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Last updated: July 22, 2026, 11:30 AM ET

Middle East Tensions Drive Oil and Gold Higher

Oil prices eased slightly from earlier gains but remained elevated as escalating tensions in the Middle East and threats to Red Sea shipping continued to concern traders. Gold extended its gains, supported by a softer U.S. dollar and technical buying, as investors closely monitored developments in the region. Goldman Sachs to $120 if the Strait of Hormuz remains disrupted. European gas prices as traders fretted over winter supplies amid heatwaves and competition with Asian buyers. Kuwait set issue as it faces missile and drone attacks, while Saudi Arabia has diverted significant oil shipments through the Red Sea. The ongoing conflict has in military spending, with Defense Secretary Pete Hegseth requesting up to $70 billion in emergency funds.

AI Investment Fuels Market Rally and Economic Activity

Investment in artificial intelligence and related companies is lifting the stock market and boosting spending across the economy. This trend has led to, with data center plans including a $3.5 billion junk-bond sale tied to Core Weave Inc. However, companies selling equipment to data centers are finding it, as seen with GE Vernova Inc.'s shares sliding despite a higher revenue outlook. GE Vernova and lifted margin expectations after a surge in second-quarter orders. Super Micro Computer as previously anticipated. South Korea is driven by AI trades, although analysts remain uncertain about the effectiveness of these measures. UK stocks are being viewed as an by some fund managers.

Corporate Earnings and Dealmaking in Focus

Investors are for a second-half market breakout, with more S&P 500 companies raising their outlooks than cutting them. The Nasdaq from Tesla and Alphabet, with investors awaiting crucial reports from tech firms. Alphabet's earnings amid soaring AI spending. AT&T's revenue. In M&A news, Penske Corp. and Mitsui in a deal valued at nearly $4 billion. Nestlé is nearing a deal to sell a stake in its Perrier unit for €5 billion, and TPG is exploring the sale of a Tokyo hotel property for $860 million.

Economic Headwinds and Sovereign Debt Concerns

Argentina's economic recovery, dashing hopes that President Javier Milei’s austerity program had crested. However, Moody's, marking its third sovereign upgrade in less than three months. The U.S. 30-year bond yield is trading above 5% for the longest stretch since the financial crisis, raising concerns about growing debt and inflation. Tanzania is for its first international bond sale in over a decade. The Philippine central bank intervened in the foreign-exchange market to defend the peso, which fell to a record low, as rising oil prices also impacted India's currency. Zambia's bond