Market Wrap: Fed Testimony, Big Bank Earnings, and Gold Surge

Fed Chairman Kevin Warsh testified before Congress, addressing inflation, AI’s economic impact, and future rate decisions.

Big bank earnings season kicked off as JPMorgan, Goldman Sachs, and others report results, while IBM shares slide after missing earnings expectations.

Gold prices surged to $4,100 as U.S. inflation dropped, signaling potential shifts in market dynamics and Federal Reserve policy.

JPMorgan Chase reported record profit with an 86% increase in stock-trading revenue for the second quarter.

Fed Chairman Kevin Warsh pledged to bring down inflation, reiterating the Fed’s commitment to price stability ahead of key testimony.

The European Central Bank has selected 36 payment service providers to participate in its digital euro pilot program.

Treasury yields rose as expectations for additional Federal Reserve rate hikes increased ahead of the June inflation report.

Goldman Sachs reported record Q2 2026 earnings, driven by strong client activity and AI-related investment demand.

US inflation fell more than expected in June, with the CPI dropping to 3.5% annually, driven by falling gas prices.

Shiba Inu (SHIB) holders have pulled 148.7 billion tokens off exchanges, signaling a notable on-chain shift.

IBM’s stock fell over 25% on its worst day since 1987 after preliminary earnings showed weakness in software and infrastructure.

Bitcoin ownership is shifting as long-term holders transfer supply to new buyers, with prices near $62,000 ahead of key economic data.

Bitcoin rebounds toward $65K as cooling U.S. inflation slashes odds of a July Fed rate hike, boosting risk assets.

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