Market Close: Stocks Gain, IBM Plunges 25%; Banks Beat Forecasts • 7/14/26

Summary

Tuesday's market saw IBM shares plunge 25% while banks and oil refiners hit all-time highs. Bank earnings beat expectations, with Goldman Sachs posting record revenue. Oil prices rose 2% after Trump shelved Strait of Hormuz tolls. World Cup ratings surge for Fox, and CPI data showed cooling inflation. CEOs discussed AI job cuts and resilient consumer spending.

• IBM had its worst day ever, shedding a quarter of its value.
• Goldman Sachs, JPMorgan, and BofA beat earnings and hit record highs.
• Oil refiners Marathon Petroleum, Phillips 66, and Valero reached all-time highs.
• US crude oil rose 2% after Trump reversed Hormuz toll plan.
• June CPI cooled to 3.5% YoY, driven by falling gas prices.
• Fox's World Cup ratings broke records, attracting advertisers.
• Jamie Dimon noted AI led to 30-40% job reductions in some roles.
• Brian Moynihan said consumer spending remains robust despite inflation.