Daily News 9th July 26
Daily News
Dow Slides More Than 570 Points as Oil Spikes and Trump Declares Iran Ceasefire "Over"; Crude Climbs Above $74; Gold Slips Below $4,100; Kospi Rebounds Nearly 3% After Bear-Market Plunge
09 July 2026
Today in Brief
In Asia, South Korea's Kospi surged 2.88% on Thursday after falling into a bear market the day before, with the small-cap Kosdaq gaining 3.67%; Japan's Nikkei 225 added 1.88%, the Topix rose 0.36%, Hong Kong's Hang Seng inched 0.16% higher, mainland China's CSI 300 was flat, and Australia's S&P/ASX 200 slipped 0.69%. In the U.S., the Dow dropped 576.76 points, or 1.09%, to 52,348.39 on Wednesday after President Trump told the NATO summit the ceasefire with Iran is "over"; the S&P 500 fell 0.28% to 7,482.71 while the Nasdaq bucked the trend, rising 0.2% to 25,870.65. Brent crude settled up 5.43% at $78.19 and WTI popped 4.37% to $73.52, with crude climbing above $74 on Thursday for a third straight session of gains after the U.S. carried out strikes on Iran for a second consecutive day. Gold traded below $4,100 an ounce, pressured by concerns the renewed conflict could disrupt regional energy supplies, while Fed June minutes showed only a few policymakers favoured a rate increase despite growing inflation worries.
In other news: China's consumer price growth weakened to 1% in June while producer inflation jumped 4.1%, a near four-year high; the U.S. military launched new strikes on Iran as Trump said he's "not sure" he wants a deal with Tehran; U.S. lawmakers are probing the growing use of Chinese AI models by American companies; Trump slammed Spain at the NATO summit, calling for all trade with the country to be cut off over its defense spending; SpaceX stock closed below its debut price at $148 in a two-day slide following its Nasdaq-100 inclusion; SK Hynix's $28 billion U.S. share sale was more than seven times oversubscribed; Apple will spend over $30 billion on Broadcom chips through 2031 as it boosts U.S. sourcing; and Paramount said it will not close its $110 billion Warner Bros acquisition before July 22 amid an Oregon probe.
South Korea's Kospi surges nearly 3% after falling into a bear market the day before
In Asia, South Korea's Kospi surged on Thursday after falling into a bear market the day before. It advanced 2.88%, while the small-cap Kosdaq gained 3.67%. Japan's Nikkei 225 added 1.88% and the Topix was 0.36% higher. Australia's benchmark S&P/ASX 200 was 0.69% lower. Hong Kong's Hang Seng Index inched 0.16% higher, while mainland China's CSI 300 was flat. The U.S. launched fresh strikes on Iran in response to Tehran's attacks on commercial shipping in and around the Strait of Hormuz, U.S. Central Command said Wednesday afternoon.
Dow slides more than 570 points as oil spikes and Trump threatens another attack on Iran
The Dow Jones Industrial Average fell sharply on Wednesday after U.S. President Donald Trump told the NATO summit in Turkey that the ceasefire with Iran is "over" amid renewed hostilities in the Middle East that sent oil prices surging. The 30-stock index dropped 576.76 points, or 1.09%, to end at 52,348.39. The S&P 500 was down 0.28%, closing at 7,482.71. The Nasdaq Composite bucked the trend and rose 0.2% to settle at 25,870.65. International Brent crude futures settled up 5.43% at $78.19 per barrel. West Texas Intermediate futures popped 4.37% to close at $73.52. "I think it's over. I don't want to deal with them anymore. They're scum," Trump said. The president later Wednesday threatened to attack Iran again, saying that "we're going to hit them hard tonight."
Gold traded below $4,100 an ounce on Thursday after falling for a second consecutive session
Gold traded below $4,100 an ounce on Thursday after falling for a second consecutive session, pressured by concerns that the renewed conflict in the Middle East could disrupt energy supplies from the region and intensify inflationary pressures. The US military confirmed it carried out strikes on Iran for a second straight day in an effort to curb Tehran's ability to threaten navigation through the Strait of Hormuz, while Iran vowed a large-scale retaliatory operation against US military bases in the region. President Donald Trump said that, in his view, the ceasefire is over and warned of additional strikes on Iran along with a new blockade. Meanwhile, minutes from the Federal Reserve's June meeting showed that only a few policymakers favoured a rate increase, though officials expressed growing concern about inflation.
Crude oil climbed above $74 per barrel on Thursday, rallying for the third straight session
Crude oil climbed above $74 per barrel on Thursday, rallying for the third straight session after the US military confirmed it had carried out strikes on Iran for a second straight day, intensifying tensions and fuelling concerns over energy supplies from the Middle East. The US said the attacks were intended to reduce Iran's ability to threaten navigation through the Strait of Hormuz, while Tehran vowed a large-scale retaliatory campaign against US military bases across the region. President Donald Trump declared that, in his view, the ceasefire is over and warned of additional military action against Iran, including a new blockade. He also cautioned that oil prices could climb further and said future strikes may target Iran's key export terminal on Kharg Island.
China consumer price growth weakens in June while producer inflation rises to near 4-year high
China's consumer prices grew slower than expected in June, while wholesale inflation accelerated, as elevated energy costs continued to sap domestic demand. Consumer prices rose 1% in June from a year ago, missing economists' estimates of 1.1% growth in a Reuters poll, and slowing from 1.2% in May, according to data released by the National Bureau of Statistics on Thursday. Core CPI, excluding volatile food and energy prices, also rose 1% in June from a year earlier, edging down from the 1.1% increase in May. Food prices declined 1.6% from a year earlier, easing from a fall of 1.7% in May. The producer price index jumped 4.1% from a year earlier, in line with economists' forecast and outpacing May's 3.9%.
U.S. military launches new Iran strikes as Trump says 'not sure' he wants deal
U.S. forces launched another round of strikes against Iran in response to Tehran attacking commercial ships in or near the Strait of Hormuz, U.S. Central Command said Wednesday afternoon. "The United States is holding Iran accountable for recent unjustified aggression against commercial shipping and civilian crews freely navigating a vital international waterway," CENTCOM said in an X post. The latest salvo came hours after President Donald Trump said he may no longer be interested in even trying to reach a deal with Iran. Trump earlier Wednesday had declared the fledgling U.S. ceasefire agreement with Iran "over" in light of renewed hostilities in the strait, and said he may order more military attacks. "I'm not sure I want to make a deal with them," Trump said of Tehran during a press conference in Ankara, Turkey, where he had traveled to attend a summit of the NATO military alliance.
Lawmakers probe growing use of Chinese AI models in U.S. companies
U.S. lawmakers are considering how to curb the growing adoption of Chinese AI models by homegrown companies, as geopolitical tensions surrounding the rollout of artificial intelligence ramp up. AI has emerged as a key point of rivalry between the U.S. and China, with both nations vying for supremacy in the field. Chinese models are gaining traction among U.S. firms as they close the performance gap with American rivals while being cheaper to use. In April, the Trump administration accused Chinese entities of waging "industrial-scale campaigns" to rip off U.S. AI systems, and said it will explore ways to hold foreign actors accountable. Beijing is looking at curbing overseas access to China's leading AI models, Reuters reported on Tuesday.
Trump says he doesn't want anything to do with Spain: 'Cut off all trade'
President Donald Trump has slammed Spain for not contributing enough to NATO, as the defense alliance battles mounting friction among allies. "Spain is a terrible partner in NATO. They don't participate. They don't pay. I don't want anything to do with Spain. Cut off all trade with Spain, please, including visits," he said at a news conference in Ankara, Turkey, with NATO Secretary-General Mark Rutte. "Don't even talk to them. They're hopeless, bad people," the president said. "There are a couple of others, but in particular Spain," he added, referring to other NATO members that he says should be spending more on military capabilities. It marks the latest development in Trump's row with Spain over its defense spending. It is the only member of the military alliance to not have committed last year to spending 5% of its gross domestic product on defense by 2035.
SpaceX stock closes below debut price at $148 in two-day slide after Nasdaq-100 inclusion
SpaceX stock closed at $148 on Wednesday, below the company's first trading price of $150 per share for a second day in a row. Elon Musk's aerospace and defense contractor was included in the Nasdaq-100 index on Tuesday, less than a month after its stock market debut on June 12. The rapid inclusion in the Nasdaq-100 was due, in part, to the exchange's revised rules for new public companies to become part of that widely-tracked benchmark. The SpaceX inclusion also required index funds and exchange-traded funds that are tied to the benchmark to buy shares of the company in order to match the new lineup. SpaceX's record initial public offering raised a total of $85.7 billion after underwriters exercised the "greenshoe" overallotment, which allows companies to issue more shares in an IPO when there is greater demand from participants during the initial offering. SpaceX initially offered 555.6 million shares for a set price of $135 each.
SK Hynix US listing more than seven times oversubscribed, source says
Demand for SK Hynix's $28 billion U.S. share sale was more than seven times available shares, a person familiar with the matter said, underscoring huge investor appetite for one of the most important companies in the AI supply chain. The offering from the South Korean chipmaker, which will finance new factories and equipment to meet surging AI chip demand, is set to be the world's second-biggest share sale after SpaceX's record-breaking $85.7 billion IPO last month. SK Hynix declined to comment. The person declined to be identified as details of the share sale were confidential. Shares in SK Hynix jumped 6% in morning trade. Underwriters have told investors that pricing guidance is expected to come after the South Korean stock market closes on Thursday with allocations finalised later in the day in U.S. time, a separate source has previously said.
Apple to spend $30 billion on Broadcom chips as it boosts US sourcing
Apple plans to spend more than $30 billion under a multi-year chip supply deal with Broadcom, bolstering its U.S. sourcing as President Donald Trump's administration pushes to expand domestic chip manufacturing. Broadcom shares rose more than 4%, while Apple shares were down marginally. Apple said on Wednesday the deal, which was struck earlier this week and runs through 2031, covers FBAR filters — or radio-frequency chips used for wireless connectivity in its devices — that it had been developing with Broadcom since at least 2023. Broadcom will invest $1.5 billion to expand its Fort Collins, Colorado, factory under the deal, which Apple said would result in the production of at least 15 billion chips and support its work with the Trump administration to source more components domestically.
Paramount will not close its Warner Bros deal before July 22 amid Oregon probe
Paramount has said it will not close its $110 billion acquisition of Warner Bros before July 22, the Oregon attorney general's office said on Wednesday, pushing out the timeline for the deal's closure by an additional week. Oregon Attorney General Dan Rayfield's office asked a court in Multnomah County on Wednesday to order the company to hand over records and delay the deal by 60 days so the state can review them. Paramount had previously told Oregon that it would not close the deal before July 16, Rayfield's office said. At a preliminary hearing on the state's request on Wednesday, the company amended that timeline, his office said.
