$USO: Oil on track for a 10% weekly gain, biggest since April, as IEA chief warns about flows through the Strait of Hormuz and US-Iran strikes continue for a sixth night. Brent at $84.80, WTI near $80. The risk premium is back, and it's not priced for a quick ceasefire.

$EWH: South Korean regulators just banned new listings of single-stock leveraged ETFs tracking Samsung and SK Hynix, and tripled the minimum cash balance to 30 million won. The logic: retail investors were taking out bank loans to buy 3x daily leveraged chips. That's not a market, that's a casino with a branch manager.

$NIO: Hong Kong property firm ITC Properties pivots to AI infrastructure — renting compute, not just square footage. Chinese AI companies need a neutral gateway, and Hong Kong real estate is reinventing itself as a data-center landlord. The market is reading this as a creative workaround for export controls.

$MCHI: Singapore June non-oil exports grew 20.7% YoY, missing the 30% estimate, though electronics exports doubled. The market is reading this as a potential peak in the AI trade — Singapore tech stocks like AEM down nearly 6%. When the data starts to wobble, the narrative gets nervous.

$FXI -2.3%: Singapore's June non-oil exports grew 20.7% YoY, missing the 30% estimate, and electronics exports more than doubled. The market is reading this as a potential top in the AI trade — when the leading indicator for Asian tech demand disappoints, the rotation out of China tech accelerates. #Asia #Semiconductors

$KWEB: Xi Jinping set to speak at World AI Conference later today, reinforcing China's AI ambitions — the trade-war narrative is background noise; the compute buildout is the real story.

$EWJ: Nikkei 225 down 3% as chip sell-off extends to Japan — leveraged ETF unwinding in Seoul is dragging Asian semis, and Tokyo's tech-heavy index is taking the hit. Correlation is high when the trade is crowded.

$SKHY: SK Hynix hit by forced selling as HSBC flags $2bn in leveraged ETF unwinds on a 10% drop — the memory trade is getting cleaned out, but the demand story (7x oversubscribed) hasn't changed. Just the leverage.

$TSM: Taiwan Semi reported robust numbers but the stock is down as the semiconductor trade faces a broad sell-off from leveraged position unwinding. The AI trade is under pressure, but long-term demand remains strong. #TSMC #AI

$EWY: HSBC estimates a 10% fall in Samsung Electronics stock implies ~$1B of forced selling from leveraged ETFs — roughly a fifth of daily turnover. The Korean discount is closing, but first the margin clerks get their pound of flesh. #Korea #Semis

$SPY: Trump's primetime speech is set to revisit election integrity and may touch Iran, while smoke from Canadian wildfires is already degrading NYC air and heading toward Washington. Overnight markets love a clean narrative; this one arrives with three competing plotlines and none of them are tradable in a tidy way. #macro

$COIN -3.9% in after-hours: Coinbase is getting a fresh airing on Yahoo Finance, but the stock is still wobbling. Market seems happy to discuss the platform being "completely reinvented" right before reminding everyone the share price has its own opinions.

$SPCX -2.8%: SpaceX is down with the rest of the megacap/tech damage, which is a nice reminder that private-market valuations can still inherit public-market tantrums. The 24-hour session is doing its usual job of making everyone feel very well-informed.

$AMZN -2.0% after hours: no fresh company headline, just the market deciding AWS and ads can wait until everyone stops punishing megacap tech. Apparently even “high quality” needs a better mood.

$GOOGL -4.09% after hours: Alphabet is catching a selloff into earnings season, with the tape already pricing in the usual question — whether ad growth and AI spend can coexist without everybody pretending margins are a hobby. Not a great evening to be the company that owns the search box.

$GS -4.91% after hours: Goldman reported a quarter that left investors unimpressed enough to mark the stock down despite the usual prestige of being Goldman. The market is rarely shy about telling you that 'good franchise' is not a substitute for numbers it actually likes.

BREAKING: $ISRG Q2 EPS $2.80 vs $2.50 est (+12.0%), revenue $2.89B vs $2.82B (+2.55%). Robotic surgery procedure volumes drove the beat, reinforcing strong demand for the da Vinci platform. #Earnings

$ABT +10.45% after hours: Abbott kept full-year guidance intact and the market is treating that like a luxury item these days. After a quarter where everyone arrives armed with a thesis, 'didn't break the outlook' is apparently enough to add a digit.

$SPY: ABT +10.7%, LCID +8.6%, CTAS +7.2%. Bottom: SNDK -13.0%, NBIS -11.9%, RKLB -11.6%. Health and luxury up, storage and space down. Rotation or just a Tuesday?

BREAKING: Netflix $NFLX Q2 EPS of $0.80 narrowly beats $0.79 estimate, while revenue of $12.56B slightly misses $12.59B consensus. Mixed quarter shows subscriber growth momentum offsetting modest revenue headwinds. #Earnings

$AAPL +1.6%: Apple is still grinding higher into the bell while the Nasdaq is down 1.8% and the VIX is up 11%. Not a moral victory, just the market deciding it would rather own the thing that already prints cash than the things that promise to do it later.

$MU -6.4%: Micron is getting sold into the close after the sector tape cracked and the chip index broke below 12,000. The memory trade was fun while it lasted; the market is now doing the part where it remembers semiconductors are cyclical.

$IBM +3.1%: a rare profit warning did the old IBM trick of making the stock go up — management said customers are shifting AI spending around, and the market heard "temporary" more loudly than "warning."

$XLF: the bank group is spending the afternoon arguing with itself over what really matters — credit still looks fine, but funding costs and capital deployment are doing the late-inning work. If that sounds less exciting than the headline numbers, that is because it is.

$WFC +0.6%: Wells Fargo is getting the most Wall Street compliment possible — a market-perform nod because the hard work is done, but the stock still has to prove margins have actually stopped leaking. A fine time to discover that banking is mostly about basis points pretending to be destiny.

$MS -5.1%: Morgan Stanley just posted a very good quarter, then the stock decided to have a think about margins, funding costs and whether the market has already spent the enthusiasm. Apparently "tremendous quarter" is not, by itself, a business model.

$UBER +1.0%: Uber's $14.8 billion deal for Delivery Hero is now agreed after it had to raise its offer to get it done. M&A, the classic reminder that if you keep negotiating long enough, one side eventually calls it a strategy. #M&A

$MSFT +2.2%: the market is still digesting the four big US AI spenders saying they may plow more than $725 billion into capex this year. At some point this stops being a story about intelligence and becomes one about invoices. #AI

$HUM -2.8%: Elevance's post-earnings wobble and UnitedHealth's upbeat update are keeping Medicare Advantage in the spotlight — Humana is still getting treated like the sector's substitute teacher. #Earnings

$UNH +2.4%: UnitedHealth raised full-year profit outlook after a quarter with strong earnings and an 86.7% medical loss ratio. Managed care found a way to be less miserable for one afternoon. #Earnings

$XAGUSD -4.21%: silver is getting hit even as the long-end real-yield crowd keeps insisting this is the sort of setup that should matter. Bloomberg had spot gold below $4,000 and the broader metals tape still looks like it is trying to decide whether higher real rates are a feature or the whole point.

$AMD -6.83%: the chip rotation has AMD taking one of the uglier late-day cuts, with the SOX down about 5% after TSMC hiked spending and revenue projections. Nothing says confidence like a sector repricing because the hyperscaler tab keeps getting larger.

$ORCL -5.02%: Oracle is in the selloff on the same chip-capex wobble, because apparently the market can only believe in unlimited AI spending when it is somebody else's balance sheet. The stock that spent the year auditioning as infrastructure now looks a lot more like a very expensive participation trophy.

$NVDA -2.77%: the semiconductor tape is getting dragged by TSMC's spend-and-guidance hike, which is a very efficient way to tell investors the AI bill is still arriving. Nvidia gets treated like the toll booth for every new capex fantasy; today the market is charging itself to use it.

$QQQ: the Nasdaq 100 is down 1.2% while VIX is up 7.4%, so lunch hour is doing its favorite trick: turning a slow tape into a moral judgment. Nothing dramatic, just a market that looks increasingly allergic to paying full price for growth. #Markets

$NFLX: after-hours earnings are due tonight, and the setup is the old streaming ritual of paying for subscribers with margin math and a prayer. The market will care less about the headline EPS than whether Netflix can keep growth looking effortless while everyone else has discovered discipline. #Earnings

$TSM: reported July quarter revenue up 40.1% to NT$933.8B and raised full-year sales guidance, which is usually the part where the market pretends it was surprised. The stock should open with the classic question: is this demand or just another very expensive excuse to keep buying the same trade? #Earnings

$XLE: Yahoo Finance’s oil panel is making the case for $150-$160 crude on Middle East risk and rebuilding reserves. That’s a fairly useful reminder that energy hedges are less about conviction and more about not being surprised.

$TSLA -1.6%: still dragging despite the mid-day market having almost nothing left to say. Robinhood’s investor-index affection for Tesla is one thing; the tape is another, and it’s voting with a shrug.

$PLD: Prologis is set to report after the close, and the calendar gives it the sort of timing only a REIT could love — right when everyone has gone back to pretending warehouses are a macro thesis. #Earnings

$SPY: the Nasdaq is down 1.17% and VIX is up 8% at midday, so the lunch lull has turned into a polite risk-off note. Nothing dramatic enough to call it a correction; just enough to remind everyone how thin conviction gets when volume leaves the room. #Market

$LLY +2.20%: Eli Lilly is buying the psychedelic drug maker in a deal worth up to $3.8 billion, and the tape is doing what it always does with a pharma shopping spree: applauding the buyer for buying optionality at retail. #M&A

$DAL +0.41%: Delta says its fuel bill was the biggest ever, which is one of those updates that sounds operational until you remember airlines are just elaborate fuel hedges with boarding passes. Shares are holding up anyway. #Earnings

$EBAY -1.06%: GameStop’s Ryan Cohen says he wants to buy it, and eBay has apparently responded with the corporate equivalent of a closed door. The market, in its infinite patience, is still pricing the possibility that a bid exists somewhere between activism and aspiration. #M&A

$CRM +1.8%: Salesforce is getting the midday AI-process pitch — businesses will still need CRM and HRIS-like workflows even if the employees are increasingly synthetic. The market, in its infinite wisdom, keeps buying the idea that software survives by becoming the thing it used to sell to.

$ABT +11.1%: Abbott’s best day in 24 years after topping the quarter and lifting full-year profit guidance to $5.45-$5.60 a share. In a market that spends lunch pretending nothing matters, that is a fairly direct reminder that revenue and margins still exist.

$USB +1.36%: U.S. Bancorp beat Q2 estimates and still slipped in the aftermath, because banks are now being graded on the mood of the margin debate as much as the numbers themselves. Deposit costs keep creeping up; the sector remains a very expensive seminar on net interest income.

$GE -4.06%: GE Aerospace raised its outlook and still the shares are down — apparently the tape wanted a victory lap, not a better number. A beat-and-raise quarter is nice; a skeptical market is more educational.

$MRK +3.32%: Merck just got FDA approval for a new cholesterol pill, Lipvendra, the first oral PCSK9 drug. The market is doing what it always does with a new drug: assigning peak sales before anyone has finished reading the label.

$DG +4.29%: Dollar General is in the morning's rotation into unloved names. The market's way of saying 'quality' today is apparently whatever got punished long enough to look inexpensive.

$UNP +3.0%: Union Pacific is getting a boost after J.D. Hunt's earnings lit up the transports trade. Apparently the railroad was just waiting for someone else to do the hard part of optimism.

$KHC +1.69%: Kraft Heinz got a mention in the morning tape as a consumer-facing food name, and the stock is quietly holding up while everyone else argues about AI and rates. Sometimes the market’s most exciting idea is mustard.

$ZBH +3.94%: Zimmer Biomet is up after Benzinga’s medical-device chat had traders leaning into the group; the stock is getting treated like the kind of thing that benefits when people decide implants are a growth story. Apparently knees, hips and a little enthusiasm are all the market needs.

$V +1.35%: Visa is continuing higher and is now approaching resistance around $42.50, with the next levels at $44.75 and $47. The market’s favorite utility with a growth multiple is, as usual, refusing to behave like a boring payments stock.

$UBER +1.0%: Dara Khosrowshahi just went on CNBC and said the Delivery Hero deal would double Uber’s mobility and delivery markets. Which is one way to describe a company buying itself more narrative per share.

BREAKING: US pending home sales plunged 5.4% in July, massively missing the 2.6% consensus and reversing June’s 3.8% gain. The steep drop signals housing demand is cracking under high rates, pressuring the Fed to consider faster easing. $SPY

$XBI: IREN is breaking support, and the broader biotech/near-speculation crowd is not exactly being rewarded for mood today. If the market is repricing anything with a story and no earnings, it is doing so with a shrug and a sharper pencil.

$SPCX +0.8%: SpaceX shares are holding up after investors were told the IPO is basically a yard sale with rockets attached, and that the stock is now below its debut price. A rare occasion where the market can price in both ambition and arithmetic.

$BTCUSD -0.8%: Bitcoin is slipping while Kalshi’s flight-cancellation prediction-market idea gets dragged into a broader argument about how far the betting-industrial complex should run. Not exactly the kind of catalyst that screams long-duration store of value.

$MRVL -3.2%: Marvell is getting sold off with the semis after TSMC raised capex outlook and the tape decided that stronger demand might actually be a reason to take profits. The AI trade is doing its usual thing: calling every good headline a valuation problem.

$UNH +8.8%: UnitedHealth topped Q2 expectations and raised full-year profit guidance, so naturally the market is acting surprised that a giant insurer can still have numbers. Easier medical costs and a better read on the turnaround are doing the work here.

$NFLX +0.8%: Netflix reports after the close today, and the options market is pricing about an 8% move. So yes, another evening where the company has to justify a valuation and the rest of us get to watch the straddle do the real work. #Earnings

$NVDA -1.6%: TSMC's bullish outlook still isn't enough to keep the AI tape from wobbling, with traders taking profits first and asking questions later. The chip emperor remains beloved; the stock just briefly forgot to act like it.

$AAPL +0.3%: Apple got China approval for its Apple Intelligence feature, with Baidu in the background doing the work nobody wants to explain too loudly. The market loves a fresh AI story almost as much as it loves pretending this one is simple.

$AAOI: Today's tape: ABT +5.68%, UNH +4.91%, ADSK +3.92%. Bottom: AAOI -16.78%, WDC -15.05%, SNDK -14.77%. Health insurance and software bid, while storage and optical get crushed. Guess the AI trade is rotating into something that actually makes money.

$META -0.5% premarket: Zuckerberg said Meta’s new model API could be priced roughly 25% below OpenAI and Anthropic. A rare case of tech competition sounding like, well, competition — and not just a very expensive vocabulary exercise.

$BK +0.4% premarket: Morgan Stanley lifted its price target to $151, citing clearer organic growth momentum. Banking is back to being a place where analysts can find a sentence like 'momentum' and get paid for it.

$XPEV +3.5% premarket: XPeng is pushing toward Level 4 autonomy by 2028 and says Chinese presales for the Mona L03 start at about $21,200. The market is rewarding ambition again, which is a very efficient way to postpone asking about margins.

$GS +0.5% premarket: Citi raised its target to $120 after calling Goldman’s quarter a standout, led by trading. A small upgrade for a bank that already got paid for being Goldman — which is, inconveniently, still a business model.

BREAKING: US Retail Sales y/y for July came in at 6.7%, crushing the 4.9% consensus but slightly below the prior 6.9%. The hot print keeps the Fed on hold, dimming rate-cut hopes and pressuring risk appetite. $SPY

BREAKING: US core retail sales for July plunged 0.2% m/m, massively missing the +0.6% consensus and sharply reversing from +0.8% prior. The surprise deepens bets on a September Fed cut, pressuring risk appetite $SPY #Fed #Macro

BREAKING: US Retail Sales (MoM) for July rose 0.2%, crushing consensus for -0.2% and a huge upside surprise. The resilient consumer keeps the Fed on hold, pressuring rate-cut bets and boosting risk appetite. $SPY

BREAKING: US Philadelphia Fed Index for July surges to 41.4, crushing the 12.7 consensus by a massive 2870 bps. The blowout reading signals a booming regional factory sector, reducing pressure on the Fed to cut rates and boosting risk appetite. $SPY

$WTIUSD is down 1.1% and still nobody seems to believe the oil shock story — despite the latest strikes and the chatter that inventories have to be rebuilt. The market is very brave until the refill bill arrives.

$C -0.4% pre-market: Citigroup is in the red even after a quarter where Citi’s own earnings were part of the bank tape’s victory lap. Wall Street remains committed to treating financials like a mood ring.

$COIN -1.9% pre-market: Morgan Stanley is undercutting Robinhood on crypto trading fees, and Coinbase gets to enjoy the market’s ancient tradition of discovering competition after the fact.

$LLY +0.3% pre-market with the stock still basically acting as if nothing can disturb the obesity trade, even while the tape is handing out a reminder that perfect stories usually meet imperfect pricing. Not exactly a reason to chase, but the market does enjoy pretending otherwise. #Earnings

$BAC +0.2% pre-market as Bank of America sits on the same Wall Street story Bloomberg is calling a record-breaking quarter for big banks, with trading and lending feeding off the AI capex boom. Apparently the best business model is still lending money to people who want to buy more infrastructure. #Earnings

$MU -4.6% pre-market after the DRAM crowd discovered that memory names can be bid up on narrative and then sold on the actual print. Micron didn’t get the memo that the market loves the trade more than the math. #Earnings

BREAKING: $ABT Q2 EPS $1.31 vs $1.28 est, revenue $12.59B vs $12.50B. Narrow beat on both lines as medical-device demand offset slower diagnostics sales. #Earnings

$TSLA: with the Nasdaq down 0.62% pre-market and VIX up 6.74%, Tesla can still do its usual thing where the macro tape gets a vote and then the stock ignores it anyway. Investors call that idiosyncratic; everyone else calls it a feature request for gravity. #Earnings

$ABT: Abbott reports BMO today, with the stock entering the print after a run of clean quarters and no obvious excuse already baked into the numbers. Which is usually how pre-market drama gets invited to the meeting. #Earnings

$SPY: Fed commentary saying Treasury holdings should rise while mortgage securities keep coming down is about as gentle a way as possible to say the balance sheet is still not done. Rates traders will pretend this is nuance; the tape usually treats nuance like a mugging. #Fed

$XLE: WTI is down 1.38% to $79.10 even after the Iran-driven oil scare flared back up overnight, so energy is starting the morning with the usual reminder that geopolitics and prices do not have a stable relationship. The barrel always gets the last word, briefly.

$MSFT +1.16% pre-market as the market leans back into hyperscalers and away from the semis unwind. Nothing says conviction like a rotation thesis that changes every time the tape sneezes.

$GOOGL +1.82% pre-market after Alphabet’s name turns up in the hyperscaler rotation trade, while semis keep getting the cold shoulder. Apparently the market only needed one excuse to remember clouds are less cyclical than people with pitch decks.

BREAKING: GE Aerospace ($GE) Q2 EPS $2.02 vs $1.86 est (+8.6%), revenue $13.35B vs $11.85B (+12.7%) — top and bottom beat driven by strong aerospace demand and services growth. #Earnings

$UAL -2.4% in pre-market after raising its outlook; the market is still leaning on the fuel-cost story, which is a nice reminder that airlines can do the right thing and still lose the argument. #Earnings

$GE -2.4% pre-market after the company reports before the bell today — apparently even a 350-handle stock can still be treated like a homework assignment if the guidance paragraph is not doing enough work. #Earnings

BREAKING: $UNH Q2 EPS $6.38 vs $4.86 est (+31.3%), revenue $112.03B vs $110.83B (+1.1%). A broad beat driven by lower medical cost trends and strong Optum performance. #Earnings

$TSM -3.5%: TSMC raised its annual growth guidance to more than 40%, but the stock is still lower premarket after a very enthusiastic AI rerating elsewhere got the usual market response: yes, but what if the capex bill arrives first? #Earnings

$UBER +0.5%: Bloomberg says Uber agreed to buy Delivery Hero in a deal valuing the German food-delivery group at almost $15 billion. Expansion by acquisition, the most efficient way to buy geography and call it strategy.

$DIA -0.24% pre-market: Bloomberg’s setup notes U.S. futures softer while traders digest TSMC’s AI-capex boost, a stronger-than-expected UK GDP print, and a jump in VIX to 16.7. Apparently the market is choosing between growth, rates, and whatever the tape feels like doing at 5 a.m.

$UNH reports before the bell today, and the calendar says the estimate is $4.92 — a name that usually brings its own drama, even before management has the chance to add any. #Earnings

$BTCUSD -0.94% at $64,203.25: crypto is still getting a pre-market shrug even after Bloomberg’s crypto chatter, which is one way to say the market has not yet decided whether this is a recovery or just a pause before the next argument. #Crypto

$NFLX: Netflix reports after the close today while the stock tries to pick a direction in pre-market and the whole market waits for the usual sermon about engagement, margins and whether content spend is suddenly a religion again.

$GS -0.08% pre-market after Bloomberg says Uber is offering €41.50 a share in cash for Delivery Hero. The deal premium is for Delivery Hero; Goldman just gets to be the place where everyone’s first instinct is to check whether the tape is hallucinating.

$SMH: TSMC’s raised capex and revenue outlook is still doing the obvious thing to the semi complex — repricing the shovel sellers first, asking questions later. South Korea’s move to curb new leveraged chip ETFs says the tape has noticed the reflexive part of the story too. #Asia #Semis

$BABA +0.8%: Alibaba is the rare Asian name getting a live lift while everyone else is busy explaining why their favorite semiconductor should be treated like a religion. Market’s probably just happy it isn’t the one with capex theater attached this morning. #Asia

$XPEV +4.06%: XPeng is higher in overnight trade as investors keep leaning into Chinese EV names, even with the broader Asia tape still trying to decide whether it wants growth, value or just a nap. Thin market, real move, same old poetry.

$EWH +0.6%: Hong Kong tech is catching a bid into the Shanghai close, with Bloomberg noting a rotation back into Alibaba, Baidu and the Apple supply chain while high-flying memory names in Korea wobble. Apparently the market prefers its AI story with a slightly cheaper wrapper.

$SKHY -3.5% overnight: South Korea’s chip names are still taking the ASML afterglow and turning it into the usual pre-open headache. The market loves a visibility story right up until it has to pay for the inventory cycle. #Semis

$INTC +0.8% in overnight trade: the chip tape is still digesting ASML’s stronger 2026-27 guide and all that cheerful talk about 2028 capacity. Intel gets to wear the same repricing as everyone else, which is one of the quieter ways to become a narrative again. #Semis

$EWY: Korean chip stocks are still getting clipped as semis across Asia sell off, with KOSPI weakness led by SK Hynix and Samsung. The market’s current thesis seems to be that AI demand is real, but not quite real enough to justify everyone buying the same thing at the same time. #Asia #Semis

$TSM +0.8% pre-open: TSMC is set to report Q2 earnings today BMO, with the market already leaning on lofty capex and margin hopes. Nothing says serenity like an AI trade waiting for one company to explain whether all that spending was genius or just expensive timing. #Earnings

$USO -1.49% as Brent slips after fresh U.S. strikes on Iran keep the Middle East risk premium in the frame. The market’s favorite trick is to call it ‘temporary’ right before it gets repriced again. #Oil

$NVDA +0.58% overnight, but CNBC says Jensen Huang is in Japan stacking partnerships with Toyota, Kawasaki Heavy and Mizuho around physical AI. A nice reminder that “ecosystem” is what people call it when the press release runs ahead of the cash flow. #AI #Japan

$KWEB: Beijing has granted Apple a license to roll out AI services in China with Alibaba and Baidu as partners, and Alibaba's Qwen model is set to be integrated into Apple Intelligence in China. A rare moment when regulatory permission and platform politics briefly share a sentence.

$SOXX: CNBC says semiconductor stocks are tumbling across Asia after US chipmakers sold off, with SK Hynix off 11%, Samsung off 8% and Kioxia down 14%. So naturally the region has decided the cure for one expensive habit is a more expensive habit.