US July inflation lands in line at 3.4% annual and September hike odds drop to 38%: Wall Street closes mixed with the Nasdaq ahead. Technical analysis of CoreWeave up 19.28%, Nebius stock up 34.14%, Cisco stocks near highs, and Eni leading the Milan market on crude.

Crude rises for a fourth session and pushes the US ten-year back above 4.72%: indices give up little while energy and utilities rotate underneath. Technical analysis of Marathon Petroleum up 5.03%, Alphabet stocks paying 3.84% for capex, and the $9.1bn Riot-Anthropic deal.

Hormuz stays shut, crude gains 5% and US energy goes from the week's worst sector to the session's best at plus 4.66%. Technical analysis of Chevron stocks, ExxonMobil stock and Occidental, of the Beijing cap costing NVIDIA stock 2.86%, and of Apple retaking the crown.

On 5 August at Ai4, Hinton, Ng and Fei-Fei Li argued in public about the future of work: “increased productivity does not translate to shared prosperity.” Meanwhile OpenAI passed a billion users, the EU AI Act switched on its fines, and OpenAI and Anthropic agents went rogue in tests.

The indices move within half a percent while single stocks break apart: 19 moves off the scale in one session, averaging -3.8%. Datadog and AppLovin stocks lose nearly a fifth and Western Digital 13% as semiconductor stocks reset, while Unity stock gains 15% and Banco BPM leads Milan.

Money leaves semiconductor stocks for healthcare, materials and travel: Shopify stock jumps 17% on results, gold surges on Red Sea tension, and the Milan market holds its highs with Leonardo stock still climbing.

A blowout quarter reignites artificial intelligence: Palantir stock climbs 29% and lifts semiconductor stocks and data-centre infrastructure. The US market closes at record highs, while AMD stock and SpaceX fall after the bell on capital spending.

Crude oil drops more than 5% after the strike on Iran is called off and money returns to risk: a record close on the Dow and Amazon stock above 3,000 billion in market value. Banks led the Milan market on a steeper curve, while Eni paid for the oil move.

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Amazon stock gains 15.32% with cloud up 37% while Apple stock loses 7.35% despite a beat: the market pays those who monetise artificial intelligence and punishes those who merely use it. Record profits across big oil, with Eni doubling earnings alongside a 3.4 billion buyback.

Microsoft's cloud grows 43% and the stock gains 15.51%, the largest single-day market value gain on record: the Nasdaq breaks a six-day losing run. Meta drops 8% on spending without a return. In Europe Rolls-Royce and Schneider rise while adidas posts its worst session ever.

The Federal Reserve holds rates with a hawkish message; the Nasdaq slides toward correction as chips fall, with Micron down 10% and Nvidia 3.5%. In Milan, Eni jumps over 7% on its half-year and Nexi holds. After the bell Microsoft rises while Meta drops 10%.

Chip stocks fall for a fourth session with the trigger out of Seoul, crude posts its worst three-day stretch in six years and money rotates into defensives. Coca-Cola, PayPal and Visa carry the Dow; Boeing rises on a miss.

The US-Iran truce strips the war premium out of crude and overturns, in a single session, the very theme our model had just bought. Technical analysis of the day, this week's twelve fresh signals and the desk's position on every instrument mentioned.