Oil spikes, chips slide

Oil spikes, chips slide

Oil jumps after President Donald Trump says the U.S. ceasefire with Iran is over after the two sides traded attacks overnight. Chip stocks slide as China reportedly considers limiting foreign access to its top AI models and DeepSeek pursues its own chip. And FOMC minutes due later in the day arrive against a backdrop of higher bond yields. Today’s recommended read: Oil refiners' Hormuz windfall may prove short-lived [https://www.reuters.com/commentary/reuters-open-interest/oil-refiners-hormuz-windfall-may-prove-short-lived-2026-07-08/], Ron Bousso Subscribe to Mike Dolan's Morning Bid newsletter, [https://www.reuters.com/newsletters/morning-bid-us/] and check out his columns on Reuters Open Interest [https://www.reuters.com/commentary/reuters-open-interest/]. Read more from Amanda Cooper [https://www.reuters.com/authors/amanda-cooper/] and Anna Szymanski [https://www.reuters.com/authors/anna-szymanski/] Produced by Eliza Davis Beard and Abisoye Adelusi Sound engineering and music by Sebastian and Josh Sommer Visit the Thomson Reuters Privacy Statement for information on our privacy and data protection practices. You may also visit megaphone.fm/adchoices to opt out of targeted advertising. Learn more about your ad choices. Visit megaphone.fm/adchoices [https://megaphone.fm/adchoices]

Samsung's AI problem

Samsung posted a 19-fold jump in quarterly revenue overnight, but shares fell 10% as investors weigh whether the AI trade is shifting from scarcity to abundance. U.S. services activity cooled slightly but remained in expansion territory. And U.S. President Donald Trump travels to Ankara for a NATO summit, where European defense spending pledges and the U.S. troop presence in Europe are expected to be in focus. Today’s recommended read: OPEC is likely loser in Gulf’s post-war race for market share [https://www.reuters.com/commentary/reuters-open-interest/opec-is-likely-loser-gulfs-post-war-race-market-share-2026-07-07/], Ron Bousso Subscribe to Mike Dolan's Morning Bid newsletter, [https://www.reuters.com/newsletters/morning-bid-us/] and check out his columns on Reuters Open Interest [https://www.reuters.com/commentary/reuters-open-interest/]. Read more from Amanda Cooper [https://www.reuters.com/authors/amanda-cooper/] and Anna Szymanski [https://www.reuters.com/authors/anna-szymanski/] Produced by Eliza Davis Beard and Abisoye Adelusi Sound engineering and music by Sebastian and Josh Sommer Visit the Thomson Reuters Privacy Statement for information on our privacy and data protection practices. You may also visit megaphone.fm/adchoices to opt out of targeted advertising. Learn more about your ad choices. Visit megaphone.fm/adchoices [https://megaphone.fm/adchoices]

Glut feeling

OPEC+ approves another production quota increase of 188,000 barrels per day, adding to market bets on a supply glut. Chip stocks are also in focus, with Samsung set to report blockbuster earnings and SK Hynix launching its Nasdaq listing. And the NATO summit puts Ukraine back in the spotlight. Today’s recommended read: OPEC+ to boost crude output, but can it deliver and who will buy?, [https://www.reuters.com/commentary/reuters-open-interest/opec-boost-crude-output-can-it-deliver-who-will-buy-2026-07-06/] Clyde Russell Subscribe to Mike Dolan's Morning Bid newsletter, [https://www.reuters.com/newsletters/morning-bid-us/] and check out his columns on Reuters Open Interest [https://www.reuters.com/commentary/reuters-open-interest/] Read more from Amanda Cooper [https://www.reuters.com/authors/amanda-cooper/] and Anna Szymanski [https://www.reuters.com/authors/anna-szymanski/] Produced by Eliza Davis Beard and Abisoye Adelusi Sound engineering and music by Sebastian and Josh Sommer Visit the Thomson Reuters Privacy Statement [https://www.thomsonreuters.com/en/privacy-statement.html] for information on our privacy and data protection practices. You may also visit megaphone.fm/adchoices [https://nam02.safelinks.protection.outlook.com/?url=https%3A%2F%2Fmegaphone.spotify.com%2Fabout-advertisements&data=05%7C02%7CGayle.Issa%40thomsonreuters.com%7Cdeedd17f603f4b360c6d08dd887d4c6f%7C62ccb8646a1a4b5d8e1c397dec1a8258%7C0%7C0%7C638816793925865321%7CUnknown%7CTWFpbGZsb3d8eyJFbXB0eU1hcGkiOnRydWUsIlYiOiIwLjAuMDAwMCIsIlAiOiJXaW4zMiIsIkFOIjoiTWFpbCIsIldUIjoyfQ%3D%3D%7C0%7C%7C%7C&sdata=wKzcMqK1Jgd8UvIvqngaWQBitV9DjLnzqGz8cs1suDw%3D&reserved=0] to opt out of targeted advertising. Our Standards: The Thomson Reuters Trust Principles. [https://www.thomsonreuters.com/en/about-us/trust-principles.html] Learn more about your ad choices. Visit megaphone.fm/adchoices [https://megaphone.fm/adchoices]

Soft jobs, hard choices

The U.S. economy added just 57,000 jobs in June, well below the 110,000 forecast in a Reuters poll, taking pressure off the Fed and pushing the dollar lower. Meanwhile, chip stocks sell off as investors rotate out of AI, and Asian factory activity expands, giving global stocks their best week since May. Today’s recommended read: LME metals whipsawed by war and peace in first half of 2026 [https://www.reuters.com/commentary/reuters-open-interest/lme-metals-whipsawed-by-war-peace-first-half-2026-2026-07-02/], Andy Home Subscribe to Mike Dolan's Morning Bid newsletter, [https://www.reuters.com/newsletters/morning-bid-us/] and check out his columns on Reuters Open Interest [https://www.reuters.com/commentary/reuters-open-interest/] Read more from Amanda Cooper [https://www.reuters.com/authors/amanda-cooper/] and Anna Szymanski [https://www.reuters.com/authors/anna-szymanski/] Produced by Eliza Davis Beard and Abisoye Adelusi Sound engineering and music by Sebastian and Josh Sommer Visit the Thomson Reuters Privacy Statement [https://www.thomsonreuters.com/en/privacy-statement.html] for information on our privacy and data protection practices. You may also visit megaphone.fm/adchoices [https://nam02.safelinks.protection.outlook.com/?url=https%3A%2F%2Fmegaphone.spotify.com%2Fabout-advertisements&data=05%7C02%7CGayle.Issa%40thomsonreuters.com%7Cdeedd17f603f4b360c6d08dd887d4c6f%7C62ccb8646a1a4b5d8e1c397dec1a8258%7C0%7C0%7C638816793925865321%7CUnknown%7CTWFpbGZsb3d8eyJFbXB0eU1hcGkiOnRydWUsIlYiOiIwLjAuMDAwMCIsIlAiOiJXaW4zMiIsIkFOIjoiTWFpbCIsIldUIjoyfQ%3D%3D%7C0%7C%7C%7C&sdata=wKzcMqK1Jgd8UvIvqngaWQBitV9DjLnzqGz8cs1suDw%3D&reserved=0] to opt out of targeted advertising. Learn more about your ad choices. Visit megaphone.fm/adchoices [https://megaphone.fm/adchoices]

Hire expectations

Meta surges 10% after reports the company is building out a cloud business and looking to monetize excess AI computing capacity. June payrolls land a day early, with the Fed's next move riding on the numbers. And the Financial Times reports OpenAI is proposing to hand the U.S. government a 5% stake ahead of a planned IPO. Today’s recommended read: Wall Street's aging bull meets an 'everlasting' US expansion [https://www.reuters.com/commentary/reuters-open-interest/wall-streets-aging-bull-meets-an-everlasting-us-expansion-2026-07-02/], Mike Dolan Subscribe to Mike Dolan's Morning Bid newsletter, [https://www.reuters.com/newsletters/morning-bid-us/] and check out his columns on Reuters Open Interest [https://www.reuters.com/commentary/reuters-open-interest/] Read more from Amanda Cooper [https://www.reuters.com/authors/amanda-cooper/] and Anna Szymanski [https://www.reuters.com/authors/anna-szymanski/] Produced by Eliza Davis Beard and Abisoye Adelusi Sound engineering and music by Sebastian and Josh Sommer Visit the Thomson Reuters Privacy Statement [https://www.thomsonreuters.com/en/privacy-statement.html] for information on our privacy and data protection practices. You may also visit megaphone.fm/adchoices [https://nam02.safelinks.protection.outlook.com/?url=https%3A%2F%2Fmegaphone.spotify.com%2Fabout-advertisements&data=05%7C02%7CGayle.Issa%40thomsonreuters.com%7Cdeedd17f603f4b360c6d08dd887d4c6f%7C62ccb8646a1a4b5d8e1c397dec1a8258%7C0%7C0%7C638816793925865321%7CUnknown%7CTWFpbGZsb3d8eyJFbXB0eU1hcGkiOnRydWUsIlYiOiIwLjAuMDAwMCIsIlAiOiJXaW4zMiIsIkFOIjoiTWFpbCIsIldUIjoyfQ%3D%3D%7C0%7C%7C%7C&sdata=wKzcMqK1Jgd8UvIvqngaWQBitV9DjLnzqGz8cs1suDw%3D&reserved=0] to opt out of targeted advertising. Learn more about your ad choices. Visit megaphone.fm/adchoices [https://megaphone.fm/adchoices]