Wednesday, August 05, 2026 — Stocks hit records then stalled as oil plunged on a real shot at reopening the Strait of Hormuz. RBI held rates. Nvidia’s everywhere.

The US, Iran, and Oman are closing in on an interim deal to reopen the Strait of Hormuz. This is the story of the day. Oil’s tumbling, and every risk asset is breathing easier. Netanyahu just rejected any Gaza withdrawal until Hamas is fully disarmed. The Trump-backed ceasefire deal looks shaky. Good signal for crude shorts, bad for regional stability. RBI held the repo rate at 5.25%, neutral stance intact. Sensex and Nifty liked it. The issue is, they’re stuck watching global tensions and crude just like the rest of us. Nvidia’s getting a boost from SpaceX, a dig from AMD on open source, and a bearish call from Michael Burry. The real tell? DeepSeek V4 Flash just topped OpenRouter with 7.22 trillion tokens. Demand for compute isn’t slowing. Gold’s firming up on soft JOLTS data and Iran uncertainty. Real yields dipped to 2.43%. Credit’s still asleep — high yield OAS at 2.78bp, investment grade at 0.97bp. No stress there.

The US, Iran, and Oman are closing in on an interim deal to reopen the Strait of Hormuz. This is the story of the day. Oil’s tumbling, and every risk asset is breathing easier.