Tuesday, July 7, 2026
[4:10 PM ET…closing prices for stocks, 3:50ish for commodities and bonds]
Tale of the Tape at the gas pump, nationwide averages, courtesy of AAA.
Fri., Feb. 27…regular $2.98…diesel $3.75
Tues., July 7…regular $3.79…diesel $4.76
South Korean technology giant Samsung Electronics says it expects to post a 19-fold jump in its profits when it reports earnings in a few weeks, driven by global demand for artificial intelligence memory chips.
The company forecast that it made $58.4bn between the start of April and the end of June, marking its third record quarterly operating profits in a row.
Major South Korean companies like Samsung release forecasts of their earnings ahead of official detailed reports to help guide investors.
Samsung’s latest forecast comes as demand for semiconductors continues to outstrip supplies – which has pushed up prices.
Samsung has hiked the prices of its memory chips as supplies remain tight.
The company’s shares fell by about 7% in Seoul Tuesday as some investors had expected its profits to have been even higher, with the stock having more than doubled since the start of this year, while South Korean rival SK Hynix has jumped by more than 200%.
U.S. tech stocks were down today, not just on the Samsung results (and reaction overseas), but also on reports that China’s DeepSeek is developing its own AI chip, sparking renewed selling in semiconductor stocks.
Concerns about AI spending plans and future demand are spooking investors.
Meanwhile, crude oil rose more than 2% to back over $70 on West Texas Intermediate today after attacks on commercial shipping in and around the Strait of Hormuz heightened concerns over more disruptions to global energy supplies.
The incidents renewed concerns among shipowners and raised questions over the durability of the U.S.-Iran agreement aimed at preventing attacks in the waterway.
Also, the Iranian Foreign Minister said that final peace negotiations would stall if geopolitical threats persist.
But growing supply expectations will continue to weigh on the market, with reports indicating that at least eight Japan-linked vessels exited Hormuz via a route near Iran, including five supertankers capable of transporting 2 million barrels of crude each.
And Saudi Aramco cut the price of its Arab Light crude or Asian buyers next month by $11 per barrel, widening the discount to $1.50 below the regional benchmark amid softer market conditions.
However, late today, the U.S. government revoked the license that authorized the sale of Iranian oil for 60 days because of the overnight strikes on shipping and oil spiked anew to $72.00, 5%.
This conflict is far from over, sports fans.
Separately, the Atlanta Fed’s GDPNow forecast for second-quarter growth was revised up to 1.4% today.
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The death toll in Russia’s latest attack on Kyiv, overnight Sunday into early Monday, rose to 28 as more bodies were recovered from collapsed apartment buildings. President Volodymyr Zelensky is pleading with leaders at the NATO summit in Ankara for more air defense systems.
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Monday night’s U.S.-Belgium World Cup Round of 16 contest could not have been more of a bust, a flop, for the Americans, losing 4-1, after all the controversy of the previous 24 hours caused by President Trump’s phone call to FIFA head Gianni Infantino, pleading for a rescission of U.S. striker Folarin Balogun’s red card…even as Trump said he didn’t initially know what a red card was.
As I noted yesterday, and in this morning’s Bar Chat update, the international (European) uproar over the reversal was intense and no doubt Belgium used it to its advantage.
The U.S. team, on the other hand, simply didn’t show up, and it was one mistake after another on defense, including from ‘Keeper Matt Freese and defender Tim Ream, who looked every bit of his 38 years.
The only highlight was Malik Tillman’s free kick that tied it at 1-1, for all of about 90 seconds, before Belgium’s Charles De Ketelaere scored his second goal to make it 2-1 and the U.S. never threatened after.
Both Balogun and U.S. captain Christian Pulisic were invisible, Pulisic leaving in the second half with an ankle injury.
Belgium had the last laugh, posting on its team account, “Overturn this.”
U.S. Coach Mauricio Pochettino’s contract expires this summer and, while U.S. Soccer had reportedly offered Pochettino and his staff contract extensions before the World Cup, conversations will continue.
“In the next weeks, we can start to talk if the federation wants to talk,” Pochettino said after.
“Right now, it’s about resting a little bit, to think, have conversations with the federation to see what the decision is. I’m so happy. We’ve built a very good relationship, now is not a moment to talk about (my future).”
The U.S. exits the tournament the same round they did in 2022, 2014 and 2010. They were the youngest team at the 2022 World Cup and all eyes shifted to 2026 when the core of the team would be in their primes.
Alas, nothing has really changed, but Pochettino is the right man for the job.
So this afternoon, I was working and forgot Egypt-Argentina started at noon. I turned it on at the 70-minute mark, a hydration break, Egypt shockingly up 2-0. Wow, I mused.
And then Argentina turned on the jets, Romero scored at 79’, followed by the great Lionel Messi with a terrific, booming shot from in close and it was suddenly 2-2. The crowd in Atlanta was going nuts.
And then Argentina’s Fernandez with a brilliant header, off an equally brilliant pass at 90’+2, and it was 3-2. The ‘game of the tournament,’ as the announcers said. “One of the great World Cup games” period.
That’s the final…3-2. Fantastic.
Argentina now awaits the winner of Colombia-Switzerland starting now.
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Dow Jones -130…-0.3% [52925]
S&P 500 -33…-0.5% [7503]
Nasdaq -302…-1.2% [25818]
Oil (WTI) $71.90…Brent $75.75
Gold $4115
Silver $60.25
Bitcoin $63,720 [4:00 PM ET…a little rebound]
U.S. 2-yr. 4.18%
U.S. 10-yr. 4.54%…yields spiked today on the oil news, but they are also rising globally…
Japanese 10-yr. 2.84%…up, up, up….
Back Wed.
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