The Daily Wrap: Morning Edition - July 9, 2026

Geopolitical tensions escalated as the President declared the U.S.-Iran ceasefire "over," causing oil prices to spike, while in major corporate news, AstraZeneca's stock plunged after a key heart drug trial failed and Apple announced a $30 billion chip supply deal with Broadcom. Investor appetite for artificial intelligence remains strong, with chipmaker SK Hynix's upcoming U.S. listing being heavily oversubscribed, even as retailers like Levi Strauss and Costco saw their stocks fall despite raising guidance or posting higher sales. Meanwhile, minutes from the Federal Reserve's latest meeting revealed that officials are divided on the future direction of interest rates, adding a layer of economic uncertainty to the markets.

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From FinExtra Pro in Tampa, it's Thursday, July 9th, and I'm Rachel Anderson with the Daily Wrap Morning Edition. Crude oil prices are pulling back slightly this morning after soaring nearly 8% yesterday. The spike was triggered by the president's comments that the fragile truce with Iran is over, following tit for tat military strikes in the Middle East. Washington also revoked a temporary sanctions waiver for Iranian oil. While the president's remarks fanned fears of a wider conflict, traders today are taking a moment to assess the situation, causing prices to pair some of those steep gains. South Korean chipmaker SK Heinex is seeing incredible demand for its upcoming U.S. share sale, with sources saying the $28 billion offering is more than seven times oversubscribed. The U.S. listing, which begins trading tomorrow, is expected to help SK Heinex narrow the valuation gap with its U.S. rival, Micron Technology. Speaking of Micron, its stock is steadying after a recent sell-off. Analysts at Bank of America are telling clients it's time to buy, arguing the market is underestimating the long-term AI-driven demand for memory chips. In a major deal, Apple has announced it will spend more than $30 billion on a multi-year agreement with Broadcom for U.S. made radio frequency chips. As part of the deal, Broadcom will invest $1.5 billion to expand its factory in Fort Collins, Colorado. The move deepens Apple's investment in American suppliers, a key objective of the administration. It's a tough day for shareholders of AstraZeneca. The stock is down around 9% pre-market after a late-stage clinical trial for its heart disease drug Wynua failed to meet its main goal. The result is a blow to the company, with analysts noting a potential credibility loss for management, which had been very confident about the trial. The news sent shares of its co-developer Ionis Pharmaceuticals tumbling, while competitor Al Nylum saw its stock surge. Elsewhere, Levi Strauss raised its full-year revenue guidance again, now expecting growth of 7 to 7.5%, thanks to its strategy of expanding its product offerings and focusing on direct-to-consumer sales. Despite the positive update, the stock slipped in after hours trading, as the midpoint of its earnings forecast fell just shy of Wall Street's expectations. Over in Europe, the Board of German Fashion House Hugo Boss is recommending shareholders reject a takeover offer from its largest shareholder, Britain's Frasers Group. The board stated the €38 a share bid is financially inadequate and fails to reflect the company's future potential. Costco June sales came in mixed. While the retailer reported its highest monthly sales of the year, its same store sales growth of 8.8% was the slowest pace since February, disappointing investors and sending the stock lower in after hours trading. Minutes from the Federal Reserve's June meeting show officials were split on the future of interest rates. While the committee unanimously voted to hold rates steady, the summary revealed divergent views, with some policymakers seeing a path to lower rates, while others envisioned a scenario requiring hikes. Under new chairman Kevin Walsh, the Fed has also shortened its post-meeting statement and is providing less forward guidance, making it more challenging for investors to predict the bank's next move. U.S. Treasury yields held steady as investors wait for jobless claims and home sale data today. The 10-year yield was at 4.57%, the two-year yield was at 4.19%, and the 30-year bond yield was at 5.08%. And now, let's check the futures. Wall Street is trending green heading into the day. SP futures were up 0.15%, Dow futures were down almost a tenth of a percent, and NASDAQ futures were up over around 0.6%. That's all for your daily rap this morning. I'm Rachel Anderson from FinExtra Pro, turning data into stories.