U.S. stocks pushed higher again on Wednesday, July 15, 2026, as investors leaned into a “lower‑inflation, still‑resilient growth” narrative that is increasingly defining mid‑summer trading. Cooling CPI data, a more patient Federal Reserve outlook, and better‑than‑expected earnings from big banks and AI‑linked tech helped extend the post‑CPI rally across major benchmarks.
A risk‑on close across major indices
By the closing bell, the S&P 500 Index (SPX) had climbed to 7,572.40, up 28.81 points or 0.38%, marking another session where broad market breadth supported the headline move rather than just a handful of megacaps. The Dow Jones Industrial Average (DJIA) finished at 52,658.64, gaining 150.37 points or 0.29%, as money‑center banks and cyclical industrials led within the price‑weighted gauge.
Growth and tech leadership re‑emerged as the Nasdaq Composite (IXIC) advanced to 26,269.23, a gain of 162.22 points or 0.62%, with semiconductors and AI‑exposed software pacing the climb. Small caps joined the risk bid as the Russell 2000 (RUT) added 11.50 points to close at 2,976.26, up 0.39%, a constructive sign that participation is widening beyond the usual large‑cap franchises.
Volatility continued to bleed lower: the CBOE Volatility Index (VIX) fell to 15.67, down 0.83 points or 5.03%, underscoring a drop in demand for near‑term downside protection as investors grew more comfortable with the macro backdrop. In cross‑asset trade, gold eased slightly to $4,066.90 (‑0.07%), while Bitcoin (BTC‑USD) firmed to $64,819.85 (+0.29%), signaling a mild rotation away from traditional havens and a steady bid for digital risk assets.
Inflation “melts” and the Fed steps back from the brink
Underpinning the move was the evolving inflation storyline. June CPI delivered a rare monthly decline in headline prices, driven largely by softer energy, while core CPI slid toward the mid‑2% range year over year. That pattern has given markets a narrative they like: inflation is not only slowing, it is beginning to “melt” back toward the Fed’s comfort zone.
Rate expectations followed suit. Futures markets have increasingly priced out a near‑term hike, instead favoring an extended pause as policymakers weigh clear disinflation progress against an economy that has yet to show meaningful signs of stress. Treasury yields drifted lower across the curve, offering a tailwind to long‑duration growth names and supporting the premium investors are willing to pay for visible earnings and secular themes like AI.
Banks, BlackRock and AI set the tone
The earnings tape helped validate the macro optimism. Financials outperformed as money‑center banks reported robust trading and investment‑banking results. Goldman Sachs Group Inc. (GS), JPMorgan Chase & Co. (JPM), and Bank of America Corp. (BAC) extended recent gains on better‑than‑expected profitability, reinforcing the idea that capital‑markets activity remains healthy even as credit conditions normalize.
Asset‑manager BlackRock Inc. (BLK) benefited from solid flows into both index and active strategies, highlighting how scaled platforms continue to capture wallet share when risk appetite returns. In technology, investors stayed focused on AI and semiconductors. Companies with clear visibility into data‑center build‑outs and high‑bandwidth memory demand drew strong support, while legacy enterprise IT players such as International Business Machines Corp. (IBM) remained under pressure after a sharp post‑earnings drawdown. The market is increasingly distinguishing between firms where AI is a tangible revenue driver and those where it is still largely an aspirational story.
What today’s tape means for positioning
Today’s action points to a constructive environment for quality equities leveraged to AI infrastructure, semiconductors, and capital‑markets activity, provided the disinflation trend holds and the Fed stays data‑dependent rather than pre‑emptive. Lower volatility, easing yields, and broad‑based equity gains argue for maintaining core equity exposure, while using duration and options strategically to hedge against two key risks: a renewed energy‑driven inflation flare‑up or an escalation in geopolitical tensions that could disturb the current calm.
Looking ahead, the next leg of the story will be written by earnings from megacap technology, diversified financials, and healthcare/biotech. Those reports will help determine whether the present “lower inflation, resilient growth” regime can sustain further multiple expansion into the back half of 2026—or whether markets will need to recalibrate their optimism as the data and corporate guidance roll in.
VP Watchlist Updates
Amwell® (NYSE: AMWL)
Amwell® (NYSE: AMWL) a leading provider of a comprehensive SaaS-based software platform for technology-enabled healthcare, closed at $11.03, +1.38%.
Eupraxia Pharmaceuticals Inc. (EPRX)
Eupraxia Pharmaceuticals Inc. (EPRX, $6.52, +2.84%) a clinical-stage biotechnology company leveraging its proprietary Diffusphere™ technology designed to optimize local, controlled drug delivery for applications with significant unmet need, announced (July 7) the appointment of Robert Bazemore, Amy Pottand Dr Helen Thackray to the Board of Directors. “We are delighted for Robert, Amy and Helen to join our Board of Directors at a pivotal stage for the company.” said Dr. James A. Helliwell, Chief Executive Officer of Eupraxia. “Their collective expertise across late-stage drug development, commercial strategy, and global product launches will be invaluable as we execute on several key upcoming milestones for EP-104GI and continue to expand our pipeline. Their appointments reflect the commitment of Eupraxia to advancing and expanding our gastroenterology assets in an efficient and effective manner. I also want to thank Paul Geyer and Michael Wilmink for all of the support and contributions they have made to Eupraxia over the last decade as we proved the function and potential of the Diffusphere technology.”
Eupraxia announced (May 5) the first Eosinophilic Esophagitis Endoscopic Reference Score (EREFS) data from its ongoing Phase 1b/2a part of the RESOLVE trial evaluating EP-104GI for the treatment of eosinophilic esophagitis (“EoE”). These data were also presented at the ongoing Digestive Disease Week (“DDW”) conference in Chicago. “The EREFS is an important, validated visual index of severity of EoE disease in the esophagus of patients. It measures edema, rings and strictures and other visible markers of disease often associated with symptoms. Today’s data demonstrated improvement in two key outcomes with EP-104GI in the treatment of EoE: first, that a full injection protocol of 20 injections resulted in more pronounced improvement than a protocol with fewer injections and less coverage area within the esophagus; second, with the higher number of injections, a consistent response in both the inflammatory and fibrotic sub scores of EREFS was observed,” said Dr. James A. Helliwell, Chief Executive Officer of Eupraxia. “This EREFS data being reported at DDW is consistent with the improvements we have seen in EoE symptoms and tissue health (EoEHSS) and suggests improvement in inflammation, fibrosis and the associated narrowing of the esophagus.”
Modular Medical, Inc. (NASDAQ: MODD)
Modular Medical, Inc. (NASDAQ: MODD, $4.19), a leader in innovative, patient-centric insulin delivery, released findings (July 15) from an independent market research study demonstrating positive receptivity to its FDA-cleared Pivot™ tubeless patch pump due to its differentiated design, streamlined user experience, and potential for reimbursement through the pharmacy channel.
Modular Medical announced (July 14) announced positive findings from a new comprehensive diabetes patient research initiative further supporting its commercialization strategy. The Company will share these findings and showcase its Pivot™ tubeless insulin patch pump at the upcoming Association of Diabetes Care & Education Specialists (ADCES) Annual Conference in Columbus, Ohio, August 7-10, 2026. Key findings from the assessment of 100 individuals utilizing multiple daily injections revealed significant unmet needs and strong interest in simplified insulin pump technology: 1) 97% of participants stated they would be interested in insulin pump therapy and expressed openness to alternative treatment options, 2) Among the 43% of participants who reported being hospitalized due to hyperglycemia, hypoglycemia, diabetic ketoacidosis (DKA), or hyperosmolar hyperglycemic state (HHS), nearly half reported experiencing such events two or more times annually, & 3) 55% of participants reported finding themselves in environments that were not convenient or private for administering insulin injections at least twice per week, while 31% experienced these situations more than four times per week.
Modular Medical (June 30) announced that the first patients have completed onboarding and training and are now actively using the Pivot™ tubeless insulin patch pump in real-world settings. This milestone marks the transition of the Pivot pump from development into active patient use and represents a significant step in Modular Medical’s commercialization strategy. The Company will now begin collecting real world utilization data and user feedback to support broader adoption and continued product deployment optimization.
MODD announced ( June 26) that the Pivot™ tubeless insulin patch pump is now shipping to physician offices for training. Upon completion of training, these pumps will be presented to potential patients in the next few days and weeks. The Company intends to expand the roster of practices that offer Pivot over the coming months. This is another significant milestone in the deployment of Pivot. Modular Medical looks forward to updating the market when these first patients are using the pump to deliver insulin. The Pivot pump is purpose-built for adults with diabetes on daily injections who have faced cost, complexity, and usability barriers with traditional pump systems. This group represents an estimated 70% of insulin-dependent adults who remain on multiple daily injections, a multi-billion-dollar opportunity within the diabetes technology market.
MODD announced (June 24) that the Pivot™ tubeless insulin patch pump is now commercially available. This marks the start of real-world patient use, and the Company’s transition to a commercial-stage medical device company. As only the second fully electronic, tubeless insulin pump available in the United States, Pivot is designed to make pump therapy simpler to learn and easier to live with. Its removable two-part design and 3 mL reservoir, intuitive interface, and flexible, wearable form factor support everyday activities, such as showering and sports, with no battery recharging required – all while maintaining clinical accuracy and connectivity. “Reaching commercial availability is a transformational milestone that marks Modular Medical’s transition from a development-stage company to a revenue-generating commercial business,” said Jeb Besser, Chief Executive Officer of Modular Medical. “As only the second fully electronic tubeless pump on the U.S. market, Pivot is positioned to serve a large, underserved ‘almost-pumper’ population. With first shipments beginning this week, we are focused on disciplined execution, as we scale adoption and seek to build long-term value for patients and shareholders.”
Similarweb Ltd. (NYSE: SMWB)
Similarweb Ltd. (NYSE: SMWB, $7.36, +10.76%), a leading digital data and analytics company powering critical business decisions, announced (June 15) that it has surpassed $300 million in Annual Recurring Revenue (ARR)act 5-days and signed two multi-year enterprise contracts, each representing seven-figure ARR commitments. Collectively, these contracts represent approximately $47 million in Total Contract Value to be recognized over the next three years and were signed during the second quarter of 2026.
NVIDIA (NVDA)
NVIDIA (NVDA) closes at $211.80, +4.06%.
The InterGroup Corporation (NASDAQ: INTG)
The InterGroup Corporation (NASDAQ: INTG), a diversified holding company with interests in hospitality, real estate, and marketable securities. InterGroup consolidates its majority‑owned subsidiary Portsmouth Square, Inc., which owns the Hilton San Francisco Financial District hotel and related facilities, closed at $38.20.
LG Display Co., Ltd. (NYSE: LPL, $3.55, +1.14%) has spent the last few years doing something many hardware companies talk about but few execute well: turning a technology pivot into a full‑blown business transformation that everyday investors can actually follow. Instead of chasing commoditized LCD TV panels in a race to the bottom, LPL is leaning into Gaming OLED, CES‑worthy innovation, and premium automotive displays – and the press trail tells a surprisingly investor‑friendly story
The Sources
- CNBC – “Stock futures are flat after soft inflation reading lifts market: Live updates”
[https://www.cnbc.com/2026/07/14/stock-market-today-live-updates.html - Reuters – “Melting core: What matters in U.S. and global markets today”
[https://www.reuters.com/commentary/reuters-open-interest/global-markets-view-usa-2026-07-15/ - HDFC Sky – “The Prime Daily 15 July 2026”
[https://hdfcsky.com/news/the-prime-daily-15-july-2026 - U.S. Bureau of Labor Statistics – July 2026 release calendar (CPI, PPI, Real Earnings)
[https://www.bls.gov/schedule/2026/07_sched_list.htm - CNBC – S&P 500 Index quote page (.SPX)
[https://www.cnbc.com/quotes/.SPX - Yahoo Finance – S&P 500 Index (^SPX) historical data
[https://finance.yahoo.com/quote/%5ESPX/history/][finance.yahoo] - Nasdaq – Nasdaq Composite Index (COMP) market activity and historical data
[https://www.nasdaq.com/market-activity/index/comp/historical
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