Market Newsfeed
Nvidia's CEO Huang to meet with lawmakers in DC this week – Politico citing Nvidia Spokesperson $NVDA
Trump concludes his remarks.
Trump Administration Nears AI Framework as Open-Source Questions Loom – The Information https://t.co/wzOhENlAk9
The Trump Administration nears voluntary AI framework – The Information.
Reports on the destruction of an American drone in the Anbar province of western Iraq – Mehr News citing Iraqi Sources
🔴 MOC IMBALANCE
S&P 500: 684.7 MLN
NASDAQ 100: 443.7 MLN
DOW 30: 217.1 MLN
MAG 7: 216.8 MLN $MACRO
Saudi Arabia's East-West oil pipeline has now become a critical route for Asian oil supply:
The East-West pipeline transports Saudi crude 746 miles from the country's eastern oil fields to the Red Sea port of Yanbu, providing an export route that bypasses the Strait of Hormuz.
In May, China was the largest buyer of crude shipped through Yanbu, importing ~774,000 barrels per day.
This was followed by South Korea at ~645,000 barrels per day, Japan at ~452,000 barrels per day, and India at ~387,
Yemeni Foreign Minister-designate Afrah Al-Zouba: Security preparations are underway for the protection of Yemeni oil exports.
Yemeni foreign minister-designate Afrah al-Zouba: Houthis want direct flights from Iran to fill the gap in military support, personnel, money, and weapons.
Trump: Iran is saying, 'Please. Please, no blockade.
TRUMP ON IRAN: VERY FRIENDLY TALKS ONGOING
IRAN'S TOP JOINT MILITARY COMMAND SAYS THEY WILL NOT LEAVE ANY THREAT BY U.S. UNANSWERED – MEHR NEWS AGENCY
IRAN'S TOP JOINT MILITARY COMMAND SAYS ANY U.S. ATTEMPT TO IMPLEMENT 'ILLEGAL' MARITIME BLOCKADE IS SEEN AS ESCALATION OF REGIONAL CONFLICT
Tuesday FX Option Expiries
https://t.co/PzRJITORAn
Trump: Mercedes, BMW, and Volkswagen are being decimated by Chinese cars.
Trump: Europe is being taken over by Chinese cars.
*TRUMP: LET'S GET RID OF DAYLIGHT SAVINGS TIME
Iran's Central Command: Any attempt at a blockade is equivalent to escalating the conflict – IRNA.
MACQUARIE SEES OIL GLUT ON US-IRAN DEAL
Macquarie expects the oil market to swing into surplus before year-end if the U.S. and Iran de-escalate the conflict ahead of the midterm elections.
The bank says easing tensions could restore Middle East oil flows within weeks, creating a significant oversupply after war-related disruptions tightened global markets.
Brent crude futures settle at $88.36/bbl, down $8.42, 8.7%.
BREAKING: Sandisk stock, $SNDK, extends losses to over -14% on the day, now down -47% from its June 22nd record high.
That’s -$170 billion in market cap over the last month. https://t.co/9sNhOgA4Ux
$NVDA – NVIDIA CREDIT RISK JUMPS
The cost of insuring Nvidia's debt surged to a record after reports the company is discussing more than $750 billion in AI infrastructure financing tied to OpenAI.
Investors are growing concerned about Nvidia's expanding financial commitments, with analysts warning complex financing structures could increase credit risks.
JPMORGAN TURNS BULLISH ON STOCKS
JPMorgan said its tactical positioning monitor is flashing a buy signal, pointing to further upside for the S&P 500.
The bank expects lower bond yields, a weaker dollar, steady Fed policy, and strong earnings to support equities, while warning that semiconductor positioning and U.S.-Iran tensions remain key risks.
BITCOIN ETF OUTFLOWS RETURN
Bitcoin ETFs posted two straight days of net outflows, totaling more than $465 million, after briefly returning to inflows.
Analysts said the reversal reflects cautious investor sentiment rather than heavy selling. Markets are now focused on this week's Federal Reserve meeting, with policymakers' guidance expected to shape the near-term outlook for cryptocurrencies.
NYMEX Natural Gas August futures settle at $2.7670/MMBTU.
NYMEX Gasoline August futures settle at $3.3273 a gallon.
BOFA BACKS ASML AFTER SELLOFF
BofA Securities reiterated its Buy rating and price target on ASML, calling the recent selloff an overreaction.
The bank estimates a Chinese shift to domestic DUV tools would cut next year's sales by only about €1.4 billion (2.4%). It said ASML's EUV leadership remains unmatched and views current valuation as an attractive buying opportunity.
NYMEX Diesel August futures settle at $4.1116 a gallon.
NYMEX WTI crude September futures settle at $82.61 a barrel, down $6.70, 7.50%
U.S. CRUDE OIL FUTURES SETTLE AT $82.61/BBL, DOWN $6.70, 7.50 PCT
Trump: It's Amazing what tariffs will do for GM $GM
TRADERS DRIVE STRONG DEMAND IN FIRST WEEKEND OF CME GROUP'S 24/7 GOLD FUTURES
US Official: Trump to discuss Iran and Abraham Accords with Netanyahu.
Trump to discuss Russia-Ukraine war with Zelenskyy – PunchBowl News citing a US Official
Google and Microsoft say they found a record number of software bugs. $GOOGL $MSFT
US: Known cyber bugs is set to far exceed 205 number.
AI hunts for cyber flaws, finding record numbers in the tech sector
Iraq will not allow its territory to be used to launch attacks against neighbouring countries after drone attacks on Saudi Arabia – Iraqi Prime Minister Media Office
Stocks of crude oil in the US Strategic Petroleum Reserve fell by about 3.7 mln barrels to 307.7 mln barrels last week, the lowest since 1983.
US 5-Year Note Auction
High Yield 4.408% [Tail +0.9 bps]
Bid-to-cover 2.28
Sells $70 bln
Awards 51.71% of bids at high
Primary Dealers take 13.5%
Direct 27.2%
Indirect 59.2%
US 3-Month Bill Auction
High rate 3.815%
Bid-to-Cover 3.06
Sells $92 bln
Awards 83.44% of bids at high
US 5-YEAR NOTE BID-TO-COVER ACTUAL 2.280 (FORECAST -, PREVIOUS 2.350) $MACRO
US 5-YEAR NOTE HIGH YIELD ACTUAL 4.408% (FORECAST -, PREVIOUS 4.200%) $MACRO
US 3-MONTH BILL HIGH YIELD ACTUAL 3.815% (FORECAST -, PREVIOUS 3.730%) $MACRO
US 3-MONTH BILL BID-TO-COVER ACTUAL 3.06 (FORECAST -, PREVIOUS 3.000) $MACRO
BREKAING: China now accounts for ~28% of global manufacturing, more than any other country or economic bloc.
This percentage has more than tripled since 2004.
By comparison, US factories account for ~17% of global manufacturing value added, or 11 percentage points less than China.
In 2004, the US proportion stood at ~22%, more than double China's.
Meanwhile, the Eurozone economy represents ~15% of world manufacturing, while Japan accounts for just ~5%.
China has become a critical component
Treasury WI 5 Yr yield 4.399% before $70 billion auction
MORGAN STANLEY RAISES ISM FORECAST
Morgan Stanley lifted its July ISM Manufacturing PMI forecast to 53.8 from 53.3, citing stronger Texas factory activity, rising production, and solid new orders.
The bank said longer delivery times and higher inventories point to stronger demand rather than supply chain disruptions, while price pressures eased despite higher energy costs.
Fed bids for 3-Month bills total $6.5 bln
MACQUARIE SEES CHINA TAPPING OIL STOCKPILES
Macquarie said China's state-owned refiners could begin accessing commercial oil reserves from Q3 2026, supporting refining margins and benefiting Sinopec.
The firm also expects China to expand its tanker fleet to strengthen energy security, which could cap VLCC freight rates over time while boosting demand for new tanker construction.