Public Markets 8 Hours

Last updated: July 7, 2026, 11:30 PM ET

Geopolitics & Markets

Renewed Middle East tensions sent oil prices higher, with futures jumping 2.5% amid fears of supply disruptions. The U.S. also revoked waivers allowing Iranian oil sales, a move that sent crude prices sharply higher as part of a new wave of strikes against Iran following tanker attacks in the Strait of Hormuz sending crude prices higher. Gold prices advanced 0.8% as the escalating conflict in the Middle East clouded the outlook for interest rates, though gold later steadied near $2,340 as investors weighed the Federal Reserve's stance. Asian currencies mostly weakened against the dollar amid the heightened geopolitical risk.

Asia-Pacific Markets & Equities

Government bonds across the Asia-Pacific region declined in price as crude oil prices surged. Japan's borrowing costs reached a 30-year high, with yields on 10-year government bonds soaring to 1.05%, driven by concerns over long-term spending plans. Indonesia's equity selloff, exacerbated by the Iran conflict, has South African money manager overseeing $29 billion in assets, who sees a buying opportunity. Meanwhile, Apple's interest in memory chips has propelled China's CXMT into the spotlight as a key player in Beijing's AI supply chain efforts.

US Markets & Corporate News

U.S. stocks retreated as investors fled volatile AI investments following Samsung Electronics' earnings report, alongside renewed fears of supply disruptions in the Strait of Hormuz driving a tech rout. Shares of GM-backed autonomous driving firm Momenta Global Ltd. began trading in Hong Kong after raising HK$5.9 billion ($752 in an IPO testing market appetite. Exxon Mobil reported a $3.7 billion profit surge in its second quarter, largely driven by the war-fueled oil rally. Coty will transfer its Gucci Beauty license back to Kering for $400 million, with Kering then licensing the brand to L'Oréal for a 50-year agreement starting in mid-2027.

Regulatory & Legal Developments

S&P Dow Jones Indices has placed Turkey on a watchlist for a potential downgrade to frontier-market status, mirroring similar warnings from MSCI Inc. signaling downgrades. The index provider is also considering a potential downgrade for Indonesia to frontier-market status, noting it might first implement special treatment for its securities if circumstances worsen further downgrades possible. Former Pemex CEO Victor Rodríguez was reportedly detained in Mexico City on Tuesday. In the U.S., a federal judge rejected a Justice Department subpoena seeking information on election workers in Fulton County, Georgia, related to the 2020 vote quashing DOJ subpoena.

US Politics & Elections

Democrats are clashing over the process to select a Senate nominee in Maine to replace Senator Graham Platner, who faces a rape accusation Democrats debate replacement. A top state party official stated that Platner's team would have "no role" in the selection of the new nominee, despite his desire to influence the process no role for Platner. The Justice Department has threatened election officials in several states over noncitizen voting, a move criticized as an effort to tighten election rules for a problem that does not appear to be widespread election rule threats. A judge ordered the Department of Homeland Security to restore access to citizenship data for four states, contradicting a previous ruling that required suspension of such access restore citizenship data.

Other Notable Developments

A structural damage incident in Midtown Manhattan led to the evacuation of offices and hotels near East 42nd Street after beams began bending in a building undergoing conversion midtown building sags. Oklahoma's attorney general has sued Allstate Corp., alleging the insurer engaged in a scheme to underpay homeowners' claims for wind and hailstorm damage to increase profits Allstate sued for underpaying. SpaceX shares stumbled 4.2% in their Nasdaq-100 debut, falling below their first-day opening price amid a broader tech sector slump.