Bank Earnings Parade Day 2, Waiting For Powell's Testimony, Cathie Wood's Warning on Chinese Stocks, Good News for the Airlines, The FAANG trade & the FTC, and Record Highs for Apple and the S&P 500

Carl Quintanilla, Jim Cramer and David Faber took a deep dive into the latest batch of bank earnings: Bank of America beat on the bottom line but missed on revenues, while Citigroup and Wells Fargo each posted better-than-expected quarterly results. Asset management giant BlackRock also beat the street. The anchors reacted to what BlackRock CEO Larry Fink told CNBC about his expectations for the market amid inflation fears and worries about the recent spread of COVID-19's Delta Variant. They also discussed Fed Chair Powell's prepared remarks ahead of his Capitol Hill testimony -- that say inflation will likely remain high in the coming months. Chinese stock volatility in focus: Ark Invest's Cathie Wood is warning investors that major Chinese companies are losing value amid Beijing's anti-monopoly and data security crackdown. A good morning for airline stocks: American said it expects to report positive cash flow for the second quarter, while Delta posted better-than-expected quarterly results and what it calls a "solid" pre-tax profit for the month of June. The anchors reacted to Delta CEO Ed Bastian telling CNBC he expects "solid profitability" in the current quarter and beyond as the consumer drives the carrier’s recovery. Apple hits a new record high: The company reportedly asking suppliers to build as many as 90 million next-generation iPhones. Also in focus: A new record high for the S&P 500, how to play FAANG and Microsoft as new FTC Chair Lina Khan looks to rein in big tech, and on the SPAC front -- the SEC charges Momentus and Stable Road for "misleading disclosures" ahead of their proposed business combination.