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The weekend changed a lot. Here's what you missed.
🛢️ THE STRAIT
Iran’s new Supreme Leader vowed revenge for his father’s death Saturday. By Sunday the IRGC had fired on vessels and military sites across the Gulf, Kuwait and Bahrain among the targets. The Strait was closed again until further notice. Trump called the ceasefire effectively over. The US Treasury revoked the Iranian oil sanctions waiver. No more Iranian oil after July 17.
Brent closed Friday at $76. That was before any of this. Watch Monday open.
📅 TUESDAY: THE BIGGEST DAY OF 2026
CPI, Warsh, and five major bank earnings all land simultaneously.
CPI at 8:30 AM ET. Expected to show moderation after oil fell 20% in June. Cool print and rate hike odds ease. Hot print and Warsh’s problem deepens going into the July 28-29 FOMC.
Warsh testifies before Congress. First time he takes public questions since taking the chair. He’s been deliberately silent. Tuesday that changes.
JPMorgan, Goldman Sachs, Citigroup, Wells Fargo, and Bank of America all report. First real read on what 4 months of war did to corporate America. The S&P 500 is near record highs heading into it. That resilience either gets confirmed or questioned Tuesday.
🏦 THE FED
The committee is split 9-9 on whether to hike rates this year. Nine members project at least one hike. Nine project hold or lower. This week’s CPI and Wednesday’s Fed Beige Book, the last qualitative read from businesses before the July meeting, tilt that balance one way or the other.
📉 GOLD AND THE DOLLAR
Gold heading into the week with the war premium returning fast. DXY caught between a potentially cooler CPI and fresh geopolitical fear. Watch which force wins. The $4,250 area remains the key level.
🤖 AI
Momentum fell 18% last week. But SK Hynix surged nearly 13% Friday on AI memory demand. The AI story isn’t dead. Whether the spending is generating proportional revenue gets answered as earnings season accelerates.
📊 BITCOIN
BTC at $64,204 Friday. Recovering. The Strait closure and Gulf strikes this morning test whether that holds. Watch Sunday night before anything else opens.
👁️ THIS WEEK I’M WATCHING
• Strait: closed again. Gulf states fired on. Brent gaps Monday
• CPI Tuesday: breaks the 9-9 Fed split one way or the other
• Warsh Tuesday: first public questioning. Every word will be parsed
• Five banks Tuesday: JPM, GS, Citi, WFC, BAC. War impact on corporate America
• Bitcoin Sunday night: 24/7 risk thermometer. First read on Monday
The ceasefire is over. The biggest data day of the year lands Tuesday. This week has it all.
— G

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