was Wheeler High School. Not that there's anything wrong with it being Wheeler High School, but pretty random spot, to be honest. I think they're doing like a massive renovation of that building. So maybe it's done. I don't know. I could be off. I just know that I drove by not long ago, and it was – I thought to myself, will this be ready for school? The image of the gym did not look bright. It wasn't – yeah. A bright venue.

Yeah. Wheeler is a basketball powerhouse. Jalen Brown, who's been in the news, famous Wheeler alum. Sharif Abdur Rahim, Wheeler alum. Lots of NBA guys. So there you go. Maybe he just wanted to pay his respects to Jalen Brown. Yeah. Uber cutting 10% of customer service jobs.

Houthis Target Saudi Ships in Red Sea + Mixed AI Earnings + Railroads Ripping | July 23, 2026 – Morning Market Briefing

Read the full transcript

The candid version is on a podcast,
not the earnings call.

Houthis Target Saudi Ships in Red Sea + Mixed AI Earnings + Railroads Ripping | July 23, 2026 – Morning Market Briefing

Read the full transcript

The candid version is on a podcast, not the earnings call.

The candid version is on a podcast,
not the earnings call.