13th Night of Iran Strikes Completed -- Iran Disputes NYT Ceasefire Rejection Report

Nation

13th Night of Iran Strikes Completed -- Iran Disputes NYT Ceasefire Rejection Report; Trump Eyes "Massive Attack"

CENTCOM completed its 13th consecutive night of strikes against Iran Thursday, targeting military command centers, drone storage, and coastal surveillance sites; Iran disputed the NYT's report it rejected an Iraqi-presented U.S. ceasefire proposal, calling it "diversionary and misleading," while Trump told reporters he is "weighing a massive attack" to pressure Tehran into negotiations.

Sources: CNN · CNBC · AP · Bloomberg

Trump Rolls Out New 10-12.5% Tariffs on 60 Countries -- Supreme Court Workaround Using "Forced Labor" Justification Takes Effect Friday

The Trump administration imposed new tariffs of 10-12.5% on 60 major trading partners overnight, the largest tariff action since the Supreme Court struck down prior levies in February; the White House cited "forced labor" as the legal basis, with critics calling the justification "too convenient to be taken seriously."

Sources: Bloomberg · U.S. News · CNBC · Reuters

Pakistan-China Push New Iran Diplomatic Track -- Reuters: Both Countries Considering Path Toward Restarting Peace Negotiations

Reuters reported Friday that Pakistan, at China's initiative, is exploring a new diplomatic track to restart U.S.-Iran peace negotiations; obstacles remain high and no formal proposal has been tabled, but the report briefly lifted equities and helped push Brent crude below $100 in morning trading.

Sources: Reuters · CNN · CNBC · Bloomberg

U.S. Sends Additional Forces to Middle East -- Military Build-Up Continues as Iran War Cost Hits $37.5 Billion and Climbing

The Trump administration confirmed it is deploying additional forces to the Middle East following the Houthi tanker attacks in the Red Sea and as the 13-day Iran air campaign continues; the war has now cost $37.5 billion with no publicly announced cap or exit strategy.

Sources: U.S. News · CNBC · AP · Reuters

Week in Review: $100 Oil, $37.5B War Cost, $500B AI Selloff, New Tariffs -- The Most Consequential Week for U.S. Markets in Years

The week of July 21-25 saw Brent hit $100, Tesla and Alphabet shed nearly $500 billion in combined market cap on AI capex shock, new tariffs hit 60 countries, and the U.S. completed 13 straight nights of Iran strikes -- financial analysts are calling it one of the most consequential macro weeks since the 2022 inflation surge.

Sources: Bloomberg · CNBC · AP · Reuters

World

Intel Q2 Blowout: Revenue $16.13B (+25%, Beat), EPS $0.42 (Doubled $0.22 Est.) -- Data Center +59% YoY; Shares +3% Friday

Intel's Q2 results, released Thursday after close, far exceeded expectations with revenue of $16.13 billion beating the $14.42 billion consensus by 12%, and EPS of $0.42 nearly doubling the $0.22 estimate; Data Center and AI revenue surged 59% year-over-year, and Intel raised Q3 revenue guidance to a $16.3 billion midpoint.

Sources: CNBC · 24/7 Wall St. · TradingKey · Reuters

Lockheed Martin +10.5% on Record $230B Backlog -- New Orders 3.2x Quarterly Revenue; Raises Free Cash Flow Guidance by $450M

Lockheed Martin surged 10.5% Thursday after delivering a Q2 beat, raising its 2026 free cash flow midpoint by $450 million, and revealing a record $230 billion backlog including a $35 billion THAAD contract; new orders came in at roughly 3.2 times quarterly revenue as the Iran war drives defense spending higher.

Sources: TechStock2 · StockTitan · CNBC · Bloomberg

Verizon and American Express Beat Q2 -- Both Stocks Slip Despite Beats; Verizon Raises Full-Year Adjusted Profit Forecast

Verizon reported Q2 earnings above consensus and raised its full-year adjusted profit and free cash flow forecast, while American Express beat on EPS with a 9% year-over-year gain in billings; both stocks dipped modestly despite the beats as investors weighed macro headwinds from oil and new tariffs.

Sources: Yahoo Finance · Benzinga · CNBC · Reuters

Brent Pulls Back 3.3% to Below $95 -- Weekly Gain Still Substantial; Pakistan-China Diplomatic Signal Lifts Sentiment Briefly

Brent crude fell 3.3% Friday to below $95 as the Reuters report about Pakistan-China efforts toward Iran talks briefly lifted sentiment; despite the pullback, Brent is on track for a substantial weekly gain after touching $100 for the first time since May, with the Iran conflict still unresolved.

Sources: Bloomberg · Reuters · CNBC · Yahoo Finance

Technology

Intel +3% Friday After Q2 Blowout -- Fastest Revenue Growth Since Q3 2011; Data Center AI Revenue +59%; 18A Yields at 85%

Intel shares rose 3% Friday after its largest quarterly revenue beat in over a decade; the 18A foundry node reached 85% yield -- a critical milestone -- and Q3 guidance came in at $16.3 billion midpoint with $0.38 EPS, cementing Lip-Bu Tan's turnaround narrative despite a continued GAAP net loss tied to CHIPS Act escrow.

Sources: CNBC · 24/7 Wall St. · TradingKey · Investing.com

SpaceX Hits All-Time Low Friday -- Shares Down 31% From June IPO Peak as Post-Launch Valuation Euphoria Fades

SpaceX fell to an all-time low Friday as investors continue to reprice the company's valuation after its June IPO peak; the stock is down roughly 31% from its high amid broader AI and growth stock reassessment tied to hyperscaler capex concerns and the Iran war's macro drag.

Sources: Motley Fool · Bloomberg · CNBC

AI Capex Reckoning: Tesla and Alphabet Lost ~$500B This Week -- Microsoft, Meta, Apple Report Next Week

Tesla and Alphabet together shed roughly $500 billion in combined market capitalization this week on AI capex shock; Microsoft, Meta, and Apple all post Q2 results next week, with investors laser-focused on whether capex guidance continues to escalate after Alphabet's $195-205B announcement.

Sources: Bloomberg · CNBC · Yahoo Finance

U.S. PMI Hits 8-Month High in July -- Services Accelerate on World Cup and July 4th; Manufacturing Slowest Since March

S&P Global's flash PMI for July showed U.S. business activity expanded at its fastest pace in eight months, boosted by the FIFA World Cup and Independence Day spending; manufacturing decelerated to its slowest since March, offering mixed signals for the Fed ahead of next week's policy decision.

Sources: Reuters · S&P Global · Schwab · CNBC

Business & Markets

Dow +235, S&P +0.05%, Nasdaq -0.6% Friday -- Partial Stabilization After Thursday Rout; Weekly Losses: S&P -2.6%, Nasdaq -3.5%

Stocks stabilized Friday as Brent oil pulled back below $95 and Intel's earnings beat lifted chip sentiment; the Dow gained 235 points led by Apple +3%, but the S&P was essentially flat and the Nasdaq fell 0.6% as semiconductor stocks slid 4.4%; both S&P and Nasdaq are set for a second straight weekly loss.

Sources: CNBC · Bloomberg · Schwab · Yahoo Finance

Brent Falls 3.3% Below $95 Friday -- Pakistan-China Diplomacy Signal Helps; Still on Track for Substantial Weekly Gain

Brent crude retreated 3.3% to below $95 Friday as the Reuters report about Pakistan-China diplomatic outreach eased some war-premium fears and new tariffs raised demand-destruction concerns; despite the pullback, Brent is still set for its largest weekly gain since the conflict began.

Sources: Bloomberg · Reuters · CNBC · Yahoo Finance

Fed Rate Hike Odds Rise to 1-in-3 Chance for Next Week -- Treasury Yields Ease Slightly Friday; Bond Market Digests Oil and Tariff Shock

CME FedWatch data showed rate hike probability for next week's Fed meeting rose to roughly one-in-three -- up from 12% a week ago -- as $100 oil and new tariffs reignited inflation fears; the 10-year Treasury yield eased slightly Friday to 4.71% after reaching its highest level since January 2025 on Thursday.

Sources: Reuters · Schwab · Bloomberg · CME Group

Week's Other Big Earnings: Lockheed +10%, Verizon and AXP Beat; S&P 500 Q2 Growth Still Tracking 24.7%

Despite Tesla and Alphabet's AI capex shock, the broader Q2 earnings season remains strong: Lockheed surged 10.5%, Verizon and American Express beat estimates, and the S&P 500 overall earnings growth rate is still tracking 24.7% year-over-year with 88% of reporters exceeding EPS estimates, per FactSet.

Sources: Yahoo Finance · FactSet · CNBC · Benzinga

Science & Health

Iran War Update: 59 Iranians Killed, 4 Additional U.S. Service Members Dead Since June 27 -- Human Cost Escalates as Diplomacy Stalls

Iranian health authorities report 59 people killed and 666 wounded inside Iran since hostilities resumed June 27; at least 4 additional U.S. service members have died in the latest wave of Iranian strikes, according to the Pentagon, bringing the cumulative American toll to at least 21 since the conflict began in February.

Sources: CNN · AP · Pentagon · Reuters

Bertha Dissipating Over South Texas -- DFW Heat Advisory, Feels-Like 107°F; Triple-Digit Heat Expected Through Next Week

Tropical Storm Bertha is weakening as it pushes into South Texas, bringing scattered coastal showers with little flooding risk; the DFW Metroplex is under a heat advisory with feels-like temperatures reaching 107 degrees Friday, and forecasters warn triple-digit actual temperatures will persist through at least the middle of next week.

Sources: CBS Texas · Fox 4 DFW · NWS · AccuWeather

West Texas and Desert Southwest Heat Advisory -- Odessa, Midland Approach 105°F; Southern Plains Heat Dome Through Weekend

A heat advisory is in effect across West Texas, southeast New Mexico, and the Desert Southwest Friday with temperatures approaching 105 degrees in the Permian Basin and Rolling Plains; a high-pressure heat dome will keep dangerous conditions in place across the Southern Plains through the weekend and into next week.

Sources: KOSA · NWS · First Alert 7 · AccuWeather

Sports

MLB All-Star Game Recap -- American League Wins 5-3 at PNC Park; Bobby Witt Jr. Named MVP After Two-Run Homer

The American League beat the National League 5-3 in Thursday night's All-Star Game at PNC Park in Pittsburgh; Kansas City Royals shortstop Bobby Witt Jr. was named MVP after a two-run home run in the fourth inning, with the game drawing solid ratings as a welcome diversion from the Iran war news cycle.

Sources: MLB · ESPN · AP · Fox Sports

Lockheed Martin Surges on Iran War Demand -- Defense Contractors Post Best Week of 2026 as Backlog Hits Records

Lockheed Martin, Northrop Grumman, and Raytheon Technologies collectively posted their best weekly performance of 2026 as the Iran war drives record defense order backlogs; Lockheed's $230 billion backlog includes contracts that analysts say will generate revenue well into the next decade.

Sources: StockTitan · Bloomberg · CNBC · Reuters

Argentina Confirms Messi Will Not Play in September CONMEBOL Qualifiers -- International Retirement All But Official

Argentina's football federation confirmed Friday that Lionel Messi will not be available for September's CONMEBOL World Cup qualifying matches, effectively confirming what his agent signaled earlier this week -- that the 39-year-old's storied international career is over following the World Cup Final defeat.

Sources: ESPN · Yahoo Sports · FIFA · AP

Entertainment

Paramount-Warner Bros. August 4 Hearing On Track -- Iran War Ad Market Suppression Adds Pressure to Both Studios Heading Into Q3

The August 4 federal hearing on the Paramount-WBD $111 billion merger TRO remains on schedule; with $100 oil driving recession fears and advertisers pulling back on commitments, both studios face an increasingly difficult near-term revenue picture regardless of the merger outcome.

Sources: Variety · Hollywood Reporter · Reuters

Netflix Rebounds Slightly Friday -- Down 12% on the Week Heading Into Earnings-Free Weekend; Next Catalyst October Q3 Data

Netflix edged marginally higher Friday alongside the broader market stabilization, but finished the week down roughly 12% from its pre-earnings close; with no meaningful catalyst until Q3 subscriber and ad revenue data in October, the stock's near-term trajectory is tied to macroeconomic conditions.

Sources: Hollywood Reporter · Barron's · CNBC

Fox Sports Q2 Earnings Due July 30 -- World Cup Final's 60.3M Viewers Expected to Power Record Quarter for Sports Broadcasting

Fox Corporation reports Q2 results July 30 and is expected to post a record sports broadcasting quarter driven by the 2026 World Cup Final's 60.3 million viewers; the timing coincides with Fox and Telemundo's preliminary 2030 rights negotiations with FIFA from the strongest position in American soccer broadcasting history.

Sources: Hollywood Reporter · CNBC · Fox Corp · AP

Weather

DFW Heat Advisory Friday -- Feels-Like 107°F; Bertha's Humidity Adds to Heat; Triple-Digit Temps Through Mid-Week

A heat advisory is in effect for the Dallas-Fort Worth Metroplex Friday with heat index values reaching 107 degrees as high pressure builds and Bertha's dissipating moisture adds humidity; forecasters warn actual temperatures will reach 105 degrees by the middle of next week, with no significant relief in sight through at least July 31.

Sources: CBS Texas · Fox 4 DFW · NWS Fort Worth · AccuWeather

National Outlook: Southern Plains and Southwest Heat Through Weekend; Pacific Northwest Heat Shifts to Northern Plains Saturday

Dangerous heat advisories cover the Southern Plains, Desert Southwest, and lower Mississippi Valley through the weekend with heat indices topping 105-110 degrees from San Antonio to Phoenix; the separate Pacific Northwest heat event shifts east into the Montana-Dakotas corridor by Saturday, expanding the dangerous heat footprint nationally.

Sources: NWS · SPC · AccuWeather · KOSA

Coming Up

Next Week: Fed Decision Tuesday, PCE Inflation Data Wednesday · Microsoft, Meta, Apple Q2 · Amazon Prime Day Begins · Iran War Day 14+

The Fed meets Tuesday with rate hike odds now near one-in-three; Microsoft, Meta, and Apple all report Q2 next week in the definitive AI capex follow-up to Alphabet and Tesla's shock; Amazon Prime Day begins and Amazon reports Q2 July 30; the Iran war enters its third week with no ceasefire framework in place.

Sources: Daily Tech Reader

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