P.M. Edition for July 23. The U.S. plans to impose new tariffs on most trade partners, replacing President Trump’s temporary global 10% tariff. Plus, the threat of escalating conflict in the Middle East drove oil prices <a href="https://www.wsj.com/business/energy-oil/brent-hits-100-again-as-houthi-attacks-threaten-further-supply-squeeze-b1faa05b?mod=WSJ_WNPOD" target="_self" rel="noopener noreferrer">over $100</a>, and concerns around higher inflation <a href="https://www.wsj.com/finance/investing/what-surging-bond-yields-mean-for-consumers-and-markets-cb37b61f?mod=WSJ_WNPOD" target="_self" rel="noopener noreferrer">made bond yields surge</a>. WSJ markets reporter <a href="https://www.wsj.com/news/author/sam-goldfarb?mod=WSJ_WNPOD" target="_self" rel="noopener noreferrer">Sam Goldfarb</a> discusses how that ripples through the economy. Meanwhile, heavy AI spending from Alphabet and Tesla spooked investors, <a href="https://www.wsj.com/livecoverage/stock-market-today-dow-sp-500-nasdaq-07-23-2026?mod=WSJ_WNPOD" target="_self" rel="noopener noreferrer">and the Nasdaq dropped more than 2%</a>. And after IBM issued a <a href="https://www.wsj.com/tech/the-inside-story-of-ibms-shocking-profit-warning-839ef4f2?mod=WSJ_WNPOD" target="_self" rel="noopener noreferrer">rare profit warning</a> last week, the <a href="https://www.wsj.com/business/earnings/ibm-q2-earnings-report-2026-stock-ded1f568?mod=WSJ_WNPOD" target="_self" rel="noopener noreferrer">company’s earnings shed more light</a> on what went wrong. We hear from reporter <a href="https://www.wsj.com/news/author/anissa-gardizy?mod=WSJ_WNPOD" target="_self" rel="noopener noreferrer">Anissa Gardizy</a> about where its business goes from here, while tech columnist <a href="https://www.wsj.com/news/author/christopher-mims?mod=WSJ_WNPOD" target="_self" rel="noopener noreferrer">Christopher Mims</a> spoke with IBM CEO Arvind Krishna. Alex Ossola hosts.

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