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Last updated: July 20, 2026, 8:30 PM ET

Mid-East Tensions Drive Oil Higher, Fuel Inflation Fears

Crude oil futures settled higher as hostilities between the U.S. and Iran escalated, with mediators seeking a ceasefire. Oil edged lower earlier in Asian trade amid hopes of a U.S.-Iran ceasefire, but later since mid-June, weighing on stocks and Treasuries. The conflict and fueled inflation, with U.S. gasoline prices climbing back above $4 a gallon. profits fell as the Middle East war impacted ticket and fuel prices, prompting the budget carrier to decline issuing full-year guidance. Shipowners are to crews willing to sail through the Strait of Hormuz, offering an extra six months pay for those crossing the vital oil channel. The Pentagon killed in Jordan during an Iranian strike, and has sustained in the conflict.

Canadian Dollar Weakens on Trump Tariff Threats; Silver Gains

The Canadian dollar weakened following President Trump’s plan to impose a 50% tariff on a broad range of goods. In other markets, gold held steady as traders monitored Middle East developments for inflation clues, while silver despite being down year-to-date. The WSJ Dollar Index rose 0.1%, marking its third consecutive day of gains.

New Zealand Inflation Accelerates, Bolstering Rate Hike Case

New Zealand’s annual inflation accelerated to its fastest pace in over two years, driven by soaring fuel prices. This development bolsters the case for the Reserve Bank to implement successive interest-rate hikes.

Corporate Dealmaking and Financials

Icahn Enterprises is Pep Boys to Mavis for $700 million. Steel Dynamics reported a second-quarter profit of $534.1 million, with expectations for strong domestic steel and aluminum consumption through 2026. Crown Holdings saw higher sales as global beverage can volumes increased 5%. Cracker Barrel raised its guidance following a divestiture and sale-leaseback deal. In bankruptcy news, the $1.2 billion Oceanwide Plaza project in Los Angeles has been cleared for sale. BlackRock is leading a $12 billion financing for new Meta data centers in Texas, with plans to sell more than $12 billion in bonds. Netflix raised $1 from a U.S. high-grade bond sale. KKR & Co. and Vauban Infrastructure Partners are competing for a majority stake in Portuguese fiber operator DStelecom.

AI and Tech Sector Under Scrutiny

Analysts are maintaining bullish views on Kioxia Holdings Inc. despite a share price correction, expecting an upward trajectory once supply-demand conditions improve. U.S. stocks were mixed, with chip shares rebounding from a selloff, while investors. Hedge funds have at a record pace. Big Tech faces fresh tests as rapid advancements in Chinese AI models raise questions about costly technology spending. Google's AI search is, leading to less time spent on external websites. AI-powered apps are flooding Apple's App Store, but their usability is questionable.

Treasuries Fall as Fed Uncertainty Looms

Treasurys fell, sending yields higher in a quiet week for U.S. economic data and Federal Reserve speakers. Money-market funds are shifting toward ultra short-term holdings amid growing uncertainty over the Federal Reserve's policy path. Double Line is positioning in shorter-dated government bonds, believing credibility will allow the Fed to keep interest rates steady.

UK Politics and Market Reaction

government bonds dropped after new Prime Minister Andy Burnham unnerved investors on his first day with his approach to the country’s finances. Burnham has indicated he will "use any flexibility" within fiscal rules, leading to fiscal fears returning.

Other Market Movers

Washington, D.C. is preparing to borrow $1.2 billion this week at its annual municipal debt sale, tapping the market as its credit stabilizes. Angola signed deals with Chinese investors to develop a free zone, aiming to establish a regional logistics hub. Lionheart Capital is nearing a $400 million deal for a stake in a Venezuelan oil field. USA Rare Earth named Serra Verde Group CEO Thras Moraitis to lead the combined company following a $2.8 billion combination. Reformation Inc., a sustainable womenswear brand, and shareholders are seeking to raise as much as $239 million in its U.S. initial public offering. Jersey Mike’s Subs Inc. and its shareholders are looking to raise as much as $1.09 billion in an IPO. KKR-backed Serentica Renewables is raising about $450 million through an offshore loan for its renewables push. Alkegen has signed a restructuring deal with lenders to inject new money and slash debt by about $3.1 billion.