Public Markets 3 Days

Last updated: July 23, 2026, 5:30 PM ET

Energy and Commodities Surge Amid Geopolitical Tensions

Oil futures for the first time in two months, driven by escalating hostilities in the Middle East. Brent crude's rise above $100 also threatens a prolonged surge in inflation and a resetting of interest rate expectations as the International Energy Agency closely monitors the situation. The dollar jumped Thursday as the intensifying conflict sparked concerns over energy supply disruptions, fueling expectations that interest rates will stay higher for longer. Three supertankers despite the heightened risk of attack. Dow Inc. said persistent tensions in the Middle East could help raise prices for plastics and packaging, padding profits. Meanwhile, U.S. natural gas futures, settling fractionally lower despite a 32 Bcf weekly inventory build.

Tech Sector Faces Volatility Amid AI Investment and Earnings Scrutiny

U.S. stocks slid sharply as earnings from Alphabet and Tesla rekindled AI spending fears, leading the Magnificent Seven group of megacap technology stocks on track for its biggest one-day drop since April 2025. Intel shares rallied after the chipmaker posted its fastest growth in 15 years, with revenue jumping 25% in the second quarter. Tesla shares tumbled 11% after discounts hit profits, with capital expenditures more than doubling as the company accelerates its pivot to AI and robots. The company's profit due to price cuts and higher expenses. Tesla short sellers as shares nosedived. Goldman Sachs and JPMorgan Chase launched products allowing investors to trade AI junk bonds, as concerns mount over hyperscalers’ huge debt.

Corporate Earnings and Global Economic Shifts

Deckers’ first-quarter sales rose 5.7%, buoyed by growing global demand for Hoka and Ugg. Newmont reported despite lower gold prices and remains on track to meet its full-year guidance. Tractor Supply cut its outlook following a tough quarter, now expecting sales to rise 2.5% to 3.5% this year, down from a prior outlook of 4% to 6%. Albertsons sales view as grocery shoppers grow cautious, expecting identical sales to fall 0.5% to 1.5%. T-Mobile US's profit and revenue ticked up, though postpaid account growth has slowed. Union Pacific reported in the second quarter, boosted in part by volume growth. Norfolk Southern posted as demand trends improve.

Regulatory and Political Landscape in Focus

The Trump administration dropped a subpoena demanding a list of Jews from Penn, a rare pullback that followed resistance from the university. The U.S. plans withdraw issued to New York Times journalists, after a federal judge raised questions about the government’s handling of the documents. The EU in a test of Trump’s threats to protect Big Tech, with the EU competition chief stating it is the bloc’s duty to defend the rule of law. The U.S. Justice Department, focusing on top competition concerns rather than expansive probes. The U.S. Treasury Department flagged concern over a number of high-profile tax strategies touted by Wall Street that it says may be “too good to be true.”

Global Trade and Investment Developments

Dangote secured a record $2.5 billion investment to expand its Lagos refinery, planning to grow capacity from about 650,000 barrels per day to 1.4 million b/d by 2028 as the billionaire businessman plans expansion. Dangote Petroleum Refinery & Petrochemicals Fze after a week of switching to sales in U.S. dollars. Brazil unveiled a relief package worth 18.5 billion reais ($3.7 in credit for exporters hit by new U.S. tariffs as President Luiz Inácio Lula da Silva seeks to shield key sectors. Indonesia markets first as it broadens funding, seeking to diversify sources amid currency volatility.

Financial Markets and Investor Behavior

Millennials and Gen Z investors, according to Vanguard. Gold prices fell 2.4% to $4,046.50 a troy ounce, and silver was down 3.7% to $57.798/oz, though longer-term outlooks remain strong. Wellington Management is due to concerns over property values, uncertainty about returns, and falling returns. Hedge funds are growing at the fastest rate in history, with equity rallies and institutional investor inflows boosting global assets under management by over $400 billion. BlackRock’s GIP in a securitization deal, joining a growing list of asset managers.

Infrastructure and Energy Projects

California's Port of Long Beach is considering the construction of a nuclear reactor to meet its growing electricity needs. The North Sea oil and gas industry from the new energy secretary, with companies hoping to sway the government on new drilling licenses. The U.S. needs a new Manhattan Project for fusion energy, with a call to fund it properly to outpace China and own the future of this technology. Westinghouse, which filed for bankruptcy in 2017, stands to benefit from growing support for nuclear power and President Trump’s deal with Saudi Arabia.

International Relations and Geopolitical Developments

The U.S.-Saudi nuclear deal, with countries in Europe, Asia, and the Middle East seeking nuclear capabilities to hedge against aggressive neighbors and a receding Washington. For South Korea, the U.S.-Saudi nuclear deal, as President Trump has put Saudi Arabia on the path to enriching uranium on its own soil, a demand South Korea has been making for years. The House in a war powers vote, as the Senate blocked debate. Prime Minister Narendra Modi as India’s economic failings inflame young people, with no easy solutions to the underlying problems.

Other Notable Market and Business News

The iconic Cinerama Dome and adjacent theater complex in Los Angeles after a renovation, a decade after closing due to the pandemic. The Tate Brothers after their arrest. The FDA panel over scientist objections, a vote seen as the first step in broadening public access to so-called Wolverine peptide. Lindt & Spruengli AG over child labor allegations. The European gas prices as traders fret over winter supplies.