Happening Now — July 22, 2026: Iran Tensions, Paramount Sued, Big Tech Earnings

Overview

Across the wires this hour, Wednesday, July twenty-second. US markets have closed for the day. The S&P 500 finished down at 7,498.96, while the Nasdaq Composite closed lower at 25,690.90. The Dow Jones Industrial Average settled nearly flat at 52,218.58. In the bond market, the US 10-year Treasury yield ticked up to 4.

In this show

• Across the wires this hour, Wednesday, July twenty-second. US markets have closed for the day. The S&P 500 finished down at 7,498.96, while the Nasdaq Composite closed lower at 25,690.90. The Dow Jones Industrial Average settled nearly flat at 52,218.58. In the bond market, the US 10-year Treasury yield ticked up to 4.65%. Volatility rose, with the VIX at 17.65. In commodities, WTI crude gained to $86.94 a barrel, and Gold surged to $4,154.42 an ounce. Bitcoin slipped to $65,764.98, and the Dollar index is slightly lower. Here to break it down, our Markets specialist and our World editor.
• And there's a lot developing at this hour. Tensions are escalating between Washington and Tehran as high-level talks get underway in Switzerland. In the media world, the Writers Guild of America is now suing to block the blockbuster merger between Paramount and Warner Bros. And in domestic politics, we're getting confirmation that Florida Congressman Cory Mills is the subject of an active federal criminal investigation by the Department of Justice. We begin in Switzerland with the rising risk of a wider conflict in the Middle East.
• That's right. U.S. and Iranian officials are meeting in Switzerland, but the backdrop is one of extreme tension. The talks follow an Iranian missile barrage in Jordan that killed two U.S. service members, raising the American death toll to 16 since this conflict began. Adding to the pressure, President Trump has issued a direct threat, stating that for every Iranian attack in the vital Strait of Hormuz, the United States will retaliate by destroying a bridge or a power plant inside Iran. The situation is on a knife's edge, with fears of a direct, wider conflict growing by the hour.
• Turning to a major challenge for a media mega-merger, the Writers Guild of America has filed a lawsuit aimed at blocking the proposed acquisition of Warner Bros. by Paramount. This legal action from the powerful union adds a significant new hurdle for the deal. It comes on the heels of a similar suit filed by California and eleven other states, all seeking to halt the consolidation on antitrust grounds. The combined opposition from both government regulators and major industry labor groups now casts serious doubt on whether this massive media tie-up can be completed.
• In Washington, a sitting member of Congress is now under federal investigation. Sources have confirmed that the U.S. Department of Justice has an active criminal probe into Florida Congressman Cory Mills. While the specific nature of the investigation has not been publicly disclosed, the confirmation of an active inquiry by the DOJ into a lawmaker is a significant development. Congressman Mills' office has yet to issue a public statement on the matter. This will be a closely watched story on Capitol Hill as more details are expected to emerge in the coming days.
• In corporate news, the casual dining chain Cracker Barrel is making some major strategic changes. The company announced today it is selling its subsidiary, Maple Street Biscuit Company. The buyer and terms of the sale were not immediately disclosed. Alongside this divestiture, Cracker Barrel is also closing 16 of its own underperforming restaurant locations across the country. These moves signal a significant restructuring effort for the well-known brand as it navigates a challenging environment for the restaurant industry.
• Across the Atlantic, there is growing turmoil within the United Kingdom's main opposition party. UK Labour Party leader Keir Starmer is facing intensifying pressure to resign from his position. The calls for him to step down are mounting amid significant internal party disagreements and persistent questions about his leadership style and political strategy. This instability creates a period of uncertainty for the Labour Party as it attempts to present a united front against the current government, potentially reshaping the UK's political landscape.
• A labor dispute is escalating at a major global news organization. The NewsGuild of New York has filed an Unfair Labor Practice charge against the agency. The complaint specifically alleges that top editors, including Editor-in-Chief Alessandra Galloni, have been performing reporting and writing duties. The union argues this is work that should be done by its members. This formal charge marks a significant escalation in tensions, as the union's members have been working without a new contract for nearly a year while negotiations continue to drag on.
• Earlier today, President Donald Trump traveled to Dover Air Force Base in Delaware for a solemn occasion. He was present for the dignified transfer ceremony for four U.S. Army soldiers who were killed in action in the Middle East last week. The dignified transfer is a solemn ritual where the remains of fallen service members are returned to American soil. The President's attendance underscores the gravity of the recent casualties and the ongoing military operations in the region that we were just discussing.
• In the world of sports business, a major proposal could change the future of professional baseball. The Major League Baseball Players Association has put forward a plan to significantly alter the amateur draft. Key among the proposals is expanding draft eligibility to include college sophomores, a major shift from the current rules. The union also wants to keep the draft at 20 rounds and move its date back to June. These proposals are expected to be a major point of contention in the ongoing and often tense labor negotiations between the league and the players' union.
• Out west, a dangerous combination of factors is fueling a widespread wildfire threat. Extreme heat, powerful winds, and persistent drought conditions are sparking and rapidly spreading fires across several western states. Firefighting resources are being stretched thin as crews battle numerous large blazes simultaneously. The dangerous fire weather is forecast to continue, posing an ongoing threat to communities and property in the region. Authorities are urging residents in at-risk areas to remain on high alert and be prepared for potential evacuation orders.
• Super Micro Computer is today's standout performer, surging over 22% to trade around $31.30. The rally is fueled by a preliminary business update revealing a record backlog of over $60 billion in new orders for its AI servers. The company also projects significantly higher gross margins for the fourth quarter, signaling strong profitability amid the booming demand for artificial intelligence infrastructure. This reassures investors about the company's growth trajectory and its ability to capitalize on the AI hardware boom.
• AT&T is trading higher today, up about 2.65% to $22.85, after the telecom giant reported second-quarter earnings that topped expectations. The beat was driven by strong growth in wireless and broadband subscribers, indicating healthy demand for its core services. Adding to investor optimism, AT&T announced it is accelerating its plan to return cash to shareholders, now targeting $10 billion in share repurchases for the year. This combination of solid subscriber metrics and increased capital return is resonating positively with the market.
• GE Vernova is seeing significant selling pressure, with the stock down around 8% to the $991 level. The drop comes after the energy-focused company reported second-quarter profits that fell short of what analysts were forecasting. While the company has been noted for a surge in orders, the earnings miss is raising concerns about its current profitability and operational efficiency. This serves as a reminder that even with strong demand, converting that into bottom-line growth is what ultimately matters to investors.
• As we head into the evening, all eyes are on Big Tech earnings. After the bell, we are expecting second-quarter results from several industry giants, including Alphabet and Tesla. These reports will be critical, offering the first real look at corporate spending on artificial intelligence for the quarter, the state of the digital ad market, and the outlook for electric vehicle demand. The numbers could set the tone for the entire market for the rest of the week. We'll be back this afternoon with the latest. Stay with us.