Midday Mashup, October 14, 2026

The Strait of Hormuz standoff remains unresolved into the afternoon, with Iran's navy now saying it is awaiting US ships to approach the strait "to sink them" and a sanctions-violating tanker catching fire east of the strait, according to Iranian state media. Saudi forces struck an oil facility in Sanaa they say supported Houthi drone and missile operations, while the Houthis say shipping through Bab al-Mandeb remains safe. Trump posted that the Houthis are deliberately driving up oil prices at Iran's behest and said a decision on Iran "will be made very soon," adding he spoke with the Saudi Crown Prince about possibly asking Turkey to join a Yemen response. Separately, Israel's N12 reports Netanyahu discussed resuming strikes on Iran with Trump, though Netanyahu's office denies pushing for action before the US elections.

Earnings have taken over as the other driver of the tape. Citigroup beat with Q3 EPS of $2.85 versus expected $2.73 and said it expects to exceed its full-year return target, while JPMorgan and Wells Fargo both missed modestly on revenue even as profits rose from a year ago. Johnson & Johnson posted in-line EPS and raised full-year guidance, but shares are down 6.1%, the weakest of the market's notable movers. AST SpaceMobile is off 8.2%, Applied Materials down 7.8%, Flex down 6.9%, and Karman Holdings down 5.9%, a cluster of losses spanning satellite, chip equipment and industrial names. On the upside, CDW is up 4.7%, Oracle up 4.4%, Instacart up 4.3%, International Flavors & Fragrances up 4.2% and Charter Communications up 4.1%.

Data has been mixed: existing home sales rose to a 3.99 million rate in September, above the 3.95 million expected, while Strategic Petroleum Reserve stocks held flat at 283 million barrels, the lowest since 1982. Fed officials continue to send conflicting signals, with Richmond's Barkin calling 2% inflation achievable while Hassett says the Fed may see slowing inflation as reason to hold rates steady.

Elsewhere, Workday agreed to buy ConductorOne, SSR Mining is acquiring Roxmore Resources for roughly $464 million in equity value, and Ithaca Energy is buying Bumble at $6.05 per Class A share in cash.