Daily News 28th July 26
Daily News
Dow Closes 262 Points Higher as Cooling Oil Prices Offset a Kospi Rout; Gold Slips Toward $4,050 on Fed Rate-Hike Fears as Crude Falls on U.S.-Iran Talks; CXMT Soars 466% in Shanghai Debut and Nvidia Weighs $250 Billion OpenAI Backstop
28 July 2026
Today in Brief
Asian markets were shaky Monday, with South Korea's Kospi dropping 5.93% at the open, Japan's Nikkei 225 slipping 0.65% and the Topix down 0.63%, and Australia's S&P/ASX 200 off 0.38%, as investors braced for a heavy earnings week from Amazon, Meta, Microsoft and Apple. U.S. stocks nonetheless closed higher Monday as chip stocks trimmed losses and oil prices slid — the Dow rose 262.83 points, or 0.51%, to 52,210.08, the S&P 500 added a marginal 0.02% to 7,413.18, while the Nasdaq slipped 0.18% to 24,932.08, with AMD and Teradyne leading semiconductor declines even as chipmakers had rallied earlier on Chinese chipmaker CXMT's blockbuster IPO. Gold slipped to around $4,050 an ounce Tuesday as markets priced in an over one-third chance of a Fed rate hike this week, while crude fell toward $81 a barrel — a third straight session of losses — after President Trump said the US was engaged in "good talks" with Iran to end the Middle East conflict.
In other news: Netanyahu and Zelenskyy traveled to Washington for the late Sen. Lindsey Graham's funeral, with both leaders expected to meet Trump amid the Middle East and Ukraine conflicts; wildfires in southern France and Spain forced more than 300,000 people to flee as Macron called a crisis cabinet meeting; Trump backed Fed Chairman Kevin Warsh as "fantastic" while criticizing other board members as "very political"; a temporary US-Iran pause in fighting held despite Tehran denying a 10-day ceasefire, with reports linking the pause to concerns over depleted US munitions stockpiles; Nvidia and OpenAI are reportedly in talks over a backstop of up to $250 billion for a new AI data center campus in Ohio; Microsoft unveiled a new AI model for cybersecurity, MAI-Cyber-1-Flash; CXMT's Shanghai debut surged 466%, making it the most valuable China-listed company; and SpaceX has now erased more than $1.2 trillion in market value since June, roughly the equivalent of a full Tesla.
South Korea's Kospi drops nearly 6% at the open as investors brace for hyperscaler earnings
In Asia, South Korea's Kospi dropped 5.93% at the open. Japan's Nikkei 225 slipped 0.65% and the Topix declined 0.63%. Australia's benchmark S&P/ASX 200 was 0.38% lower. The tension in the market reflects uncertainty ahead of a big week for stocks with earnings results from Amazon, Meta Platforms and Microsoft on the calendar. The chip trade hinges on continued spending from the hyperscalers — even as the megacaps themselves falter. Apple also reports this week.
Dow closes more than 250 points higher, aided by cooling oil prices
The Dow Jones Industrial Average and the S&P 500 closed in positive territory Monday, as chip stocks trimmed their losses and oil prices slid. The Dow Industrials rose 262.83 points, or 0.51%, to end at 52,210.08. The broad-market S&P 500 added just 0.02%, closing at 7,413.18. The Nasdaq Composite lost 0.18% and settled at 24,932.08. Semiconductor stocks were down broadly, although they bounced off their session lows. The VanEck Semiconductor ETF (SMH) lost more than 2%, adding to its Friday losses. AMD and Teradyne dropped 5% and 4%, respectively, to lead the declines. Micron Technology shed about 2%. Chipmakers rallied earlier in the day after Chinese chipmaker CXMT's blockbuster IPO on the Shanghai Stock Exchange on Monday.
Gold slips to around $4,050 an ounce, giving back the previous session's gains on Fed rate fears
Gold slipped to around $4,050 an ounce on Tuesday, giving back the previous session's gains amid lingering concerns that the Federal Reserve could raise interest rates this week. Markets are currently pricing in an over one-third chance of a Fed rate increase on Wednesday, an unusually high level of uncertainty this close to a Fed meeting compared with recent years. Citadel Securities also said it expects the Fed to raise rates this week to reinforce Chairman Kevin Warsh's credibility in fighting inflation after the central bank chief repeatedly pledged to restore price stability. Gold also came under pressure even after President Donald Trump said the US was engaged in "good talks" with Iran to end the Middle East conflict, pushing oil prices lower and easing concerns over inflation and interest rate hikes.
Crude oil falls toward $81 a barrel, marking a third consecutive session of losses
Crude oil fell toward $81 per barrel on Tuesday, marking a third consecutive session of losses after President Donald Trump said the US was engaged in "good talks" with Iran aimed at ending the Middle East conflict, fuelling optimism that normal oil flows from the region could resume. Trump reportedly said he chose to suspend strikes on Iran to give negotiations another chance. The US quietly halted attacks on the Islamic Republic late Friday following nearly two weeks of fighting, while Tehran also ceased retaliatory strikes against US bases in neighbouring countries. Meanwhile, Iranian and Omani negotiators met over the weekend in an effort to secure an agreement to restore shipping through the strategically important Strait of Hormuz.
Netanyahu, Zelenskyy come to DC for Graham's funeral, meetings with Trump amid wars
Politicians and world leaders including Israeli Prime Minister Benjamin Netanyahu are gathering in Washington to meet with President Donald Trump while in town to honour the late Sen. Lindsey Graham at his funeral service Tuesday. At Trump's invitation, Netanyahu flew to Washington on Monday for the service, his office announced. Ukrainian President Volodymyr Zelenskyy also plans to attend the Washington funeral, a White House official confirmed. Both leaders are planning to meet with Trump during their respective visits. These meetings could give Netanyahu and Zelenskyy a chance to push their agendas on Trump amid global conflicts in the Middle East and Ukraine. Each man has had previous successes securing Trump's buy-in for their positions in previous direct conversations.
Spain and France wildfires force more than 300,000 to flee as Macron calls crisis meeting
Wildfires are ravaging southern France and spreading into Spain, forcing more than 300,000 people to flee ahead of further expected heatwaves during the week. French President Emmanuel Macron is set to hold a crisis cabinet meeting on Monday, while Spain's Prime Minister Pedro Sanchez will visit areas hit by fires in Valencia, in the East of Spain. The fire, which began in the Southwest of France in Gironde on Wednesday, has burned 42,000 hectares (nearly 104,000 acres) and has forced one of the largest evacuations in France's history, according to French broadcaster France 24 and local news outlets. The wildfires have also affected 77,000 hectares (around 190,000 acres) of the Avila and Toledo areas in Western Madrid.
Trump backs 'fantastic' Warsh while calling for lower rates and citing 'bad intentions' of other Fed officials
President Donald Trump on Monday voiced support for Federal Reserve Chairman Kevin Warsh while insisting that the U.S. should have the lowest interest rates in the world. While backing his choice to lead the central bank, Trump questioned the motives of other members of the Fed's Board of Governors for not wanting to ease monetary policy. "Kevin's fantastic, but he's got a board, and the board members are very political, I would say," the president said during a session with reporters on Air Force One. "He wants to do the right thing. I know what he wants to do." The president's comments came two days before the bank's Federal Open Market Committee, or FOMC, releases its latest interest rate decision.
U.S. and Iran pause fighting as Trump dismisses concerns of dwindling stockpiles
A temporary break in hostilities between the U.S. and Iran appeared to hold on Monday, even as Tehran denied media reports that it had agreed to a 10-day ceasefire. Oil prices nevertheless fell sharply on the development, sending stocks soaring at the market open, though they pared those gains as the day wore on. The pause followed reports that diminished U.S. stockpiles of key munitions are factoring into military decision making. President Donald Trump, who on Friday told Axios he was considering a "massive attack" on Iran, later set those plans aside amid those stockpile concerns, The New York Times reported. On Monday, Trump insisted the U.S. has "plenty" of ordnance. "We have a lot of ammunition, different types," he told reporters on Air Force One while flying to Michigan. Trump also cast blame on former President Joe Biden, saying his predecessor "gave a lot to Ukraine, and so we're building that up, but we have a lot."
Nvidia and OpenAI in talks for up to $250 billion backstop to fund AI infrastructure plans
OpenAI is in discussions with Nvidia about a backstop of up to $250 billion that would help fund its ambitious plans to lease a massive new artificial intelligence data center, CNBC confirmed. The backstop would let OpenAI raise debt for a 10-gigawatt data center campus in Pike County, Ohio, on the strength of Nvidia's credit, according to a person familiar with the discussions who asked not to be named because the details are confidential. The guarantee would cover the lease and construction debt, not the Nvidia chips inside, which the two companies are discussing separately, the person said. Nvidia declined to comment. The Wall Street Journal was first to report the negotiations about the $250 billion backstop.
Microsoft touts cost-saving AI model for cybersecurity
Microsoft on Monday talked up a new artificial intelligence model for spotting cybersecurity vulnerabilities. The move marks the company's first major push to rejuvenate its cybersecurity business since it brought back Google executive Hayete Gallot to run the unit. When paired with OpenAI's general-purpose GPT-5.4, Microsoft's MAI-Cyber-1-Flash outperforms Anthropic's Mythos 5, Google's 3.5 Flash Cyber and OpenAI's GPT-5.5 Cyber on the CyberGym benchmark, the company said. "We have world-leading performance at 50% of the cost," Mustafa Suleyman, CEO of Microsoft AI, said at an event the company held in San Francisco. The generative model is the software maker's first for cybersecurity. It will work in its Project Perception, a collection of AI agents for discovering and fixing weaknesses that becomes available in public preview starting Aug. 3, according to a blog post from Gallot.
Chipmaker CXMT's 466% market debut surge makes it the most valuable China-listed company
Shares of chipmaker Changxin Technology Group soared nearly 466% Monday in their debut on Shanghai's tech-heavy STAR Market, making CXMT the most valuable China-listed company. The Hefei-based firm had 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 closed at 49 yuan, giving the company a market cap of about 3.3 trillion yuan, overtaking Industrial and Commercial Bank of China's 2.6 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.
SpaceX has now lost the equivalent of a full Tesla in market capitalization
SpaceX has now erased more than $1.2 trillion in market cap since its high price of $225.64 in June – almost exactly the value of Elon Musk's other company, Tesla, whose shares just fell to near one-year lows. On Monday, SpaceX fell for the 13th session out of the last 16, shedding more than 1% to end at $113.50. While some of the options flows are getting more balanced between bulls and bears, the biggest single SpaceX trades of the day on Monday were neutral to bullish. Small speculators continue to buy fat-chance calls that need the crashing stock to quickly turn around and double. More puts traded than calls by volume Monday, with traders buying 106,000 calls compared to 77,000 puts, though the majority of the $442 million in premium was tied to puts.
