1. US Equities: CPI Surprise Lifts Markets; IBM Weighs on Dow

US equities advanced on 14 July 2026 after June inflation data came in below expectations. The S&P 500 closed higher, boosted by semiconductor stocks, finishing up 0.38% at 7,543.59, while the Nasdaq Composite advanced 0.9% to 26,107.01; the Dow settled up just 0.02% at 52,508.27. Shares of IBM weighed on the Dow, falling 25% after the company warned second-quarter profits would be lower than expected due to soft demand in its software and infrastructure businesses. The 30-year Treasury yield held at 5.102%, having surpassed 2023's highs and approaching May 2026 levels — the highest since before the Global Financial Crisis.

Source: CNBC / TheStreet, 14 July 2026

2. Semiconductors & AI Infrastructure: Rebound After Mid-Cycle Selloff

Chip stocks rebounded on 14 July after a sharp mid-cycle correction earlier in the month. Semiconductor stocks reversed prior-session losses, with the VanEck Semiconductor ETF (SMH) trading 2.5% higher; Applied Materials and Teradyne gained more than 3%, while Lam Research and Micron Technology rose roughly 5%. The rebound follows a notable drawdown: semiconductor stocks had experienced a sharp downturn wiping out over a trillion dollars in market value, as Wall Street questioned the sustainability of record AI capital spending, with concerns spanning dot-com-era valuations, a more hawkish Fed, and doubts about AI infrastructure returns. A milestone underscoring the sector's scale: SK Hynix raised $26.5 billion in its US debut, marking the largest foreign listing in American history, while simultaneously committing $8.6 billion to acquire advanced EUV lithography equipment from ASML.

Source: CNBC, 14 July 2026; Distill Intelligence / Forbes, 8–10 July 2026

3. Private Credit: Capital Raised, But Deployment Falls Sharply

A notable bifurcation has emerged in US private credit. Direct lending fell sharply in Q2 even as fund-raising by private credit firms rebounded — North America-focused closed-end direct-lending funds raised $16.25 billion in the quarter, the highest in two years. US direct-lending volume fell approximately 55% quarter-on-quarter to $33.59 billion in Q2, the lowest level since Q2 2023, as deal count declined to 154 from 217. Lender caution is also visible on the banking side: HSBC Holdings is halting lending to riskier private credit funds after high-profile corporate bankruptcies exposed underwriting weaknesses; Europe's largest bank informed clients it will not renew certain credit facilities or provide back leverage, per the Financial Times.

Source: Reuters / PitchBook-LCD, 9 July 2026; Bloomberg / Financial Times, 7 July 2026

4. APAC Markets: Korea's Chip Volatility; China Trade Data Beats

Asian markets saw sharp chip-driven volatility over the past week. South Korea's Kospi fell almost 9%, dragged by SK Hynix, which tumbled more than 15% in Seoul — its worst single day on record — after the chipmaker's strong Nasdaq debut, as investors booked profits and reassessed AI memory demand against the stock's sharp gains this year. By contrast, China's trade figures offered a positive signal: China's June exports rose 27% year-on-year in US dollar terms — the strongest since October 2021 — while imports grew 36%, the largest jump since June 2021, leaving a trade surplus of $125.6 billion. Investors are now looking to an expected Politburo meeting in late July for clues on further stimulus that could shape policy for the rest of the year.

Source: CNBC, 13–14 July 2026; Saxo Hong Kong, 6 July 2026

5. Rates & Credit Conditions: Fed Uncertainty Keeps Long End Elevated

The interest-rate backdrop remains a key risk variable for credit markets. The FOMC meets 28–29 July, and according to CME FedWatch, markets are pricing approximately one-in-three odds of a 25-basis-point increase in the federal funds rate, with those odds increasing over the year's three remaining meetings. At the June 16–17 meeting — new Fed Chair Kevin Warsh's first — the funds rate was held steady with no indication of rate cuts; Warsh declined to participate in the Summary of Economic Projections, while officials' collective year-end rate expectations rose relative to March. State Street's Q3 2026 credit outlook notes that US investment-grade and high-yield spreads have remained resilient despite recurring macro and geopolitical volatility, with stable leverage, strong interest coverage, and persistent demand absorbing bouts of volatility — even as spreads remain historically tight and issuance has been heavy.

Source: NerdWallet, July 2026; State Street Global Advisors Q3 2026 Credit Research Outlook

This news roundup is produced by 1Oak Research for general informational and educational purposes only. Nothing in it constitutes investment advice, a solicitation, or a recommendation to buy, sell, or hold any security or financial instrument. All investments carry risk, including the possible total loss of capital. 1Oak Research is not a licensed or regulated financial entity.