Daily News 27th July 26
Daily News
S&P 500 Ends Flat and Dow Gains on 3.5% Apple Jump as Oil Retreats on U.S.-Iran Truce; Gold Climbs Toward $4,100; China's CXMT Soars 500% in Shanghai Debut as Nvidia and SK Group Unveil $500 Billion AI Push
27 July 2026
Today in Brief
Asia-Pacific markets were broadly higher, with Japan's Nikkei 225 dipping 0.12% while the Topix gained 0.87%, South Korea's Kospi advanced 0.44% and the Kosdaq jumped 1.71%, and Australia's S&P/ASX 200 rose 1.17% alongside gains in Hong Kong's Hang Seng and mainland China's CSI 300. On Wall Street Friday, the S&P 500 closed nearly flat at 7,411.98 as chip stocks weighed, the Nasdaq slipped 0.64% to 24,975.82, while the Dow gained 235.60 points, or 0.46%, to 51,947.25, lifted by a 3.5% jump in Apple; oil pulled back on reports of a Pakistan-brokered path toward renewed U.S.-Iran talks. Gold climbed 1% toward $4,100 an ounce on Monday as crude dropped sharply following a weekend pause in U.S.-Iran hostilities, with crude briefly dipping toward $83 a barrel before trading near $85, even as oil remains up nearly 40% for the month on Red Sea and Strait of Hormuz supply disruptions.
In other news: Singapore's monetary authority unexpectedly tightened policy for a second straight time to pre-empt an oil-driven inflation resurgence; Iran accused Ukraine of a "hostile and criminal act" after strikes on its vessels in the Caspian Sea; new UK Prime Minister Andy Burnham said he would be prepared to call out President Trump to defend British interests; Iran reportedly signaled it would keep its own attacks paused so long as the U.S. maintains its halt to air strikes; China's CXMT skyrocketed more than 500% on its Shanghai debut to become the most valuable China-listed company; Nvidia and South Korea's SK Group unveiled a $500 billion-plus AI data center and memory initiative; Qualcomm told customers of double-digit price increases; and Waymo is reportedly weighing an end to its partnership with Uber.
Asian markets mostly higher as Kosdaq jumps 1.71% and Australia's ASX 200 gains 1.17%
In Asia, Japan's Nikkei 225 slid 0.12% while the Topix rose 0.87%. The Kospi advanced 0.44%, while the small-cap Kosdaq was 1.71% higher. Australia's benchmark S&P/ASX 200 was up 1.17%. The Hang Seng Index was up 0.81% while mainland China's CSI 300 rose 0.25%.
S&P 500 closes little changed Friday as Iran fears and chip sell-off weigh down market
The S&P 500 ended near flat on Friday, weighed down by chip stocks, as investors assessed the latest developments regarding the Middle East conflict. The broad market index added just 0.05% and closed at 7,411.98 while the Nasdaq Composite dropped 0.64% to end at 24,975.82. The Dow Jones Industrial Average gained 235.60 points, or 0.46%, to settle at 51,947.25. A 3.5% jump in Apple boosted the blue-chip index. Stocks had moved higher earlier in the session, while oil prices pulled back, after Reuters, citing three Pakistani sources, reported that Pakistan is considering a path toward establishing new peace negotiations between the U.S. and Iran, with the push being initiated by China. However, obstacles to discussions with the U.S. are still high, the sources said.
Gold climbs 1% toward $4,100 an ounce, moving away from nine-month lows
Gold climbed 1% toward $4,100 an ounce on Monday, moving away from nine-month lows as oil prices dropped sharply following a pause in hostilities between the US and Iran over the weekend, reducing concerns over supply disruptions and inflation. The US suspended its nearly two-week campaign of strikes against Iran beginning late Friday without an official announcement, while Tehran said it had ended its retaliatory strikes in response and held discussions with Oman regarding the Strait of Hormuz. Gold struggled in recent weeks amid escalating hostilities in the Middle East, with supply disruption spreading from the Strait of Hormuz to the Red Sea. Meanwhile, the Federal Reserve is widely expected to leave interest rates unchanged on Wednesday before raising them in September, although some market participants believe the central bank could move as early as this week's meeting in response to renewed inflationary pressures.
Crude oil briefly dips toward $83 a barrel before trading near $85 on U.S.-Iran pause
Crude oil briefly dipped toward $83 per barrel on Monday before trading near $85, after the US and Iran halted strikes against each other over the weekend amid efforts to revive diplomacy, with President Donald Trump reportedly open to renewed peace talks. The US paused its attacks against Iran starting late Friday without any official announcement, while Tehran said it had halted its retaliatory military strikes in response and engaged in talks with Oman regarding the Strait of Hormuz. Still, Iran-backed Houthi forces in Yemen claimed responsibility for attacks on facilities associated with Saudi Aramco at the Red Sea ports of Jizan and Yanbu over the weekend. Oil prices have surged nearly 40% this month as supply disruptions expanded from the Strait of Hormuz to the Red Sea, an increasingly important alternative route for Saudi Arabian crude exports that transports millions of barrels each day.
Singapore tightens monetary policy in surprise move as rising oil prices rekindle inflation risk
Singapore on Monday unexpectedly tightened its monetary policy for a second consecutive time, moving pre-emptively against a renewed oil price surge even as inflation at home stays subdued. The Monetary Authority of Singapore said it will increase the rate of appreciation of the Singapore dollar's nominal effective exchange rate policy band "very slightly," with the adjustment smaller than April's. The width of the band and the level at which it is centered were left unchanged. Economists polled by Reuters last week had forecast the central bank to stand pat on its monetary policy stance. Unlike most central banks, the MAS conducts its monetary policy by managing the Singapore dollar exchange rate against a trade-weighted basket of currencies within an undisclosed band, rather than setting interest rates.
Ukraine strikes Iranian vessels in Caspian Sea, Tehran accuses Kyiv of 'hostile and criminal act'
Iran summoned a Ukrainian diplomat in Tehran on Sunday to protest an attack on an Iranian commercial vessel in the Caspian Sea, as the war in the Middle East threatened to overlap with the Ukraine conflict. Iran said the attack left one sailor dead and injured several others. The country's foreign ministry complained to Ukraine's chargé d'affaires in Tehran early on Sunday and "conveyed Iran's strong protest over the 'hostile and criminal act,'" Iran's Islamic Republic News Agency reported. In a post on X highlighting Ukraine's attacks on distant Russian targets, Ukrainian President Volodymyr Zelenskyy said Saturday that his country's forces "also achieved very strong results with long-range strikes in the Caspian Sea – including vessels used in military cargo shipments involving Iran, as well as a warship."
New UK Prime Minister Burnham says he would be prepared to call out Trump
The U.K.'s new prime minister, Andy Burnham, said he would be willing to call out U.S. President Donald Trump to defend the U.K.'s national interest, as he set the tone for the key trans-Atlantic relationship. Speaking to the BBC in an interview aired Sunday, Burnham said he had a phone conversation with Trump on Monday when he officially took on the role, describing it as "a good exchange" and that he found Trump "warm". "We will continue to build the relationship as we go forward," Burnham added. Asked if Burnham would place his trust in Trump, Burnham said: "it's a changing world isn't it, and you just obviously have to call things as they develop". Trump has frequently criticized the U.K., among other European and NATO allies, for not pulling their weight in the U.S.-led war on Iran.
Iran will reportedly pause attacks if U.S. maintains halt to air strikes
Iran will reportedly stop its attacks as long as the United States continues its current pause on air strikes after President Donald Trump unexpectedly paused a bombing campaign that had lasted nearly two weeks. The pause follows 13 consecutive nights of U.S. strikes on Iranian targets, with the Pentagon halting the operation late on Friday. No U.S. attacks have been reported since, marking the first two-day break in the campaign. Reuters reported, citing a senior Iranian official, that "Iran's position remains 'attack for attack': if the attacks stop, Iran will also halt its operations. That message has already been conveyed to the United States." The U.S. military had earlier said that its naval blockade of Iran remained fully operational but did not explain the pause in airstrikes.
China memory chipmaker CXMT skyrockets 500% in blockbuster Shanghai debut
Shares of chipmaker Changxin Technology Group rose more than 500% Monday as they debuted on Shanghai's tech-heavy STAR Market, making CXMT the most valuable China-listed company. The Hefei-based company raised 57.92 billion yuan ($8.6 billion) after pricing its IPO at 8.66 yuan per share, making it Asia's biggest so far this year. CXMT shares were last trading at 52 yuan, giving the company a market cap of about 3.5 trillion yuan. Based on sales figures for the fourth quarter of 2025, CXMT held a 7.67% share of the global DRAM market in 2025, according to its IPO prospectus. DRAM chips are used in electronic devices ranging from smartphones to servers.
Nvidia, SK Group unveil $500 billion-plus AI data centers initiative, memory partnership
Nvidia and South Korea's SK Group on Friday unveiled a more than $500 billion AI initiative spanning large-scale AI data centers and next-generation memory, Nvidia said. The initiative includes a long-term partnership with SK Hynix to secure next-generation memory supply for Nvidia and jointly develop high-bandwidth memory for AI training, AI agents and physical AI applications. As part of the initiative, SK Telecom plans to build a 2-gigawatt AI data center powered by Nvidia's Vera Rubin chips and SK Hynix's HBM4 high-bandwidth memory, with the first facility due to come online in 2027, Nvidia added. Separately, Nvidia said it, Naver and Brookfield plan to expand Naver's AI data center in South Korea.
Qualcomm tells customers of double-digit price increases
Smartphone chipmaker Qualcomm told customers it would raise prices by a percentage in the double digits due to rising costs, Bloomberg News reported on Friday, citing a letter sent to clients. Qualcomm sent the letter to customers on Friday, informing them that the price hike will go into effect for products shipped after September 1, the report said. The company told customers it could no longer absorb rising supplier costs and had sought alternative components from new suppliers, Bloomberg reported. Qualcomm declined to comment. Reuters could not independently verify the report. The chipmaker has been grappling with mounting pressure in the smartphone market, which has been squeezed by a memory chip shortage as investment is redirected toward AI infrastructure. Qualcomm is set to report its third-quarter results on July 29.
Waymo explores ending Uber partnership amid souring relationship
Alphabet's robotaxi firm Waymo is considering ending its partnership with Uber due to a souring relationship between the companies, the Financial Times reported on Friday, citing people familiar with the matter. Uber's shares closed down 4.3%. Waymo has had internal conversations about ending its partnership with Uber, which was first announced in 2023, according to the report. The companies have increasingly clashed over operational and commercial issues, according to the report. Waymo has raised concerns about the cleanliness and routing of its vehicles, while Uber has criticized the sudden unavailability of Waymo vehicles during bad weather and argued that the partnership has "unsustainable financial terms," the FT reported. The two companies were "pursuing diverging objectives," the FT report quoted a person familiar with the developments as saying.
