WS #12405

The US-Iran conflict continues to escalate sharply, with multiple sources confirming an eighth consecutive night of US strikes on Iran, including reports of a strike on the Darkhovin nuclear power plant. Iran has launched ballistic missiles toward Kuwait and claimed to have stopped four ships in the Strait of Hormuz. Two US service members were killed in Jordan, bringing total US deaths to 16. Trump has called for Iran to be added to the Russia sanctions bill, proposing 100% tariffs on countries buying Iranian oil. This escalation is driving oil prices higher and pressuring equity markets, with the Dow Jones losing 406 points on Friday. Meanwhile, the Russia-Ukraine war saw Russia's largest ballistic missile barrage on Kyiv overnight, with over 40 missiles and 125 drones fired, hitting five districts. Ukraine also struck Russian oil depots in Stavropol Krai. On the corporate side, Apple briefly surpassed Nvidia as the world's most valuable company, reaching a $4.92 trillion market cap, before Nvidia reclaimed the lead. Apple's AI strategy received a boost from China's approval of Apple Intelligence. Netflix shares tumbled over 8% after forecasting Q3 revenue and earnings below expectations, and announced it will reduce viewing reports frequency. IBM's stock crashed 25% after preliminary Q2 results missed estimates. The semiconductor sector is under pressure, with a massive chip stock selloff rattling global markets. Gold and silver are under pressure from a stronger dollar and rising oil prices. The overall narrative is one of escalating geopolitical tensions and mixed corporate earnings, with tech stocks facing headwinds from AI spending shifts and margin concerns.