Daily News 29th July 26
Daily News
Dow Jumps More Than 500 Points on Strong Earnings as Kospi Plunges 8% in Chip Rout; Gold Holds Near $4,020 and Crude Surges 4% After Iran's Missile Attack on U.S. Forces; Apple Briefly Touches $5 Trillion Market Cap
29 July 2026
Today in Brief
Asian markets were rattled Tuesday as South Korea's Kospi and small-cap Kosdaq both plunged more than 8% on a chip-led sell-off dragged by SK Hynix and Samsung Electronics, triggering a trading halt, while Japan's Nikkei 225 fell 2.2% and the Topix lost 0.61%; Hong Kong's Hang Seng bucked the trend, gaining 1.4%. U.S. stocks moved the other way, with the Dow climbing 537.24 points, or 1.03%, to 52,747.32 for a third straight winning day, lifted by Sherwin-Williams' 8% jump and a 5% pop in Coca-Cola on strong earnings, even as the S&P 500 added just 0.21% to 7,428.78 and the Nasdaq slipped 0.22% to 24,876.91 as chips lagged, with Micron and AMD both falling more than 8%. Gold held around $4,020 an ounce Wednesday as oil rebounded more than 4% toward $83 a barrel after the US military said it intercepted a surprise Iranian ballistic missile attack on American forces, reviving geopolitical tensions ahead of the Federal Reserve's policy decision.
In other news: Iran launched a surprise ballistic missile attack on U.S. forces reportedly based in Jordan, with all missiles intercepted; the Senate began voting on a long-awaited sanctions bill named for the late Sen. Lindsey Graham targeting Russian oil sales and combining it with new sanctions on Iran; German Chancellor Friedrich Merz called for EU budget cuts of hundreds of billions of euros; a Reuters poll found India's economic growth is set to slow sharply on weak investment and the oil shock from the Iran war; Apple briefly touched a $5 trillion market cap for the first time, a day after overtaking Nvidia as the world's most valuable company; Boeing's shares rose despite a larger-than-expected Q2 loss; Ford raised its 2026 earnings guidance after a Q2 beat; and Enphase Energy posted mixed results with shares rebounding after hours.
South Korea stocks fall 8% amid chip rout, triggering a trading halt
The Kospi reversed course to fall more than 8%, dragged by index heavyweights SK Hynix and Samsung Electronics, triggering a trading halt. The small-cap Kosdaq similarly plunged over 8%. Japan's benchmark Nikkei 225 declined 2.2% and the Topix lost 0.61%. Hong Kong's Hang Seng Index bucked the trend, gaining 1.4%. Mainland China's CSI 300 was down 0.73%.
Dow jumps more than 500 points as oil prices slide, investors rotate out of chip stocks
The Dow Jones Industrial Average rallied on Tuesday, buoyed by strong earnings, falling oil prices and a rotation out of semiconductors into other parts of the market. The Dow climbed 537.24 points, or 1.03%, to 52,747.32. The blue-chip index posted a third straight winning day. Sherwin-Williams rose 8% on the back of better-than-expected results for Q2 to lead the benchmark higher. Beverage giant Coca-Cola popped 5% on a top- and bottom-line beat, plus a hike to its full-year outlook. The S&P 500 added 0.21% to end at 7,428.78. The Nasdaq Composite edged down 0.22% and closed at 24,876.91. Chips lagged, with the VanEck Semiconductor ETF (SMH) off more than 3% and tumbling for a fourth straight day, as Micron and AMD fell more than 8%.
Gold holds around $4,020 an ounce as renewed Middle East hostilities revive geopolitical tensions
Gold traded around $4,020 an ounce on Wednesday, holding the previous session's decline as oil prices rebounded following renewed hostilities in the Middle East, reviving geopolitical tensions and keeping investors focused on inflationary pressures and the interest rate outlook. The US military said it had successfully intercepted what it described as a surprise Iranian attack targeting US troops stationed across the Middle East. Investors also awaited the Federal Reserve's policy decision, where it is expected to leave interest rates unchanged. However, markets continue to price in about a one-third chance of a rate hike, reflecting an unusually high level of uncertainty this close to a policy announcement despite repeated calls from President Donald Trump for lower interest rates. Traders also assign roughly an 80% probability to a rate increase in September, reinforcing expectations that borrowing costs could remain elevated.
Crude oil surges more than 4% toward $83 a barrel, snapping a three-day losing streak
Crude oil surged more than 4% toward $83 per barrel on Wednesday, snapping a three-day losing streak as renewed hostilities in the Middle East reignited geopolitical tensions after several days of relative calm, fuelling fresh concerns over disruptions to energy supplies. The US military said it had successfully intercepted what it described as a surprise Iranian attack targeting US troops stationed across the Middle East. Meanwhile, Iran-backed militias in Iraq launched drones at oil facilities in Saudi Arabia's Eastern Region for a second consecutive day, although the full extent of the damage remains unclear. On the diplomatic front, Iran rejected Oman's proposal for shared 50-50 control of the Strait of Hormuz, maintaining that Tehran must retain full control of the inbound shipping lane and part of the outbound route.
Iran launches surprise ballistic missile attack on U.S. forces in the Middle East
Iran targeted American forces in the Middle East with ballistic missiles late Tuesday stateside, U.S. Central Command said, raising tensions in the region again after the warring sides had briefly halted hostilities. Centcom in a post on X said that the attack originated from Iran, but all missiles were intercepted. "Islamic Revolutionary Guard Corps forces launched multiple ballistic missiles from Iran in an attempted surprise attack on U.S. forces based in the Middle East." While the U.S. military command did not specify where the attacks were aimed at, Axios reported the attack was directed at a U.S. base in Jordan, citing U.S. officials.
Senate sets up votes to sanction Russia for Ukraine war, combines package with Iran sanctions
The Senate late Tuesday agreed to begin voting on a long-awaited sanctions bill aimed at hobbling Russia's war effort in Ukraine. The bill, named for the late Sen. Lindsey Graham of South Carolina, is a package of sanctions and tariff authority targeting Russian oil sales. Proponents say oil is the top commodity Moscow uses to fund its war machine, and targeting it now will help Kyiv turn the tide on the battlefield. Sen. Richard Blumenthal, D-Conn, along with Sens. Darline Graham, R-S.C., Katie Britt, R-Ala., Jeanne Shaheen, D-N.H, Roger Wicker, R-Miss., and Jim Risch, R-Idaho, announced on Tuesday they had reached a deal to combine the Russia sanctions package with sanctions on Iran. That move allows a first vote to be expected on Tuesday night, while Ukrainian President Volodymyr Zelensky is in Washington for Graham's funeral services.
Germany's Merz calls for EU budget cuts of hundreds of billions
German Chancellor Friedrich Merz stated Tuesday that the European Union's upcoming financial framework must avoid large spending increases during a visit to Dublin. Merz called for a draft budget that includes cuts of several hundred billion euros instead of expanding staff numbers at the EU level. The German leader also said there should be national flexibility when it comes to capping agricultural subsidies for farms. Merz opposed additional corporate taxation at the EU level and emphasized that efforts to reduce regulatory burdens must continue.
India economic growth to slow sharply as weak investment, oil shock weigh
India's economic growth is expected to slow sharply this fiscal year from last year's robust expansion and recover only modestly the following year, a Reuters poll of economists found, as weak private investment and higher oil prices triggered by the Iran war weigh on domestic demand. Gross domestic product is forecast to grow 6.6% in the fiscal year ending March 2027, according to the median estimate in a Reuters poll, down from 7.7% in FY2025/26. Growth is then expected to edge up to 6.8% in FY2027/28. The poll, conducted between July 21 to 27, surveyed 42 economists. Asia's third-largest economy continues to rely heavily on government spending, and many economists remain concerned the official figures overstate the actual strength of the economy. India is not alone. Reuters polls of several Asian economies also found that higher oil prices and weak domestic demand are weighing on the outlook for China, Thailand, Indonesia and the Philippines.
Apple touches $5 trillion market cap for first time, a day after overtaking Nvidia
Apple on Tuesday briefly hit a market capitalization of $5 trillion for the first time, a day after passing Nvidia to become the most valuable publicly traded company. Shares of the iPhone maker, which reports quarterly results on Thursday, have jumped 25% this year, outpacing its mega-cap peers. The stock reached a high of $342.89 on Tuesday before slipping a bit. Shares closed at $340.08 on Tuesday, putting the market cap just below the $5 trillion threshold. While the hyperscalers — Alphabet, Amazon, Meta and Microsoft — are collectively pouring hundreds of billions of dollars into capital expenditures this year for their artificial intelligence build-outs, Apple has kept its capex spending low and is using cloud infrastructure and AI technology from Google.
Boeing share price rises despite larger-than-expected Q2 loss from higher Air Force One costs
Boeing on Tuesday reported a larger-than-expected quarterly loss after taking a $280 million charge on its troubled Air Force One replacement program, but generated positive free cash flow as its turnaround plans gained momentum. It took the charge due to higher engineering costs to ensure it delivers the two delayed U.S. presidential plane replacements in 2028, contributing to a $428 million net loss for the second quarter. Despite the charge and larger-than-expected loss, Boeing's share price rose by 4.9% in midday trading, as investors appeared to respond to Boeing's steady, continued progress in improving production and its increased free cash flow in the quarter.
Ford raises guidance after Q2 earnings beat, says F-Series recovery is on track
Ford Motor raised its 2026 earnings forecast Tuesday after beating Wall Street's second-quarter earnings expectations despite reporting a decline in revenue that slightly missed estimates. Ford shares rose nearly 7% in after-hours trading Tuesday. The Detroit automaker cited operational improvements, resilient vehicle pricing and a high sales mix of profitable products for its performance as well as the improved guidance. Ford's raised guidance includes full-year adjusted earnings before interest and taxes of between $10 billion and $11 billion, up from $8.5 billion to $10.5 billion. It also raised its expectations for adjusted free cash flow to $6 billion to $7 billion, up from $5 billion to $6 billion.
Enphase Energy posts mixed Q2 2026 results as shares rebound after hours
Enphase Energy reported mixed second-quarter 2026 results, with revenue edging past Wall Street expectations at $291.6 million while adjusted earnings per share came in one cent short at $0.46. The solar and home energy company said gross margin improved sharply from the prior quarter and cash flow remained positive, helping shares recover after hours to $37.15, up 2.29% from the regular-session close of $36.16. The stock had fallen 4.87% during the trading day and remained below the prior close of $38.01. Enphase said second-quarter revenue rose 3% sequentially to $291.9 million, helped by $84.3 million of Safe Harbor revenue. Excluding that item, core revenue was $207.6 million. The company shipped 1.59 million microinverters and 113.8 megawatt hours of IQ Batteries, topping the high end of its battery guidance.
