Most Important News

1. Warsh May Consider September Rate Hike;
2. Gold Hits Seven-Week High; Miner Upside Seen;
3. Retail Investors Buy SpaceX Dip Despite Unlock Risk;
4. SanDisk, Western Digital Slide Despite Earnings Beats;

Dow Jones Industrial Average futures moved higher Thursday as investors monitored developments in the Middle East, where negotiations were progressing toward reopening the strategically important Strait of Hormuz. Markets were also digesting a busy slate of corporate earnings.

As of 03:47 PM Riyadh time, Dow futures gained 103 points, or 0.2%. S&P 500 futures rose 0.09%, while Nasdaq 100 futures declined 0.63%.

Oil prices edged up as Iran and Oman appeared closer to an agreement that could allow traffic to resume through the Strait of Hormuz. Under a temporary arrangement, vessels passing through the waterway would not face charges or tolls, according to an Iranian government official cited by MS NOW.

“Investors have experienced numerous premature signs of progress during this conflict,” Deutsche Bank strategist Jim Reid wrote. “Although the terms are taking clearer shape, the focus is moving beyond whether a deal can be reached and toward what the final framework will involve—particularly the unresolved issue of whether Iran may ultimately impose tolls on ships using the Strait.”

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As of 03:52 PM Riyadh Time, top pre-market movements are as follows:

Warsh May Consider September Rate Hike

Financial Times reported that Fed Chair Kevin Warsh has adopted more cautious market guidance after acknowledging early communication missteps. People close to him said strong inflation data and rising borrowing-cost expectations could prompt a September rate increase. They added that interest rates remain the main policy tool, despite possible reductions to the $6.7 trillion balance sheet.

ADNOC Sells 130 Million Barrels Despite Hormuz Risks

Abu Dhabi National Oil Co sold more than 130 million barrels of crude through seven tenders since early June, traders said. Vortexa estimated the UAE was the only Middle East producer to restore prewar seaborne exports in June and July. Analysts said ADNOC’s medium-sour crude helped stabilize Asian supply.

Musk Says Memory Demand Far Outpaces Supply

SpaceX CEO Elon Musk said AI has made memory one of the industry’s biggest bottlenecks, with demand rising 200% or more annually versus roughly 20% supply growth. He argued that such a widening imbalance should lift memory-chip prices, countering investor concerns after Sandisk Corporation(SNDK.US)’s weaker-than-expected outlook pressured storage stocks.

Gold Hits Seven-Week High; Miner Upside Seen

Gold rose above $4,250 per ounce Wednesday, reaching a seven-week high. A Wall Street fund manager said the long-term bull case remains intact despite monetary-policy uncertainty, with prices potentially heading toward $5,000. The manager said gold-mining shares remain undervalued despite record cash flow and could outperform bullion if prices stay elevated.

Retail Investors Buy SpaceX Dip Despite Unlock Risk

SpaceX(SPCX.US) plunged 13.6% Wednesday, nearly 20% below its June 12 issue price. Retail investors bought a net $22 million in the first hour, over triple normal levels. Analysts warned Thursday’s lockup expiry could release insider shares worth more than $100 billion, though some said the supply risk was already priced in.

Apple Rushes to Secure DRAM Ahead of iPhone Launch

Apple Inc.(AAPL.US) and its suppliers are urgently securing DRAM chips ahead of new iPhone launches expected within six weeks, according to journalist Tim Culpan. The company relies heavily on Micron Technology, Inc.(MU.US) while also buying from SK hynix Inc. Sponsored ADR(SKHY.US) and Samsung. AI data-center demand has tightened global memory supplies, increasing pressure on Apple’s assembly chain.

Samsung, SK Hynix Face Calls to Share AI Windfall

Samsung Electronics and SK hynix Inc. Sponsored ADR(SKHY.US)hold $263 billion in cash, more than twice Nvidia’s reserves and above those of six US tech giants combined. Investors want higher payouts as AI boosts memory profits. JPMorgan cut SK hynix Inc. Sponsored ADR(SKHY.US)’s target price, saying clearer capital allocation is needed to restore confidence.

SpaceX Boosts Tesla Megapack Purchases

SpaceX(SPCX.US) bought $295 million of Tesla Motors, Inc.(TSLA.US) Megapacks in the quarter ended June 30, lifting first-half purchases to $329 million. The battery systems are being deployed near Memphis to power the Colossus and Colossus 2 data centers, renewing scrutiny of related-party transactions involving Elon Musk’s companies.

Bezos Plans $4 Billion Amazon Share Sale

Amazon.com, Inc.(AMZN.US) founder Jeff Bezos sold nearly $350 million of shares this week, his first sale this year, filings showed. He plans to sell up to 15 million shares worth more than $4 billion. Amazon shares have gained over 20% this year, while strength in cloud computing has lifted its market value above $3 trillion.

OpenAI May Account for Over Half of Microsoft AI Revenue

Microsoft Corporation(MSFT.US) reported $24.1 billion in OpenAI revenue for the fiscal year ended June 2026 in its SEC 10-K filing, its first such disclosure. Microsoft previously said its AI business was approaching more than $37 billion in annualized revenue, suggesting OpenAI may provide over half. Analysts said the disclosure could be linked to OpenAI’s IPO preparations.

Google AI Boom Overshadowed by Senior Departures

Alphabet Inc. Class C(GOOG.US) reported Google Cloud revenue growth of 82%, while 90% of Fortune 100 companies use Gemini. Chief scientist Jeff Dean left after 27 years, and Demis Hassabis became DeepMind chairman. Alphabet also launched a 10-part investment-grade bond sale targeting up to $25 billion.

Meta Launches Low-Cost AI Coding Agent

Meta Platforms(META.US) launched beta AI coding agent Muse Code, powered by Muse Spark 1.2. While it trails Claude Code and Codex in performance, Meta said it can recover from crashes and handle tasks for 24 hours. The API product offers contributor-tier pricing at under one-tenth of standard rates and will later reach OpenRouter.

SanDisk, Western Digital Slide Despite Earnings Beats

Sandisk Corporation(SNDK.US) fell 10% premarket after strong results but a softer outlook; it signed eight NBM supply deals covering over 50% of fiscal 2027 bit shipments. Western Digital Corporation(WDC.US) dropped 15% despite $3.75 billion quarterly revenue and a $4.0 billion-$4.2 billion first-quarter forecast, as investors sought a larger beat.