Wednesday, July 29, 2026 — Iran attacks US troops in Jordan, oil rips above $87, and the AI trade finds a second wind.

Crude’s spike is the morning’s main character — Trump vows retaliation, supply risk gets real, and every macro book is repricing. The Chicago Fed financial conditions index just lurched tighter by 8.6%, right as HY OAS sits at a comically tight 2.8 bp. Someone’s wrong. Ford drops a surprise profit raise. Good signal for the industrial consumer, bad signal for anyone betting on a hard landing. SK Hynix misses on sales but prints a profit beat. Memory demand isn’t linear but the AI buildout isn’t slowing — watch this for NVDA read-through. Intel’s 18A pilot is done and they paid NVDA to run test chips. Not sure people appreciate how much this matters for US fab ambition.

Crude’s spike is the morning’s main character — Trump vows retaliation, supply risk gets real, and every macro book is repricing.