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- Spain will meet Argentina in the World Cup final on Sunday after England crashed out in Atlanta, Georgia, last night.
- SK Hynix marks another volatile session with the stock sharply lower, dragging on the Asian tech sector.
- SpaceX loses over $1 tn in value after the stock dips below its $135 IPO price.
- A CNBC source indicates Anthropic is moving closer to a mega-public listing.
- President Donald Trump says Iran “wants to make a deal.”
Argentine fans react as their team scores against Egypt during a FIFA World Cup match watch party at Cerveceria La Tropica on July 07, 2026 in Miami, Florida. Argentina and Egypt are playing in the round-of-16 match in Atlanta. Joe Raedle | Getty Images
Hello, this is Leonie Kidd coming to you from London.
Please indulge this English writer a moment to acknowledge last night’s quarter-final disappointment. While it won’t impact the markets, it will impact the mood in the newsroom and across the country after the loss to Argentina.
What you need to know today
England is out of the Men’s FIFA World Cup, after a resurgent Argentina, led by Lionel Messi, came back in the second half to win the game 2-1. They proceed to the final on Sunday against Spain, set to take place in MetLife Stadium in New Jersey. England will meet France for the third-place play-off on Saturday.
The World Cup has given American bars and restaurants a much-needed boost, according to the latest Federal Reserve Beige Book. Those in England will have to be content with the quarter-final marking the pinnacle of the World Cup boom.
Chipping away
There are more wild swings in the chip space.
It’s another double-digit day for South Korea’s SK Hynix, this time the stock is down in Thursday trading, dragging down the Kospi and the tech sector in Asia more broadly. The group has seen massive volatility since its U.S. listing last week.
Louis Kondratev, trader at XFUNDs, noted the recent pullback reflects how crowded semiconductor trades have become after a prolonged AI-driven rally. “Semiconductors alone now make up roughly 20% of the S&P 500, which is incredibly difficult to sustain,” he said.
Public problems and progress
SpaceX shares have dipped below their $135 IPO price for the first time, wiping out more than $1 trillion from the value of Elon Musk’s group.
SpaceX was inducted into the Nasdaq 100 last week, opening up the stock to index-tracking funds. Later today, Starship is expected to launch its thirteenth flight test.
Staying in the IPO space, Anthropic has moved closer to its own mega-listing. According to a CNBC source familiar with plans, Co-founder and CEO Dario Amodei is lining up meetings with investors ahead of a planned IPO later this year.
‘Forever War’ risk
President Donald Trump told Fox News in an interview on Wednesday that Iran wants to meet and make a deal. “They’re nasty people, but they want to make a deal,” Trump said.
His comments come as the U.S. Central Command outlined a second wave of attacks on Iran on Wednesday.
Markets are struggling to price these developments into early trade on Thursday. Crude prices were initially higher but have fallen back, while U.S. futures are edging higher ahead of a busy data and earnings day on Wall Street.
— Leonie Kidd
And finally…
Warren Buffett was critical of a stock market that he said is increasingly driven by speculative trading, as opposed to investing for the long term.
“It’s tough to find values when everybody is preferring gambling,” Buffett told CNBC’s Becky Quick.
The chairman of Berkshire Hathaway had sharp words on the stock market earlier this year. In May, he likened it to “a church with a casino attached,” specifically calling out the surge in one-day options trading as “gambling.”
— Sarah Min
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