![](\"https:\/\/fortune.com\/img-assets\/wp-content\/uploads\/2026\/07\/GettyImages-2280565336.jpg?w=2048\")
<\/p>\n<\/p>\n
\ud83d\udcec Would you prefer to receive this information in your email inbox every morning before the markets open in New York? Sign up here.<\/p>\n
THE MARKETSSpaceX loses $1 trillion in market cap as tech stocks lead sharp declines in Asia and Europe<\/p>\n
Asian markets led a global selloff in the stock markets today as the central bank of South Korea raised its interest rates and warned there would be more rate hikes to come, to fight off persistent inflation. Asia is particularly exposed to increasing oil prices caused by the Iran war because it imports much of its fuel. The tech-heavy KOSPI was down 6.37% today, sinking deeper into correction territory\u2014it has shed 21.84% over the last month. Nasdaq 100 futures are down 0.19% this morning prior to the open in New York.\u00a0<\/p>\n
SpaceX was down 0.6% at the close yesterday and although it gained 0.37% in overnight trading the stock has lost more than $1 trillion in value since its peak price of $225 per share. The stock dipped below its IPO launch price of $135, recovering to just $135.27. The downward drift of the stock means that Elon Musk is no longer technically a trillionaire. He\u2019s worth \u201conly\u201d $856 billion today, according to Bloomberg\u2019s billionaire index.<\/p>\n<\/p>\n
S&P 500 futures were flat this morning. The index rose 0.38% yesterday.\u00a0
\nIn Europe, the Stoxx 600 was down 0.26% in early trading and the U.K.\u2019s FTSE 100 was down 0.37% before lunch.
\nAsia: South Korea\u2019s KOSPI was down 6.37%. Japan\u2019s Nikkei 225 was down 2.79%. India\u2019s Nifty 50 was up 0.15%. China\u2019s CSI 300 was down 1.85%.\u00a0
\nBrent crude was $84 per barrel this morning, down from a high of $86 yesterday.
\nBitcoin was $64K.<\/p>\n
MORE FROM FORTUNE<\/p>\n
The MacKenzie Scott paradox: How a bull market lets billionaires give away tens of billions without getting poorer – Sydney Lake<\/p>\n
As banks post blowout earnings, CEOs reckon with America\u2019s inequality gap – Diane Brady<\/p>\n
Klook cofounder Ethan Lin thinks the U.S. can help grow one of Asia\u2019s largest travel platforms – Angelica Ang<\/p>\n
\u2018We did not adapt and move quickly enough\u2019: IBM CEO\u2019s admission of weakness fails to prevent historic 25% stock crash – Tatiana Sataua<\/p>\n
Why IBM just suffered its worst stock crash of all time\u2014and what it says about the market\u2019s two bubbles – Nick Lichtenberg<\/p>\n
LAPD was one of Flock Safety\u2019s biggest government customers. Now it\u2019s renegotiating its partnership over \u2018serious concerns around civil liberties\u2019 – Sasha Rogelberg<\/p>\n
Chipotle is trying to take over Mexico through its softest border town – Mia Osmonbekov<\/p>\n
Pete Hegseth wants to test troops for \u2018testosterone deficiency\u2019 \u2014 literally – AP<\/p>\n
ONE BIG THINGHiding in plain sight: Disney\u2019s $3 billion cruise ship business<\/p>\n
Disney has historically refused to describe in detail the revenues earned by its growing cruise ship business. Its CFO, Hugh Johnston, has declined to do so on previous earnings calls. \u201cWe don\u2019t break out cruise ships,\u201d explained Hugh Johnston on its Q3 call last year.\u00a0<\/p>\n
But Fortune\u2019s Christian Sylt can reveal that a Disney filing in the U.K.\u2014where its ships are based for tax reasons\u2014reveals that cruise revenue passed the $3 billion mark last year for the first time, fuelled by the addition of a sixth ship to its fleet as part of a $12 billion expansion.\u00a0<\/p>\n
CRUDE REALITYWhy is oil so cheap?<\/p>\n
The price of oil is $84 per barrel this morning, which is bad enough (before the war with Iran started it was just over $60). Following the outbreak of the hostilities, it peaked at $114. So one question is, why is the price of oil so low? After all, the Strait of Hormuz is now in its sixth month of total or partial closure. The supply of oil is more constrained than ever, but its price is nowhere near peak pessimism.<\/p>\n
One reason for that is that, in fact, the world still has an unusually large amount of stored oil on hand, as this chart from Bridget Payne of Oxford Economics shows. \u201cDespite record drawdowns, total global oil inventories remain above their recent historical average, continuing to reduce the risk of an acute crude shortage. However, much of this buffer is held as crude and offers limited protection against lower refinery output, weaker middle-distillate yields, and the loss of major diesel exporters\u201d such as Russia.<\/p>\n
She warns that the Strait could be closed for much of the rest of the year.<\/p>\n<\/p>\n
IRANTrump considers boots-on-the-ground escalation of war against Iran<\/p>\n
President Trump is considering an escalation of the war against Iran, and has been briefed on options such an invasion of Kharg Island (long a Trump obsession) or bombing \u201cPickaxe Mountain,\u201d a nuclear site with an underground tunnel complex, according to the Wall Street Journal. The Kharg operation would put U.S. boots on the ground in Iranian territory.<\/p>\n
Over the last 24 hours, Iran attacked U.S. sites in Jordan, Kuwait and Bahrain. The U.S. continued a wave of attacks on Iranian coastal sites to \u201cfurther degrade Iran\u2019s ability to threaten innocent mariners\u201d in the Strait of Hormuz,\u201d Centcom said. The U.S. also disabled an oil tanker in the Gulf.<\/p>\n
What Iran says: \u201cAs long as the United States does not accept the Iranian legal system, this strait will remain closed,\u201d according to the semi-official Iranian Students\u2019 News Agency.<\/p>\n
TRUMPWORLDDan Ives\u2019 new merchant bank has longstanding ties to Trump Media & Technology Group\u00a0<\/p>\n
When tech bull analyst Dan Ives announced he was leaving Wedbush to start what he described as a \u201cmodern merchant bank for the age of AI,\u201d many were puzzled by the news. Ives is possibly the most famous tech stock analyst in the U.S. and he is a regular on CNN. It was also not entirely clear why the world of AI needs a merchant bank, given that AI companies have not had difficulty finding investment capital.<\/p>\n
The FT has shone some light on the situation. The bank will be named \u201cYorkville Ives.\u201d The Yorkville name refers to Yorkville Securities or Yorkville Advisors, the New Jersey-based group that has bankrolled Trump Media & Technology Group, the company that owns Truth Social and a host of video streaming services. TMTG\u2019s stock is down 27.72% year-to-date.<\/p>\n
Fortune\u2019s archive has a ton of stories on Yorkville and its dealings with the Trump empire. Here are three of them:<\/p>\n
CHART OF THE DAYCountries ranked by average inflation since COVID<\/p>\n
If you think inflation is bad in the U.S. or Europe, remember, it could be worse. Argentina and Turkey have both had the worst inflation since the pandemic. The best performers, however, are Switzerland and China, both of which have had inflation near 1% throughout.<\/p>\n
\u201cSwitzerland remains in a league of its own,\u201d says Deutsche Bank\u2019s Jim Reid in an email. \u201cIt’s the only country globally to have seen CPI average below 2% since the end of Bretton Woods (>1971), and since Covid inflation has averaged just 1%.\u201d<\/p>\n
NUMBER OF THE DAY1,000<\/p>\n
The number of terawatt hours of electricity AI data centers will need by 2030\u2014double the amount they consume today, according to Alpine Macro\u2019s Kelly Xu. The biggest source of that extra energy will be renewable, Xu estimates: \u201cRenewables are expected to account for roughly 40% of additional electricity generation for data centers between 2025 and 2030 and more than one-third of the data center power mix by 2030.\u201d<\/p>\n
THE FRONT PAGES TODAY<\/p>\n
Dimon Warns of Broad Mythos Access, Calling It a Real Issue – Bloomberg<\/p>\n
Goldman’s Former Top Lawyer Calls Epstein a ‘Masterful Liar’ – NYT<\/p>\n
TSMC to invest additional $100 billion in Arizona after second-quarter profit soars 77% – CNBC<\/p>\n
Trump imposes 25% tariffs on Brazilian goods – Axios<\/p>\n
The AI Backlash Has Tech Executives Fearing for Their Lives – WSJ<\/p>\n
JD Vance tells Joe Rogan Israel wants to keep Iran war going \u2018indefinitely,\u2019 Trump admin \u2018screwed up\u2019 on Epstein files – NY Post<\/p>\n
ONE MORE THINGWisconsin election panel asks prosecutors to probe Elon Musk over \u201cbribery\u201d allegations<\/p>\n
Remember when Elon Musk handed out money to people in Wisconsin if they promised to vote for his favored state Supreme Court candidates? That was probably illegal, a bipartisan panel has found.\u00a0<\/p>\n
Musk likely broke Wisconsin law when he promised to hand out $1 million checks to voters in the 2025 election, according to the Wisconsin Elections Commission. The panel last week referred two complaints to the Brown County district attorney\u2019s office, according to the AP. Musk potentially faces criminal charges for election bribery. Prosecutors have 40 days to report back to the commission.\u00a0<\/p>\n
#Elon #Musk #loses #trillionaire #status #SpaceX #stock #deflates<\/p>\n","protected":false},"excerpt":{"rendered":"
\ud83d\udcec Would you prefer to receive this information in your email inbox every morning before…<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[245],"tags":[21046,1003,2283,16433,376,2783,166,2284,1087,1041,2046,91,8908],"_links":{"self":[{"href":"https:\/\/stock999.top\/index.php?rest_route=\/wp\/v2\/posts\/15679"}],"collection":[{"href":"https:\/\/stock999.top\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/stock999.top\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/stock999.top\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/stock999.top\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=15679"}],"version-history":[{"count":0,"href":"https:\/\/stock999.top\/index.php?rest_route=\/wp\/v2\/posts\/15679\/revisions"}],"wp:attachment":[{"href":"https:\/\/stock999.top\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=15679"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/stock999.top\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=15679"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/stock999.top\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=15679"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}