The U.S. consumer price index rose 0.1% in July from June and increased 3.4% from a year earlier, matching market expectations. U.S. stocks strengthened after the release, as inflation came in without an upside surprise and eased worries about tighter Federal Reserve policy. CME FedWatch showed the odds of the Fed holding rates steady in September rising to 62% from 52% a day earlier, while Kalshi traders priced a 69% probability. Analysts said the report removed a major inflation surprise even after oil prices jumped more than 20% in July.

Eli Lilly has filed six lawsuits against U.S. businesses it alleges illegally sold black-market versions of its experimental obesity drug retatrutide, which remains in Phase 3 trials. The U.S. FDA has said selling retatrutide and other unapproved versions of GLP-1 products to consumers is illegal and cannot lawfully be compounded. Lilly said it has referred more than 200 individuals and entities to regulators and law enforcement, while U.S. Customs and Border Protection intercepted over 690 illicit GLP-1 drug shipments in fiscal year 2025. The company said it is stepping up efforts to curb unauthorized sales through online channels and other outlets.

The S&P 500’s forecast for second-quarter earnings growth has been raised to 47% from about 20% at the start of the reporting season, and it would still be above 28% even excluding two stocks. That would mark a seventh straight quarter of double-digit earnings growth. Unlike past spikes tied largely to post-crisis rebounds in 2021 and 2010, the current upswing is described as more internally driven.

Novo Nordisk issued 2026 guidance projecting adjusted sales to range from down 6% to flat at constant exchange rates, narrowing from its earlier forecast of down 4% to 12%. It also set its 2026 adjusted operating profit outlook at down 6% to flat, and reported adjusted sales growth of 7% for the first half and second quarter of 2026. The update raised concerns about the durability of GLP-1 growth, sending its U.S.-traded shares down more than 5% in a single session.

SpaceX released its first earnings report since going public, reporting $6.93 billion in revenue for fiscal Q2 2026 and a loss of 26 cents per share. The company posted a $4.9 billion net loss last year, driven largely by heavy investment in artificial intelligence infrastructure. Since opening at $150 on June 12, SpaceX shares have fallen 24%, erasing close to $500 billion in market value. The report marks the company’s first public performance disclosure and is closely watched for what it signals about SPCX fundamentals and investor confidence.

Wayfair reported results for the second quarter of 2026, posting revenue of $3.52 billion versus expectations of $3.47 billion and adjusted earnings per share of 95 cents. Free cash flow totaled $301 million, the company’s highest since 2020, while sales in its largest market rose 8.7% year over year to $3.1 billion. The company recorded a net loss of $1 million, or 1 cent per share, compared with net income of $15 million, or 11 cents per share, a year earlier. The update was framed as a catalyst tied to improving earnings quality, with potential implications for Wayfair (W) valuation and investor sentiment.

BP reported underlying replacement cost profit of $5.7 billion in the second quarter of 2026, beating market expectations of $5 billion and up from $2.35 billion a year earlier. The company raised its quarterly dividend by 4% to 8.66 cents per ordinary share, while operating cash flow totaled $10.9 billion and net debt fell to $22.25 billion. The results come as oil and gas prices have climbed amid Middle East conflict that has disrupted shipping through the Strait of Hormuz. U.S. President Donald Trump criticized Exxon Mobil and Chevron for making “too much money” from higher fuel prices during the Iran war.

Short positions in SpaceX (SPCX) have reached $23.6 billion in notional value, exceeding Tesla’s roughly $22 billion. Shorts now represent 32.2% of SpaceX’s publicly tradable float, up from about 5% to 7% shortly after its June IPO. The shift comes as the company heads into its first quarterly earnings report as a public company and the first insider lockup expiration, after the stock fell more than 50% from its intraday high and the company lost more than $500 billion in market value.

AstraZeneca (AZN.L) shares fell as much as 7%, and were down 6.5% in early trading, after a report said it has held merger discussions with Bristol Myers Squibb (BMY) on a deal valued at roughly $400 billion. The Financial Times reported that the talks have been ongoing for several months. Both companies declined to comment. The report weighed on AstraZeneca’s stock and pressured the largely flat FTSE 100.