Closing Bell: Benchmarks Advance on Softer Inflation; Banks Impress; IBM Down 25%

U.S. stocks closed higher supported by a cooler-than-anticipated consumer inflation reading and strong fundamental performance from the financial sector.  

The tech-heavy Nasdaq Composite advanced 0.90% to settle at 26,107.01, while the benchmark S&P 500 climbed 0.38% to close at 7,543.89. The Dow Jones Industrial Average barely budged, closing at 52,508.27. The small-cap Russell 2000 rose 0.39% to 2,964.76. 

While West Texas Intermediate (WTI) crude futures rose more than 2% to close near $80 per barrel, investors and traders also focused on the June Consumer Price Index (CPI). It showed the largest single-month contraction since April 2020 as energy prices plummeted last month. The CPI reading, which fell to 3.5% in June from 4.2% in May, helped mitigate intermediate interest rate concerns and revived risk appetite in technology and small caps. 

Federal Reserve Chairman Kevin Warsh spoke for three hours in his first appearance before Congress Tuesday. He said “there’s plenty of work to do” to get inflation back to the Fed’s 2% target, according to a USA Today report. He cited new jobs being created in the digital economy and said he is “absolutely” committed to setting monetary policy independent of politics, the article noted. 

Three things to watch from today’s market: 

• June CPI Report Revives Technology Rebound: The softer inflation data triggered a sharp rotation into large-cap growth and semiconductor assets. Notably, the newly listed SK Hynix ADR (SKHY) surged roughly 27% after Barclays initiated equity coverage with an Overweight rating and a bullish $330 price target, citing an acute structural shortage in global high-bandwidth AI memory supply. 
• IBM Slumps 25% on Capital Spending Realignment: International Business Machines (IBM) suffered an intense intraday contraction, plunging more than 25% in its worst session in decades. Management posted an unexpected guidance revision and cited a noticeable deceleration in forward software, enterprise infrastructure, and localized AI consulting commitments. Corporate clients rapidly shifted their immediate IT budgets away from enterprise platforms to prioritize memory, servers, and storage products, dragging the broader software matrix lower in sympathy. 
• Wall Street Heavyweights Top Earnings Forecasts: Major banking institutions kicked off the quarterly corporate reporting cycle on a highly stable footing. Goldman Sachs (GS) jumped 9% on earnings of $20.98 per share, versus the consensus of $14.47, according to Zacks. JPMorgan Chase (JPM) shares rose 2.5% after it delivered a record-setting quarterly profit, driven by persistent expansion across its core investment banking and market trading units. Citigroup (C) stock slumped more than 5% despite reporting earnings above expectations. CEO Jane Fraser cited the weight of Middle East conflict on global growth and outlined higher overhaul targets, according to reports. 

Economic Events/Data Wednesday, July 15, 2026 (ET) 

• 08:30 AM: Producer Price Index (PPI) (June) 
• 08:30 AM: NY Empire State Manufacturing Index (July) 

Earnings Calendar July 15 

• Premarket: ASML Holding N.V. (ASML), Johnson & Johnson (JNJ), Morgan Stanley (MS), BlackRock Inc. (BLK), Bank of New York Mellon Corp. (BNY), PNC Financial Services Group (PNC), Elevance Health Inc. (ELV), Cintas Corp. (CTAS). 
• Postmarket: United Airlines Holdings (UAL), J.B. Hunt Transport Services (JBHT). 

Dimitra DeFotis contributed to this article

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