Wall Street closed a turbulent July with Amazon’s 15% surge reviving AI confidence, but the Nasdaq slid 3.2% for the month as chips posted their worst decline since 2008. President Trump cancelled a planned Iran strike over the weekend, sending oil down 6% in CFD trading, while three Fed dissenters voted for a rate hike. ASX futures point to a 1% fall as reporting season kicks off.
Wall Street tumbled after the Fed held rates in a fractured 9–3 vote, with three officials dissenting for a hike and Chairman Warsh insisting there is “no soft inflation target.” The Nasdaq 100 entered correction territory as chips cratered, while oil surged 7% after Iran launched a surprise missile attack on US forces and Trump vowed retaliation. Treasury 30-year yields hit a 19-year high above 5.2%, gold rallied to $4,102, and SPI futures fell 51 points to 8,945.
Wall Street split sharply as semiconductor stocks plunged toward their worst month since 2002, with Nvidia’s credit default swap surging to a record 82 basis points on circular financing fears, while the Dow rallied 1% on strong earnings from Sherwin-Williams, Coca-Cola and Boeing. Oil posted its worst three-day stretch since 2020 as US–Iran ceasefire talks held, before bouncing 5% after hours on fresh Middle East attacks. ASX 200 futures point 0.8% higher ahead of today’s pivotal June quarter CPI print and Rio Tinto’s half-year results.
Chipmaker stocks dragged the S&P 500 sideways as Nvidia fell 5% on $750 billion in circular AI deals and ASML sank 8.3% on Chinese DUV production reports. Oil plunged sharply — WTI down 8.4% to $81.77 — after the US paused Iran strikes for a third day. ASX 200 futures point to a softer open at 8,818 ahead of RBA Governor Bullock’s speech.
Wall Street posted a second straight weekly loss as Brent crude briefly topped $100 on Houthi attacks on Saudi oil infrastructure, Alphabet’s $205 billion capex guidance triggered the worst Magnificent Seven selloff since April 2025, and Trump imposed new tariffs on 60 economies. The US paused airstrikes on Iran after 13 consecutive nights, with Tehran signalling a reciprocal halt heading into a pivotal week of Fed policy and mega-cap earnings.
Wall Street sold off as Brent crude topped $100 a barrel on Houthi strikes against Saudi tankers, while Alphabet and Tesla dragged the Nasdaq down 2.2% after both reported negative free cash flow. Treasury yields hit 18-month highs, Australia was hit with a 12.5% U.S. tariff, and ASX futures point to a weaker open.
Alphabet raised 2026 capex guidance to $195–$205 billion despite an 82% surge in Google Cloud revenue, sending shares down ~5% after hours and setting a cautious tone for Big Tech earnings. Oil surged past $95 after Houthi militants attacked two Saudi tankers in the Red Sea. ASX 200 futures point up 0.8% ahead of Australia’s June jobs report.