📅 Economic Releases
| Time (ET) | Event | Impact |
|---|---|---|
| 2:00 PM | Federal Funds Rate | High |
| 2:00 PM | FOMC Statement | High |
| 2:30 PM | FOMC Press Conference | High |
📊 Earnings Today
📈 Premarket Gainers & Losers
🎯 Gamma Flip Point — $SPX (S&P 500 Index)
$SPX gamma flip point is 7429.8 |
🔥 Hot Market News
| Japanese, Korean Stocks Crash as Chip Selloff Intensifies The South Korean stock market hit a three-month low as investors sold off AI and semiconductor stocks, with SK Hynix and Samsung Electronics dropping over 10%. The sell-off extended to US chip stocks and was driven by borrowing concerns and competition from Chinese companies, while Nvidia shares fell 5% amid datacenter funding discussions with OpenAI.
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| Software Stocks in India Set to Beat Global Chipmakers by Record The Nifty IT index has surged 16% this month, with notable gains from Infosys and TCS, while global semiconductor stocks have dropped 13%, indicating a shift away from AI chip investments.
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| Dubai’s Financial Hub Tops 10,000 Firms Despite War Risks Dubai International Financial Centre registered 2,318 new companies by the end of June, marking a 30% annual increase, despite geopolitical uncertainty from the Iran war affecting regional economies. The centre surpassed 10,000 companies and continues to expand with new global institutions, supported by Dubai's economic diversification efforts and a Dh100 billion expansion plan.
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| PayPal Beats Earnings Estimates as Turnaround Efforts Advance PayPal exceeded Wall Street expectations with second-quarter revenue of $8.7 billion and earnings per share of $1.25. The company raised its full-year earnings guidance and expressed openness to assessing buyout opportunities, leading to a 2% stock increase in morning trading.
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| Coca-Cola Raises Guidance, Buoyed by World Cup Sales Lift Coca-Cola announced an optimistic forecast for 2026, citing a 5% growth in organic sales and up to 8% growth in earnings-per-share, driven by price increases, premium product demand, and FIFA World Cup-related marketing. Despite a recent cyberattack affecting Fairlife production, the company expects no material impact and continues to gain market share under new CEO Henrique Braun.
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| Wall Street Banks Eyed as Overlooked Beneficiaries of AI Trade As the market shifts focus from chipmakers to funding providers for AI, big banks like Bank of America, Citigroup, and Goldman Sachs are poised for outperformance due to their involvement in upcoming AI-related IPOs and capital infrastructure projects. This trend is supported by recent earnings reports, which highlight substantial revenue from advisory roles in major IPOs such as SpaceX, and the anticipation of significant future IPOs from companies like OpenAI and Anthropic PBC.
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| Nasdaq 100 Nears a Correction as Semiconductor Selloff Extends The Nasdaq 100 Index is approaching a correction as a sharp sell-off in semiconductor stocks continues, driven by investor concerns over Big Tech's spending on artificial intelligence and a growing skepticism about the AI trade.
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| US insurers hit record highs as Wall Street rotates from AI darlings to defensive plays The S&P 500 Insurance Index reached record levels as investors moved funds away from AI-exposed tech stocks to more stable sectors like insurance, driven by concerns about AI disruption and a defensive market strategy.
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💱 Forex & Commodities
| CME’s debut of 24/7 gold futures trading met with strong demand CME Group's debut of 24/7 trading for its one-ounce gold futures attracted nearly 15,000 contracts worth about $60 million, indicating strong demand and deep liquidity despite low volatility. The new trading hours aim to provide continuous market access, predominantly catering to retail investors, with trading activity balanced between US and international participants.
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| Gold declines as traders weigh prospects for interest-rate hike Gold prices fell nearly 1% as traders anticipated a US Federal Reserve rate decision, with uncertainty over whether inflation or recent rises in oil prices would influence a rate hike. Meanwhile, a tentative ceasefire between the US and Iran has introduced additional volatility to markets.
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| Empty supertankers head to Egypt port as Saudi oil traffic dwindles amid Houthi threats Empty supertankers are heading to Egypt's port of Sidi Kerir to collect Saudi crude amid reduced traffic at Saudi Arabia's Red Sea export hub following missile and drone threats from Houthi militants. Ship-tracking data shows at least eight crude carriers are set to arrive at Sidi Kerir through mid-August.
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| Iranian Oil Hoard Swells Off Malaysia on Weak Chinese Demand A significant number of oil tankers carrying Iranian crude are stalled near eastern Malaysia as Chinese independent refiners reduce their purchasing due to narrow profit margins, causing a 60% increase in stranded oil. The US naval blockade has disrupted the logistics cycle, making it challenging for Iranian tankers to return and reload, significantly affecting Tehran's offshore stocks.
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| TD Securities: Dollar May Weaken if Fed Holds Interest Rates Steady TD Securities reports that if the Federal Reserve maintains its interest rates, the dollar may weaken, although officials Harker and Logan are expected to dissent in favor of a rate hike. Expectations for a Fed rate hike in 2026 may limit the dollar's short-term weakness.
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🪙 Crypto News / Prediction Markets / AI
| Anthropic’s Amodei Rejects Open Model Ban, Calls for Testing Anthropic CEO Dario Amodei states that Anthropic has never advocated banning open-weights AI models, emphasizing that protectionist bans won't address national security concerns over China's potential misuse of AI. Amodei suggests stopping sales of advanced chips to China, targeting industrial-scale distillation, and implementing mandatory safety testing for all capable AI models as more effective measures.
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| Amazon data centers hit in Iran strikes, satellite images reveal Amazon data centers were struck during recent military actions involving Iran, marking a significant escalation in targeting civilian digital infrastructure in the ongoing Middle East conflict. Iranian outlets described the attacks as retaliatory against the U.S., while independent verification of the damage is pending.
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| Crypto Traders Are Chasing Their Next Memecoin Bet: AI Stocks Crypto traders are shifting their focus to artificial intelligence (AI) stocks, seeking the next big opportunity in the volatile memecoin market.
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| AI Wipes Out Customer Service Jobs at Microsoft, Uber, CBA Companies like Commonwealth Bank of Australia and Microsoft are using AI to replace customer service roles, leading to significant job losses globally, particularly in outsourcing countries such as the Philippines. This shift is part of a broader trend where AI advancements are causing a decline in customer service employment, with predictions that nearly half of all roles may be impacted by 2030.
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| Visa is cutting 7% of employees in efficiency push as AI reshapes work Visa plans to reduce its workforce by around 7%, cutting approximately 2,600 positions, primarily in technology and product operations, as part of a strategy to streamline operations and invest in growth areas such as AI and business payments.
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| BlackRock, Fidelity, other Wall Street giants back the Clarity Act Prominent financial firms including BlackRock, Fidelity, and Goldman Sachs are supporting the Digital Asset Market Clarity Act, advocating for its passage to establish a regulatory framework for the U.S. crypto industry. The legislation aims to protect investors, provide regulatory certainty, and maintain U.S. competitiveness, despite some opposition from JPMorgan Chase concerning provisions on stablecoin regulation.
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