Equities split sharply on July 14, 2026. IBM posted its worst trading day on record, down more than 25%, while Goldman Sachs and CrowdStrike rallied on strong earnings and analyst upgrades. Citigroup fell despite beating profit estimates. Treasury yields held near recent highs and the dollar stayed firm against the pound and the Canadian dollar. Crypto sentiment remained in Fear territory. Here is what moved and why.
Why did IBM stock crash 25% on July 14?
IBM shares fell more than 25% on July 14, 2026, the worst single day in the stock's history, after the company preannounced second quarter results below expectations. Adjusted EPS came in at 2.93 dollars versus a 3.02 dollar estimate, and revenue landed at 17.2 billion dollars against a 17.86 billion dollar forecast. CEO Arvind Krishna cited softness in software and infrastructure as clients shifted budget toward AI hardware.
The decline surpassed IBM's prior worst day, a 23.7% drop on Black Monday in October 1987. Some shareholders have already raised questions about the shortfall disclosure. The move reflects a broader pattern this earnings season: enterprise software vendors are facing scrutiny as budgets rotate toward AI compute and memory hardware.
What is driving Goldman Sachs and CrowdStrike higher?
Goldman Sachs jumped as much as 9% on July 14 after posting record second quarter results, with revenue of 20.34 billion dollars against a 16.13 billion dollar estimate and earnings per share of 20.98 dollars versus 14.48 dollars expected. CrowdStrike rose roughly 10% the same day after Benchmark and UBS raised price targets, citing rising enterprise demand for AI-driven security following a federal warning on Russian state-linked cyber threats.
Goldman's trading and investment banking arms led the beat, echoing strength across the sector this earnings season. CrowdStrike's rally builds on an advisory from CISA, the NSA, and the FBI about Russian actors targeting network infrastructure, a backdrop that has pushed several analysts to lift price targets on cybersecurity names.
Why did Citigroup fall despite beating earnings?
Citigroup shares dropped roughly 4 to 6% on July 14 even after beating every profit estimate, with EPS of 3.15 dollars against a 2.72 dollar forecast and revenue of 24.8 billion dollars, the bank's best quarter in a decade. The stock reversed after executives said they would accelerate job cuts and technology spending, raising concerns about near term expenses outweighing the earnings beat.
The reaction lines up with a pattern seen across bank earnings this cycle: strong headline numbers are not enough if guidance implies higher spending ahead. Traders are treating expense trajectory, not the quarter just reported, as the swing factor for bank stocks right now.
What are Treasury yields and the dollar signaling?
The 10 year Treasury yield closed at 4.61% on July 14, up from 4.56% a week earlier, while the 2 year yield eased slightly to 4.28%. The dollar held firm against both the Canadian dollar and the pound, with USDCAD near 1.4049 and GBPUSD trading around 1.3388 on July 15, consistent with a market still pricing a cautious, data-dependent Fed.
A yield curve that stays compressed but positive, alongside a resilient dollar, typically reflects a market that expects the Fed to hold rather than cut or hike abruptly. That backdrop matters for how equity investors are pricing bank and tech earnings this week.
How is crypto sentiment holding up?
The alternative.me Crypto Fear and Greed Index read 29, in Fear territory, on July 14. Liquidations totaled 77.2 million dollars over a four hour window that day, with Bitcoin accounting for 28.8 million dollars and Ethereum for 20.7 million dollars, after a cooler than expected US inflation print briefly lifted both coins before selling resumed.
Crypto is trading more on macro headlines than on-chain fundamentals this week. That makes short-term positioning more sensitive to Fed-adjacent data than to anything specific to Bitcoin or Ethereum supply and demand.
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