Most Important News

1. S&P Earnings Growth Hits 30-Year High, Wall Street Bets on ‘Earnings Bull’ Market;
2. Yaqeen Capital H1 Net Profit Drops 66% YoY to SAR 4.38M;
3. Nvidia Discloses SpaceX Stake for the First Time, Becomes Sixth Largest Shareholder;

At the close of 17/8/2026, the Tadawul All Shares Index(TASI.SA) increased by 0.89%, closing at 10919.68 points; the Parallel Market Capped Index (NomuC)(NOMUC.SA) decreased by 0.70%, closing at 21668.82 points.

As of Friday’s close, the S&P 500 index(SPX.US) decreased by 0.17%, the NASDAQ(IXIC.US) fell by 0.28%, and the Dow Jones Industrial Average(DJI.US) decreased by 0.20%.

Hormuz Risks Persist; Oil Prices Hold High as US-Iran Standoff Continues

Tensions rise as Israel strikes Hezbollah and ship attacks return to the Strait of Hormuz, with US-Iran talks stalled—heightening both ceasefire uncertainty and oil transport risks. Despite this, Middle East exports remain above expectations, but the US may soon impose new Iran sanctions. Iran and Oman are discussing Hormuz management without US involvement. With supply chains uncertain, Indian refineries are securing future oil supplies, and Russian refineries face ongoing attacks and fuel rationing.

S&P Earnings Growth Hits 30-Year High, Wall Street Bets on ‘Earnings Bull’ Market

US corporate earnings for Q2 have far exceeded expectations. S&P 500 earnings rose 31% year-over-year in Q2, well above Wall Street’s projected 23%, and Bloomberg data shows it’s the strongest growth since 1992 outside of post-recession rebounds. With over 90% of companies reporting, first-half profits may be the best since 2021. The surge is driven by AI boosting efficiency and profits, and surprising US economic resilience despite challenges like higher energy costs from the Iran conflict.

Truist strategist Keith Lerner notes earnings growth has lowered the S&P's P/E ratio from about 26 to under 22—creating healthier valuations. Citadel Securities’ Scott Rubner says “earnings are doing the heavy lifting,” not valuation expansion. Ned Davis’s Ed Clissold highlights that small and mid-cap companies’ beat rates are at post-pandemic highs, showing growth is spreading beyond tech giants. Nvidia’s upcoming report is seen as the next key test.

KSA Stocks

Yaqeen Capital H1 Net Profit Drops 66% YoY to SAR 4.38M

Yaqeen Capital Co.(9602.SA) announced a 66% year-on-year decline in net profit to SAR 4.38 million for the first half of 2026. Revenue fell 22% to SAR 36.97 million, mainly due to weaker market conditions impacting brokerage commissions, advisory income, and Murabaha returns. However, mutual fund fees, investment gains, and dividend income showed strong growth. Shareholders’ equity was SAR 288.95 million, with earnings per share at SAR 0.17. The external auditor issued an unmodified

Naf Feed Board Recommends 50% Capital Increase via Bonus Shares

Naf Company for Feed for Industry(9644.SA)’s board recommended a 50% capital increase by issuing bonus shares. The proposal would boost share capital from SAR 20 million to SAR 30 million by capitalizing SAR 10 million in retained earnings. Shareholders would receive 1 bonus share for every 2 shares held, raising the total number of shares from 20 million to 30 million. The move is intended to strengthen the company’s financial position and support future growth plans. The recommendation is subject to regulatory and shareholder approval, with eligibility to be set at the upcoming Extraordinary General Assembly.

USA Stocks

Nvidia Discloses SpaceX Stake for the First Time, Becomes Sixth Largest Shareholder

According to a 13F filing submitted to the SEC on Friday, the $5.5 trillion company held nearly $21 billion worth of SpaceX(SPCX.US)  shares as of the end of June. This disclosure highlights the huge returns Nvidia gained from its $10 billion investment in xAI earlier this year—the deal was completed in January, just before Elon Musk merged the AI lab with SpaceX. It also underscores CEO Jensen Huang’s ambition to leverage NVIDIA Corporation(NVDA.US)’s strong financial position to build complex and interconnected relationships throughout the AI industry, including with some of its biggest customers.

Micron Target Raised, Market Cap Could Hit $3 Trillion

New Street Research upgraded Micron Technology, Inc.(MU.US) to “Buy” and raised its price target to $1,250, over 28% above current levels. The analyst argues that AI is changing the memory industry, making HBM chips more resilient and keeping supply tight, which could mean longer shortages. They project AI will account for nearly two-thirds of memory demand by 2030, and Micron’s market cap could reach $2–$3 trillion. Despite competition from China’s YMTC, Micron is seen as deeply undervalued.