Notes

Thursday 2026-07-23 - a Red Sea tanker attack opened a second front and took Brent to $96, and Alphabet beat but fell >4% on a $195-205bn capex plan (the AI-bill reckoning); gold held its record, and the chip bounce is the fade

Wednesday 2026-07-22 - the diplomatic flicker died and the Iran war entrenched (a 10th night, a widening front to Saudi Arabia, a nuclear-site threat), sending Brent to $94 (Goldman eyes $120) and gold to a record above $4,100; a chip-led equity bounce runs against it

Tuesday 2026-07-21 - after two brutal down days the market bounces on a flicker of possible Iran-US talks that eased oil off $90, but the war-and-AI twin shock is unresolved and the haven bid is entrenched (gold ~+1.1%, silver ~+2.5%)

Monday 2026-07-20 - the Iran war turned kinetic over the weekend (US casualties in Jordan, US strikes on the Revolutionary Guard, a reimposed Hormuz blockade), sending Brent to $90 (its biggest jump in six years); the market opens risk-off with the metals finally bidding

Saturday 2026-07-18 - the week's midweek relief (a benign CPI, a walked-back Hormuz toll) broke Friday on its two ignored risks: a cheap Chinese AI model sent chips into a bear market, and the discounted oil shock returned with Brent at $88

Thursday 2026-07-16 - Trump walks back the 20% Hormuz toll and, with a benign CPI and upbeat bank earnings, stocks bid and the war premium unwinds - but a fourth night of strikes keeps the Strait shut and oil near $80: the headline tax is gone, the supply shock isn't

Wednesday 2026-07-15 - a benign June CPI takes a July hike off the table and gives stocks a modest relief bid, but gold refuses to rally and Trump's 20% Hormuz toll keeps oil near $80 - a forward oil shock the print can't see

Monday 2026-07-13 - the Iran conflict re-escalates into a fight for Hormuz control; oil spikes and futures slip into the CPI-and-earnings verdict week

Saturday 2026-07-11 - the week's wrap: whiplash ends at S&P highs on fading breadth and rising yields; next week is CPI + earnings

Friday 2026-07-10 - the oil premium drains on de-escalation and the relief rally broadens into small-caps, but a split Fed keeps the anchor

Thursday 2026-07-09 - the oil shock hardens into a trend, hawkish Fed minutes pin the ceiling, and the tech trade unwinds

Wednesday 2026-07-08 - the ceasefire ends, oil spikes, and an oil-led risk-off slams the rate ceiling back through 5%

Tuesday 2026-07-07 - a soft jobs print eases the rate ceiling; watch the undercurrent beneath an AI-led tape

Monday 2026-07-06 - the reopen after the July 4th weekend

Long-weekend edition · 2026-07-04 - US markets closed for Independence Day (equities & yields = Thu 2 Jul close)

Friday 2026-07-03 - markets as of the 3 July session

Wednesday 2026-07-02 - markets as of the 2 July session

Wednesday 2026-07-01 - markets as of the 1 July session

Monday 2026-06-29 - markets as of the 29 June session

Saturday 2026-06-27 - Friday 26 Jun wrap (session pending in our market feed)

Friday 2026-06-26 - markets as of the 25 June session

Thursday 2026-06-25 - markets as of the 24 June session; PCE due today

Wednesday 2026-06-24 - markets as of the 23 June session

Monday 2026-06-22 - week ahead; markets as of the 18 June session

Sunday 2026-06-21 — markets as of the 18 June session

Emerging markets outperform sharply as US short rates rise and European equities retreat.

Cyclicals and emerging markets outperform while US–Iran asset-freeze dispute keeps energy risk premia elevated.

Equities and gold sell off sharply as Fed signals a 2026 hike while 20,000 sailors remain stranded in the Gulf.

Preliminary diplomatic agreement strips Middle East risk premium, reshaping commodity and credit markets today.

Equities surge as healthcare newsflow lifts sentiment, even as gold and bonds signal residual caution.