1. Review of 2020
The crude oil tanker Anwar Trabras delivered U.S. crude oil at the port of Pachi, near Athens, Greece, on June 28, 2026.
President Donald Trump announced yesterday plans to strengthen national power, stating that Iranian ports would be closed and a 20% toll would be applied to cargo traversing the Strait of Hormuz. This news led to a spike in oil prices—over 9%—which in turn affected stock prices.
Key points to note:
- The U.S. Central Command will continue military lockdown measures starting at 4:00 PM ET today.
- Trump’s toll plan follows the rejection of an alternative proposal from Iran to impose its own tolls on this shipping route.
- The International Maritime Organization has indicated that such tolls may lack legal grounding.
- Despite rising tensions, the Energy Department reported that 8.5 million barrels of oil moved through the Strait on Sunday. Energy Secretary Chris Wright is scheduled to appear on CNBC’s “Closing Bell Overtime” at 4:30 PM ET.
- Yesterday marked the largest single-day increase in Brent crude oil prices since 2020. Both international and U.S. crude oil prices are seeing upward movement today.
- Live market updates are available here.
2. Take advantage of it
Wall Street’s top financial institutions began earnings season on a high note today, with reports of stock trading profits surpassing expectations and significant rises in investment banking fees. Detailed earnings reports are available for review.
JP Morgan Chase’s CEO Jamie Dimon indicated that all major business areas of the bank achieved record profitability this quarter. Meanwhile, Bank of America’s CEO Brian Moynihan described it as one of the bank’s most successful quarters ever, and he’ll be discussing these results on CNBC’s “Squawk on the Street” at 10 AM. Goldman Sachs CEO David Solomon is also set to share updates at 12 PM ET.
3. Run up that hill
Traders are also focused on more than just earnings this morning. According to the Bureau of Labor Statistics, as of 8:30 AM ET, economists anticipate a 0.2% drop in the consumer price index for June, leading to a 12-month interest rate decrease to 3.8%, down 0.4 percentage points from May.
Federal Reserve Chairman Kevin Warsh will start two days of hearings today at the Capitol. This morning, he will present before the House Finance Committee, and then he’ll continue to the Senate Banking Committee tomorrow. This marks the first hearing since Warsh took over leadership in May.
4. Playback trouble
More than a dozen state attorneys general are suing to block Paramount’s planned acquisition of Warner Bros. Discovery. The group is seeking to delay the deal, arguing it raises antitrust concerns.
California Attorney General Rob Bonta, leading the lawsuit, claimed that the merger could negatively impact viewers across the nation by potentially reducing the amount of content and increasing prices.
A spokesperson for Paramount defended the lawsuit as misrepresenting competition within today’s entertainment landscape, noting that the merger has already been approved by the Department of Justice and various global jurisdictions.
5. Taco Match Expansion
Chipotle is set to open its first restaurant in Mexico this week, specifically in the Monterrey metropolitan region. The fast-casual chain aims to establish a strong presence in a country considered a “major business and innovation center” thanks to its growing population and economic potential.
This launch marks the beginning of Chipotle’s plans for expansion in Mexico, with intentions to reach Mexico City next year. The CEO, Scott Boatwright, expressed a commitment to honoring Mexico’s culinary traditions. Chipotle already has over 4,000 locations globally and is looking towards international growth as a strategy to overcome stagnant domestic performance.
Daily dividend
On Monday, South Carolina Governor Henry McMaster announced that Darling Graham Nordon has been selected to fill the Senate seat following the unexpected passing of his brother, Lindsey Graham.
Newly appointed U.S. Senate pro tempore Darin Graham Nordon, alongside Governor McMaster, addressed reporters after the announcement regarding the vacant seat at the State Capitol on July 13, 2026, in Columbia, South Carolina.
