Friday, July 24, 2026 — Iran ceasefire noise fades fast, chips get a bid on Intel’s beat, and credit markets are pricing zero stress.

Iran calls the NYT ceasefire story “misleading,” Iraq denies mediating — whatever this was, it’s dead for now. 10Y yield drifting lower to 4.675%, real yields ticking up — the bond market is calm but watching. Intel +3% on a Q2 beat and decent Q3 guide — semis needed a win and got one, but the rest of the sector is flat. NVDA flat but the CEO is on X now and signing letters to Congress — the open-weight AI lobbying push is real. US accuses China’s Moonshot AI of stealing from Anthropic’s Fable model — the AI cold war has a new front.

Iran calls the NYT ceasefire story “misleading,” Iraq denies mediating — whatever this was, it’s dead for now.