Q2 earnings season

MPC Morning Call

Chips Crash Into Bear Market as Iran War Spirals

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Wall Street snapped a two-week winning streak as the AI semiconductor trade violently unwound, pushing the SOX into a confirmed bear market — down 20% from its late-June record. Chinese AI startup Moonshot’s Kimi K3 model rekindled DeepSeek-style fears, while Iran’s abandonment of the interim peace deal after two American troops were killed in Jordan sent Brent crude surging past $88.

MPC Morning Call

Stocks to Open Lower as Hormuz Shuts Again

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Wall Street posted a second straight week of gains as markets shrugged off a fresh round of US strikes on Iran and Tehran’s declaration that the Strait of Hormuz is closed. SK Hynix surged 13% on its record $26.5 billion Nasdaq debut while the RBA flagged rising default risks across Australia’s $250 billion private credit sector.

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