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Last updated: August 3, 2026, 5:32 PM ET

Geopolitical Easing Lifts Equities, Dampens Oil

U.S. stocks rallied sharply as President Trump signaled a return to diplomacy with Iran, easing geopolitical tensions. Treasury yields fell as hopes for a diplomatic solution to reopen the Strait of Hormuz picked up. Oil prices slid significantly following the U.S. suspension of plans for major attacks against Iran, although expectations of a negotiated solution remain in question. President Trump cited progress in negotiations when canceling a threatened attack on Iran over the weekend. Iran, however, stated there were no current talks with the United States. Despite the diplomatic developments, the President also called out Exxon Mobil and Chevron for record profits amid high oil prices, suggesting they were "making too much money." U.S. natural gas futures made a modest advance, with temperatures expected to heat up into next week, favoring power-sector demand.

Corporate Earnings Show Mixed Performance

People Inc. profit more than doubled, boosted by an unrealized gain on the company’s investment in MGM, reaching a quarterly profit of $506.9 million. ON Semiconductor reported higher second-quarter net income of $226.8 million, up from $170.3 million a year earlier, driven by its growing AI data center business. Snap's loss narrowed on higher revenue after implementing cost cuts, with its total adjusted cost structure rising just 4%. Clorox projects a tough fiscal year, expecting sales to rise between 13% and 14% for the current fiscal year after its fourth-quarter revenue fell to $1.95 billion, citing inflation and value-seeking customers. Palantir lifted its guidance, now expecting between $8.15 billion and $8.16 billion in full-year revenue, with U.S. commercial revenue growing at least 134% to $3.42 billion.

Energy Sector Deals and Tech Developments

Williams Cos. reached a deal to buy Momentum Midstream LLC from EnCap Flatrock Midstream for up to $5.5 billion, expanding its natural gas network. In technology, the AI revolution is stalling because companies are reluctant to admit the expense, time, and human effort required for integration. Market talk provides insights on Coldcard Wallet, software stocks, and Alibaba within the technology, media, and telecom sectors.

Financial Markets and Investment Trends

Indiana University undergrads operate Sample Gates Management, a commercial private-equity fund that successfully sold its first investment, earning a 65% gross profit. California Democrats endorsed a ballot measure for a billionaire tax slated for November, though party unity on the issue remains fragmented as wealth gap concerns persist nationwide. A rarely used Federal Reserve liquidity facility could potentially prevent Japanese entities from selling Treasuries to prop up the yen.