News

Market News: The Iraqi Oil Ministry and Chevron (CVX.N) signed two supplementary agreements aimed at developing oil fields and energy infrastructure.

Ukrainian President Zelensky: Ukraine attacked two major logistics facilities in Russia's Moscow and Tambov regions, and hit Russian oil facilities.

Russia attacked infrastructure at the Ukrainian port of Odessa, hitting a foreign-flagged ship and killing one person, the governor of Odessa said.

According to Saudi media Hadas: Lebanese sources said that the leadership of the US Central Command is expected to visit Beirut next week to follow up on the implementation of the framework agreement.

National Highway Traffic Safety Administration: Ford Motor Co. is recalling 387,911 U.S. vehicles because unexpected seat movement may not properly restrain occupants in a crash, increasing the risk of injury.

According to Iran's Tasnim News Agency: Iran's Islamic Revolutionary Guard Corps stated that it carried out a strike against the US fighter jet facilities at Sheikh Issa Air Base.

According to Iran's Tasnim News Agency: Iran's Islamic Revolutionary Guard Corps said that if its territory is used to attack Iran, countries with US troops stationed should expect a "corresponding response."

According to Iran's Tasnim News Agency: Iran's Islamic Revolutionary Guard Corps stated that it carried out strikes against US military facilities in Kuwait.

The biggest problem isn't caused by what you don't know, but by "what you're absolutely certain of, but the truth is quite the opposite." This is a huge problem facing the stock market right now; the market is genuinely questioning everything it knows. This is evident in major indices: the S&P 500 fell 1.6% this week, the Nasdaq Composite dropped 2.9%, and the Nasdaq 100 declined 2.7%, on track for its worst July performance in over two decades. Everything people were once certain of is crumbling. Driven by supply shortages and insatiable demand for artificial intelligence, chip stocks should have been unstoppable. Now, the Philadelphia Semiconductor Index has fallen 20% from its June 22 peak and entered bear market territory on Friday. This pain is also evident in Asian markets, with South Korea's KOSPI index falling over 25% and Japan's NI225 plunging 4% on Friday, entering technical correction territory. However, what's perhaps more worrying about this sell-off is the lack of a clear catalyst. Admittedly, we can point to a number of issues, including concerns about the chip sector's rapid first-half gains, the massive borrowing by large tech companies for huge capital expenditure plans, and the continued uncertainty surrounding the economic backdrop under the Fed's new policies. This helps explain the rotation currently occurring in the broader market. However, the stock market's capacity to withstand weakness in its largest and hottest stocks, such as chip stocks, is limited and will eventually become unsustainable. Jonathan Klinsky, chief market technical analyst at BTIG, fears a sharp correction similar to the summer of 2024, which could push the S&P 500 below its 200-day moving average (6983 points). Klinsky warns that if this materializes, the semiconductor sector will continue to weaken and fall further, while some of the recent "broad-based trading" and the "Big Seven" will stall and turn downwards. The market seems to be quietly moving in this direction, even though the headlines driving the decline don't look particularly alarming.

Iranian state television quoted the Iranian military as saying that Iran had carried out attacks on U.S. military assets and fuel tanks in Bahrain.

Russia said that Ukraine launched 370 drones towards Moscow and had shot down most of them.

National Hurricane Center: Tropical Storm Elida is moving northwest over open water.

European Mediterranean Seismological Center: A 4.2-magnitude earthquake occurred off the coast of Chiapas, Mexico; the focal depth was 1.0 kilometers.

The Faytuks Network intelligence team, an open-source intelligence news organization, stated that Iran has intensified its attacks on US bases over the past week, resulting in increased damage. While most missiles were intercepted and most Gulf bases suffered minor damage, the situation in Jordan is different. Despite interceptions, Iranian missiles have hit targets in Jordan almost every night since the escalation of hostilities. This situation is worrying and may indicate that Jordan's local air defense firepower is nearing saturation, leading to a shortage of interceptor missiles. This would result in fewer interceptor missiles being launched per missile by air defense forces, thus reducing the success rate of interceptions. The attacks on the Muwafak Salti and Prince Hussein air bases in Jordan appear to have been more severe, with damage to multiple buildings and craters near the runways. Meanwhile, most Iranian attacks on other US facilities have been unsuccessful, with limited impact on operations in the region. The Muwafak Salti air base in Jordan is a key node in the current US power projection in the Middle East, housing multiple fighter squadrons, including the mainstay F-15s and the highly anticipated F-35s. Due to its importance in operations in the region, the base has become a focal point of Iranian attacks, suffering repeated missile strikes almost nightly. Satellite imagery shows two additional hit points near a hangar facility in the northern part of the base. These buildings appear to have been destroyed, and their purpose is unclear. Prince Hussein Air Base (also known as H5 Air Base), another Jordanian air base housing US troops and aircraft, is also a key target of Iranian attacks in Jordan. Satellite imagery shows that the base has been hit by at least two missiles recently. Although the number of attacks is limited, they will impact base operations. A building suspected to be an aircraft hangar was destroyed by a missile; it is unclear whether there were any aircraft in the hangar at the time of the attack. Another Iranian missile also damaged the base's runway area. Although the crater is not directly on the runway but located on the runway edge, the burn marks shown in the images indicate that the central area of the adjacent runway has been damaged.

U.S. Military: The U.S. military ended its seventh consecutive night of strikes against Iran.

The Iranian military claims that the latest attacks targeted U.S. ammunition depots and bridges in Kuwait, as well as fuel reserves in Jordan.

According to the Iranian Student News Agency: A location near Bandar Abbas was attacked by the US military.

Market news: Apple (AAPL.O) will increase the price of iPhones in Japan by 10%.

According to the Wall Street Journal: Musk’s SpaceX is negotiating with the U.S. Department of Defense to provide computing power.

According to Iran's Mahr News Agency: US missiles struck the southwest area of ​​Ahvaz, Iran.