Weigh

• The Nasdaq and broader Wall Street markets faced a sharp sell-off on Friday, driven by a rout in chip stocks and concerns over artificial intelligence valuations. • Market sentiment was further dampened by disappointing earnings reports and guidance from Netflix and Intuitive Surgical, as well as a dip in SpaceX shares following a failed Starship launch. • Federal Reserve Vice Chair Phillip Jefferson intensified investor anxiety by suggesting that interest rates may need to rise if inflation does not cool.

• Truist Financial stock is currently trading steady as investors analyze the combined impact of rising US interest rates and loan growth dynamics. • Market participants are weighing the positive effects of increased corporate loan demand against potential revenue declines in wholesale banking caused by lower capital markets activity. • This stability reflects a broader trend of investors reassessing the valuations of regional banks amidst shifting economic conditions.

• The open-weight model Kimi K3 has claimed the top spot on the Arena frontend coding leaderboard, outperforming several proprietary AI coding tools. • This achievement highlights a shift in the landscape of developer tools, demonstrating that open-weight models can compete with closed-source systems in specialized tasks. • The development pressures IDE vendors to reconsider "model lock-in" strategies, as high-quality open alternatives become more accessible to developers.

• European stock markets declined as investors reacted to a broader global selloff in technology shares and escalating tensions in the Middle East. • The downturn is driven by a combination of volatility in the tech sector and geopolitical instability, which has increased market uncertainty. • This trend reflects growing investor anxiety over potential economic disruptions and the impact of regional conflicts on global trade and stability.

• The S&P 500 declined on Thursday as a downturn in chip stocks pressured the index, despite overall solid corporate earnings. • Swiss engineering firm ABB announced its largest-ever acquisition, purchasing U.K.-based industrial flow control maker Rotork for £4.1 billion ($5.6 billion). • Following the announcement, Rotork's shares surged 66.7% in morning trade, while ABB reported strong second-quarter results with EBITDA rising 20% to $1.93 billion.

• Asian stock markets rose following the release of soft US Consumer Price Index (CPI) data, which boosted investor sentiment regarding potential interest rate cuts. • Market performance was mixed, with Hong Kong’s Hang Seng index advancing 1.5%, while China’s Shanghai Composite and the CSI 300 both edged down by 0.3%. • Traders are currently balancing the positive US inflation data against geopolitical risks stemming from tensions in Iran and China's recent GDP miss.

• Indian equities edged higher on July 16, 2026, as investors balanced domestic growth against various global economic risks. • Key international developments include the Bank of Korea raising interest rates for the first time in 3.5 years to combat inflation and TSMC anticipating record Q2 profits fueled by AI chip demand. • In Singapore, AirTrunk is preparing for a US$1.5 billion REIT IPO scheduled for later this year.

Comedian backs LGBTQ+ theatre in ‘David v Goliath’ fight. Follow today’s news live Get our breaking news email, free app or daily news podcastGood morning and welcome to our live news blog. I’m Martin Farrer with the top overnight stories and then it will be Nick Visser with the main action.Comedian Josh Thomas has weighed in on the Divine Playhouse saga, a queer-friendly theatre pop-up in Sydney that has been kicked out by its landlord. Continue reading...