Woofun AI reports that IBM (IBM.N) shares declined more than 20% in pre-market trading after the company reported second-quarter preliminary revenue of $17.2 billion, falling short of the expected $17.86 billion. Goldman Sachs (GS.N) rose over 2% as its Q2 equities sales and trading revenue reached $7.42 billion, surpassing the $5.02 billion forecast.

U.S. June non-seasonally adjusted CPI came in at 3.5% year-over-year, below the 3.8% expectation, leading traders to delay Federal Reserve rate hike bets until October. Fed Chair Powell reiterated a "zero tolerance" stance on persistent high inflation. KeyBanc raised price targets for Arm to $430 and Micron Technology to $1,750. New York temporarily banned large new data center construction, while SK Hynix accelerated HBM4 production for NVIDIA. NVIDIA reduced approved AI chip customers in Singapore, Malaysia, and Japan by more than half. U.S. strategic oil reserves hit their lowest level since 1983.