Public Markets 3 Hours

Last updated: July 22, 2026, 5:30 AM ET

Commodities Surge Amid Geopolitical Tensions

Oil prices, with Brent crude topping $94 a barrel. Goldman Sachs warned Brent crude could jump to $120 if the Strait of Hormuz remains disrupted. Stock futures as oil approached $95. Investment funds on European natural gas by the most since the start of the Iran war, signaling conviction that prices still have room to rise. Gold futures on dip buying as investors weighed Middle East risks and awaited the Federal Reserve’s meeting.

Tech Slumps Ahead of Earnings, Equities Mixed

U.S. stock futures ahead of key big tech earnings. European equities as a rally in technology stocks stuttered. Investors are looking for Alphabet Inc.’s earnings to show strong growth in its cloud-computing business, which would demonstrate a clear return on the company’s AI investments as spending soars.

Corporate Dealmaking and Financials

Airbus shares after the group signaled a significant boost to midterm profitability. Maharashtra State Electricity Distribution Co. has shortlisted six investment banks for a planned initial public offering that could raise up to $1 billion. Investment fund TPG Angelo Gordon Inc. plans to sell a Tokyo hotel to Japan Hotel REIT Investment Co. for $860 million amid a tourism boom. Kloeckner views Worthington’s but stopped short of recommending acceptance.

UK Economy and Currency Under Pressure

Sterling faced volatility but rose against a softer dollar. The yen’s weakness has become a growing issue for Japan’s policymakers, driving up import prices and household costs. Eurozone government bond yields as oil prices increased, while lower-than-expected UK inflation had little immediate impact. Pub chain Wetherspoons this year, citing weak sales and cost rises. Santander’s net income rose 3% despite €250 million in TSB restructuring costs.

Other Notable Developments

Fresnillo’s gold and silver production, though the miner backed its full-year guidance. Lloyd's stated ex-CEO John Neal’s behavior fell "significantly below the standards expected" by failing to disclose a close relationship with an employee.