Preview of US Stock Market | The three major stock index futures rise and fall unevenly. CPI, the financial reports of major banks, and the first appearance of the Wash Congress are scheduled to take place one after another. IBM's preliminary performance is not as good as expected, leading to the collapse of software stocks.

Pre-market market trends 1. Before the market opened on July 14th (Tuesday), the futures of the three major U.S. stock indexes were mixed. As of the time of writing, Dow futures were down 0.57%, S&P 500 futures were down 0.17%, and Nasdaq futures were up 0.42%. 2. As of the time of writing, the DAX index in Germany was down 0.78%, the FTSE 100 index in the UK was down 0.39%, the CAC 40 index in France was down 0.82%, and the Euro Stoxx 50 index was down 0.69%. 3. As of the time of writing, WTI crude oil was up 2.37% at $79.99 per barrel. Brent crude oil was up 3.84% at $86.50 per barrel. Market News "Super Tuesday" is here! CPI, major bank financial reports, and the first appearance of the Wosh Congress are all happening, causing high-level U.S. stocks to face a critical pricing window. Tuesday will bring a series of major events for the U.S. stock market, with various key data and agendas coming one after the other. However, stock traders seem unfazed, creating a delicate and fragile situation in the market after all, U.S. stocks are currently hovering near historical highs. Data compiled by Citigroup shows that the implied volatility of the S&P 500 index on Tuesday is about 0.7% for the week. This is considered a moderate volatility for such an eventful trading day with not only the release of crucial Consumer Price Index (CPI) data, but also the first batch of major bank results for the earnings season, as well as the testimony of the Chairman of the Federal Reserve to Congress, not to mention the risks brought about by the escalating tensions in the Middle East with GEO Group Inc. It is worth noting that this implied volatility level is consistent with the average volatility on the past 12 CPI release days. According to data from Piper Sandler, this calm expectation is expected to continue at least until Friday: based on the pricing of straddle options on the S&P 500 index, the market expects a volatility range of 1.1% for the week, the smallest weekly expected volatility since December last year. Behind this phenomenon, there is likely the traditional "summer lull" effect with fewer traders on the trading floors, market activity is light. However, the risk of inadequate liquidity is that once developments do not meet expectations, market volatility could dramatically increase. The state of New York in the United States will temporarily ban the construction of new large data centers. The office of New York Governor Casey Hochul announced that she plans to sign an executive order on Tuesday to halt the construction of large data centers, with the ban lasting for up to a year. The ban will come into effect immediately and applies to data centers with electricity consumption of 50 megawatts or more. This temporary suspension will provide the state with time to develop regulations on data centers that are not only beneficial to the environment but also ensure the operation of the power grid. This makes New York the latest state to grapple with the infrastructure development issues required for the AI boom. Previously, no other states had implemented similar suspension measures. However, dozens of counties and cities across the U.S. have issued temporary bans on data center construction, and many states have similar ban proposals. As data centers continue to be built across the U.S., more and more communities are voicing opposition, leading to the development of anti-AI movements. Opponents argue that data centers that support artificial intelligence and computing systems may strain local power supply and raise residential utility costs. Some voters even attempt to recall politicians who support data center development. SoftBank's Masayoshi Son: The AI boom will require $5 trillion in annual investment. SoftBank Group founder Masayoshi Son says that by 2040, global artificial intelligence infrastructure will require $5 trillion in annual investment to support the expansion of data centers, power supply, and humanoid robots such as Siasun Robot&Automation, driving a transformation from a "human-centric" work model to a new model. He points out that as artificial intelligence evolves into "artificial superintelligence" (ASI), the income generated from this will prove the justification for these massive expenditures. "Artificial intelligence will fundamentally change our lives -- and this change will bring profits," Son said. Four departments of the Korean government will hold a meeting on Thursday to study solutions to the impact of single-stock leveraged ETFs on the stock market. Leveraged products that track core chip stocks in Korea have recently plunged, causing a significant impact on the Korean stock and financial markets. Industry data compiled shows that dozens of leveraged exchange-traded open-ended index funds (ETFs) tracking Samsung Electronics (SSNLF.US) and SK Hynix (SKHY.US), launched in late May, have seen their prices nearly halved. The senior coordination mechanism of the four major economic departments in Korea will hold a meeting on Thursday to study solutions to the impact of single-stock leveraged ETFs on the stock market, marking the first time that this topic has entered the mechanism for formal discussion. The mechanism consists of the Ministry of Economy and Finance, the Financial Services Commission, the Bank of Korea, and the Financial Supervisory Service, and is the highest-level economic coordination platform involving all of these parties. Oil nears $90 rekindling inflation concerns, ECB and BoE rate hike expectations resurface. As soaring oil prices reignite inflation concerns, traders are increasing their bets on the Bank of England (BoE) and the European Central Bank (ECB) accelerating rate hikes. For the first time in a month, traders have fully digested expectations of a 25 basis points rate hike by the Bank of England before September, with another hike expected by year-end. They also expect the ECB to raise rates by 25 basis points in September, with another hike almost certain before year-end. This shift comes as escalating tensions between the US and Iran are pushing Brent crude oil prices close to $90 per barrel. Just at the beginning of the month, expectations for rate hikes by the BoE and ECB through next year were less than 25 basis points in the swaps market. However, U.S. President Trump's reimposition of a blockade on Iranian vessels passing through the Strait of Hormuz, and demanding payment for all other goods, has completely disrupted the market's calm. Individual stock news Bank of America forecasts that SK Hynix will only be able to add 1/6 of the actual capacity by 2028. The latest analysis by Bank of America Corp shows that SK Hynix may only be able to add about 1/6 of the storage chip capacity by 2028, which not only cuts deeply into Korea's capacity expansion plans but also provides crucial evidence for the ongoing DRAM price manipulation collective lawsuit. Due to factors such as the closure of old factories, technological upgrades, and process shrinkage, Korea's annual operational storage wafer capacity growth is less than 10%, meaning that the incremental capacity by 2030 will be well below the "doubling capacity by 2030" goal set by Korean President Lee Jae-myung. This assessment directly impacts expectations of DRAM supply in the market. Samsung denies considering a U.S. listing: No assessment of the possibility of issuing ADRs. Samsung Electronics denied a media report on Tuesday. The report claimed that Samsung was in the early stages of exploring the possibility of issuing American Depositary Receipts (ADRs) in the United States. A Samsung spokesperson stated in a statement, "Samsung has not assessed the possibility of issuing ADRs." Earlier reports suggested that Samsung had had preliminary discussions with banks but had not yet decided whether to move forward with an ADR issuance plan. Additionally, the report stated that these discussions may ultimately not lead to a listing. Samsung had previously evaluated the possibility of issuing ADRs but ultimately decided against it. However, the successful listing of rival SK Hynix in the U.S. has given Samsung new impetus to reconsider this idea. IBM's preliminary revenue for the second quarter falls short of expectations, with U.S. software stocks collectively declining. IBM's preliminary revenue for the second quarter was $17.2 billion, an increase of 1%, compared to the estimated $17.86 billion. Software revenue grew by 5%, while infrastructure revenue declined by 7%. Diluted earnings per share were $2.27, a 2% year-on-year decrease, while operating (non-GAAP) earnings were $2.93, a 5% year-on-year increase. IBM stated that it expects infrastructure revenue to decline by a single-digit percentage starting from this quarter. In the last few weeks of June, we saw customers redirecting their capital expenditures towards server, storage, and memory purchases to secure infrastructure that is in short supply before expected price increases. Due to this news, U.S. software stocks were down across the board in pre-market trading, with IBM plunging nearly 23%, Accenture Plc Class A falling over 7%, ServiceNOW dropping 8%, and Microsoft Corporation declining over 3%. Market research firm Counterpoint: Global smartphone sales in Q2 were down 11% year-on-year, with Samsung and Apple Inc. (AAPL.US) still leading the market. Market research firm Counterpoint Research stated on Monday that global smartphone sales were down 11% year-on-year in the second quarter of this year, with Apple Inc. and Samsung Electronics continuing to lead the market. Counterpoint reported that global smartphone shipments fell and hit their lowest level in the second quarter since 2013, further exacerbated by the shortage of storage chips. Despite the overall market decline, Samsung retook the top position in the global smartphone market, holding a 24% market share. In contrast, Apple Inc. saw a 3% year-on-year increase in smartphone shipments in the second quarter, capturing a 20% market share by the end of the quarter. CleanSpark (CLSK.US) secures a 20-year lease agreement for a data center, surging over 23% in pre-market trading. Data center developer CleanSpark announced that it has signed a 20-year infrastructure lease agreement with a top-tier global tech company located in Sandersville, Georgia, with two five-year extension options. The initial term of the lease is expected to generate approximately $660 million in contract revenue. Stock market business revenue soars, JPMorgan Chase & Co. (JPM.US) profits exceed expectations by the highest margin in five years. JPMorgan Chase & Co.'s second-quarter profit performance was stunning, with investment banking business expenses and activity speeding up, driving all business segments of the bank to deliver record results. Net profit for the second quarter rose 41.2% year-on-year to $21.16 billion, with earnings per share increasing from $5.24 to $7.70, significantly surpassing the analyst average expectations of $5.59. This earnings per share beat by the highest margin since the first quarter of 2021. Total revenue increased by 27.7% to $57.35 billion, far surpassing analyst expectations of $51.09 billion. Among the business segments, corporate and investment bank revenue increased by 27.2% to $24.85 billion, with market and securities business revenue rising by 33.1% to $13.69 billion, and equities business revenue soaring 86% to $6 billion. Investment bank business revenue increased by 45% to $3.9 billion. Consumer and community bank revenue increased by 7.6% to $20.27 billion, while asset and wealth management revenue grew by 18.9% to $6.85 billion. Goldman Sachs Group, Inc. (GS.US) second-quarter net profit surges 80% well above expectations, stock trading business revenue hits a new high. Goldman Sachs Group, Inc. saw its net profit surge nearly 80% year-on-year in the second quarter, reaching $6.6 billion, marking the bank's best quarterly performance in five years. The growth in investment banking revenue combined with the stock trading business hitting a historical high propelled the company's net profit. Analysts had previously expected a net profit of only $4.7 billion. Investment banking revenue increased by over 50% year-on-year, reaching $3.4 billion, outperforming expectations, while the most eye-catching segment of this earnings report was the stock trading business. Goldman Sachs Group, Inc.'s stock trading division saw revenue of $7.4 billion, a 72% year-on-year surge, surpassing analyst estimates by $2.4 billion, setting a new record for quarterly stock trading revenue for the company, exceeding the previous all-time high set in the previous quarter. Boosted by wealth management and investment banking, Wells Fargo & Company's (WFC.US) second-quarter performance exceeds expectations. Wells Fargo & Company's second-quarter results, driven by increased fee income from wealth management and investment banking businesses, exceeded Wall Street's expectations. Non-interest income for the quarter increased by 13% to $10.3 billion, above analyst expectations of $9.44 billion. The bank stated in a statement on Tuesday that earnings included $728 million in net appreciation gains from venture capital investments. The important gauge of the bank's profitability, net interest income, was $12.3 billion, roughly in line with market expectations. Within the three months ending in June, the bank's net income increased by 17% to $6.4 billion, resulting in earnings of $2 per share. Analysts had previously expected adjusted earnings per share of $1.71. Revenue for the quarter increased by 9% to $22.6 billion. Bank of America Corp's (BAC.US) second-quarter revenue was $31.6 billion, up 15% year-on-year. Bank of America Corp's total revenue for the second quarter was $31.6 billion, up 15% year-on-year. Diluted earnings per share were $1.21 (up from $0.90 in the previous period), representing a 34% year-on-year increase. Net profit was $9.1 billion, up 27% year-on-year. Consumer bank revenue was $11.336 billion, up 5% year-on-year; global market revenue was $8.022 billion, up 34% year-on-year; global wealth and investment management revenue was $6.871 billion, up 16% year-on-year; global banking revenue was $6.236 billion, up 10% year-on-year. Citigroup (C.US) second-quarter revenue rises 14% to $24.8 billion, exceeding market expectations. Citigroup announced its second quarter financial results for 2026 on Tuesday, with total revenue reaching $24.8 billion, up 14% year-on-year, outperforming analyst expectations. At the same time, Citigroup's net profit for the quarter reached $5.8 billion, a significant increase of 45% compared to the same period in 2025. Diluted earnings per share (EPS) jumped 60.7% year-on-year to $3.15.