Daily News 1st July 26
Daily News
Dow Closes Out Best First Half in 5 Years at Record High; Nasdaq Posts Best Quarter Since 2020 on Chip Rally; Gold Slips Below $4,000; Crude Steadies Near $70 After Steepest Quarterly Decline Since 2020
01 July 2026
Today in Brief
Asia-Pacific markets opened mixed Wednesday — Japan's Nikkei 225 rose 1.79% and the Topix gained 1.07%, South Korea's Kospi advanced 1.52% while the Kosdaq fell 0.42%, Australia's S&P/ASX 200 was little changed, China's CSI 300 was flat, and Hong Kong markets were closed for a holiday. U.S. stocks rose Tuesday to wrap up a strong first half and second quarter — the Dow gained 136.46 points for a record close of 52,319.20, the S&P 500 rose 0.79% to 7,499.36, and the Nasdaq climbed 1.52% to 26,213.72, powered by chips as Nvidia added 2.6%, AMD 7.7%, and Intel 6%, with the VanEck Semiconductor ETF up more than 3% and 82% year to date. Gold slipped below $4,000 an ounce, trading near an almost eight-month low as strong U.S. economic data reinforced expectations of a Fed rate hike this year, while crude steadied near $70 per barrel after posting its steepest quarterly decline since 2020 as investors awaited updates from US-Iran peace talks in Doha.
In other news: Iran said it has exported more than 40 million barrels of crude at a roughly 20% price premium since the U.S. lifted its naval blockade; President Trump's annual financial disclosure revealed over $580 million in crypto-related income, largely from World Liberty Financial token sales; China-linked cyber actors are broadening attacks beyond technology as AI competition with the U.S. intensifies; the Supreme Court upheld birthright citizenship, blocking Trump's executive order; a record chip rally added $2 trillion in combined value to Micron, Intel, and AMD in the second quarter; Nike topped estimates despite a 12% China sales drop and expects a $986 million tariff refund; Uber-backed Lime raised $167 million in its U.S. IPO; and Palantir partnered with Nvidia to provide AI models for U.S. government agencies in secure environments.
Asia-Pacific markets open mixed as Nikkei rises nearly 2%; Warsh to speak at Sintra forum
Asia-Pacific markets opened mixed Wednesday. Japan's Nikkei 225 rose 1.79%, while the broader Topix gained 1.07%. South Korea's Kospi advanced 1.52%, but the small-cap Kosdaq fell 0.42%. Australia's S&P/ASX 200 was little changed, trading 0.05% lower, while China's CSI 300 was flat at the open. Hong Kong markets are closed for a holiday. On Wednesday, Federal Reserve Chairman Kevin Warsh will speak at the European Central Bank Forum on Central Banking in Sintra, Portugal.
Dow jumps 100 points to close out best first half in 5 years; Nasdaq posts best quarter since 2020
Stocks rose on Tuesday, boosted by sharp gains in chips, as Wall Street wrapped up a strong first half and second quarter. The Dow Jones Industrial Average gained 136.46 points, or 0.26%, for a record close of 52,319.20. The S&P 500 rose 0.79% to end at 7,499.36, and the Nasdaq Composite climbed 1.52% to 26,213.72. The moves higher were supported by a rise in chip stocks. Shares of Nvidia gained 2.6%, while shares of Advanced Micro Devices added 7.7% and Intel's stock advanced 6%. The VanEck Semiconductor ETF (SMH) climbed more than 3%, putting its year-to-date gain at 82%. Tuesday marked the final day of the first half and the second quarter.
Gold slipped below $4,000 an ounce on Wednesday, trading near its lowest level in almost eight months
Gold slipped below $4,000 an ounce on Wednesday, trading near its lowest level in almost eight months as strong US economic data underscored the economy's resilience and reinforced expectations that the Federal Reserve will raise interest rates this year. The latest JOLTS report showed job openings climbed to a two-year high, while analysts expect another solid increase in June non-farm payrolls. Meanwhile, recent core inflation readings remained well above the Fed's 2% target. Markets are now pricing in at least one Fed rate hike this year, with the first potentially coming as early as September. Investors also awaited updates from the ongoing US-Iran peace talks in Qatar amid hopes for a lasting ceasefire agreement, although the two sides were not expected to hold direct talks.
Crude oil steadied near $70 per barrel on Wednesday after posting its steepest quarterly decline since 2020
Crude oil steadied near $70 per barrel on Wednesday after posting its steepest quarterly decline since 2020, as investors awaited updates on ongoing peace talks between the US and Iran in Doha, with both sides seeking to ease tensions over the Strait of Hormuz following recent clashes. Washington and Tehran are working toward a lasting resolution to the conflict, although Iran has maintained its position on controlling maritime traffic through the strategic waterway. Meanwhile, oil tanker traffic continues to recover, with shipments increasing after the US and Iran halted their recent exchange of fire over Hormuz.
Iran says it is selling oil at 20% premium as end of U.S. blockade sees 40 million barrels exported
Iran has exported more than 40 million barrels of crude oil since the U.S. removed its naval blockade of Iranian ports, and is now selling oil at prices roughly 20% higher than before the war, parliament speaker and chief negotiator Mohammad Bagher Ghalibaf said Tuesday. The U.S. and Iran signed a memorandum of understanding on June 17 to end nearly four months of war and reopen the Strait of Hormuz, and set up 60 days of negotiations to work out a permanent peace deal. The two sides briefly traded strikes over the weekend after Iran attacked two transiting vessels. The ceasefire prompted a surge in crude shipments through the vital waterway where traffic had largely ground to a halt during the conflict, sending oil prices sharply lower.
Trump's annual financial disclosure shows more than $580M in crypto-related income
President Donald Trump's annual financial disclosure report was released on Tuesday by the U.S. Office of Government Ethics, revealing income of hundreds of millions of dollars from proceeds of crypto tokens and holdings of hundreds of individual company stocks. Trump's disclosure report for 2025, which was the first year of his second non-consecutive term in the White House, totals 927 pages. The report reveals that Trump's crypto-related income included about $515 million from the sale of tokens released by the firm World Liberty Financial, and $65 million from sales of equity in WLF's holding company. WLF is the Trump-linked crypto company co-founded by members of his family that issues the WLFI governance token and USD1 stablecoin.
China-linked actors target more than technology as AI competition with U.S. intensifies
Cyberattacks aimed at stealing American artificial intelligence technology are increasingly expanding from tech-based attacks to the exploitation of human-level vulnerabilities, with China-based actors playing a growing role. "As the AI race has heated up, the [People's Republic of China] has targeted the tech sector increasingly," said Matt Pearl, director of the strategic technologies program at the U.S.-based think tank Center for Strategic and International Studies. Rather than focusing on a specific trade secret, such as hardware designs, the hackers have broadened their interest to anything that could narrow the three- to four-month AI gap with the U.S., Pearl said. That, he said, ranges from understanding a company's product roadmap, particularly in highly competitive sectors, to identifying weaknesses in supply chains.
Supreme Court upholds birthright citizenship, blocks Trump order
The Supreme Court on Tuesday upheld the right to citizenship for people born in the United States, rejecting an executive order by President Donald Trump that sought to undo that long-standing constitutional principle for children born to many immigrants. "Children born in the United States to parents unlawfully or temporarily present are 'subject to the jurisdiction' of the United States and are citizens at birth under the Fourteenth Amendment's Citizenship Clause," the majority decision written by Chief Justice John Roberts said. The citizenship clause of the 14th Amendment to the U.S. Constitution, which was adopted in 1868, says, "All persons born or naturalized in the United States, and subject to the jurisdiction thereof, are citizens of the United States and of the State wherein they reside."
Record chip rally adds $2 trillion in combined value to Micron, Intel and AMD in second quarter
Chipmakers not named Nvidia soared in the second quarter as investors widened their artificial intelligence portfolios, with Micron and Intel more than tripling in value and Advanced Micro Devices not far behind. Those three companies gained about $2 trillion in combined market cap in the period and are now the 10th, 11th and 12th most valuable U.S. tech companies. While AI chipmaker Nvidia remains the biggest company by market cap and continues to notch massive revenue growth, the stock only gained 15% in the second quarter. Its hyperscaler customers — Amazon, Alphabet, Meta and Microsoft — showed mixed results in the period, with Meta's stock falling by almost 2% for the worst performance in the group, and Alphabet's stock leading the pack by gaining 24%.
Nike results top estimates even as China sales drop 12%; retailer expects $986 million tariff refund
Nike on Tuesday posted quarterly earnings and revenue that topped Wall Street expectations, despite another sales decline in its key China market. Shares of Nike dropped as much as 8% in extended trading Tuesday before making up much of the losses. The company said its gross margin increased 8.9% during the quarter, largely due to an expected tariff refund of nearly $986 million after the Supreme Court struck down many of President Donald Trump's global duties. The tariff refunds contributed 52 cents to Nike's earnings per share for the quarter. Analysts excluded that gain from their adjusted earnings expectations. Company executives said on a call with analysts that as of the end of the quarter, Nike had collected over $300 million of cash related to its tariff refund claims.
Uber-backed Lime raises $167 million in US IPO
Lime, backed by Uber, raised $167 million in its U.S. initial public offering, joining a growing list of companies tapping a revived market for new listings. The company, formerly known as Neutron Holdings, sold 6.68 million shares at $25 per share, the midpoint of its marketed range of $24 to $26 per share. The market for new listings has regained momentum after a bout of volatility triggered by the Iran conflict, with companies reviving IPO plans as resilient equity markets and a string of high-profile offerings bolster investor appetite. Lime, founded in 2017, is a San Francisco, California-based company that provides short-term rentals of electric bikes and scooters in over 230 cities worldwide.
Palantir partners with Nvidia on AI models for U.S. government
Palantir Technologies Inc. announced on Monday a partnership with Nvidia to provide AI capabilities for U.S. government agencies and critical infrastructure operators using open-source models in secure environments. The collaboration comes as Palantir maintains impressive momentum with revenue growth of 68% over the last twelve months, reaching $5.2 billion, while commanding a market capitalization of $271 billion. The collaboration combines Nvidia's AI platform and Nemotron open models with Palantir's products including AIP, Ontology, Foundry, and Apollo. The system enables government agencies to deploy and customize AI models in classified, air-gapped, and other sensitive environments while maintaining control over data and intellectual property, according to a press release statement.
