At the close of 08/07/2026, the Tadawul All Shares Index(TASI.SA) up by 0.01%, closing at 10853.73 points; the Parallel Market Capped Index (NomuC)(NOMUC.SA) down by 0.32%, closing at 22594.56 points. 

S&P 500 futures were marginally higher early Thursday after the market sold off on renewed U.S.-Iran tensions and a jump in oil prices.

S&P 500 futures were 0.13% higher. Futures tied to the Dow Jones Industrial Average were up 70 points, or around 0.1%. Nasdaq 100 futures advanced 0.1%.

The U.S. launched fresh strikes on Iran in response to Tehran’s attacks on commercial shipping in and around the Strait of Hormuz, U.S. Central Command said Wednesday afternoon. West Texas Intermediate crude futures were last up nearly 1%.

Earlier in the day, President Donald Trump said he may no longer be interested in negotiating a deal with Iran. Prior to that, he said that the ceasefire between the U.S. and Tehran is “over” after another wave of attacks in the Middle East.

“Any assumption of a swift return to normalized Persian Gulf exports is certainly being challenged,” said Mason Mendez, global real assets analyst at Wells Fargo Investment Institute. “Given the reduced supply buffer of already low global reserves and inventories, any further escalations are likely to re-enforce a higher geopolitical risk premium in oil prices – even when negotiations eventually resume.”

In regular trading, the Dow Jones Industrial Average(DJI.US) dropped 576.76 points, or 1.1%, while the S&P 500 index(SPX.US) fell 0.28%. Both indexes were weighed down by a spike in oil prices. The NASDAQ(IXIC.US) Composite, however, rose 0.2%, aided by an advance in Nvidia and other chip stocks.

Investors feared that rising energy costs could reignite inflation, forcing the Federal Reserve to keep interest rates elevated for longer than previously expected. Minutes from the Fed’s June meeting underscored that uncertainty, revealing a divided central bank reluctant to cut rates until officials see clearer evidence that inflation is moving sustainably toward its target.

On Thursday, traders will watch for the weekly jobless claims report at 8:30 a.m. ET and existing home sales at 10 a.m. PepsiCo, Inc.(PEP.US) will also report earnings before the bell.

“Heading into Thursday, oil prices likely will be top of mind,” Mendez said. “These renewed geopolitical risks could fuel near-term risk-off sentiment, however, trends of strong equity earnings momentum and ongoing AI strengths will likely continue to drive the S&P 500 Index towards our year-end target range of 7,800 to 8,000.”

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US Strikes Hit 170 Iranian Targets

The U.S. launched two consecutive days of military strikes hitting roughly 170 Iranian targets, including 60 Revolutionary Guard vessels, following a ceasefire violation. The escalations brought shipping traffic through the Strait of Hormuz to a near standstill, dropping daily vessel crossings below the recent 34-ship average to under 20.

Federal Reserve Minutes Signal Policy Tightening

The Federal Reserve minutes showed all officials supported maintaining the current interest rate target range in June. However, most officials noted that inflation remains well above the 2% target due to artificial intelligence demand and Middle East conflicts. Consequently, nearly all participants stated that future policy tightening measures may be necessary.

IMF Lifts Saudi 2027 Growth to 5.5%

The International Monetary Fund raised Saudi Arabia’s 2027 economic growth forecast to 5.5%, up from 4.5% projected in April. However, the IMF lowered the Kingdom’s 2026 growth forecast to 1.7% from 3.1% due to regional conflict. Globally, the fund trimmed 2026 growth expectations to 3.0% while raising inflation estimates to 4.7%.

KSA Stocks

eXtra CEO Optimistic on Q3 Holiday

United Electronics Co.(4003.SA) (eXtra) CEO Ali Mansour stated that regional geopolitical tensions weakened consumer confidence and delayed purchasing decisions in Q2 2026. However, early inventory preparation fully secured product availability for its "Mega Sale." The retail unit remained the primary earnings driver, and management expects a Q3 demand rebound driven by Saudi National Day.

Rasan General Assembly Set for Aug 3

Rasan Information Technology Co.(8313.SA) invited shareholders to its Ordinary General Assembly meeting on Aug. 3, 2026. Shareholders will vote on ending the current board's term and electing members for a new three-year term starting Aug. 4, 2026. The meeting requires a 25% capital quorum.

MSGA Investment Sets SAR 0.14 Payout

MSGA Investment Co.(9655.SA) recommended a cash dividend distribution of SAR 15.55 million for the fiscal year ended Dec. 31, 2025. The payout represents SAR 0.14 per share, or 14% of the share par value, for 111.11 million eligible shares. Eligibility and distribution dates will be announced following general assembly approval, with foreign investors facing a 5% withholding tax.

Saudi Enaya Corrects Capital Restructuring Data

Saudi Enaya Cooperative Insurance Co.(8311.SA) issued a correction to its capital restructuring plan, updating its post-reduction capital to SAR 154,790,000, down 32.70%. The company clarified that its capital reduction and subsequent 103.37% capital increase to SAR 314,789,995.85 are mutually conditional. Meanwhile, Saudi Enaya shares plunged 9.95% to SAR 8.31 at yesterday's close.

USA Stocks

Nvidia Valuation Hits Lowest Since 2019

NVIDIA Corporation(NVDA.US) saw its forward 12-month price-to-earnings ratio drop to approximately 18x, hitting its lowest level since early 2019. This valuation falls below the S&P 500's multiple of over 20x and the Nasdaq 100's 23x. The valuation compression stems from rising analyst profit forecasts rather than deteriorating fundamentals, even as shares rose nearly 4% in the latest session.

Apple Deal Propels Broadcom Shares Up 5%

Apple Inc.(AAPL.US) signed a multiyear agreement valued at more than $30 billion with Broadcom Limited(AVGO.US) to design and manufacture custom silicon components and wireless connectivity technologies in the United States. The contract will yield over 15 billion US-made chips and prompts a $1.5 billion manufacturing expansion by Broadcom in Colorado. Following the announcement, Broadcom shares rose nearly 5%.

SK Hynix US IPO Draws 7x Oversubscription

SK hynix(SKHY.US)’s upcoming US initial public offering has secured more than seven times oversubscription, drawing significant interest from global long-only, tech-focused, and sovereign wealth funds. The South Korean memory chipmaker plans to offer 177.9 million American Depositary Receipts to raise roughly $24.5 billion based on recent market pricing. Final pricing for the Nasdaq dual-listing is scheduled for Thursday.

SpaceXAI and Cursor Launch Grok 4.5 AI Model

SpaceX(SPCX.US)AI released its new Grok 4.5 artificial intelligence model, developed in collaboration with AI coding startup Cursor, to close the competitive gap with OpenAI and Anthropic. Designed to tackle complex, long-running tasks, Grok 4.5 expands beyond software engineering to handle specialized workloads in legal and financial services. The model also features significantly enhanced cybersecurity capabilities.

Intel Raises Consumer and Server CPU Prices

Intel Corporation(INTC.US) confirmed price increases for both consumer and server CPUs, citing rising supply chain costs and outstripping demand. Consumer processor prices rose by $30 to $50, while data center products increased by hundreds or thousands of dollars. Investment bank Wedbush noted that persistent server shortages allow Intel to raise prices without hurting market demand.

Broadcom Leads Semiconductor and Tech Rally

US technology and semiconductor sectors saw a broad rebound, led by a 2.23% rise in the Philadelphia Semiconductor Index. Key movements across major tech, memory, semiconductor, and optical communication stocks included:

• Big Tech & Semiconductors: Broadcom Limited(AVGO.US) rose nearly 5%, NVIDIA Corporation(NVDA.US) gained nearly 4%, and Apple Inc.(AAPL.US) ticked up nearly 1%, while Meta Platforms(META.US) and Tesla Motors, Inc.(TSLA.US) both fell over 2%, and Microsoft Corporation(MSFT.US) dropped over 1%.
• Memory Concepts: Sandisk Corporation(SNDK.US) surged nearly 7%, Silicon Motion Technology Corporation Sponsored ADR(SIMO.US)  jumped over 6%, Seagate Technology Holdings PLC(STX.US) rose nearly 4%, Western Digital Corporation(WDC.US) and Rambus Inc.(RMBS.US) both gained over 3%, and Micron Technology, Inc.(MU.US) advanced over 1%.
• Other Semis & Optical: Texas Instruments Incorporated(TXN.US) rose nearly 3%, QUALCOMM Incorporated(QCOM.US) gained nearly 2%, and Taiwan Semiconductor Manufacturing Co., Ltd. Sponsored ADR(TSM.US) rose over 1%. In optical communication, Ciena Corporation(CIEN.US) jumped over 5%, Credo Technology(CRDO.US) rose nearly 5%, Astera Labs(ALAB.US) rose chapters 3%, and both Lumentum Holdings, Inc.(LITE.US) and Coherent Corp.(COHR.US) rose over 1%.