Most Important News

1. US Imposes New Tariffs On Foreign Drone Imports;
2. Dell, JPMorgan, Merck Hit Fresh Record Highs;
3. Nvidia Accelerates Feynman AI, Pressures TSMC Capacity;

Stock futures were mixed early Friday after a record-setting session, with two of the three major benchmarks on pace for their third consecutive weekly advance.

The S&P 500 index(SPX.US) on Thursday hit an intraday all-time high of 7,816.70. The benchmark also closed at a record. The tech and communication services sectors were among the big winners in the index, rising roughly 1% each.

The US retail sales data for July showed an unexpected contraction, with sales falling 0.6% month-over-month. This marked a sharp contrast to market expectations of a 0.1% increase and the previous month's 0.2% growth.

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

Iran Blockade Threatens Oil Supply, Shifts Fed Bets

US index futures diverged as Washington signaled an indefinite naval blockade of Iran, prompting IEA forecasts of a 4% drop in 2026 global oil supply. Softer PPI and CPI data reduced September Fed hike odds to 32.6%, with 10-year yields at 4.66%. Read in detail>>

S&P 500 Hits Record As Inflation Cools

S&P 500 index(SPX.US) closed at a record high after July producer prices were flat versus 0.2% expected, reinforcing softer 3.4% annual CPI and keeping CNN Fear & Greed Index at 66 “greed.” Initial jobless claims rose to 209,000, while Dow Jones Industrial Average(DJI.US) and NASDAQ(IXIC.US) also advanced. Read in detail>>

US Imposes New Tariffs On Foreign Drone Imports

White House imposes 15% tariffs on drones and components from the European Union, Japan, Liechtenstein, South Korea, Switzerland, and Taiwan, plus 10% tariffs on drones from the United Kingdom, aiming to bolster US national security and domestic supply chains. Read in detail>>

Musk’s SpaceX Stake Valued Near $907 Billion

• SpaceX(SPCX.US) stake held by Elon Musk is valued around $906.9 billion for a 48.4% economic interest, though much is unvested performance-based equity. Despite owning under half the capital, Musk controls over 82% of SpaceX’s voting power. Read in detail>>
• Tesla Motors, Inc.(TSLA.US) CEO Elon Musk’s 2025 compensation is valued at $158 billion, equaling 2,522,203 times average Tesla employee pay, exceeding all Tesla product revenue and running 41 times 2025 net income, while lifting S&P 500 CEO-to-worker pay ratios to extreme levels. Read in detail>>

Ark Invest Rotates From Palantir Into Cerebras

Ark Invest, led by Cathie Wood, sold Palantir(PLTR.US) shares worth about $7.9 million after its Q2 revenue surged 93% and US commercial sales jumped 149%, while reallocating roughly $24.7 million into Cerebras Systems(CBRS.US) following strong revenue growth and narrower losses. Read in detail>>

Burry Expands Nvidia Short Bet

Michael Burry increased his short position in NVIDIA Corporation(NVDA.US), calling the US$500 billion AI financing deal a "Wall Street gimmick" with Enron shadows.

Dell, JPMorgan, Merck Hit Fresh Record Highs

Dell Technologies, Inc. Class C(DELL.US), Jpmorgan Chase(JPM.US) and Merck & Co., Inc.(MRK.US) all set record highs Thursday, with Dell at $514, JPMorgan $366.50 and Merck $135.68, underscoring strong investor demand and broad large-cap momentum across technology, banking and pharmaceuticals. Read in detail>>

Nvidia Accelerates Feynman AI, Pressures TSMC Capacity

• NVIDIA Corporation(NVDA.US) is fast-tracking its next‑gen Feynman AI platform, expected in 2028 on TESMEC(TSMCF.US) 2nm‑class A16 with 3D chips, SoIC, HBM and CPO, forcing TSMC to rapidly expand advanced packaging capacity, including SoIC output to about 50,000 wafers monthly by end‑2027. Read in detail>>
• NVIDIA Corporation(NVDA.US) is forecast by Bank of America analyst Vivek Arya to post Q2 revenue of $94–95 billion versus $91 billion guidance, with Q3 outlook of $107–108 billion topping $104 billion consensus, supporting a $350 target price and “top pick” rating. Read in detail>>

Apple Develops China-Focused AI Model With Alibaba

Apple Inc.(AAPL.US) is developing a large language model tailored to China in partnership with Alibaba Group Holding Ltd. Sponsored ADR(BABA.US), shifting from reliance on external AI providers. The Alibaba-supported model will power upcoming Apple AI tools and give Apple greater control over AI-enabled devices sold in China. Read in detail>>

Apple Shifts Mac Mini Production To Houston

Apple Inc.(AAPL.US) opened a 20,000-square-foot advanced manufacturing center in Houston, Texas, where Mac mini production will begin this year, supporting a $600 billion US investment plan. Apple imported over 20 billion US-sourced chips in 2025, including from Taiwan Semiconductor Manufacturing Co., Ltd. Sponsored ADR(TSM.US). Read in detail>>

Reddit Jumps On Imminent S&P 500 Inclusion

Reddit, Inc. Class A(RDDT.US) will join the S&P 500, replacing AvalonBay Communities, Inc.(AVB.US) after its merger with Equity Residential(EQR.US); index funds must buy Reddit shares before August 18, driving the stock up 11% to $175.56 in after-hours trading. Read in detail>>

Dell Rally Propels Michael Dell Into Fifth Richest

Michael Dell’s net worth surged by $12.6 billion in one day and $106 billion year-to-date, driven by Dell Technologies, Inc. Class C(DELL.US) stock hitting records, his roughly 40% stake in Dell, a sizable Broadcom Limited(AVGO.US) holding, and substantial cash reserves. Read in detail>>

Workday Eases After Buyout Speculation Surge

Workday(WDAY.US) slipped 0.5% following an 18% prior‑session jump on reports Silver Lake is in takeover talks. Read in detail>>

SanDisk Rallies On Aggressive Long‑Term Margin Targets

Sandisk Corporation(SNDK.US) gained 3.7% after projecting mid‑to‑high‑teens annual revenue growth through FY2028‑2030, with adjusted gross margins near 80%, operating margins around 75%, and free cash flow at roughly 50% of revenue, despite Benzinga Edge citing weak price trends. Read in detail>>

Applied Materials Lifts Outlook After Earnings Beat

Applied Materials, Inc.(AMAT.US) beat fiscal Q3 estimates and guided Q4 revenue to $10.25 billion ±$0.5 billion and adjusted EPS to $3.82–$4.22, both above consensus. Shares fell 2.5% to $534.54 Thursday despite the stronger outlook. Read in detail>>

Diginex Quarterly Loss Widens Despite Strong Sales Growth

Diginex Ltd.(DGNX.US) reported quarterly loss per share of $1.20, deepening from a $0.53 loss a year earlier, while quarterly sales rose 77% to $3.616 million from $2.041 million, indicating accelerating revenue growth but significantly deteriorating profitability. Read in detail>>

Onfolio Soars On Share Authorization, Dilution Approval

Onfolio Holdings, Inc.(ONFO.US) jumped 46.8% premarket to $3.39 after shareholders approved issuing over 19.99% additional common shares, doubling authorized shares to 600 million, reelecting directors, and appointing AstraAudit & Advisory as 2026 auditor, despite a 52-week high of $123.92 and negative trend signals. Read in detail>>