Tinsel Talks Finance
IBM stock plunged over 20% in premarket trading after issuing a surprise earnings warning, flagging a revenue shortfall that missed analyst estimates and dragging the Dow lower. U.S. and Iran renewed hostilities over the Strait of Hormuz, pushing Brent crude up 4.5% to $87 per barrel and bringing shipping in the critical chokepoint to a near-standstill. Monday's market close saw all major indices decline. The S&P 500 fell 0.79%, the Nasdaq dropped 1.55%, and the VIX jumped 14% to 17.16, signaling heightened fear. June's CPI report came in cooler than expected, with annual inflation easing to 3.5% and core inflation sliding to 2.6%, offering a rare bright spot amid the geopolitical turmoil. Five major U.S. banks reported Q2 earnings today, with Goldman Sachs leading at a 78% profit surge to $6.63 billion, while the remaining four, JPMorgan, Bank of America, Wells Fargo, and Citigroup, continued their reports amid rising uncertainty.
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