Most Important News

1. Warsh Vows: Fed Chair Pledges Zero Inflation Tolerance;
2. SpaceX Approval: Starship Test Wins Approval From Regulators;
3. EUV Milestone: ASML And Intel Achieve Lithography Breakthrough;
4. Chip Shipments: Nvidia Sends H200 Chips To China;

S&P 500 futures edged higher on Wednesday, led by gains in chipmakers, though gains were kept in check as tensions between Iran and the US remained elevated.

As of 03:30 PM Riyadh Time, Dow Jones Industrial Average futures rose 54 points, or 0.10%. S&P 500 futures were up 0.16%, while Nasdaq-100 futures rose 0.46%.

The semiconductor sector climbed over 1%, led by ASML Holding NV ADR(ASML.US) surging 3% after raising its sales outlook. Intel Corporation(INTC.US) and Lam Research Corporation(LRCX.US) both added over 2%.

Crude oil rose 0.6% after US strikes on Iran threatened shipping in the Strait of Hormuz. Stocks rallied Tuesday on a cooler inflation report, reducing July rate hike odds to 17%.

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As of 03:30 PM Riyadh Time, top pre-market movements are as follows:

US Reimposes Iran Sanctions, Tehran Threatens Oil Block

• US reinstated sanctions on Iran, which then threatened to halt Mideast energy exports. Tehran reported US naval blockade and airstrike killed 7 soldiers in a military camp.
• Iranian forces attacked Jordan's Mowafak Salati airbase, retaliating against the United States in the latest round of strikes.
• Diplomacy may fail; US military ready to hit Iranian power plants next week, escalating tensions rapidly.
• Treasury Secretary Bessant posted on X that US froze over $130 million in Iran-linked e-wallet funds.

Warsh: 'Zero Tolerance' For Inflation

• Fed Chair Kevin Warsh urged systemic reform to restore price stability, vowing zero tolerance for stubbornly high inflation.
• June US inflation unexpectedly slowed, prompting markets to cancel July Fed rate hike bets and shift expectations to September or October.

Wisconsin Bribery Probe Targets Elon Musk’s Voter Payments

Wisconsin Elections Commission found probable cause Elon Musk violated state anti-bribery election law by offering $1 million checks to petition-signing voters before 2025 court race; complaints were referred for prosecution, potentially impacting Tesla Motors, Inc.(TSLA.US) and SpaceX(SPCX.US) reputational risk. Read in detail>>

US EV Prices Fall As Tesla Cuts, SUVs Surge

US EV transaction prices fell 4.5% in June, while Tesla Motors, Inc.(TSLA.US) average target prices dropped 2.1% year-on-year and Model Y prices declined 2.7%. Overall US vehicle prices rose under 1%, with small SUVs up 23% and pickup sales gaining over 12%. Read in detail>>

ASML Boosts Outlook, Capacity On Surging AI Chip Demand

ASML Holding NV ADR(ASML.US) posted Q2 EPS $8.82 and revenue $10.84 billion, beat forecasts, raised 2026 sales guidance to €43–45 billion with 54–56% margins, plans 30% EUV/DUV capacity expansion by 2027, while China remains ~20% of sales despite export risks. Read in detail>>

Morgan Stanley Tops Q2, Launches $20 Billion Buyback

Morgan Stanley(MS.US) posted Q2 revenue of $21.3 billion, beating $19.64 billion consensus, with EPS surging to $3.46 and net income at $5.6 billion. The bank repurchased $1.5 billion in shares and authorized a new $20 billion buyback program. Read in detail>>

Johnson & Johnson Lifts 2026 Outlook After Earnings Beat

Johnson & Johnson(JNJ.US) posted Q2 sales of $25.31 billion and adjusted EPS of $2.90, beating estimates, then raised 2026 sales guidance to $101.1 billion and EPS to $11.68, driven by oncology, neuroscience and medtech growth despite immunology headwinds. Read in detail>>

SpaceX Wins Starship Test Approval

• SpaceX(SPCX.US) gets Starship test approval as Starlink faces Iran service threats.
• Analyst says SpaceX won't be profitable until 2027, unsure what investors see in the company.
• BCJ says SpaceX IPO raises $75 billion, valuing the company at $1.77 trillion.

Intel Starts High-NA EUV Volume Production With ASML Tools

Intel Corporation(INTC.US) Foundry began volume manufacturing of Intel Core Ultra Series 3 “Panther Lake” processors using ASML Holding NV ADR(ASML.US) High NA EUV on Intel 18A process layers, marking the first high-volume logical product shipment produced with high-numerical-aperture EUV lithography, validating ASML’s advanced tool adoption. Read in detail>>

Crypto Markets Price In Elevated Lucid Bankruptcy Risk

Prediction market Polifi increases odds of Lucid(LCID.US) filing for bankruptcy by 2026 despite the EV maker's denial. Read in detail>>

IBM Comments Ignite AI-Linked Cybersecurity Stocks And ETFs Rally

IBM Corp(IBM.US) guidance that AI infrastructure spending complements, not cannibalizes, cybersecurity budgets triggered sharp gains in CrowdStrike(CRWD.US), Okta(OKTA.US), Palo Alto Networks, Inc.(PANW.US), Fortinet, Inc.(FTNT.US) and sector ETFs Global X Cybersecurity ETF(BUG.US), First Trust NASDAQ Cybersecurity ETF(CIBR.US), ETF Managers Trust(HACK.US), reinforcing AI-driven security demand. Read in detail>>

Brussels Plans New Fines Targeting Google Under Tech Scrutiny

European regulators in Brussels prepare additional fines against Alphabet Inc. Class A(GOOGL.US)’s Google amid intensifying oversight from major technology firms, signaling heightened regulatory risk, potential legal costs, and renewed antitrust pressure that could impact Google’s profitability, compliance strategy, and broader EU digital market dynamics. Read in detail>>

CoreWeave Weighs Derivatives Hedge Against Memory Chip Price Drops

CoreWeave(CRWV.US) is exploring put-option hedges to offset potential declines in memory and storage chip prices after signing long-term supply deals with Micron Technology, Inc.(MU.US) and Sandisk Corporation(SNDK.US), increasing price risk exposure. CoreWeave(CRWV.US) fell 4.05% Tuesday, then rose premarket. Read in detail>>

Nvidia Ships H200 Chips to China

NVIDIA Corporation(NVDA.US) begins tightly licensed H200 AI chip exports to major Chinese tech firms, while facing US political scrutiny. KeyBanc reiterates Overweight, lifts target to $330, citing resilient supply chain, B300 GPU substitution, and strong global demand. Read in detail>>

Crypto Markets Price In Elevated Lucid Bankruptcy Risk

Prediction market Polifi increases odds of Lucid(LCID.US) filing for bankruptcy by 2026 despite the EV maker's denial. Read in detail>>

Stripe, Advent Propose $53 Billion Joint Takeover Of PayPal

PayPal Holdings, Inc.(PYPL.US) jumps 14.86% premarket after Stripe and Advent International propose a $60.50-per-share, $53 billion joint acquisition, implying a 28% premium, potentially consolidating major stablecoin payment networks and reshaping digital payments amid PayPal’s recent share price weakness and CEO transition. Read in detail>>

OpenAI Plans AI Speaker Amid Apple Trade-Secret Lawsuit

OpenAI is developing a camera-equipped, GPT-Live smart speaker companion controlling home devices and media, following its $6.4 billion IO Products acquisition and FOXCONN TECH CO(FXCOF.US) manufacturing shift, while Apple Inc.(AAPL.US) sues OpenAI over alleged trade-secret misuse by former executives. Read in detail>>

Pentair Shares Slump On CFO Exit, 2026 Guidance Cut

Pentair plc(PNR.US) announced CFO Nicholas J. Bratsis’ resignation effective July 10, appointed Robert B. Fishman interim CFO from July 14, and lowered fiscal 2026 outlook, sending shares down 14.1% to $64.99 in after-hours trading amid heightened governance and earnings-risk concerns. Read in detail>>

SK Hynix ADRs Rally, Outperform Seoul Listing

SK hynix Inc. Sponsored ADR(SKHY.US) ADRs soared 27% to near 52-week highs, briefly outpacing the company’s Seoul-traded shares before easing 4% after hours. The sharp move highlights heightened investor appetite for memory-chip exposure amid favorable semiconductor demand expectations. Read in detail>>