Trending Market News

Belgian-Dutch immunology company argenx announced it will acquire Forte Biosciences for approximately $2.2 billion. The acquisition is aimed at adding Forte's experimental autoimmune drug FB102 to argenx's product portfolio. Argenx will pay $77 per share for the transaction.

• The deal is valued at about $2.2 billion with argenx paying $77 per share
• The primary asset being acquired is FB102, an experimental drug for autoimmune conditions currently in development
• The acquisition expands argenx's immunology pipeline and strengthens its position in the autoimmune disease treatment market

Shein's Hong Kong IPO filing avoids specific mention of Xinjiang cotton and Uyghur forced labor risks that blocked its London listing. China's securities regulator previously objected to references to Uyghur forced labor in earlier filings, prompting the fast-fashion retailer to shift from New York and London to Hong Kong. The filing uses only general language about reputational risks from negative publicity.

• China's securities regulator withheld approval for Shein's London IPO after the UK's FCA approved it, due to references to Uyghur Forced Labor Prevention Act compliance
• Hong Kong filing uses vague language about 'negative publicity' risks while highlighting 7,500 contract manufacturing partners and automated inventory system
• Hong Kong provides a compromise allowing Shein to raise capital from global investors while remaining under Chinese regulatory influence, avoiding scrutiny faced in New York or London

Oil prices fell more than 5% on Monday after U.S. President Donald Trump paused strikes on Iran following two weeks of attacks, raising hopes for a diplomatic solution to de-escalate Middle East tensions. Brent crude dropped 5.77% to $91.20 per barrel while WTI crude fell 5.50% to $84.40 per barrel.

• Brent crude futures declined $5.58 to $91.20 per barrel, a 5.77% decrease
• U.S. West Texas Intermediate crude fell $4.91 to $84.40 per barrel, down 5.50%
• The price drop reflects market optimism that pausing military strikes may lead to diplomatic resolution and reduced geopolitical risk in the Middle East oil supply region

Baker Hughes reported second-quarter results that exceeded profit expectations, driven by strong demand for LNG equipment, gas infrastructure, and power generation projects linked to growing electricity needs. The company raised its full-year outlook despite ongoing operational challenges in the Middle East.

• Orders surged 49% year-over-year to a record $10.5 billion, with the industrial and energy technology segment reaching $7.1 billion in orders and remaining performance obligations hitting a record $37.1 billion
• Adjusted EBITDA rose 2% to $1.23 billion, exceeding guidance, while operating cash flow more than doubled to $1.35 billion and free cash flow climbed to $1.11 billion from $239 million
• The company raised its full-year order guidance for the industrial and energy technology segment to more than $45 billion under its Horizon 2 growth plan, citing strong demand across data centers, gas infrastructure, and upstream energy markets

Fast-fashion e-commerce platform Shein disclosed financial results in its Hong Kong IPO prospectus, reporting $2.064 billion in net income for 2025 on revenue of $41.8 billion. The filing sets the stage for a listing expected in late August or early September, after the company received regulatory approval from China and abandoned listing attempts in New York and London.

• Revenue grew 8% year-over-year to $41.8 billion in 2025, up from $38.7 billion in 2024 and $32.1 billion in 2023
• Net income fell 38.7% to $2.064 billion in 2025 from $3.365 billion in 2024, despite revenue growth
• Shein received approval from China Securities Regulatory Commission on July 10, clearing the path for Hong Kong listing after failed attempts in U.S. and U.K. markets

South Korean chipmakers Samsung Electronics and SK Hynix announced a combined $950 billion memory chip supply deal with major U.S. technology companies including Nvidia and Broadcom. SK Hynix will supply $750 billion in chips while Samsung will provide $200 billion worth to Broadcom, according to South Korea's presidential adviser.

• SK Hynix's portion totals $750 billion in long-term memory chip supplies to U.S. tech companies including Nvidia
• Samsung Electronics will supply $200 billion in chips specifically to Broadcom
• The massive deal represents a strategic partnership between South Korean semiconductor manufacturers and U.S. big tech firms

SpaceX successfully launched its Starship rocket on July 24, 2026, for its 13th test flight from Texas. The mission tested key capabilities including the first suborbital deployment of new Starlink satellites, though the Super Heavy booster impacted the Gulf of Mexico harder than expected during its return. This test flight showcases a new rocket version critical to SpaceX's plans for Starlink expansion, NASA's lunar missions, and deploying thousands of AI-processing satellites.

• The 400-foot Starship rocket launched at 6:50 p.m. ET, with the upper stage reaching 16,400 mph before completing an hour-long suborbital mission ending with splashdown in the Indian Ocean
• The Super Heavy booster's return impact was harder than expected in the Gulf of Mexico, though it reignited more engines than the failed May test flight
• This is SpaceX's 13th Starship test since 2023, featuring a new version essential for expanding Starlink, landing humans on the moon for NASA, and deploying AI-processing satellite constellations

Uber and Alphabet's Waymo will end their exclusive robotaxi partnership in Atlanta and Austin, Texas, in early 2028, after three years of collaboration. The change allows both companies to pursue additional partnerships, with Uber able to add other autonomous vehicle providers to its platform in these cities while Waymo expands its standalone app presence.

• Waymo robotaxis will remain exclusively available on Uber in Atlanta and Austin through at least May 2028 under their existing contract, with hundreds of vehicles continuing to operate
• Waymo has already expanded to nine other U.S. markets without Uber exclusivity and struck a non-exclusive deal with Lyft for Nashville operations
• The split follows reported tensions between the companies over conflicting policy proposals in different markets, as both pursue independent autonomous vehicle strategies

The U.S. FDA has approved Outlook Therapeutics' drug Lytenava for treating wet age-related macular degeneration (AMD), a chronic eye disease that causes severe vision loss and blindness in older adults. This marks the New Jersey-based company's first commercial entry into the U.S. market after overcoming multiple FDA rejection letters through a successful appeal.

• Lytenava is an ophthalmic formulation of bevacizumab, an antibody therapy that inhibits abnormal blood vessel growth damaging the retina in wet AMD patients
• The approval follows a years-long regulatory effort including multiple FDA rejections before the company successfully appealed to the agency's Office of New Drugs
• Wet AMD is a leading cause of blindness among older adults, causing blurred vision and blind spots

The U.S. FDA approved a new over-the-counter combination pill from Kenvue that combines Tylenol (acetaminophen) with naproxen sodium for up to 12 hours of pain relief. The approval is part of the Trump administration's initiative to expand OTC access to safe pharmaceutical drugs. Each pill contains 325mg of Tylenol and 110mg of naproxen sodium for treating various common pain conditions.

• The combination pill is approved for adults and children 12+ to treat headaches, back pain, muscle aches, toothaches, menstrual cramps, and minor arthritis pain
• Tylenol remains under scrutiny over alleged links to autism when used during pregnancy, with Texas suing Kenvue and a U.S. appeals court reviving related lawsuits, though no firm scientific evidence supports the connection
• Kenvue agreed to be acquired by Kimberly-Clark for over $40 billion in November, with the transaction expected to close this year

Bank of America announced a 14% increase in its quarterly common stock dividend, raising it by 4 cents to 32 cents per share. The dividend hike follows strong financial performance driven by record trading volumes amid global market volatility and a surge in investment banking activity from corporate dealmaking.

• Quarterly dividend increased from 28 cents to 32 cents per share, a 4-cent or 14% raise
• The increase follows robust results fueled by record trading during periods of global market chaos
• Investment banking operations benefited from a surge in corporate dealmaking activity

BP is in advanced talks to sell its solar business, Lightsource, to a consortium backed by Kuwait's sovereign wealth fund. The deal involves green energy-focused private equity firm Qualitas Energy and Wren House, the infrastructure arm of Kuwait Investment Authority. This divestment is part of BP's broader strategy to simplify operations and refocus on traditional oil and gas to reduce debt and boost profitability.

• The consortium bidding for Lightsource includes Qualitas Energy and Wren House, backed by Kuwait Investment Authority's sovereign wealth fund
• BP's sale of its solar unit represents a strategic shift away from renewable energy and back toward traditional oil and gas operations
• The divestment aims to help BP reduce debt, increase profits, and improve return on investment through simplified operations

Verizon has signed a deal worth over $1 billion with Google to provide dark fiber connectivity for Google's data centers. CEO Dan Schulman announced the agreement during Verizon's post-earnings call and indicated additional multi-billion dollar deals are expected to be announced by year-end.

• The deal involves Verizon providing dark fiber connectivity infrastructure specifically for Google's data center operations
• Verizon expects to announce additional deals by year-end that collectively will generate multiple billions of dollars in revenue over the next several years
• The announcement was made by Verizon CEO Dan Schulman during the company's quarterly earnings call

Charter Communications reported a loss of 172,000 broadband customers in Q2, exceeding analyst expectations of 140,712 losses, as the cable provider faces intensifying competition from wireless carriers offering bundled plans. The disappointing results caused Charter's shares to fall, despite the company's efforts to retain customers through customizable bundles combining internet, TV, and mobile services.

• Charter lost 172,000 broadband subscribers versus estimates of 140,712 losses, even as it serves 29.4 million total internet customers and offered promotional bundles
• Q2 revenue reached $13.53 billion, marginally beating estimates of $13.51 billion, while competitive pressure from U.S. wireless carriers offering bundled wireless-broadband plans intensified
• Mobile customer additions of 406,000 exceeded expectations of 382,706, and video customer losses of 21,000 were better than the estimated 63,202 decline due to improved pricing and streaming app inclusions

Verizon raised its annual profit and free cash flow forecasts after adding 184,000 monthly-bill paying wireless subscribers, driven by new unlimited 5G plans and loyalty programs. The telecom company is undergoing a strategic transition under new CEO Dan Schulman with simplified offerings aimed at catching up to rivals in subscriber growth.

• Annual adjusted profit forecast increased to $4.99-$5.04 per share (from prior guidance), while free cash flow growth estimate raised to 9-10% from about 7%
• Verizon launched 'Simplicity' unlimited wireless plan in June with transparent pricing and fastest 5G access, plus 'Verizon One' bundled wireless-home internet offering
• Q2 revenue of $34.3 billion missed analyst estimates of $35.16 billion due to lower equipment sales as customers hold phones longer, though adjusted profit of $1.30 per share met expectations

SLB exceeded Wall Street's second-quarter profit expectations despite significant weakness in the Middle East due to the ongoing Iran war. The oilfield services company posted adjusted earnings of 55 cents per share, with total revenue rising to $8.97 billion from $8.55 billion year-over-year, as strength in North America and other regions offset Middle East declines.

• Middle East and Asia revenue dropped 14% to $2.57 billion, a critical impact given the region accounts for 34% of SLB's total revenue in 2025
• North America revenue surged 36% to $2.24 billion, helping cushion the geopolitical disruption in the company's largest market
• The Iran war, now in its fifth month, has created ongoing uncertainty in a crucial oil-producing region, with threats to key shipping routes through Bab el-Mandeb and the Strait of Hormuz

Merck signed seven voluntary licensing agreements with generic drug manufacturers to produce low-cost versions of its experimental once-monthly HIV pill, alimatravir, in 129 low- and lower-middle-income countries. The royalty-free agreements include manufacturers from sub-Saharan Africa and India, marking the first time African manufacturers have been included from the start of such licensing deals.

• The agreements cover 129 countries accounting for a substantial majority of new HIV diagnoses globally, with licensees including three sub-Saharan African manufacturers (Aspen Pharmacare, Quality Chemical Industries, UCL) and four Indian companies (Aurobindo, Cipla, Emcure, Viatris)
• Alimatravir is still in late-stage trials with results expected in the second half of 2025, designed to provide one month of HIV-1 protection starting within one hour after dosing
• This follows similar 2024 action by Gilead Sciences, which granted royalty-free licenses for its HIV prevention drug lenacapavir in 120 low-income countries, reflecting WHO calls for improved access to affordable HIV medicines

The European Commission has charged TikTok with breaching EU online safety rules under the Digital Services Act, alleging that design features expose children to cyberbullying and predators. The company faces potential fines of up to 6% of its global annual turnover. This marks the fourth allegation against TikTok in two years under EU content regulations.

• TikTok allegedly allows children to make accounts public and enables easy discovery of private accounts through 'following' and 'followers' lists, even by non-users
• The EU demands TikTok make minors' accounts private by default, with content visible only to users accepted by the children
• TikTok can respond to the preliminary findings before a final decision; the company claims it already has over 50 preset privacy features for teen accounts and keeps under-18 accounts private by default

Ford is recalling 565,691 vehicles in the U.S. due to engine compartment wiring harness issues that may cause short circuits, creating fire risk. The recall affects certain 2021-2026 Bronco and Bronco Raptor models, with dealers providing free repairs by installing protective sheathing over the wiring.

• The recall covers 565,691 Ford Bronco and Bronco Raptor vehicles from model years 2021 through 2026
• Engine compartment wiring harness may become damaged and short circuit, generating heat or sparks that increase fire risk
• Ford dealers will install protective sheathing over the wiring at no cost to owners as the remedy

AstraZeneca shares fell sharply after its nerve drug Wainua failed a late-stage heart disease trial in July, erasing about $20 billion in market value. The unexpected setback has raised investor concerns about the pharmaceutical giant's research and development track record, particularly as two other key trial results in breast and lung cancer are awaited this year. CEO Pascal Soriot, long praised for his 'golden touch' in R&D, now faces scrutiny as three consecutive trial failures could signal deeper issues.

• The failure of Wainua in a Phase III heart disease trial led HSBC analyst Rajesh Kumar to downgrade AstraZeneca from 'buy' to 'hold', citing reduced confidence despite liking the company's overall R&D strategy
• Upcoming results from SERENA-4 (breast cancer) and AVANZAR (lung cancer) trials are now critical, with investors warning that three failures out of three major 2024 readouts would prompt questions about trial design and pipeline selection
• AstraZeneca has set a target of $80 billion in annual revenue by 2030 (up from $59 billion in 2023) based on launching around 20 new medicines, with some analysts viewing Wainua as a one-off setback given the company's 200 late-stage pipeline assets