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JPMorgan warns the S&P 500's 'earnings fuel' is running out as of July 23, 2026 — the PPI-CPI spread has peaked, ISM orders-to-inventory ratio has declined for three consecutive months, and the market is rotating toward defensive assets. Oil surges past $95 on Iran/Hormuz Strait tensions. Core PCE remains sticky at 3.4%, the 10Y yield sits at 4.7%, and the market has begun pricing rate hikes rather than cuts. Small caps have rallied 22% in H1 2026 (best since 1991). Bitcoin is down 31% YTD, Gold down 7% — both declining simultaneously for the first time.
JWST reveals unexpected atmospheric composition on a temperate exoplanet in the habitable zone, including potential biosignature gases and unusual chemical disequilibrium that challenges current atmospheric models.