Jul 8, 2026

SK Hynix prices record US listing as Oracle rating nears junk

AI capital-markets demand stayed firm after the close, but credit and geopolitical caveats tempered the risk-on read.• Semis/AI: SK Hynix priced its US ADR sale at $149, raising $26.5 billion in the largest first-time US share sale by a foreign company; FT said the deal was seven times oversubscribed.• Software/Credit: S&P cut Oracle to BBB-, one notch above junk, citing larger-than-expected AI infrastructure spending; its 2036 bond spread widened to 184 bps from 175 bps Wednesday.• Aerospace: Trump declined immediate tariffs on commercial aircraft, engines and parts, while reports said the FAA could certify Boeing’s 737 MAX 7 later in July.• Oil/Iran: WTI slipped another 0.3% to $71.85 in early Asia as analysts noted US strikes avoided Iranian energy assets; a US official said technical talks with Iran continue.

Tech stocks rise as diesel crunch deepens

Risk appetite improved into the afternoon as investors rotated back to AI and semis, while several sector-specific pressures emerged in energy products, logistics, media and industrial liabilities.• Markets/Tech: The Nasdaq led gains, the PHLX Semiconductor Index rose more than 3%, and ARM, Micron and Marvell outperformed ahead of SK Hynix’s US ADR pricing.• Energy/Refiners: FT reported Russia’s diesel export ban cut seaborne shipments to about 260,000 b/d in June; European diesel premiums reached $60.70 a barrel, a tailwind for refiners.• Logistics/Amazon: UPS and FedEx fell after Morgan Stanley warned Amazon is offering cheaper, faster third-party delivery and could soon add overnight service.• Legal/Chemicals: New York sued 3M, Chemours, DuPont and Corteva over PFAS, seeking remediation, penalties, disgorgement and damages.• Retail: Costco fell 4% after June sales growth slowed to 10.6% from 13.7% in May.

Micron jumps on $250 billion US plan as Williams flags AI inflation risk

AI-linked capex and inflation risk competed with still-fragile energy shipping headlines, while housing data softened and exchange-product plans hit a regulatory wall.• Semis/AI: Micron raised planned US spending to $250 billion, up $50 billion, through 2035 and said it signed a 10-year wafer-supply deal with GlobalWafers; shares rose 6.5% premarket.• Fed/Rates: New York Fed President Williams said sustained AI-driven demand could require a policy response if it keeps inflation meaningfully above baseline.• Energy/LNG: Qatar is pausing a rapid Ras Laffan LNG output ramp after an attack on its Al Rekayyat tanker; Asian LNG spot prices are more than 80% above prewar levels.• Housing: Existing-home sales fell 2.4% in June to a 4.09 million annual rate, missing expectations, while the median price hit a record $440,600.• Exchanges: The CFTC blocked CME’s fast-track plan for 24/7 mini WTI futures.

Oil eases after Trump cites Iranian deal outreach

Risk tone improved modestly as oil pulled back and U.S. futures rose, though the Iran conflict, earnings and drug-trial news kept dispersion high.• Oil/Markets: Brent fell toward $77 and WTI traded near $73 after Trump said Iran had called seeking a deal; U.S. futures rose and Treasury yields were stable.• Iran/Defense: Centcom said U.S. forces hit about 90 Iranian targets; Iran reportedly fired on U.S. bases in Bahrain, Kuwait and Qatar, and the IRGC threatened wider strikes.• Staples/Earnings: PepsiCo’s 2.4% organic sales growth missed estimates as North American snack price cuts weighed on revenue; adjusted EPS of $2.20 was slightly ahead.• Pharma: AstraZeneca and Ionis said Wainua failed to cut cardiovascular events or deaths in a late-stage trial; AstraZeneca fell as much as 9.4% in London.• Defense: Germany agreed to buy U.S. Tomahawk missiles, though price, quantity and delivery timing were not disclosed.

Hormuz traffic stalls after second day of US strikes

Energy disruption became more tangible as ship-tracking showed Hormuz activity almost stopped, while fresh China data and consumer surveys added cross-asset caution.• Hormuz/LNG: Bloomberg said larger-vessel traffic was nearly absent, commodity transits fell to 14 Wednesday versus a post-deal average of 34, LNG tanker traffic remained halted, and Pakistan sought an urgent July 15-16 LNG cargo after a Qatar shipment was canceled.• China/Macro: June PPI rose 4.1% year over year but fell 0.3% month over month; CPI slowed to 1.0%, below 1.1% consensus, leaving reports split between headline factory-gate inflation and fading reflation momentum.• Retail/Consumer: Deloitte said US back-to-school spending will fall to $557 per child, with households earning over $200,000 planning a 20% cut.• Pharma: Dr. Reddy’s delayed commercial supplies of generic Ozempic after semaglutide batches failed specifications, a positive read-through for Novo Nordisk.

Oil rises after US launches second day of Iran strikes

After-hours risk stayed centered on oil and rates after Centcom confirmed another round of Iran strikes, while fresh credit and issuance items added single-name pressure.• Iran/Oil: Centcom said US forces struck Iran for a second straight day to reduce threats to Hormuz navigation; Brent rose 6.6% after hours to $79.06, and WTI traded above $75 in Asia.• Iran/Talks: Trump warned attacks would “get much worse” if Iran hit more ships, then said Iran had called seeking a deal, while questioning whether Tehran would honor one.• Semis/IPO: Bloomberg said SK Hynix’s planned US ADR offering was more than seven times oversubscribed and could raise about $24.5B, with when-issued Nasdaq trading due Friday.• Credit/Autos: S&P cut Harley-Davidson to junk, citing margin pressure from lower-cost motorcycles and restructuring.• Media/M&A: WSJ highlighted Paramount-Warner leverage near $80B, or about 6.5x Ebitda; MoffettNathanson called it “staggering.”

Fed minutes flag rate-hike risks while oil settles sharply higher

Hawkish Fed minutes reinforced the oil-inflation trade, though Nasdaq recovered by the close. Company news skewed mixed, with AI infrastructure spending still expanding and consumer/airline data softer.• Fed/Rates: Minutes showed a few officials saw a June hike case and nine of 18 projected at least one 2026 increase; only one saw cuts. The Fed held at 3.5%-3.75% and removed easing-bias language.• Markets/Oil: Brent settled 5.2% higher at $78.02 after reaching $80.59; WTI settled up 4.4%. The Dow fell 577 points, the S&P 500 lost 0.3%, and Nasdaq finished slightly positive.• Airlines/Consumers: American fell 6%, JetBlue and United lost at least 4%, and Delta dropped more than 3% as fuel risk returned. May consumer credit unexpectedly fell $182M versus forecasts for a $17.5B increase.• AI/Consumer: Meta plans a roughly $10B, one-gigawatt Alberta data center; Levi raised its full-year revenue-growth outlook to 7%-7.5% and lifted its dividend.

Oil spikes after Trump threatens new Iran strikes and Kharg takeover

Geopolitical risk intensified again, with oil and rates pressure feeding into a weaker U.S. equity open while defense and credit supply stories added single-name angles.• Iran/Oil: Trump said the U.S. would probably hit Iran “hard” again tonight, may take over Kharg Island and may reinstate an Iran-only blockade. Brent briefly rose almost 7% and later traded near $79.50; the S&P 500 opened down 0.6%.• Ukraine/Defense: Trump said the U.S. will license Ukraine to manufacture Patriot interceptors, and WSJ said he supports Ukrainian long-range strikes inside Russia.• Fuel/Russia: Russia banned diesel exports after Ukrainian drone attacks on refineries; Bloomberg said Russia supplied about 11% of global diesel last year.• Credit/Big Tech: Amazon’s $25B bond sale drew orders of only 1.6 times the deal, adding concern over $182B of 2026 AI-linked tech issuance.

Rate-hike bets rise after oil surge

Oil-linked inflation risk deepened across rates, while company news added deal-driven moves in semis, homebuilders and European banks.• Rates/Oil: Derivatives now fully price a BOE hike by year-end, with Fed and ECB hikes pulled forward to October and September; WSJ said the implied chance of a Fed hike this month rose to about 36% from 27%.• Hormuz/Shipping: Kpler said Hormuz traffic held near last week’s pace, with 36 crossings Monday and 41 Tuesday, even as the IMO urged operators to avoid the strait and India sought safe passage for at least nine loaded tankers.• Semis/Apple: Apple committed more than $30B over five years to buy U.S.-made Broadcom chips, including support for a $1.5B Fort Collins facility upgrade.• Homebuilders: Dream Finders raised its Beazer bid to $32 a share, or about $875M; Beazer rose 12% premarket.• Spain/Banks: Santander and BBVA fell after Trump threatened to cut trade with Spain.

Oil rallies after Trump says Iran ceasefire is over

Geopolitical risk re-accelerated after Trump declared the Iran ceasefire over, with a clear cross-asset inflation impulse and several company-specific regulatory and M&A developments.• Iran/Markets: Brent rose 5.3% to about $78, S&P 500 futures fell 0.8%, and the 10-year Treasury yield rose near 4.57% after Trump said the Iran truce was over; he still said negotiators could keep talking.• Rates/FX: German 10-year yields moved above 3% and euro hedges turned more bearish as higher oil revived inflation concerns.• Apple/EU: Apple lost its EU General Court challenge to Digital Markets Act gatekeeper rules for the App Store and iOS; the ruling can be appealed.• Banks/M&A: UniCredit said Commerzbank tenders lifted its potential holding to 47.6%, short of control but enough to increase pressure on Germany’s second-largest bank.• Health insurers: KFF said ACA insurers seek a median 14% premium increase for 2027.

Oil stays bid after Iran targets US sites in Bahrain and Kuwait

Geopolitical risk stayed the main cross-asset driver, but Asia also delivered a sharp rotation into Chinese tech and away from Korean chip beta.• Gulf/Iran: Iran said it targeted 85 U.S. military sites in Bahrain and Kuwait and shot down an MQ-9; Kuwait said air defenses were intercepting hostile missiles and drones. Tehran still has not claimed Tuesday’s ship attacks.• Energy/Shipping: A few tankers used the Oman-side Hormuz route, while LNG traffic largely stopped. Bloomberg calculated 63M barrels of Iranian oil are at sea or idling after the U.S. revoked the waiver.• China Tech: Hang Seng China Enterprises rose as much as 3.4%, its biggest move since May 2025; Alibaba jumped more than 8% and Tencent more than 3%.• Semis/Asia: Korea’s Kospi fell as much as 5.7%, taking its drop from last month’s high to about 20%, with Samsung down 6.9% and SK Hynix down 5%.• Macro/Materials: RBNZ raised rates 25 bp to 2.5%; the U.S. DLA sought up to $300M of lithium carbonate.

Oil jumps after US launches new strikes against Iran

Risk skewed more defensive after Washington moved from sanctions pressure to direct strikes on Iran, lifting oil and the dollar while adding pressure to global yields.• Energy/Iran: CENTCOM said U.S. forces began “powerful strikes” on Iranian targets after attacks on three commercial vessels near Hormuz; Tehran has not claimed responsibility. Brent traded around $76.50, up more than 6%.• Rates/FX: Japan’s 10-year yield rose to 2.855%, the highest intraday level since 1996, while Asian currencies weakened as the dollar gained safe-haven support.• Energy Majors: Exxon said the oil rally added $3.7B to second-quarter profit, with another $3.3B from refining and chemicals partly offset by $1.2B of Middle East disruption losses.• Payments: Fiserv President Dhivya Suryadevara resigned weeks after her promotion, extending management turmoil.• Beauty: Estée Lauder raised expected restructuring charges to as much as $1.75B from about $1.55B.

Oil jumps after US revokes Iran oil waiver

Energy risk re-priced late after Washington withdrew Iran’s oil reprieve, while tech weakness broadened into credit and several idiosyncratic equities moved on financing and product news.• Energy/Iran: Treasury revoked the waiver allowing Iranian oil sales, effective July 7 for new transactions with a July 17 grace period. WTI rose as much as 5% above $72 and Brent traded around $76.• Tech/Credit: Amazon’s at least $25B bond sale pressured existing hyperscaler debt; dealer runs showed Amazon notes 7-10 bp wider and SpaceX 9-13 bp wider.• Autos: Rivian fell more than 18% after announcing a planned 75M-share sale.• AI/Platforms: Meta launched Muse Image in Meta AI, Instagram and WhatsApp, with advertiser tools planned.• Casinos/M&A: Jefferies is sounding out about $5B of debt for Carl Icahn’s possible $33-a-share Caesars bid; no final decision was reported.

Nasdaq slides as Treasury yields rise

Risk stayed pressured by confirmed U.S. tech losses and higher yields, while defense and payments generated discrete single-name movers.• Rates/Credit: Treasuries fell, with yields up 3-4 bp and the 10-year near 4.52%, as Amazon’s bond sale was upsized to at least $25B and oil rebounded.• Semis/Tech: The Nasdaq Composite fell 1.2%; Intel and Western Digital dropped 11%, Applied Materials, Marvell and Micron about 9%-10%, and AMD 9%.• Macro/Inflation: NY Fed survey data showed one-year inflation expectations rose to 3.7% from 3.5%, while three-year expectations hit 3.3%, the highest since June 2022.• Defense/Turkey: Trump said the U.S. will consider F-35 sales to Turkey and remove CAATSA sanctions; NATO also outlined roughly $50B of defense deals.• Payments: Fiserv rose 6.1% to $54.94 after the reported bank interest in its debit network.

Nasdaq futures fall after Reuters says DeepSeek is developing an AI chip

Tech remained the main pressure point, with AI-capex financing and fresh Gulf shipping risk keeping rotation uneven before the open.• Semis/AI: Nasdaq 100 futures fell 1.1%; Nvidia slipped 2.2% after Reuters reported DeepSeek is developing an inference chip, while Micron fell about 6% and Intel 4%.• Tech Volatility: The Cboe NDX Volatility Index near 27 reached its highest level versus the VIX since 2002; RBC said clients are reducing AI exposure and rotating into healthcare and staples.• Credit/AI Capex: Amazon is selling up to eight bond tranches, including 40-year debt at about 145 basis points over Treasuries, to fund AI infrastructure.• Energy/Shipping: A Saudi-flagged crude tanker was damaged in Hormuz; separately, Iraq restored three southern fields to full capacity.• Deals/Industrials: Getty terminated the Shutterstock merger after the UK demanded an editorial-business sale; Boeing may win about 10 787s from Philippine Airlines.

Tech futures fall after Samsung’s profit-taking spreads

Risk tone weakened in early Europe: AI-linked futures extended Asia’s chip selloff, while energy risk stayed bid after more detail on Gulf shipping disruptions.• Semis: U.S. tech futures fell and AI-chain stocks weakened as Samsung slid despite a 19-fold profit jump, reinforcing concern that the memory trade is crowded.• Energy/Shipping: UKMTO said QatarEnergy’s Al Rekayyat was hit by an unknown projectile near Hormuz; sources said a second vessel may have been hit, and Pakistan said another Qatari LNG tanker turned back.• Energy Majors: Shell guided to significantly higher gas-trading results and oil trading in line with a strong first quarter, but flagged lower integrated-gas production from lost Qatari volumes.• Macro/Commodities: Germany’s May industrial output rose 0.9% versus a small expected decline, while China made its biggest gold purchase since October 2023.

Oil rises after Iran missiles hit ships near Hormuz

Geopolitical risk returned while Asia’s AI trade finally showed fatigue; rates desks also got firmer Japan wage evidence.• Energy/Shipping: A US official said Iran’s IRGC fired missiles at two commercial ships near Hormuz. Qatar-linked LNG carrier Al Rekayyat was reported hit with no casualties; European gas rose as much as 4.1%, while Brent and WTI gained about 0.7%.• AI Semis: Asian chip stocks sold off despite Samsung’s record-profit guidance; Samsung fell 8.4%, SK Hynix 7.5% and South Korea’s benchmark lost 5.9% as investors took profits.• Nvidia/China: A Bloomberg Intelligence survey found Chinese firms plan to lift domestic AI-accelerator spending to 46% of budgets from 30%, implying lower Nvidia share as H20 access tightens.• Japan/Rates: Japan’s nominal wages rose 3.2% in May, with markets pricing an 82% chance of a BOJ hike by December.