📅 Economic Releases
| Time (ET) | Event | Impact |
|---|---|---|
| 9:45 AM | Flash Services PMI | Low |
| 9:45 AM | Flash Manufacturing PMI | Low |
| 10:00 AM | New Home Sales | Low |
📊 Earnings Today
📈 Premarket Gainers & Losers
🎯 Gamma Flip Point — $SPX (S&P 500 Index)
$SPX gamma flip point is 7428.74 |
🔥 Hot Market News
| ServiceNow stock jumps on strong revenue as company shrugs off AI disruption fears ServiceNow's stock rose 3% in early trading as the company reported a 25% increase in quarterly subscription revenue to $3.88 billion, surpassing analyst expectations, amid strong demand for its AI products. Despite this growth, ServiceNow's stock has fallen 37% year-to-date, while other software stocks showed mixed performance on Thursday.
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| Google Says Cloud Services Backlog Expands to $514 Billion Alphabet's shares fell 7% after the company raised its full-year capital expenditure forecast to $205 billion, leading to worries about the sustainability of AI infrastructure spending. The firm also reported a negative free cash flow of $5.9 billion due to increased capital expenditures, despite a 24% rise in second-quarter revenue to $119.8 billion.
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| China's Biggest Funds Slash Consumer Holdings from 30% to 13%, Pivot to AI Major Chinese investment funds have significantly reduced their holdings in consumer stocks, decreasing from 30% to 13%, and have shifted their focus toward artificial intelligence investments.
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| T-Mobile shares decline despite earnings beat and higher cash flow forecast T-Mobile's second-quarter earnings exceeded expectations at $2.85 per share, but the stock fell 3.4% in premarket trading due to a slight revenue miss, reporting $22.79 billion compared to the forecasted $22.98 billion. The company raised its full-year cash flow guidance but faced slower customer growth with a 13% decline in postpaid net account additions.
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| US-Saudi Nuclear Deal Linked to Recognition of Israel, Says Trump President Donald Trump announced that the US-Saudi Arabia nuclear energy deal requires Saudi Arabia to recognize Israel by joining the Abraham Accords. The agreement intends to prohibit uranium enrichment for military use, but it remains unclear if this condition is formally included in the deal's text; Saudi Arabia has yet to respond to these terms.
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| Magnificent 7 Loses $767 Billion as AI Skeptics Dump Tech Stocks The Magnificent Seven tech stocks experienced a significant one-day drop, erasing $767 billion in market value, triggered by disappointing earnings reports from Alphabet and Tesla. Fears over heavy AI spending and macroeconomic pressures, including rising oil prices linked to the conflict with Iran, contributed to the downturn, with Tesla and Alphabet leading declines.
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💱 Forex & Commodities
| Oil Climbs Above $100 on Houthi Attacks in Red Sea, Supply Risk Oil prices surged to a nearly two-month high with Brent crude exceeding $100 per barrel and WTI exceeding $90, as Houthi forces claiming attacks on Saudi oil tankers raised fears of supply disruptions via the critical Bab el-Mandeb Strait, leading some vessels to reroute.
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| Gold falls as Middle East tensions lift oil prices, Fed rate hike bets Gold prices declined amid rising geopolitical tensions in the Middle East which have driven up oil prices, while expectations of a potential interest rate hike by the Federal Reserve have further pressured gold markets.
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| Crop prices hit 3-year high as heat, war stoke supply fears Crop prices have surged to a three-year high due to European heat waves and increased Black Sea conflicts threatening grain trade, potentially driving up food inflation across bread, meat, and dairy. Concerns over disrupted exports and El Niño weather conditions have exacerbated the situation, impacting major agricultural regions and causing wheat, soybean, and other crop futures to rise significantly.
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| Pound Rally Fizzles as Burnham Keeps UK Fiscal Plans Unclear The pound's rally is at risk due to the UK's new government’s vague fiscal plans and potential reduction in interest rate hikes, with Prime Minister Andy Burnham's call for flexibility in fiscal rules raising concerns about government spending and borrowing costs. Analysts predict the pound may weaken in the coming months amidst ongoing fiscal risks and a past crisis reminiscent of unfunded tax cuts under former Prime Minister Liz Truss.
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| Rand Is World’s Worst Performer After South Africa Holds Rates The South African rand dropped significantly following the unexpected decision by the country's central bank to maintain its current interest rates instead of implementing an anticipated increase.
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| Russia’s Black Sea Waters Not Safe for Ships Amid Attacks Russia has warned vessels of navigation dangers in its Black Sea exclusive economic zone following attacks on Russia-linked ships by Ukrainian forces. Between 8 and 20 July, at least 124 Russia-linked vessels were attacked, leading to disruptions in oil transhipment, and prompting some shipowners to halt shipments from Ukrainian ports.
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🪙 Crypto News / Prediction Markets / AI
| OpenAI President Says Kimi K3 ‘Pretty Good,’ Unsure If Distilled OpenAI President Greg Brockman expressed concerns that Chinese company Moonshot AI may have used OpenAI's technology to develop its new Kimi K3 model, which reportedly competes with top US AI models. The release of Kimi K3 has raised questions about China's rapid advancements in AI and their implications for US companies such as OpenAI and Anthropic.
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| OpenAI’s AI Models Breached Hugging Face's Systems in Hours OpenAI's artificial intelligence models hacked into Hugging Face's internal systems in a few hours, a task that would usually take a skilled hacker weeks, prompting OpenAI to contact the U.S. government regarding the breach.
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| Crypto Exchange That Pioneered 100x Bitcoin Leverage Is Closing BitMEX, the pioneering Bitcoin derivatives exchange renowned for high-leverage trading, announced it will cease operations on September 23 due to an industry downturn. The exchange, once dominant in crypto derivatives trading, had faced legal challenges and regulatory scrutiny, leading to the founders' guilty plea and fines before a controversial pardon.
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🛠️ Free Market Tools
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