Nasdaq enters correction territory as global semiconductor selloff deepens on Chinese DUV lithography breakthrough
The Nasdaq 100 has dropped over 10% from its recent peak, with semiconductor stocks leading a brutal two-day selloff triggered by reports that a Chinese state-backed company has begun mass-producing immersion DUV lithography machines. Major chipmakers including Samsung, SK Hynix, Nvidia, and AMD have experienced sharp declines, though analysts caution the breakthrough does not yet bridge the technological gap to advanced AI chip production.
Iran launches ballistic missile attack on U.S. forces; U.S. and Saudi Arabia conduct joint strikes on Iran-aligned targets in Iraq
Iran's Islamic Revolutionary Guard Corps launched multiple ballistic missiles at U.S. forces in the Middle East on Tuesday, all of which were intercepted. In response, U.S. and Saudi Arabian forces conducted joint precision strikes against Iran-aligned militia sites in Iraq, marking the first time Saudi Arabia has publicly claimed responsibility for strikes inside Iraq since the Iran-U.S. conflict began.
Fed holds rates steady at 3.50%-3.75% as Chair Warsh signals data-dependent stance amid mixed economic signals
The Federal Reserve held interest rates steady at 3.50%-3.75% on July 29, 2026, marking the fifth consecutive meeting without a change, despite markets pricing in a 38% probability of a rate hike beforehand. Chair Kevin Warsh maintained his hawkish stance on inflation control while citing mixed economic signals—cooler CPI data offset by surging oil prices and geopolitical tensions with Iran—indicating future rate decisions will depend on incoming economic data.
US Eyes Sanctions on Chinese AI Companies Over Model Distillation; China Warns of Countermeasures
The US is investigating Chinese AI companies, particularly Moonshot AI, for allegedly distilling American AI models to train their own systems, with Treasury Secretary Bessent saying sanctions and Entity List placement are "on the table." China's Ministry of Commerce issued a formal warning of "all necessary measures" in response, rejecting the allegations as unfounded and accusing the US of "weaponising technology."
Europe braces for fourth heat wave of summer as wildfires displace over 300,000 in France and Spain
A fourth intense heat wave is bearing down on Europe as wildfires rage across France and Spain, with temperatures expected to exceed 40°C and potentially reach 45°C in some areas. More than 300,000 people have been evacuated, with French President Macron calling the crisis the "toughest since the Second World War," while firefighters race to contain blazes before conditions worsen.
Paramount-Warner Bros. Discovery merger delayed to 2027 after court grants hold on legal challenges from state AGs and writers guild
The $110.9 billion Paramount-Warner Bros. Discovery merger, which had won regulatory approval and shareholder backing, has been delayed from its Q3 2026 target close date to June 1, 2027 or until lawsuits from state attorneys general and the Writers Guild of America are resolved. A federal judge granted a temporary restraining order this week, pausing the transaction for 14 days pending a hearing on a longer preliminary injunction.
DRC Ebola outbreak surpasses 3,260 confirmed cases and 1,437 deaths, becoming fastest-spreading outbreak on record
The Democratic Republic of Congo is experiencing an unprecedented Ebola epidemic caused by the Bundibugyo virus, with 3,262 confirmed cases and 1,437 deaths as of July 27, 2026. The outbreak is spreading faster than any previous Ebola epidemic, reaching 1,000 cases in 40 days compared to 235 days for the 2018 DRC outbreak, and has spread across five provinces with imported cases confirmed in Europe and the United States. The absence of approved vaccines or treatments for the Bundibugyo strain—existing vaccines target only the Zaire strain—has limited response efforts to isolation, contact tracing, and supportive care, though Oxford University has begun the first clinical vaccine trial.
Astronomers confirm first-ever atmosphere detected on a rocky planet in a star's habitable zone
Researchers led by Harvard University have confirmed the detection of an atmosphere on LHS 1140 b, a rocky planet orbiting within the habitable zone of a red dwarf star 48 light-years away. The team used spectroscopy to identify helium escaping from the planet's atmosphere, which has survived for over three billion years, marking a major breakthrough in the search for potentially habitable worlds beyond our solar system.