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Asia Markets

Update: Amazon Overperformance Lifts US Equity Futures Pre-Bell Amid Potential Expansion of Middle East Conflict to Egypt

(Updates with economic data, recent oil price movement, world markets' overview and corporate stock movements.)US equity futures were higher pre-bell Friday as tech stocks, led by Amazon (AMZN), were on the upswing amid a potential expansion of the Middle East conflict to include Egypt.Dow Jones Industrial Average futures were 0.5% higher, S&P 500 futures were up 0.3%, and Nasdaq futures rose 0.9%.Amazon stock was up 10% in premarket activity after the tech giant reported better-than-expected Q2 results that highlighted the strength of its cloud-computing business.Egypt reported that a drone strike hit two vessels at the port of Damietta on Wednesday. No party has claimed responsibility for that attack, which is the first one in the country's territory since the war between the US and Iran began in late February.Iran said it attacked US assets in Kuwait and Bahrain after the recent wave of US strikes this week, CNBC reported Friday, citing state media.Traders digested the latest round of earnings, with Exxon Mobil (XOM) posting higher Q2 adjusted earnings and revenue.Oil prices were higher, with front-month global benchmark North Sea Brent crude up 1.6% at $88.29 per barrel and US West Texas Intermediate crude 1.8% higher at $85.06 per barrel.The Chicago purchasing managers index for July, due at 9:45 am ET, is seen coming in at 56.0, down from its prior value of 56.7, according to estimates compiled by Bloomberg.The final University of Michigan consumer sentiment report for July, scheduled at 10 am ET, is expected to show consumer sentiment index coming in at 54.0, down from 54.4 in the prior period.In other world markets, Japan's Nikkei closed 4% higher, Hong Kong's Hang Seng ended 0.1% higher, and China's Shanghai Composite finished 0.7% higher. Meanwhile, the UK's FTSE 100 was up 0.2%, and Germany's DAX index was 0.3% higher in Europe's early afternoon session.In equities, Micron Technology (MU) stock was up 2.6%, SK Hynix (SKHY) shares rose 5.6%, and Advanced Micro Devices (AMD) stock was 3.4% higher as part of a wider rally in the tech sector.On the losing side, Apple (AAPL) shares fell 7.9% despite the company's strong fiscal Q3 results as it missed estimates for iPad and services revenue. Exxon Mobil stock dropped 1.1% despite posting a Q2 adjusted earnings and revenue beat. AbbVie (ABBV) shares were down 3.3% after the company lowered its full-year 2026 adjusted earnings outlook.

Dow JonesNasdaq CompositeS&P 500$AAPL$ABBV$AMD$AMZN$MU$SKHY$XOM
Asia Markets

Update: US Equity Indexes Mixed as Chipmakers Weigh Ahead of Mag-7 Results, Crude Oil Drops Amid Halt in Middle East Strikes

(Updates with index/price moves, macroeconomic data, and company/geopolitical news from the first paragraph.)US equity indexes traded mixed as chipmakers pushed technology lower ahead of Microsoft (MSFT) and Meta Platforms' (META) quarterly results and a pause in strikes between Washington and Iran continued.The Dow Jones Industrial Average rose 1% to 52,747.32, with the S&P 500 up 0.2% to 7,428.78 on Tuesday. The tech-heavy Nasdaq Composite fell 0.2% to 24,876.91. Energy and technology led the decliners while healthcare, consumer staples, and materials topped the gainers at the close.Microsoft and Meta, part of the so-called Magnificent-7 stocks known for their sway over indexes, are expected to report earnings after the bell on Wednesday.The VanEck Semiconductor ETF (SMH), with net assets of $77.2 billion, slid 3.5% on Tuesday. Among companies with a market capitalization of more than $200 billion, nine of the 10 worst performers were from the semiconductor and semiconductor equipment and materials industries, according to data compiled by Finviz. The steepest decliner in this category was SK Hynix (SKHY), down 9%.Shares of Corning (GLW), a supplier of cover glass to Apple (AAPL), sank 12%, the second-worst performer on the S&P 500, after the company reported Q2 results and set guidance for the next quarter.In geopolitical news, President Donald Trump said talks with Iran were continuing but again threatened to destroy Iranian bridges and power plants if no deal is made, CNN reported. Iran's foreign ministry spokesman, Esmaeil Baghaei, said Tehran was not negotiating with the US but added that "intermediaries may convey messages from the American side to us regarding ongoing developments in the region," Al Jazeera, a Middle East broadcaster, reported.Iran's military said any ships belonging to a country or company that's using frozen Iranian assets will be blocked from transiting the Strait of Hormuz, CNN cited Iranian state media as saying.Iran has rejected Trump's claim that ships damaged by Iran in the Gulf would be compensated from frozen Iranian funds. Iran Revolutionary Guards Corps spokesperson Ebrahim Zolfaghari warned that any vessel taking such money will be banned from transiting the Strait of Hormuz, Al Jazeera reported.Front-month US West Texas Intermediate slumped 4.2% to $79.16 a barrel, and global benchmark North Sea Brent dropped 5% to $83.91 a barrel.US Treasury yields fell, with the 10-year down 3.9 basis points to 4.6% and the two-year lower by 4.6 basis points to 4.28%.In precious metal markets, gold futures fell 1.3% to $4,022.9, and silver futures declined 2.4% to $57.33.In economic news, the Conference Board's measure of consumer confidence decreased to 90.8 in July from 92.2 in June, below the 92.4 expected in a Bloomberg-compiled survey.The Case-Shiller National Home Price Index rose 0.6% in May, after a 0.8% increase in April, before seasonal adjustment. National home prices were up 1.1% year-over-year, up from 0.9% in April.The Dallas Federal Reserve's monthly general business services index rose to 6.6 in July from 2.9 in June, above expectations for a 3.8 reading in a Bloomberg-compiled poll, indicating faster expansion.The Richmond Fed's monthly manufacturing index rose to 5 in July from 4 in June, below expectations for 6 in a Bloomberg-compiled survey.

Dow JonesNasdaq CompositeS&P 500$AAPL$GLW$META$MSFT$SKHY$SMH
Asia Markets

Update: US Equity Indexes Mixed as Chipmakers Drop, Pause in Iran Strikes Sinks Crude Oil

(Updates with index/price moves, macroeconomic data and company/geopolitical news from the first paragraph.)US equity indexes traded mixed as concerns over circular investments in the artificial intelligence industry hurt chipmakers and a third consecutive day of pause in Iran strikes sank crude oil.The Dow Jones Industrial Average climbed 0.5% to 52,210.08, and the S&P 500 rose less than 0.1% to 7,413.18 on Monday. The Nasdaq Composite fell 0.2% to 24,932.08.Technology was the third-worst performer after energy and utilities. Among companies with a market capitalization of more than $200 billion, seven of the 10 worst performers were from the semiconductor and semiconductor equipment and materials industries.Nvidia (NVDA) has agreed to expand its partnership with South Korean conglomerate SK Group through an artificial intelligence infrastructure initiative valued at more than $500 billion. The deal announced Saturday includes a long-term partnership between Nvidia and SK Hynix (SKHY) that will provide the US technology giant a stable supply of next-generation AI memory. Nvidia's shares dropped 4.4%, the Dow's steepest decliner. The SK Hynix stock plummeted 5.6%.Separately, Nvidia is in talks to provide a roughly $250 billion financial backstop for Microsoft-backed (MSFT) OpenAI as part of a massive data center project in southern Ohio that could cost more than $500 billion, The Wall Street Journal reported Sunday.The VanEck Semiconductor ETF (SMH), with net assets of $77.2 billion, fell 2.3%.In geopolitical news, the US paused military attacks against Iran over the weekend, while Tehran also refrained from retaliatory action, according to a Commerzbank note. "They asked us very nicely, 'Please stop, let's meet,'" Trump told reporters aboard Air Force One, according to CNN. "And that's where we are right now, see what happens. If we don't make a deal, we go back to the same thing."Messages are still being passed between the sides through mediators, and Iran has not forsaken diplomacy, but reports that Iran is requesting negotiations are "fabricated," Iran's Foreign Ministry Spokesman Esmail Baghaei said on Monday, according to Reuters.Almost all of the 78 vessels that crossed the Strait of Hormuz since Saturday used the route designated by Iran, and none were recorded using the southern route near Oman's coast promoted by the US, CNN cited Mariks, a shipping industry intelligence provider, in its news report.Front-month US West Texas Intermediate sank 8.3% to $81.91 a barrel, and global benchmark North Sea Brent plunged 9.4% to $87.70 a barrel.Most US Treasury yields fell, with the 10-year down three basis points to 4.65% and the two-year lower by 1.1 basis points to 4.32%, as lower crude oil prices bode well for the 2% inflation target.In precious metal markets, gold futures rose 0.3% to $4,083.9, while silver futures edged down 0.2% to $58.80.In economic news, new orders for US durable goods rose by 0.3% in June following a decline of 4.0% in May compared with the expectations for 1.8% in a survey compiled by Bloomberg. Excluding a 0.2% decrease in transportation orders, new orders would have been up 0.6% in June after a 1.8% increase in May. Expectations were for a 0.8% gain.

Dow JonesNasdaq CompositeS&P 500$MSFT$NVDA$SKHY$SMH
Update: Wall Street Wavers as Oil Slides; Fed Decision, Major Earnings in Focus
US Markets

Update: Wall Street Wavers as Oil Slides; Fed Decision, Major Earnings in Focus

(Updates with market moves at the end of the day.)US stocks ended mixed in what turned out to be a choppy session on Monday as oil prices tumbled, with investors awaiting the Federal Reserve's monetary policy decision and major earnings releases.The Dow Jones Industrial Average rose 0.5% to 52,210.08, while the Nasdaq Composite edged down 0.2% to 24,932.08. The S&P 500 settled just above the flatline at 7,413.18. Most sectors were in the green, led by consumer staples, while energy saw the steepest decline.West Texas Intermediate crude oil was down 8% at $82.19 a barrel in Monday late-afternoon trade, while Brent slumped 9.2% to $87.90.US President Donald Trump told Axios on Monday that the US is in "very deep talks" with Iran, though he said military action could resume if diplomacy fails. His remarks came as the US apparently halted strikes against Iran.Oman is conducting talks with Iran, but Qatar, Pakistan and Egypt are also actively involved in the process, Axios reported."While this is the first tangible signal of de-escalation, the reasons behind it are less clear," ING Bank said in a report. "There's little explanation from the US. Also, it hasn't yet led to any meaningful pickup in vessel flows through the Strait of Hormuz."Treasury yields were lower, with the 10-year rate down 3.2 basis points at 4.65% and the two-year rate falling 1.1 basis points to 4.35%.The Federal Open Market Committee kicks off its two-day policy meeting on Tuesday, with a decision on interest rates due the following day. The probability of the central bank leaving its benchmark lending rate unchanged currently stands at 62%, with the remaining odds in favor of a quarter-percentage-point increase, according to the CME FedWatch tool.UBS Securities expects three dissents as a base case, but said it won't be surprised to see two more pushing for a rate hike.Tech giants Microsoft (MSFT), Apple (AAPL), Amazon (AMZN) and Meta Platforms (META) are scheduled to release their latest financial results later this week, along with Visa (V), Mastercard (MA), ExxonMobil (XOM), Coca Cola (KO), Procter & Gamble (PG), Qualcomm (QCOM) and Boeing (BA).In company news, Nvidia (NVDA) has agreed to expand its partnership with South Korean conglomerate SK Group through an artificial intelligence infrastructure initiative expected to be worth more than $500 billion. The deal includes a long-term partnership between Nvidia and SK Hynix (SKHY) that will provide the US technology giant a stable supply of next-generation AI memory.Nvidia's shares dropped 5%, the worst performer on the Dow, while SK Hynix slumped 7.5%.TransDigm Group (TDG) agreed to acquire specialty metal maker Prince & Izant from private equity firm Industrial Growth Partners for about $1.07 billion in cash. TransDigm shares advanced 4%.Gold edged up 0.3% to $4,083.90 per troy ounce, while silver lost 0.2% to $58.80 per ounce.

Dow JonesNasdaq CompositeS&P 500$AAPL$AMZN$BA$KO$MA$META$MSFT$NVDA$PG$QCOM$SKHY$TDG$V$XOM
Japan

US Equity Markets Mixed as Oil Slides on Lull in US-Iran Strikes

US equity indexes were mixed Monday as crude oil declined on a lull in US strikes on Iran, while jitters over the AI trade increased.* The US paused military attacks against Iran over the weekend, while Tehran also refrained from retaliatory action, multiple media outlets reported.* New orders for US durable goods rose 0.3% in June following a decline of 4% in May, compared with expectations for an increase of 1.8% in a survey compiled by Bloomberg.* September West Texas Intermediate crude oil tumbled $7.33 to settle at $81.98 per barrel, while September Brent crude, the global benchmark, was last seen down $9.02 at $87.76.* Salesforce (CRM) shares rose 6.1%, the top gainer on the Dow, after the US Department of Veterans Affairs on Friday awarded the company, through its distribution network, a three-year $1.6 billion agentic enterprise license agreement.* Nvidia (NVDA) agreed to expand its partnership with South Korea's SK Group through an AI infrastructure initiative valued at more than $500 billion that will provide the US company with a stable supply of next-generation AI memory from SK hynix (SKHY). Separately, Nvidia is in talks to provide a $250 billion financial backstop for Microsoft-backed (MSFT) OpenAI as part of a massive data center project in southern Ohio, the Wall Street Journal reported Sunday. Nvidia's shares dropped 5%, the steepest decliner on the Dow.

Dow JonesNasdaq CompositeS&P 500$CRM$MSFT$NVDA$SKHY
Japan

Update: US Equity Indexes Mixed as Tech Heads Lower While Iran Strikes Remain Halted

(Updates with index/price moves and company/geopolitical news from the first paragraph.)US equity indexes traded mixed as investor concerns grew over circular investments in the artificial intelligence industry and as a pause in strikes on Iran entered its third day.The Dow Jones Industrial Average climbed 0.5% to 52,193.5, and the S&P 500 rose 0.1% to 7,419.7 ahead of Monday's close. The Nasdaq Composite slipped less than 0.1% to 24,964.2. Technology was the third-worst performer.Nvidia (NVDA) has agreed to expand its partnership with South Korean conglomerate SK Group through an artificial intelligence infrastructure initiative valued at more than $500 billion. The deal announced Saturday includes a long-term partnership between Nvidia and SK Hynix (SKHY) that will provide the US technology giant a stable supply of next-generation AI memory. Nvidia's shares dropped 4.4%, the Dow's steepest decliner. The SK Hynix stock plummeted 5.6%.Separately, Nvidia is in talks to provide a roughly $250 billion financial backstop for Microsoft-backed (MSFT) OpenAI as part of a massive data center project in southern Ohio that could cost more than $500 billion, The Wall Street Journal reported Sunday.VanEck Semiconductor ETF (SMH), with net assets of $77.2 billion, fell 2.1%.In geopolitical news, the US paused military attacks against Iran over the weekend, while Tehran also refrained from retaliatory action, according to a Commerzbank note. "They asked us very nicely, 'Please stop, let's meet,'" Trump told reporters aboard Air Force One, according to CNN. "And that's where we are right now, see what happens. If we don't make a deal, we go back to the same thing."Iran's Foreign Ministry said there are no current negotiations with the US, CNN reported.Almost all of the 78 vessels that crossed the Strait of Hormuz since Saturday used the route designated by Iran, and none were recorded using the southern route near Oman's coast promoted by the US, CNN cited Marisks, a shipping intelligence group.The front-month US West Texas Intermediate sank 7.8% to $82.39 a barrel, and global benchmark North Sea Brent plunged 8.9% to $88.19 a barrel.

Dow JonesNasdaq CompositeS&P 500$MSFT$NVDA$SKHY$SMH
Wire

Top Midday Decliners

MapLight Therapeutics' (MPLT) shares tumbled 68% even after the company said its phase 2 trial of ML-007C-MA in adults with an acute exacerbation of schizophrenia met the primary endpoint at the twice-daily 210/3 mg dose. The once-daily 330/6 mg dose failed to achieve statistical significance on the primary endpoint, showing only numerical improvement over placebo.Intraday volume topped 5.13 million shares, compared with the daily average of 413,234.AiRWA (YYAI) agreed to buy Hongkong Best Life Trade for a base price of $50 million plus potential performance payouts.The stock plunged 74% with volume topping 2.05 million shares, compared with the daily average of 19,642.Nvidia (NVDA) agreed to expand its partnership with South Korean conglomerate SK Group through an AI infrastructure initiative valued at more than $500 billion.Nvidia dropped 5% as volume topped 100.3 million shares, compared with the daily average of 154.5 million.SK hynix (SKHY), part of the SK Group, fell 7.6% as volume topped 40.5 million shares, compared with the daily average of 55.5 million.Price: $11.52, Change: $-25.04, Percent Change: -68.49%

$MPLT$NVDA$SKHY$YYAI
Update: Equities Mixed Intraday as Markets Await Fed Decision, More Earnings Reports
US Markets

Update: Equities Mixed Intraday as Markets Await Fed Decision, More Earnings Reports

(Updates with latest market prices and developments.)US stocks were mixed intraday amid a sharp pullback in oil prices, as traders prepared for the Federal Reserve's policy decision and mega-cap earnings reports later in the week.The Nasdaq Composite was down 0.6% at 24,834.6 after midday Monday, while the S&P 500 fell 0.3% to 7,390.2. The Dow Jones Industrial Average rose 0.2% to 52,031.4. Among sectors, communication services paced the gainers, while technology saw the steepest decline.West Texas Intermediate crude oil dropped 7.5% to $82.61 a barrel, while Brent slumped 8% to $89.09.US President Donald Trump told Axios on Monday that the US is in "very deep talks" with Iran, though he said military action could resume if diplomacy fails. His remarks came as the US apparently halted strikes against Iran.The US military struck Iran for the 13th straight night on Thursday, with Iran launching its retaliatory attacks across Gulf states. There hasn't been an announcement on fresh US strikes since then.Oman is conducting talks with Iran, but Qatar, Pakistan and Egypt are also actively involved in the process, Axios reported."While this is the first tangible signal of de-escalation, the reasons behind it are less clear," ING Bank said in a report. "There's little explanation from the US. Also, it hasn't yet led to any meaningful pickup in vessel flows through the Strait of Hormuz."Treasury yields were lower intraday, with the 10-year rate down 3.2 basis points at 4.65% and the two-year rate falling 1.3 basis points to 4.32%.The Federal Open Market Committee kicks off its two-day policy meeting on Tuesday, with a decision on interest rates due the following day. The probability of the central bank leaving its benchmark lending rate unchanged currently stands at 62%, with the remaining odds in favor of a quarter-percentage-point increase, according to the CME FedWatch tool."In our view, in the event of a rate hold there are likely to be dissents with the number hinging on the extent to which the statement language shifts in a hawkish direction," Macquarie said Monday in a report.While the firm expects no change to the federal funds rate this week, it continues to project a hike, most likely in December.Tech giants Microsoft (MSFT), Apple (AAPL), Amazon (AMZN) and Meta Platforms (META) are scheduled to release their latest financial results later this week, along with Visa (V), Mastercard (MA), ExxonMobil (XOM), Coca Cola (KO), Procter & Gamble (PG), Qualcomm (QCOM) and Boeing (BA).In company news, Nvidia (NVDA) has agreed to expand its partnership with South Korean conglomerate SK Group through an artificial intelligence infrastructure initiative expected to be worth more than $500 billion. The deal includes a long-term partnership between Nvidia and SK Hynix (SKHY) that will provide the US technology giant a stable supply of next-generation AI memory.Nvidia's shares dropped 5.2% intraday, the worst performer on the Dow, while SK Hynix slumped 9.6%.TransDigm Group (TDG) agreed to acquire specialty metal maker Prince & Izant from private equity firm Industrial Growth Partners for approximately $1.07 billion in cash. TransDigm shares rose 3.4% intraday.Gold edged up 0.2% $4,077.40 per troy ounce, while silver lost 0.2% to $58.77 per ounce.

Dow JonesNasdaq CompositeS&P 500$AAPL$AMZN$BA$KO$MA$META$MSFT$NVDA$PG$QCOM$SKHY$TDG$V$XOM
Asia Markets

Update: US Equity Indexes Mixed as Tech Heads Lower, Crude Oil Sinks on Pause in Iran Strikes

(Updates with index/price moves, macroeconomic data, and company/geopolitical news from the first paragraph.)US equity indexes traded mixed as investor concerns grew over circular investments in the artificial intelligence industry and as crude oil prices plunged after a pause in Iran strikes entered its third day.The Dow Jones Industrial Average climbed 0.2% to 52,022.2 after midday Monday. The Nasdaq Composite retreated 0.7% to 24,809.9, and the S&P 500 declined 0.4% to 7,385.5.Energy and technology led decliners while communication services and consumer staples topped the gainers.Nvidia (NVDA) has agreed to expand its partnership with South Korean conglomerate SK Group through an artificial intelligence infrastructure initiative valued at more than $500 billion. The deal announced Saturday includes a long-term partnership between Nvidia and SK Hynix (SKHY) that will provide the US technology giant a stable supply of next-generation AI memory. Nvidia's shares dropped 5.1%, the Dow's steepest decliner. The SK Hynix stock plummeted 9.6%.VanEck Semiconductor ETF (SMH), with net assets of $77.2 billion, slumped 3.7%.In geopolitical news, the US paused military attacks against Iran over the weekend, while Tehran also refrained from retaliatory action, according to a Commerzbank note. Meanwhile, Oman and Iran continued discussions on a transit arrangement for the Strait of Hormuz, with diplomats describing the negotiations as "moving in the right direction." Iranian officials likewise characterized the talks as "constructive."Mediators have achieved progress in getting the US and Iran back to negotiations, the Associated Press reported, citing regional officials. The two regional officials said mediators led by Qatar and Pakistan were working to bridge the gap between Washington and Tehran to return to an interim ceasefire deal that had collapsed after the exchanges of fire, the news report said.The front-month US West Texas Intermediate sank 7.4% to $82.72 a barrel, and global benchmark North Sea Brent plunged 8% to $89.06 a barrel.Most US Treasury yields fell, with the 10-year down 3.4 basis points to 4.65% and the two-year lower by 1.9 basis points to 4.31%.In precious metal markets, gold futures rose 0.4% to $4,087.1, and silver futures edged up 0.2% to $59.05.Further in company news, Forte Biosciences (FBRX) shares surged 40% after the company agreed to be acquired by Belgian-Dutch immunology firm argenx (ARGX) in a deal worth about $2.2 billion.Baker Hughes (BKR) shares jumped 6.6% after the company posted Q2 adjusted earnings and revenue that topped analysts' expectations.In economic news, new orders for US durable goods rose by 0.3% in June following a decline of 4.0% in May compared with the expectations for a larger increase of 1.8% in a survey compiled by Bloomberg. Excluding a 0.2% decrease in transportation orders, new orders would have been up 0.6% in June after a 1.8% increase in May. Expectations were for a 0.8% gain.The Dallas Fed's monthly manufacturing index rose to 1.3 in July from zero in June, below expectations for a 2.0 print.

Dow JonesNasdaq CompositeS&P 500$ARGX$BKR$FBRX$NVDA$SKHY$SMH
Japan

US Equity Indexes Mixed, Crude Oil Sinks in Midday Trading

(Updates with index/price moves and company/geopolitical news from the first paragraph.)US equity indexes traded mixed amid growing investor concerns over circular corporate investments and as crude oil prices plunged after a pause in Iran strikes entered its third day.The Dow Jones Industrial Average climbed 0.6% to 52,249.1, and the S&P 500 rose 0.1% to 7,420.2 after midday Monday. The Nasdaq Composite was little changed at 24,972.6.Energy and technology led decliners while communication services, consumer staples, and consumer discretionary topped the gainers.Nvidia (NVDA) has agreed to expand its partnership with South Korean conglomerate SK Group through an artificial intelligence infrastructure initiative valued at more than $500 billion. The deal announced Saturday includes a long-term partnership between Nvidia and SK Hynix (SKHY) that will provide the US technology giant a stable supply of next-generation AI memory. Nvidia's shares dropped 4.5%, one of the bottom five in the Dow. The SK Hynix stock plummeted 8%.VanEck Semiconductor ETF (SMH), with net assets of $77.2 billion, slumped 4.4%.Meanwhile, the US paused military attacks against Iran over the weekend, while Tehran also refrained from retaliatory action, according to a Commerzbank note. Meanwhile, Oman and Iran continued discussions on a transit arrangement for the Strait of Hormuz, with diplomats describing the negotiations as "moving in the right direction." Iranian officials likewise characterized the talks as "constructive."The front-month US West Texas Intermediate sank 6.3% to $83.65 a barrel, and global benchmark North Sea Brent plunged 6.9% to $90.09 a barrel.

Dow JonesNasdaq CompositeS&P 500$NVDA$SKHY$SMH
Wire

Top Midday Stories: Nvidia Enters Into $500 Billion Partnership With SK Group; AstraZeneca Earnings Top Estimates

The Dow Jones Industrial Average was up, while the S&P 500 and Nasdaq Composite were down in late-morning trading Monday, as oil prices fell amid a pause in the hostilities between US and Iran over the weekend.In company news, Nvidia (NVDA) has agreed to expand its partnership with South Korean conglomerate SK Group with a more than $500 billion artificial intelligence infrastructure initiative. The deal announced Saturday includes a long-term partnership between Nvidia and SK Hynix (SKHY) that will provide the US technology giant a stable supply of next-generation AI memory. They will also jointly co-develop next-generation AI memory solutions that include high-bandwidth memory chips intended for AI training, AI agents and physical AI applications. Nvidia shares were down 5.1% around midday, while SK Hynix shares were down 8.8%.Further, Nvidia is in talks to provide a roughly $250 billion financial backstop for Microsoft (MSFT)-backed OpenAI as part of a massive data center project in southern Ohio that could cost more than $500 billion, The Wall Street Journal reported Sunday, citing unnamed sources familiar with the matter. The guarantees would help OpenAI secure financing to lease a 10-gigawatt campus being developed by SoftBank-owned SB Energy. Nvidia is also discussing financing for up to $350 billion in AI chip purchases, according to the report.AstraZeneca (AZN) reported Q2 core earnings Monday of $2.63 per diluted share, up from $2.17 a year earlier and above the FactSet consensus analyst estimate of $2.49. Q2 revenue was $15.38 billion, up from $14.46 billion a year ago and below the FactSet consensus of $15.43 billion. For 2026, the company continues to expect core EPS to rise by a low double-digit percentage and revenue to grow by a mid-to-high single-digit percentage. Analysts are looking for $10.24 and $63.18 billion, respectively. The company also raised its interim dividend by 3 cents to $1.06 per share. AstraZeneca shares were up 1.2%.United Airlines (UAL) pitched a merger deal to Delta Air Lines (DAL) last year, but the talks fizzled out without a deal after Delta declined to pursue the proposal, The Wall Street Journal reported Sunday, citing sources familiar with the matter. Sources told the news outlet that discussions reached preliminary due diligence, where Delta Air Lines management assessed the potential merger. The proposal came before President Donald Trump's return to office, when companies anticipated a more favorable regulatory backdrop for major mergers, according to the report. United Airlines shares were up 1%, while Delta Air Lines shares were up 1.5%.Baker Hughes (BKR) reported Q2 adjusted earnings Sunday of $0.64 per diluted share, up from $0.63 a year earlier and above the FactSet consensus analyst estimate of $0.49. Q2 revenue was $6.74 billion, down from $6.91 billion a year ago and above the FactSet consensus of $6.51 billion. Baker Hughes also maintained its quarterly dividend at $0.23 per share, payable on Aug. 17 to holders of record on Aug. 7. Further, the company said that its total orders stood at $10.50 billion in Q2, a 49% jump from $7.03 billion a year earlier, as orders under the industrial and energy technology segment doubled. Segment orders in the quarter surged year over year to $7.09 billion from $3.53 billion, led by the gas technology product line. Segment revenue also steadied at $3.29 billion, data showed. Baker Hughes shares were up 5.8%.DeepSeek has suspended its second fundraising round after informing some prospective investors that investment agreements would not be signed as expected, Bloomberg reported Saturday, citing people familiar with the matter. The pause followed viral online posts widely attributed to founder Liang Wenfeng about US-China artificial intelligence competition. Bloomberg could not verify the authenticity of the posts. DeepSeek had been seeking to raise at least 10 billion yuan at a pre-money valuation of at least 480 billion yuan and is preparing for an initial public offering that could be filed as early as this year, according to the report.Price: $196.23, Change: $-10.61, Percent Change: -5.13%

$AZN$BKR$DAL$MSFT$NVDA$SKHY$UAL
Nvidia Strikes $500-Billion-Plus AI Infrastructure Partnership With SK Group
US Markets

Nvidia Strikes $500-Billion-Plus AI Infrastructure Partnership With SK Group

Nvidia (NVDA) has agreed to expand its partnership with South Korean conglomerate SK Group with a more than $500 billion artificial intelligence infrastructure initiative.The deal announced Saturday includes a long-term partnership between Nvidia and SK hynix (SKHY) that will provide the US technology giant a stable supply of next-generation AI memory. They will also jointly co-develop next-generation AI memory solutions that include high-bandwidth memory chips intended for AI training, AI agents and physical AI applications.Also part of the agreement is the recently-announced plan by SK Telecom to build a 2-gigawatt-scale AI cloud in its home country using the Nvidia DSX platform. The infrastructure will also be powered by Nvidia Vera Rubin chips."Together with SK Telecom and SK hynix, we are building a new generation of AI factories that will power Korea's next wave of growth," Nvidia Chief Executive Jensen Huang said.Nvidia and SK Group said they have signed letters of intent to formalize the agreement. The first AI factory to be built under their AI cloud collaboration is expected to begin operations in 2027.The goal is to speed up development of large-scale AI infrastructure to meet growing AI demand across the Asia-Pacific region, they said."By leveraging SK hynix's AI memory and SK Telecom's AI infrastructure capabilities, SK will collaborate with Nvidia to build a world-class AI factory, helping Korea transcend its role as a leading adopter of AI and become a global hub that drives AI innovation," SK Group Chairman Chey Tae-won said.Shares of Nvidia were down 3.7% in Monday morning trade, while SK hynix was more than 9% lower.Price: $201.07, Change: $-5.77, Percent Change: -2.79%

$NVDA$SKHY
Sectors

Sector Update: Tech Stocks Fall Late Afternoon

Tech stocks were lower late Friday afternoon, with the State Street Technology Select Sector SPDR ETF (XLK) decreasing 1.7% and the State Street SPDR S&P Semiconductor ETF (XSD) falling 5.4%.The Philadelphia Semiconductor index dropped 4.7%.In sector news, President Donald Trump said Friday on Truth Social his administration is opening a Section 301 investigation into the EU over fines it has levied against companies including Apple (AAPL), Meta (META), Amazon.com (AMZN) and Alphabet's (GOOGL) Google. "The European Union will pay a very big price for this illegal and highly unethical conduct, which I have consistently warned them about," Trump said.In corporate news, Qualcomm (QCOM) told customers it is raising prices by a percentage in the double digits, Bloomberg reported, citing a copy of a letter it viewed. Qualcomm shares were down 2.7%.Oracle (ORCL) has secured a 10-year enterprise software contract worth about $7 billion with the US Department of Defense. Oracle shares were shedding 4.2%.Salesforce (CRM) shares gained 4.4% after it said Friday the US Department of Veterans Affairs awarded the company, through its distribution network, a three-year $1.6 billion agentic enterprise license agreement.SK Hynix (SKHY) and Samsung Electronics are set to sign large supply deals with US technology firms during President Lee Jae Myung's visit to San Francisco, several media outlets reported Friday, citing a senior presidential official. SK Hynix shares were down 9.2%.

$CRM$ORCL$QCOM$SKHY
Sectors

Sector Update: Tech

Tech stocks were lower late Friday afternoon, with the State Street Technology Select Sector SPDR ETF (XLK) decreasing 1.7% and the State Street SPDR S&P Semiconductor ETF (XSD) falling 5.4%.The Philadelphia Semiconductor index shed 4.7%.In corporate news, SK Hynix (SKHY) and Samsung Electronics are set to sign large supply deals with US technology firms during President Lee Jae Myung's visit to San Francisco, several media outlets reported Friday, citing a senior presidential official. SK Hynix shares were down 8.9%.

$SKHY
Wire

SK Hynix, Samsung Reportedly to Sign Major Chip Deals With US Tech Firms

SK Hynix (SKHY) and Samsung Electronics, the South Korean chipmaking giants, are set to sign large supply deals with US technology firms during President Lee Jae Myung's visit to San Francisco, several media outlets reported Friday, citing a senior presidential official.Kim Yong-beom, the president's policy adviser, told reporters Thursday that the firms would announce long-term memory chip supply contracts that are expected to have "very large and meaningful figures," according to Reuters.President Lee is visiting San Francisco on Friday and Saturday and is scheduled to meet with US technology executives, including Nvidia (NVDA) CEO Jensen Huang and OpenAI CEO Sam Altman, the report said.SK Hynix and Samsung Electronics did not immediately respond to' request for comment.Price: $154.38, Change: $-15.12, Percent Change: -8.92%

$NVDA$SKHY
Asia Markets

Update: US Equity Futures Drop Pre-Bell as Oil Prices Jump Amid Lack of Progress in US-Iran Talks

(Updates with economic data, recent oil price movement, world markets' overview and corporate stock movements.)US equity futures were lower pre-bell Wednesday as oil prices rose following US Secretary of State Marco Rubio's statement that Iran was not taking negotiations seriously.Dow Jones Industrial Average futures were 0.2% lower, S&P 500 futures were down 0.4%, and Nasdaq futures were 1% lower.US Central Command said in a post on X that it completed the 11th straight day of attacks against Iran, stating that the Strait of Hormuz "remains open for commercial vessel transit.""The problem we're having right now is that they're not serious about talks. If they're serious, we're serious. If they're not, then we will do what's necessary to protect our interests, and also the interests of our allies," Rubio said during the ASEAN Foreign Ministers' meeting in the Philippines, according to multiple media reports.Traders also took note of the latest round of earnings, with Philip Morris International (PM) reporting higher Q2 adjusted earnings and net revenue.Alphabet (GOOG, GOOGL) is expected to report its Q2 earnings after the market closes. Analysts polled by FactSet expect earnings of $2.88 per share on revenue of $117.06 billion.Oil prices were higher, with front-month global benchmark North Sea Brent crude up 3.1% at $93.84 per barrel and US West Texas Intermediate crude 2.8% higher at $86.70 per barrel.The Atlanta Fed Business Inflation Expectations survey for July is expected at 10 am ET.In other world markets, Japan's Nikkei closed 0.2% lower, Hong Kong's Hang Seng ended 1% lower, and China's Shanghai Composite finished 0.1% higher. Meanwhile, the UK's FTSE 100 was up 1.5%, and Germany's DAX index was 0.3% higher in Europe's early afternoon session.In equities, Super Micro Computer (SMCI) stock was up 14% after the company said it expects fiscal Q4 gross margins of 15% to 17%, significantly above its 8.2% to 8.4% forecast due to a favorable customer and product mix. AT&T (T) shares rose 4.2% after the company reported better-than-expected Q2 adjusted earnings. Energy-related stocks rose along with oil prices, including Exxon Mobil (XOM), which was up 1%, and Chevron (CVX), which was 1% higher.On the losing side, Philip Morris shares were down 1.9% after the company issued lower-than-expected guidance for Q3. SK hynix (SKHY) stock was down 7.1% after a Korea JoongAng Daily report on Tuesday that the company is considering acquiring Intel's (INTC) semiconductor campus in New Albany, Ohio, which the South Korean chipmaker denied in a Korea Exchange filing. GE Vernova (GEV) shares fell 5.1% after the company posted a Q2 earnings miss.

Dow JonesNasdaq CompositeS&P 500$CVX$GEV$GOOG$GOOGL$INTC$PM$SKHY$SMCI$T$XOM
Asia Markets

Update: Potential Middle East Ceasefire Lifts US Equity Futures Pre-Bell

(Updates with economic data, recent oil price movement, world markets' overview and corporate stock movements.)US equity futures were higher pre-bell Tuesday as traders digested new efforts by mediators to put peace talks between the US and Iran back on track.Dow Jones Industrial Average futures were 0.3% higher, S&P 500 futures were up 0.4%, and Nasdaq futures were 1.3% higher.The US Central Command said it completed another round of attacks against Iran on Monday evening, as news reports said Tuesday that Iran-backed Houthis in Yemen are planning a naval blockade on Saudi Arabia.Mediators are proposing a 10-day ceasefire between the two nations, giving hope that hostilities may de-escalate. Iranian Interior Minister Eskandar Momeni has asked Pakistan to resume its mediation role in the conflict and traveled to Islamabad for further discussions, according to a Reuters report.Traders took note of the latest round of earnings, with Novartis (NVS) reporting lower core earnings and higher net sales for Q2.Interactive Brokers Group (IBKR) is expected to report its Q2 financial results after the market closes. Analysts polled by FactSet expect adjusted earnings of $0.64 per share and revenue of $1.8 billion.Oil prices were higher, with front-month global benchmark North Sea Brent crude up 1.8% at $90.83 per barrel and US West Texas Intermediate crude 1.8% higher at $83.97 per barrel.The economic calendar is vacant.In other world markets, Japan's Nikkei closed 3.3% higher, Hong Kong's Hang Seng ended flat, and China's Shanghai Composite finished 1.8% higher. Meanwhile, the UK's FTSE 100 was up 0.1%, and Germany's DAX index was 0.1% higher in Europe's early afternoon session.In equities, Micron Technology (MU) and SK Hynix (SKHY) stocks were up 5.6% and 5.4%, respectively, as part of a broader rebound in technology-related stocks. Novartis shares rose 3.2% after the company reported Q2 core earnings and net sales that surpassed analysts' consensus estimates. 3M (MMM) stock was up 6% after the company posted a Q2 beat for adjusted earnings and revenue, as well as raised its fiscal 2026 adjusted earnings outlook.On the losing side, Charles Schwab (SCHW) stock was down 1.3% despite the company's Q2 adjusted earnings and net revenue exceeding analysts' estimates. Danaher (DHR) shares dropped 13% despite the company reporting Q2 earnings and revenue above expectations, and raising its 2026 earnings guidance.

Dow JonesNasdaq CompositeS&P 500$DHR$IBKR$MMM$MU$NVS$SCHW$SKHY
Asia Markets

Update: US Equity Futures Edge Higher Pre-Bell as Traders Monitor Middle East Situation, Anticipate Week's Tech Earnings

(Updates with economic data, recent oil price movement, world markets' overview and corporate stock movements.)US equity futures were higher pre-bell Monday as traders monitored the latest developments in the Middle East conflict and look forward to earnings from several tech giants this week.Dow Jones Industrial Average futures were 0.2% higher, S&P 500 futures were up 0.4%, and Nasdaq futures were 0.9% higher.US Central Command said in a post on X that it successfully completed a ninth consecutive evening of strikes against Iran in a continuing effort to diminish its ability to attack commercial vessels transiting the Strait of Hormuz.Despite the constant exchange of attacks between both sides, Iran's Foreign Ministry spokesman Esmail Baghaei said that negotiations with the US could be pursued based on national interests.Alphabet (GOOG, GOOGL), Tesla (TSLA), Intel (INTC), and Texas Instruments (TXN) are set to release their financial results this week. Anticipated earnings also include GE Vernova (GEV), Philip Morris International (PM), RTX (RTX),and American Express (AXP).Oil prices were higher, with front-month global benchmark North Sea Brent crude up 0.5% at $88.52 per barrel and US West Texas Intermediate crude 0.1% higher at $81.88 per barrel.June's leading indicators data is scheduled to be released 10 am ET.In other world markets, Hong Kong's Hang Seng ended 2.4% higher and China's Shanghai Composite finished 0.9% higher. Japan's Nikkei was closed due to a public holiday. Meanwhile, the UK's FTSE 100 was down 0.2%, and Germany's DAX index was 0.3% higher in Europe's early afternoon session.In equities, semiconductor stocks, including Micron Technology (MU), SK Hynix (SKHY), and AMD (AMD), were up in premarket activity. Micron Technology shares rose 4.8%, SK Hynix stock was up 5.3%, and AMD shares were 3.9% higher. Domino's Pizza (DPZ) stock was up 6.7% after the company reported higher fiscal Q2 earnings and revenue.On the losing side, Ryanair (RYAAY) stock was down 2.5% after the company posted fiscal Q1 earnings and revenue that missed analysts' consensus estimates.

Dow JonesNasdaq CompositeS&P 500$AMD$AXP$DPZ$GEV$GOOG$GOOGL$INTC$MU$PM$RTX$RYAAY$SKHY$TSLA$TXN
Asia Markets

Update: US Equity Futures Edging Lower Pre-Bell as Traders Cautious on Tech, US Strikes Iran Targets Anew

(Updates with economic data, recent oil price movement, world markets' overview and corporate stock movements.)US equity futures were edging lower pre-bell Thursday as traders saw tech stocks trend downwards and the US unleashed another round of strikes against Iran.Dow Jones Industrial Average futures were 0.1% higher, S&P 500 futures were down 0.4%, and Nasdaq futures were 1% lower.SK Hynix (SKHY) stock fell more than 11% in Seoul and 8% in premarket activity on the Nasdaq.US Central Command said in a post on X that it completed another wave of attacks against Iran, holding the nation "accountable" at the direction of President Donald Trump.Iran warned that it would hit key infrastructure in the Gulf region if the US followed through on Trump's threats on Tuesday to strike Iranian infrastructure such as bridges and power plants if progress on peace talks was not achieved.Traders took note of the latest round of earnings with Taiwan Semiconductor Manufacturing (TSM) posting higher Q2 earnings and revenue.Oil prices were higher, with front-month global benchmark North Sea Brent crude up 1.3% at $86.06 per barrel and US West Texas Intermediate crude 1.3% higher at $80.66 per barrel.US retail sales rose by 0.2% in June, following a 1.0% gain in the prior month and meeting expectations in a survey compiled by Bloomberg. Initial jobless claims dropped to 208,000 in the week ended July 11 from 216,000 in the previous week, compared with expectations for an increase to 217,000. The Philadelphia Federal Reserve's monthly manufacturing index rose to 41.4 in July from 10.3 in June, compared with expectations for a smaller increase to a reading of 12.5.The July US housing market index, slated for 10 am ET, is expected at 35, unchanged from the prior month. Pending home sales for June are expected to decline by 0.5% after a gain of 3.8% in the prior month.Federal Reserve Dallas President Lorie Logan, Kansas City President Jeffrey Schmid, and Vice Chair Philip Jefferson are slated to speak on Thursday.In other world markets, Japan's Nikkei closed 2.8% lower, Hong Kong's Hang Seng ended 1.3% higher, and China's Shanghai Composite finished 1.9% lower. Meanwhile, the UK's FTSE 100 was down 0.4%, and Germany's DAX index was 0.9% lower in Europe's early afternoon session.In equities, Taiwan Semiconductor Manufacturing shares were 4.2% lower despite the company's Q2 earnings and revenue surpassing analysts' consensus estimates. Stocks of STMicroelectronics (STM), Western Digital (WDC), and Seagate Technology (STX) were down as part of a larger decline in the tech sector. STMicroelectronics shares fell 4.8%, Western Digital stock was down 7.7%, and Seagate Technology shares dropped 6.5%.On the winning side, UnitedHealth Group (UNH) stock was up 6.7% after the company reported Q2 adjusted earnings and revenue that beat analyst estimates, as well as boosting its 2026 outlook. Baidu (BIDU) stock was up 2.1% after the company said its board approved a plan to pursue a voluntary conversion to a dual-primary listing on the Hong Kong Stock Exchange, while maintaining its primary listing on the Nasdaq.

Dow JonesNasdaq CompositeS&P 500$BIDU$SKHY$STM$STX$TSM$UNH$WDC
Japan

US Equity Futures Mixed Pre-Bell as Traders Cautious on Tech, US Strikes Iran Targets Anew

US equity futures were mixed pre-bell Thursday as traders saw tech stocks trend downwards and the US unleashed another round of strikes against Iran.Dow Jones Industrial Average futures were 0.2% higher, S&P 500 futures were down 0.2%, and Nasdaq futures were 0.8% lower.SK Hynix (SKHY) stock fell more than 11% in Seoul and 5% in premarket activity on the Nasdaq.US Central Command said in a post on X that it completed another wave of attacks against Iran, holding the nation "accountable" at the direction of President Donald Trump.Iran warned that it would hit key infrastructure in the Gulf region if the US followed through on Trump's threats on Tuesday to strike Iranian infrastructure such as bridges and power plants if progress on peace talks was not achieved.Traders took note of the latest round of earnings with Taiwan Semiconductor Manufacturing (TSM) posting higher Q2 earnings and revenue.Oil prices were lower, with front-month global benchmark North Sea Brent crude down 0.5% at $84.52 per barrel and US West Texas Intermediate crude 0.3% lower at $79.37 per barrel.The June retail sales report, slated for 8:30 am ET, is forecast to show a 0.2% increase following a 0.9% gain in the previous month, according to estimates compiled by Bloomberg. The weekly jobless claims bulletin is expected to show 217,000 new unemployment claims for the week ended July 11, up from 215,000 in the prior week. The Philadelphia Fed's regional manufacturing index for July is seen coming in at 12.5, up from 10.3 posted previously.The July US housing market index, slated for 10 am ET, is expected at 35, unchanged from the prior month. Pending home sales for June are expected to decline by 0.5% after a gain of 3.8% in the prior month.Federal Reserve Dallas President Lorie Logan, Kansas City President Jeffrey Schmid, and Vice Chair Philip Jefferson are slated to speak on Thursday.

Dow JonesNasdaq CompositeS&P 500$SKHY$TSM

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