Most Important News

1. Iran and Oman Near Agreement to Reopen Strait of Hormuz;
2. Cenomi Centers H1 Net Profit Down 15% Despite Resilient Footfall;
3. Yanbu Cement H1 Net Profit Soars 34% Despite Revenue Drop;

At the close of 5/8/2026, the Tadawul All Shares Index(TASI.SA) increased by 0.27%, closing at 10887.55 points; the Parallel Market Capped Index (NomuC)(NOMUC.SA) decreased by 0.15%, closing at 22126.93 points.

As of Wednesday’s close, the S&P 500 index(SPX.US) decreased by 0.17%, the NASDAQ(IXIC.US) fell by 0.83%, and the Dow Jones Industrial Average(DJI.US) increased by 0.49%.

Iran and Oman Near Agreement to Reopen Strait of Hormuz

Iranian Foreign Ministry spokesperson Esmaeil Baghaei announced that Iran and Oman have agreed on shipping routes through the Strait of Hormuz, with a joint statement undergoing final review barring third-party interference. Deputy Foreign Minister Kazem Gharibabadi added that the agreement on commercial vessel transit is nearly finalized. Under the plan, both Iran's northern and Oman's southern shipping channels will close to establish a new transit model—replacing the 60-year-old system with a temporary shipping lane expected to operate for two to four months.

Hawkish Turn at the Fed: Governor Lisa Cook Ready to Support Rate Hike

Federal Reserve Governor Lisa Cook stated Wednesday that she is prepared to support an interest rate hike if inflation fails to improve, noting that inflation risks currently outweigh employment risks within the Fed's dual mandate. Cook voted with the 9–3 majority last week to hold the benchmark interest rate steady at 3.50%–3.75%, but warned she stands ready to act if high inflation persists.

KSA Stocks

Saudi Steel Pipe’s H1 Net Profit Drops 32% YoY

Saudi Steel Pipe Co.(1320.SA) reported a 32% year-on-year decline in net profit to SAR 82 million, while revenue fell 12%. The profit drop was mainly due to the absence of last year’s one-off land compensation gain and higher credit loss provisions in 2026. Despite these challenges, the company partly offset the impact through reduced selling and finance costs, with shareholders’ equity rising 14% year-on-year.

Cenomi Centers H1 Net Profit Down 15% Despite Resilient Footfall

Arabian Centres Co.(4321.SA) reported a 14.7% year-on-year decrease in net profit to SAR 588.2 million, while revenue slipped 1.8%. The profit decline was mainly due to higher finance costs, lower other income after asset sales last year, and increased administrative expenses, even as visitor numbers reached record highs and like-for-like revenue grew 2.7%.

Yanbu Cement H1 Net Profit Soars 34% Despite Revenue Drop

Yanbu Cement Co.(3060.SA)’s net profit surged 33.5% year-on-year to SAR 68.8 million, even as revenue declined nearly 10% to SAR 487.3 million mainly due to weaker sales volumes. The profit jump was driven by lower costs, reduced expenses, and lower finance charges, offsetting the impact of softer top-line performanc

USA Stocks

SpaceX Faces Ultimate Test as 1 Billion Shares Exit Lockup

SpaceX(SPCX.US) shares plunged 12% on Wednesday as a surge in AI spending unnerved investors, overshadowing better-than-expected quarterly results. Compounding the pressure, the largest post-IPO lockup expiration in US history arrives Thursday, August 6, freeing roughly 911.5 million insider shares worth an unprecedented $116 billion.

With the stock already down nearly 40% from its high, market participants fear early investors cashing out could unleash a fresh wave of selling. However, if actual selling falls short of expectations, heavy short interest could trigger a short.

SanDisk Drops Over 7% After Hours as Q1 Guidance Disappoints 

Sandisk Corporation(SNDK.US)'s fourth-quarter revenue surged 372% year-over-year to $8.97 billion, beating market expectations by 4.3%. Non-GAAP adjusted earnings per share reached $39.25, topping analyst estimates by over 10%. Meanwhile, SanDisk’s board approved a new $14 billion share buyback program, bringing the company's total remaining buyback authorization to $15.5 billion.  However, the company expects Q1 fiscal 2027 revenue to range between $10.3 billion and $10.8 billion, falling short of Wall Street forecasts of $11.16 billion.