At the close of 07/07/2026, the Tadawul All Shares Index(TASI.SA) up by 0.36%, closing at 10852.41 points; the Parallel Market Capped Index (NomuC)(NOMUC.SA) up by 0.02%, closing at 22667.30 points. 

US stock futures were little changed early Wednesday as investors weighed rising tensions in the Middle East and surging oil prices. They also looked ahead to minutes from the Federal Reserve’s latest policy meeting.

Futures on the Dow Jones Industrial Average(DJI.US) fell 53 points. S&P 500 index(SPX.US) futures was flat and NASDAQ-100(NDX.US) futures inched 0.3% higher.

The U.S. started a “series of powerful strikes” against Iran on Tuesday evening, retaliating for attacks against three commercial vessels traveling in the Strait of Hormuz, U.S. Central Command said. Earlier, the Treasury Department revoked a license that permitted Iran to sell its oil around the world in light of the attacks in the Hormuz Strait.

West Texas Intermediate futures for August delivery rose 2.1% to $71.87 per barrel in Asia trading. Futures for International benchmark Brent crude for September delivery jumped 1.9% to $75.53 per barrel.

In the U.S. in Tuesday’s regular session, investors rotated out of artificial intelligence-linked stocks while rising oil prices weighed on sentiment. The 30-stock Dow fell more than 100 points after earlier touching a fresh intraday record. The S&P 500 slipped 0.5%, while the NASDAQ(IXIC.US) Composite dropped 1.2% as chipmakers led the declines.

Investors’ attention now turns to the minutes from the Federal Open Market Committee’s June meeting, due at 2 p.m. ET Wednesday. The release is expected to provide more insight into Federal Reserve Chairman Kevin Warsh’s first policy meeting, where officials left interest rates unchanged while signaling that additional rate hikes could be warranted if inflation pressures persist.

“The FOMC minutes will be a wildcard simply because Warsh was so opaque at the most recent press conference,” Adam Crisafulli, founder of Vital Knowledge, said in a note. “Normally, Jerome Powell provided fairly comprehensive accounting of the meeting discussion, but that didn’t happen with Warsh, so the minutes, which are likely to be hawkish in tone, could contain some surprises.” 

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Iran Slams US Sanctions Violation

Iran's Ministry of Foreign Affairs condemned the US decision to revoke a waiver pausing oil sanctions, calling it a violation of Article 10 of the Islamabad Memorandum of Understanding signed on June 18. Iran stated the reversal, occurring less than 20 days after the accord, proves US bad faith, warning it will take necessary measures to protect its national security.

US Military Strikes Iran Over Shipping

US Central Command launched a series of powerful strikes against Iran on July 7. The military action responds directly to recent Iranian attacks targeting three commercial ships operated by civilian crews in the Strait of Hormuz. US forces stated that Iran's aggressive actions were dangerous, unjustified, and represented a clear violation of the ceasefire agreement.

Asset-Heavy Stocks to Outperform Peers: GS

Goldman Sachs strategists stated that the next rally for capital-intensive "HALO" stocks will be driven by robust earnings, leading them to further outperform asset-light peers. A basket of European asset-heavy stocks has risen 15% this year due to the renewed strategic importance of infrastructure. Conversely, the asset-light index dropped 2% as investors grew skeptical of high AI valuations.

KSA Stocks

ACWA Power Approves 2026-2030 Dividend Program, 2025 at SAR 0.46/share

ACWA POWER Co.(2082.SA) approved a dividend distribution program for 2026 to 2030, pledging a minimum annual payout of 30% of net profits starting in 2027, with cash making up at least half. Separately, the board recommended a SAR 352.6 million cash dividend for 2025 at SAR 0.46 per share.

Extra Q2 Net Profit Drops 3.7%

United Electronics Co.(4003.SA) (Extra) reported an estimated net profit of SAR 102.57 million for Q2 2026, down 3.7% year-on-year as a 20.3% profit decline in its consumer finance segment offset a 7.3% retail gain. Q2 revenue rose 5.47% to SAR 2.24 billion, driven by retail and a mega sale. First-half net profit increased 2.38% to SAR 197.23 million.

Tas'heel First Half Revenue Rises 11.8%

United International Holding Co.(4083.SA) (Tas'heel) reported an estimated net profit of SAR 48.22 million for Q2 2026, marking a 20.28% decline year-on-year. While current quarter revenues grew 6.54% to SAR 204.98 million, profitability was weighed down by slower expansion in the financing portfolio and ongoing investments into operational upgrades. For the first half of 2026, total net profit fell 4.81% to SAR 112.61 million despite an 11.76% revenue jump.

SPIMACO Corrects Q1 EPS to SAR 0.55

Saudi Pharmaceutical Industries and Medical Appliances Corp.(2070.SA) issued a correction to its Q1 financial results for the period ending March 31, 2026. The company clarified that its earnings per share amounted to SAR 0.55, instead of the previously reported SAR 0.52. This compares to SAR 0.59 for the same period last year.

USA Stocks

SK Hynix Sets July 10 Debut

SK Hynix will list on the Nasdaq Global Select Market on July 10 under when-issued ticker SKHYV after its US IPO drew multiple times oversubscription. Around 1,000 retail investors attended the July 6 management call. The stock transitions to regular trading under ticker SKHY on July 13, with final settlement expected on July 14.

SpaceX Plans to Launch 100,000 Satellites

SpaceX(SPCX.US) has officially applied to the FCC for permission to launch and operate a third-generation (Gen3) constellation consisting of 100,000 satellites. Shifting focus from just rural broadband, the company aims to build a global, ultra-low latency, multi-gigabit space communication foundation tailored for billions of AI-driven devices and real-time data handling.

Rocket Lab Completes Space Force Mission

Rocket Lab(RKLB.US) successfully completed a complex in-orbit rendezvous and proximity operations mission for the US Space Force's VICTUS HAZE program. Following a record-breaking rapid-response launch, the company demonstrated its ability to track and inspect target satellites on short notice, validating key tactical space capabilities.