Markets are balancing strong earnings expectations with rising geopolitical tensions, higher oil prices, and persistent inflation concerns. Plus, AI investment, hyperscaler spending and sector rotation continue shaping market leadership as earnings season begins. Later, investors watch Fed testimony, inflation data and corporate outlooks for clues on interest rates, consumer demand and the next move for stocks.<br><br>Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Inflation, AI spending and earnings take center stage 7/14/26

Morning Call

Which are America's top states for business? Get all the data and complete state-by-state analysis. See how your state measures up. America's top states for business. See the full list now at topstates.cnbc.com. Crude Awakening. I'm Morgan Brennan, and this is your Morning Call.

Good Tuesday morning. Let's get a check on U.S. stock futures after Wall Street's worst day since June. That is how we kicked off the week yesterday with all the major averages finishing lower. You can see it's a mixed picture again this morning. S&P poised to open down about 15 points, Dow 166, 167 points. NASDAQ, though, getting a bit of a bid here pre-market, poised to open up about 100 points as of right now. We're continuing to watch the momentum in the chip trade, speaking of.

On the back of SK Hynix's Friday debut, the reversal we saw in that stock trading yesterday. We're also, and you can see right there, SK Hynix up 6.5% here pre-market, getting actually many of the other chip names also higher this morning. We're watching yields ahead of today's June CPI report. Also, that Capitol Hill testimony, day one of two days for Fed Chairman Kevin Warsh, the first for him since he has begun this tenure as chairman of the Federal Reserve.

You can see yields continue to move higher here, and that is across the board. U.S. 10-year Treasury yielding 4.63% now. Talk about a backup in yields in recent trading days. Fed-sensitive two-year Treasury yielding 4.288% right now. And if we get a quick check on the dollar index, too, because we have seen the dollar strengthen here against other major currencies in recent days as well. And you can see the dollar index 101.08. That is the level there right now.

Inflation, AI spending and earnings take center stage 7/14/26

Read the full transcript

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

Inflation, AI spending and earnings take center stage 7/14/26

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.