Public Markets 8 Hours

Last updated: July 22, 2026, 2:30 PM ET

Energy Markets Under Pressure

Global oil supply is under significant threat as chokepoints at the Strait of Hormuz, Bab al-Mandeb, and the Black Sea collectively imperil roughly a quarter of the world’s oil supply. In response to a growing global shortage, US refiners are increasing diesel production to near-record levels, defying seasonal trends due to the ongoing conflicts in Russia and Iran triggering a supply crunch. European gas prices are nearing highs seen during the Iran war, with heatwaves and competition from Asian buyers making the market vulnerable to disruptions in the Strait of Hormuz fretting. Qatar Energy is preparing to extend its force majeure on liquefied natural gas shipments through mid-October, further prolonging supply. Norsk Hydro ASA, a leading European aluminum producer, warns that the global aluminum market faces deepening deficits if constraints on shipments through the Strait of Hormuz continue. U.S. commercial crude oil stockpiles unexpectedly rose by 2 million barrels last week as imports increased and exports fell reported.

Geopolitical Tensions and Defense Spending

France’s Dassault Aviation SA is in discussions with French authorities about developing an alternative for the FCAS fighter jet project after its previous collaboration with Airbus SE failed. Dassault Aviation booked sharply lower orders in the first half of the year, with no new bookings for its Rafale fighter jet, though its Falcon business aircraft business remained stable. House Republicans have tied their entire legislative agenda to President Trump’s voting restriction measure, the SAVE Act demanded. Germany plans to buy stakes in defense start-ups as part of a broader effort to boost funding for start-ups in Europe’s largest economy designed. The UK's defense spending ambition is facing scrutiny, with a former defense minister resigning after warning that current plans were insufficient for national security ambition.

Corporate Dealmaking and Financial Markets

Paramount received EU approval for its $81 billion Warner Bros. deal, following concessions that included refusing certain theater distribution agreements ease. Aston Martin Lagonda Global Holdings Plc secured £550 million ($736 in fresh funds from HPS Investment Partners to bolster its liquidity struck. Penske Corp., in partnership with Japanese firm Mitsui, has offered $210 a share to take the auto dealership chain Penske Automotive private in a deal valued at nearly $4 billion private. Nestlé is nearing a deal to sell a stake in its €5 billion Perrier unit, with Platinum Equity reportedly in talks for the water business unit. Digital bank Revolut, Europe’s most valuable startup, has been valued at $115 billion following a secondary share sale that boosted its valuation by approximately 50% boosted.

Economic Indicators and Investor Sentiment

Gold settled 1.86% higher at $4146.90, marking its second consecutive session of gains, while silver rose 2%, extending its rally for a fourth-straight session higher. The benchmark 10-year Treasury yield edged up to its second-highest level this year, influenced by rising oil prices yield. The US 30-year bond yield is trading above 5% for the longest period since the beginning of the financial crisis, reflecting investor concerns about the growing debt pile and persistent inflation bond. Bank of America Corp.’s trading desk is advising clients to buy US momentum stocks, anticipating an attractive price level after recent profit-taking momentum. More S&P 500 companies are raising their outlooks than maintaining or cutting them, leading investors to pin their hopes on an earnings breakout.

Technology and AI's Market Impact

Investment in artificial intelligence and related companies is propelling the stock market and boosting spending across the economy, while also introducing new risks AI. GE Vernova Inc.’s shares dropped after its higher revenue outlook failed to satisfy investors, indicating that companies supplying data centers are finding it challenging to meet the market’s high expectations for AI-related growth GE. Galaxy Digital Inc. plans to raise approximately $3.5 billion through a debut junk-bond sale to fund a data center connected to Core Weave Inc., expanding AI financing into riskier segments of the US market data. U.S. data-center operator TECfusions is planning to go public via a $4 billion SPAC deal, combining with Apex Treasury public. OpenAI is facing a lawsuit alleging that Chat GPT’s health advice was “dangerous” and harmed an individual seeking guidance on a medical condition sued.

Regulatory and Sector-Specific Developments

The US government is encouraging US refiners to ramp up diesel production amidst a tightening global supply. Regulations are making it more difficult for homeowners to save money with solar panels, reflecting changes in the grid and the increasing need for home batteries solar. The Trump administration is expected to announce an agreement with Saudi Arabia on a civilian nuclear program, known as 123 Agreements, designed to prevent weapons development, though U.S. lawmakers and Israeli officials have expressed opposition nuclear. Philip Morris International is increasing spending to expand its Zyn brand and meet rising demand for nicotine pouches, though the company has lowered its outlook for the third time this year due to currency fluctuations and competition in the US pouch market spending. Lloyd’s of London has criticized its former CEO for his close relationship with a subordinate and for failing to appropriately handle whistleblower complaints about the matter CEO.