Market News

Overnight Developments US Strikes a Dozen Iranian Targets Overnight — CNBC The US launched a fresh wave of strikes on roughly a dozen Iranian targets late Wednesday, retaliating for Iranian missile attacks on American forces in the region and ending the brief pause in hostilities that began in late July. Iran’s Revolutionary Guard has threatened further escalation. Notably, oil is not confirming the escalation — Brent is down 0.7% to $90.10 and WTI down 1.2% to $83.49, suggesting traders have largely priced in a conflict that has run since late February. Gold at $4,140 (+2.6%) is the clearer risk signal. Affected sectors: Energy, Shipping, Defense, Aviation ...

Market Snapshot Index Close Change % Change S&P 500 7,437.63 +121.48 +1.66% NASDAQ 25,122.18 +679.24 +2.78% DOW 52,208.06 +613.92 +1.19% Russell 2000 2,946.10 +39.79 +1.37% VIX 17.09 -3.57 -17.28% A full reversal of Wednesday’s Fed-driven selloff, and then some. The NASDAQ posted its best day since June, powered almost single-handedly by Microsoft. Volatility collapsed 17%. Breaking News & Macro Events Microsoft Jumps 15% as Azure Posts Fastest Cloud Growth Since 2022 — Bloomberg Microsoft closed +15.5% at $451.10 after fiscal Q4 revenue of $90.0 billion (+18%) beat the $87.6B consensus, with Azure growing 43% — the fastest quarterly cloud growth since early 2022 and ahead of the ~40% expected. EPS came in at $4.81, and Microsoft 365 Copilot crossed 30 million paid seats. The read-through was immediate and broad: the semiconductor complex rallied hard, with Intel +11.3%, TSM +7.6%, and SMCI +7.9%. After Wednesday’s AI-trade de-risking, this print told the market the hyperscaler capex cycle is still accelerating, not rolling over. ...

Market Snapshot Index Close Change % Change S&P 500 7,316.15 -112.63 -1.52% NASDAQ 24,442.94 -433.97 -1.74% DOW 51,594.14 -1,153.18 -2.19% Russell 2000 2,906.31 -47.49 -1.61% VIX 20.66 +2.46 +13.52% Broad-based risk-off session. Every major index fell more than 1.5%, the Dow led losses at -2.19%, and the VIX pushed back above 20 for the first time in weeks. The damage concentrated in the speculative end of the market: AI infrastructure, small modular nuclear, and fintech names dropped 7–14%, while gold (+2.1%) and crude (+2.5%) rallied. ...

Overnight Developments China Begins Mass-Producing DUV Lithography, Breaking ASML’s Monopoly — China Daily / Bloomberg A Shanghai-based, state-backed manufacturer has entered mass production of domestically developed immersion deep-ultraviolet lithography systems — the category ASML has effectively owned for years. The report landed alongside Chinese memory maker CXMT’s STAR Market debut, which skyrocketed over 400%, and together they reframed China from “years behind” to “credible competitor” in the minds of Asian investors. The re-rating hit equipment and memory names hardest, since both face direct Chinese substitution rather than a demand problem. ...

Market Snapshot Index Close Change % Change S&P 500 7,428.78 +15.60 +0.21% NASDAQ 24,876.91 -55.17 -0.22% DOW 52,747.32 +537.24 +1.03% Russell 2000 2,953.80 +5.77 +0.20% VIX 18.21 -0.46 -2.46% A split tape. The Dow tacked on 537 points while the NASDAQ closed red — the rotation out of semis and speculative growth into cyclicals kept broad indices nearly flat and masked violent moves underneath. Breaking News & Macro Events Oil Prices Plunge as US-Iran Tensions Ease — CNBC Crude gave back its war premium in a single session, with WTI down 3.2% to $78.97 and Brent off 3.9% to $83.80. The catalyst: strikes on Iran were suspended to allow negotiations, and US and Omani intermediaries met to restore normal shipping through the Strait of Hormuz. Roughly 20% of global oil flows through that chokepoint, so the de-escalation removes the single largest supply-risk bid in the energy complex. The relief is real but the agreement is fragile — this is a repricing of probability, not a resolution. ...

Market Snapshot Index Close Change % Change S&P 500 7,413.18 +1.20 +0.02% NASDAQ 24,932.08 -43.74 -0.18% DOW 52,210.08 +262.83 +0.51% Russell 2000 2,948.03 +18.04 +0.62% VIX 18.67 +0.10 +0.54% Headline indices masked a violent rotation underneath: the Dow and Russell 2000 led while the Nasdaq closed red, dragged by a sharp semiconductor selloff. Breaking News & Macro Events US and Iran Pause Military Strikes; Oil Tumbles — Bloomberg A fragile memorandum of understanding paused US–Iran military strikes, triggering a relief rally across risk assets and collapsing the geopolitical premium in crude. WTI fell 3.91% to $81.88 and Brent dropped 5.63% to $87.64 — the single largest input into today’s cross-asset move. The Strait of Hormuz remains a live vulnerability, so the de-escalation is best read as a pause rather than a resolution. ...

Overnight Developments Middle East tensions push oil higher — CNBC Crude climbed roughly 4-5% overnight, with Brent trading near $98.61 and WTI breaking $90, after Iran-aligned Houthi forces struck two Saudi oil tankers in the Red Sea and President Trump threatened to bomb Iranian infrastructure over any interference with shipping through the Strait of Hormuz. The move rekindles inflation and shipping-cost concerns. Affected sectors: Energy, Transportation, Consumer, Utilities New 50% tariff on Canadian imports — CNBC The administration unveiled an additional 50% tariff on a range of Canadian goods, citing unfair trade practices. The measure adds fresh supply-chain and input-cost uncertainty for industrials, autos, and materials. Affected sectors: Industrials, Materials, Consumer ...

Overnight Developments No major geopolitical or macro surprises overnight — ECB held steady as expected and there were no new tariff or rate shocks. The story this morning is a watchlist earnings mover. Alphabet delivers Q2 beat, Cloud revenue surges 82% — Seeking Alpha Alphabet topped Q2 estimates with $119.8B revenue (vs. $116.8B expected) and $9.11 EPS, powered by Google Cloud growth of 82% to $24.8B. Shares initially dipped after-hours on raised capex guidance ($195–205B) but reversed to +3% in pre-market as investors leaned into the cloud momentum. Affected sectors: Tech, Cloud, AI infrastructure ...

Market Snapshot Index Close Change % Change S&P 500 7,408.30 -90.66 -1.21% NASDAQ 25,137.69 -553.21 -2.15% DOW 51,711.65 -506.93 -0.97% Russell 2000 2,940.16 -19.78 -0.67% VIX 18.70 +2.00 +11.98% A broad risk-off session: the Nasdaq led losses as megacap tech sold off on AI-capex fears, and the VIX jumped nearly 12% back toward the high-teens. Breaking News & Macro Events Oil Surges on Middle East Escalation; Houthi Attacks on Saudi Tankers — CNBC Two Saudi oil tankers were reportedly attacked in the Red Sea, sending Brent crude above $100/barrel and WTI up nearly 4% toward $92. The move stoked inflation fears and pushed the 10-year Treasury yield to the year’s highs — a double blow for equity valuations already stretched on AI spending. ...

Overnight Developments The broad tape is quiet — index futures are flat and overseas markets are calm — but several watchlist names are making outsized moves on company-specific catalysts after last night’s earnings and contract news. Futures & Pre-Market Index Futures Change S&P 500 7,530.75 -0.06% NASDAQ 29,164.50 -0.11% DOW 52,419.00 +0.07% Watchlist Movers SMCI up ~16% pre-market — Super Micro reported strong Q4 FY2026 results after the close, highlighting a record ~$60B backlog and raising gross-margin guidance to 15–17% (up from prior single-digit levels) on a more favorable product and customer mix. RKLB up ~3–5% pre-market — Rocket Lab won a $266M U.S. Space Force contract for up to 12 suborbital launches out of the Pacific Spaceport Complex in Alaska, with work running through 2028. OKLO trading volatile — choppy action as investors focus on the company’s July reactor milestone; sources point in both directions, so watch the open for a clear read. International Markets Asia was mixed and quiet (Nikkei +0.07%, Shanghai +0.06%, Hang Seng -0.95%). Europe is modestly higher (FTSE 100 +1.16%, DAX +0.61%). Nothing overseas suggests a macro shock into the US open. ...