Oil ripped higher on a single Iranian document, dragging bond yields and stocks with it. Gold is heading for its best week since January. And one memory chip giant got crushed despite profits exploding.

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📅 Friday, August 7, 2026 — Markets & Crypto Morning Recap

Iranian state media published a draft plan restricting ship traffic through the Strait of Hormuz. Brent settled up roughly 3.8% near $82.49, WTI near $77.29 — reversing a week of steep declines. Higher energy costs fed straight into inflation expectations, pushing the 10-year Treasury yield above 4.67% and driving September Fed rate HIKE odds to roughly 58%.

Stocks paid the price. The Dow fell 464 points (-0.85%) to 53,885, ending its record streak. The S&P 500 slipped just under 7,710. The Nasdaq was nearly flat.

The real story was underneath: memory chips. Western Digital fell roughly 13% and SanDisk near 7% — despite both beating results and Western Digital posting about 44% revenue growth. Guidance disappointed a market positioned for an AI storage boom, and the selling spread to Asia where SK Hynix fell sharply. AppLovin dropped about 19% on a Wells Fargo downgrade.

Money rotated hard into hard assets. Gold traded near $4,254/oz, up roughly 5% on the week. Silver sits around $62. Crypto stayed quiet — Bitcoin near $64,700 and still capped below $65,000, Ether near $1,910, XRP around $1.03, with Cardano the standout up about 6.5%.

Everything now hinges on the July jobs report at 8:30 AM Eastern. Roughly 80,000 jobs expected after 57,000 in June, unemployment near 4.2%.

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⚠️ DISCLAIMER: I'm not a licensed financial advisor. This content is for educational purposes only and is not financial or investment advice. Markets and crypto are volatile. Never invest more than you can afford to lose. Do your own research.

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