Public Markets 8 Hours

Last updated: July 7, 2026, 8:30 PM ET

Energy & Commodities

Oil futures surged on renewed supply fears as the U.S. revoked a waiver allowing Iranian oil sales following attacks on tankers. The military operation and Treasury action sent crude prices higher, with Exxon Mobil reporting a $3.7 billion profit surge driven by the conflict-fueled rally. Asian stocks were poised to drop for a second day as the selloff in chipmakers rippled across markets, and Strait of Hormuz disruptions added to investor worries.

Public Equities

Momenta Global Ltd., a Chinese autonomous-driving firm, is set for its Hong Kong debut after raising HK$5.9 billion ($752 in an initial public offering, testing market appetite. In Singapore, Foundation Healthcare Holdings Ltd is also beginning trading following its IPO, the largest this year outside real estate investment trusts. Meanwhile, SpaceX shares stumbled in their Nasdaq-100 debut, falling below their opening price amid a broader tech slump, though some analysts remain bullish on the stock calling it a buy.

Financials & Deals

Sumitomo Mitsui Trust Bank is taking a 15% stake in New Zealand-based Morrison for an undisclosed sum as part of a strategic partnership to offer Japanese customers new investment opportunities. Jefferies Financial Group is gauging investor interest for a $5 billion debt package to potentially back Carl Icahn's bid for Caesars Entertainment Inc. In a separate transaction, Gucci Beauty license back for $400 million, with Kering then licensing the brand to L’Oréal.

Market Structure & Regulation

S&P Dow Jones Indices has listed Indonesia for potential reclassification as a frontier market, indicating it may apply special treatment to its securities if conditions deteriorate. The Federal Reserve has proposed changes to anti-money laundering rules banks, continuing regulatory efforts to address core financial risks. In a significant legal development, a U.S. judge rejected a Justice Department subpoena related to election workers in Fulton County, Georgia, casting doubt on reinvestigation efforts for the 2020 vote.

Corporate Strategy & Outlook

Nokia's shares have surged 90% this year as the company pivots to become a major supplier for AI data centers. Allstate Corp. is facing a lawsuit from Oklahoma's attorney general, who alleges the insurer systematically underpaid claims for wind and hailstorm damage to boost profits. Aberdeen-backed internet provider Airband has initiated a sale process after incurring substantial losses, putting £200 million of investor capital at risk.

Geopolitics & Market Impact

Renewed U.S. airstrikes on Iran and the revocation of oil sales waivers heightened geopolitical tensions, sending Treasury yields higher as the selloff accelerated. The U.S. Treasury also revoked a waiver allowing global sales of Iranian oil, in response to Iranian attacks on ships near Oman. Exxon Mobil Holdings Corp. reported a $3.7 billion profit surge in its second quarter, directly benefiting from the conflict-driven oil price increases.

Sector-Specific News

The White House is pressuring top U.S. grocers including Walmart, Kroger, and Albertsons on beef prices, according to individuals familiar with the matter. In the healthcare sector, Eli Lilly, Vertex Pharmaceuticals, and others are featured in the latest Market Talks. Meanwhile, a Tech, Media & Telecom includes insights on SpaceX, bitcoin, and Shopify, as U.S. technology shares declined on Tuesday after Samsung Electronics' earnings report failed to impress investors casting doubt on AI durability.