Oil Prices Surge as U.S.-Iran Conflict Escalates and Strait of Hormuz Risks Grow 
China Home Prices Fall Again in June Despite Slower Pace of Decline 
Gold Price Holds Near Record High as Cooling U.S. Inflation Offsets Fed Caution 
Singapore GDP Grows 5.7% in Q2 2026 as AI-Driven Manufacturing Boosts Economy 
ECB's Kocher Says No Inflation Spillover Yet From Iran Conflict, Warns Risks Remain 
China Trade Surplus Hits $125.6 Billion as June Exports, Imports Smash Forecasts 
Iraq PM Visits Washington as U.S. Oil, Gas Deals Take Center Stage 
South Korea’s KOSPI Enters Bear Market Despite Remaining 2026’s Best-Performing Major Stock Index 
Asian Stocks Rise as Softer U.S. Inflation Boosts Sentiment Despite Middle East Tensions 
European Stocks Slip as Middle East Tensions and Hormuz Threat Rattle Markets 
Japanese Yen Holds Steady as Intervention Hopes Grow Ahead of U.S. CPI Data 
Oil Prices Climb as Trump Escalates Iran Pressure, Strait of Hormuz Risks Grow 
South Korea’s KOSPI Triggers Trading Curb as AI Chip Stock Selloff Deepens 
Asian Currencies Stay Rangebound as Middle East Tensions, Weak China GDP Weigh on Sentiment 
Gold Price Holds Near $4,000 as Middle East Tensions and Fed Rate Hike Bets Grow 
Dollar Slides as Softer US Inflation Dims Fed Rate Hike Expectations 
The S&P 500 and Nasdaq closed at fresh record highs on Friday as investors poured into AI-related stocks and welcomed stronger-than-expected U.S. jobs data, reinforcing confidence in the resilience of the American economy. Nvidia, Micron Technology, and Sandisk led gains in the technology sector, helping push Wall Street higher despite ongoing geopolitical tensions in the Middle East and concerns over rising oil prices.
The S&P 500 advanced 0.84% to finish at 7,398.93, while the Nasdaq surged 1.71% to close at 26,247.08. The Dow Jones Industrial Average edged up 0.02% to 49,609.16. Technology stocks remained the primary driver of the rally, with the S&P 500 technology index climbing 2.7%.
AI-focused chipmaker Nvidia gained 1.8%, while Micron Technology and Sandisk jumped more than 15% each due to strong demand linked to the rapid expansion of AI data centers. The Philadelphia Semiconductor Index also soared, extending its second-quarter gains to 55%.
Investor sentiment was further supported by solid corporate earnings. According to LSEG I/B/E/S, first-quarter S&P 500 earnings are projected to rise nearly 29% year-over-year, fueled largely by major AI companies. About 83% of the 440 S&P 500 companies that have reported earnings so far have exceeded analyst expectations.
Economic data also played a key role in boosting markets. U.S. employment increased more than expected in April, while the unemployment rate held steady at 4.3%, signaling continued labor market strength. Traders now widely expect the Federal Reserve to keep interest rates unchanged in the 3.50% to 3.75% range through the end of 2026.
Despite the positive momentum, some companies faced sharp declines. Cloudflare plunged 24% after announcing workforce reductions and weaker revenue guidance. Expedia dropped 9% after warning that the Middle East conflict was hurting travel demand, while CoreWeave and Trade Desk also posted losses.
The S&P 500 and Nasdaq recorded their sixth consecutive weekly gains, highlighting continued investor optimism surrounding AI growth, corporate earnings, and economic stability in 2026.
