Public Markets 24 Hours

Last updated: August 4, 2026, 8:31 AM ET

Global Markets React to Geopolitical Tensions and Corporate Earnings

U.S. stocks are poised to extend their gains ahead of SpaceX's first earnings report, while oil edged higher amid uncertainty surrounding U.S.-Iran talks. Brent crude is up but remained below $85 a barrel. Treasury yields fell as hopes for a diplomatic solution to reopen the Strait of Hormuz picked up. Gold prices rose in early European trading as investors weighed mixed signals on U.S.-Iran talks and awaited U.S. jobs data this week. The dollar rose in European trade as oil prices increased after Iran said there were no planned talks with the U.S. Emerging-market stocks and currencies stayed under pressure as the lack of progress on US-Iran talks lifted oil prices back above $86 a barrel. Saudi Aramco reported a 33% profit surge, despite disruptions from the ongoing war. Higher oil prices propelled a quarterly earnings jump for Saudi Arabia’s energy giant, which used pipelines to work around disruptions in the Strait of Hormuz. Saudi Aramco said attacks last month didn’t have a material impact on its operations and is working to expand its oil export capacity as the Iran war disrupts flows through the Strait of Hormuz. Diamondback Energy lifted production guidance and reported surging profit on high oil prices, benefiting from the run-up in oil prices following the start of the war in Iran. BP's oil profits surged as its fossil fuel pivot continues with a plan to offload its U.S. biogas unit. The British oil major intends to sell its Archaea biogas business as its oil trading and higher energy prices lifted profits. BP will also sell its $4 billion U.S. biogas business as profits more than double. Brazil's oil output hit a record in June as rising supplies from non-OPEC producers cushioned disruptions from the fallout of the war in Iran.

Corporate Performance and Outlooks

Caterpillar notched higher profit in the latest quarter as sales jumped, driven by continued demand for its construction equipment, as well as its engines and generators. DuPont de Nemours reported a higher profit in the second quarter as sales rose across the chemicals and materials company’s segments. Archer-Daniels-Midland Co. raised its 2026 profit outlook for a second time, as the crop trader increasingly looks to biofuels as a major driver of growth. Archer-Daniels-Midland once again raised its full-year adjusted earnings outlook, after the Trump administration issued new rules requiring more biofuels in gas and diesel. Pfizer swung to a second-quarter loss but posted higher revenue, as market growth in its oncology business offset some declines in its Covid-19 products. Merck slashed its profit outlook for the year due to charges tied to its acquisition of cancer biotech company Terns Pharmaceuticals. Wayfair had a mixed second quarter, as its U.S. business grew while international sales fell. Huggies maker Kimberly-Clark reported lower profit in its second quarter and revenue missed estimates, as allegations about diaper quality in the China market disrupted sales. A state-run newspaper said the diapers tested positive for formamide, which Kimberly-Clark denied. McDonald’s U.S. sales slowed as consumers spend more cautiously, leading the fast-food giant to name a new president of its U.S. operations to revamp its outlets. The Golden Arches has been working to win back customers as Americans cut spending, especially lower-income consumers. Lufthansa shares slid after a profit slump and more cautious guidance, as the airline group expects a drag from volatile jet fuel prices. Deutsche Lufthansa AG warned of heightened uncertainty for its full-year outlook as volatility in jet fuel prices and shortened booking cycles complicate profit-boosting efforts. Zalando shares slid after weak quarterly results and a narrowed outlook, with the German online retailer posting soft results and narrowing its guidance. Whirlpool abandoned its global ambitions, tying its fortunes to the slumping U.S. housing market. Clorox expects a full-year sales boost from its Purell deal and projects a tough fiscal year with inflation and value-seeking customers, despite beating analyst expectations in its fiscal fourth quarter. Whirlpool’s focus on North America has tied its fortunes to the slumping U.S. housing market.

Financial Services and Technology Innovations

Wells Fargo is rolling out tokenized deposits for corporate clients, embracing blockchain to make payments and transfers faster and more efficient. HSBC Holdings Plc. posted sharply higher quarterly profit and plans a $1 billion share buyback, with pretax profit increasing across the bank’s four key segments, especially in supporting affluent clients. HSBC’s record-breaking stock rally faces a test from earnings, with investors focused on capital returns and buybacks. HSBC Holdings Plc. Chief Executive Officer Georges Elhedery said the lender will consider boosting its bonus pool for bankers if strong performance continues. HSBC resumed share buybacks as quarterly profits soared to $10.1 billion, with its wealth management and insurance business in Hong Kong boosting Europe’s biggest lender. Apollo Global Management reported record revenue from fees as it vies to be one of Wall Street’s largest lenders. Bridgepoint Group is exploring a deal to sell more than €1 billion ($1.15 of private credit stakes in a secondaries transaction. Italy’s Nextalia Investment Management raised over €1.1 billion ($1.3 for its second private equity strategy fund, targeting opportunities in its home market. KKR-backed Infinx Services Pvt. is considering an initial public offering of as much as $300 million in India. Private capital group Apollo prudently delayed sales amid an evolving exit environment. ICE is scouring social media to unmask critics, raising free-speech concerns. The AI boom is transforming the American economy, and flying private has never been easier, even without your own jet. OpenAI is hitting back at Apple over an “oddly personal” trade secrets fight, deepening a legal clash after an AI partnership over devices gave way to acrimony. Google’s $200bn Wall Street finance machine for Anthropic involves private credit, chip leases, and data center guarantees underpinning a vast new model for AI spending. BlackRock Inc. remains overweight the artificial intelligence theme despite rising risks from tougher competition and higher interest rates. Europe’s stock market is the only major region to have experienced a meaningful improvement in risk appetite in recent weeks, supported by fresh capital inflows and better-than-expected earnings. European indexes rose strongly after the opening bell, with defense and AI-related stocks gaining. Europe Inc. is delivering one of the strongest earnings scorecards in years, setting up regional stocks to scale fresh peaks as analysts turn even more optimistic about a broad range of sectors.

Energy and Commodities Markets

Europe’s hot, dry summer is straining its energy system, as extreme temperatures and low river levels are curbing power supplies. The European Union is optimistic that winter liquefied natural gas imports will help offset inventories that are at their lowest level for this time of year in almost two decades. U.S. natural gas futures made a modest advance with temperatures expected to heat up into next week, favoring power-sector demand. Oil futures fell after the U.S. suspended plans for major attacks against Iran, while expectations of a negotiated solution to the conflict remain in question. Oil settled lower as the U.S. gives talks another chance. Brent crude is up 1.3% and WTI is up 0.6% after Monday’s selloff triggered on optimism that a Middle East deal was within reach. Iron ore traded near a 13-month low, pushing the market to levels that may threaten some higher-cost production. Copper advanced to the highest in two months, approaching $14,000 a ton in London as traders monitored ballooning volumes of the metal in the US ahead of a decision on import tariffs by President Trump. Comex gold settled 0.38% lower at $4033.70, down for a second consecutive session, while silver rose 0.1%, up three of the past four sessions. Chinese institutional investors have swooped on gold in recent weeks, helping to arrest the precious metal’s decline and keep prices above the key threshold of $4,000 an ounce.

Regulatory and Policy Developments

The Trump administration has struggled over how to approach “open source” artificial intelligence models, which are freely available to download and favored by Chinese companies. The Trump administration issued new rules requiring gas and diesel to contain more biofuels. A panel of Indian lawmakers has proposed allowing companies registered overseas to transfer their registration to an International Financial Services Centre in India. India wants to extend tax holidays for foreign tech companies that supply equipment to local contract manufacturers. New Delhi plans to raise as much as $3.3 billion by selling a stake in state-run Life Insurance Corp., as the government seeks to bolster public finances strained by higher oil prices. The U.S. Department of Defense has canceled a tender to purchase lithium for its strategic stockpiles, in another apparent sign of the challenges it faces in trying to bolster supplies of critical minerals. The City Council on Tuesday is expected to present 17 proposals to make electric bikes and scooters safer for riders and pedestrians. After a series of fatal crashes, often involving illegal devices, officials in New York City are weighing new rules for electric vehicles. The U.S. Department of Defense has canceled a tender to purchase lithium for its strategic stockpiles, in another apparent sign of the challenges it faces in trying to bolster supplies of critical minerals. A panel of Indian lawmakers has proposed allowing companies registered overseas to transfer their registration to an International Financial Services Centre in India. India wants to extend