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Last updated: July 23, 2026, 2:30 PM ET

Energy Markets Surge Amid Middle East Tensions

Oil futures for the first time since May, driven by escalating conflict in the Middle East and Houthi attacks on tankers in the Red Sea CNN Business. Brent crude's rise threatens a prolonged surge in inflation, prompting traders to price in higher interest rate expectations from the Federal Reserve Bloomberg Markets. US Treasury yields climbed to their highest levels of the year as a result. U.S. oil refineries are to meet demand, with some Asian buyers in talks to reroute Saudi crude flows around Africa Bloomberg Markets. Total Energies reported its second-quarter earnings surged 68% due to conflict-driven price increases in refining, while also using cash from higher prices to cut its debt by $3.3 billion Wall Street Journal US Business. Dow Inc. anticipates that persistent Middle East tensions could help raise prices for plastics and packaging, boosting its profits.

Tech Sector Faces Headwinds as AI Spending Scrutinized

The Magnificent Seven group of megacap technology stocks as AI skeptics dumped shares, marking its biggest one-day drop since April 2025. Alphabet Inc. and Tesla Inc.'s recent results have cast doubt on the profitability of the AI investment boom Bloomberg Markets. Tesla shares tumbled 11% after discounts impacted profits, with capital expenditures more than doubling as the company accelerates its pivot to AI and robots. Despite selling more cars, Tesla's profit fell due to price cuts and higher expenses New York Times Business. STMicroelectronics, a Franco-Italian chipmaker, saw its shares after its third-quarter sales forecast missed analyst expectations, raising doubts about the AI spending boom. Google, however, raising its investment projections, though Wall Street remains concerned about the eventual payoff New York Times Top Stories.

Global Economy Shows Mixed Signals Amid Inflationary Pressures

Gold prices at $4046.60, snapping a two-session winning streak, with silver also falling. The euro extended its losses after the European Central Bank kept interest rates steady at 2.25%, providing no hints of further hikes. The ECB maintained its pause despite a renewed surge in oil prices Financial Times Markets. In the US, initial jobless claims, signaling muted layoffs in a stable labor market. However, crop prices have climbed to a three-year high, fueled by heat waves and escalating attacks in the Black Sea, reviving risks to food inflation. North Dakota wheat farmers are facing threats to their yields from scorching heat just as crop prices surge Bloomberg Markets.

Regulatory and Deal-Making Activity Continues

The European Union in a test case for its approach to Big Tech. The U.S. Justice Department is moving to streamline company merger reviews by focusing on top competition concerns rather than expansive probes Financial Times Companies. BlackRock Inc.'s Global Infrastructure Partners LP is exploring securitization by bundling fund stakes into bonds, joining a trend among asset managers. Blackstone Inc. led a roughly $400 million deal to support the buyout of HVAC firm Integra Testing Services Bloomberg Markets. French videogame group Ubisoft reported a 9.2% slip in first-quarter net bookings but flagged early success for its Assassin's Creed remake Wall Street Journal US Business.

Corporate Performance and Strategic Shifts

Harley-Davidson raised its forecast for motorcycle sales this year, driven by strong North American performance, though it remains pressured by European sales and tariffs. Nestlé shares tumbled as coffee and cocoa prices impacted profits, with new leadership attempting a sweeping turnaround. Consumer goods group Nestlé has been making headway in ditching sleepy brands for more lively ones Financial Times Companies. U.S. grocery chain Albertsons as consumers tighten their budgets. Tractor Supply also cut its outlook following a tougher quarter for the farm-and-ranch retailer. American Airlines reduced its guidance due to a surge in jet fuel prices.

Geopolitical Events Impacting Markets and Trade

The U.S.-Saudi nuclear deal, brokered by former President Trump and has drawn criticism for potentially loosening nuclear standards for a close ally New York Times Top Stories. The intensifying Middle East war has also, increasing their order backlog as the Pentagon pushes for higher production rates. Greek tycoon's tanker was after being hit in the Strait of Hormuz, raising concerns for shipping in the region. The closure of the Strait of Hormuz has also limited diesel shipments, putting poor farmers around the world at risk of food supply disruption New York Times Top Stories.

Other Market Developments

Kalshi Inc. is eyeing copper following its push into precious metals, aiming to offer investors a new way to bet on the red metal amid rising demand from AI buildouts. Hedge funds are, with equity rallies and institutional investor inflows boosting global assets under management by over $400 billion. U.S. Treasury yields have as the threat of escalation in the Iran war sent oil prices higher.