US stocks closed lower on Tuesday with the S&P 500 losing 0.3%, the Nasdaq 100 falling 0.3%, and the Dow decreasing 184 points. Crude oil prices were slightly higher amid conflicting signals over developments in the Middle East, paring earlier losses after Iran reiterated that it would keep the Strait of Hormuz closed until its demands are met. Treasury yields eased, but credit-sensitive hyperscalers declined, with Alphabet down 3.8%, Oracle losing 3.7%, Amazon shedding 2.1%, and SpaceX falling 3.9%. Intel (+0.2%) rose its planned stock offering by $5 billion to $20 billion. Nvidia (-0%) reportedly secured $500 billion in private financing from banks for AI infrastructure, increasing leverage across the sector. Investors now await Wednesday's CPI report after several FOMC members signaled a possible rate hike next month. SMCI (+0.4%) and CoreWeave (+2.4%) are scheduled to report after the bell.

Crude oil prices remained volatile on Tuesday, swinging between gains and losses to trade above $83 a barrel as traders weighed conflicting signals over developments in the Middle East. Prices initially came under pressure after Pakistan’s Defense Minister Khawaja Asif said recent developments suggested the US and Iran were “close to some sort of arrangement,” with conditions appearing to move in favor of peace. Reports that talks between Iran and Oman on reopening the Strait of Hormuz to some maritime shipping had reached an advanced stage also fueled optimism. However, the gains were tempered by uncertainty over whether the strategic waterway will actually reopen. A senior Iranian official said the Strait of Hormuz would remain closed until Tehran’s conditions are met by Washington. On Monday, US President Trump adopted a tougher stance toward Tehran, demanding reparations from Iran for deaths linked to attacks and domestic unrest.

Existing home sales in the United States fell by 1.7% from the previous month to a seasonally adjusted annualized rate of 4.05 million units in July of 2026, relatively close to market expectations of 4.06 million. It follows a 1.4% decline in the previous month. Existing home sales declined in the South (-3.1%) and Midwest (-2%) regions while sales were relatively unchanged in the West, offsetting the 2% increase in the Northeast. Total housing inventory decreased 1.9% to 1.54 million units and the median price was $434,100 for all housing types, a 2% increase from last year. “Home sales have been remarkably stable, even amid the rising mortgage rate environment of the past few months,” said NAR Chief Economist Lawrence Yun. “Year-to-date sales are up 2.4% and there’s no doubt that the housing market would be thriving if average mortgage rates were to return near 6%”.

Brazil's annual inflation rate eased to 4.44% in July 2026 from 4.64% in June, in line with forecasts and moving back within the central bank's target range of 1.50%-4.50%. Price growth slowed for food and beverages (3.40% vs. 3.82% in June), clothing (3.87% vs. 3.99%), transport (3.64% vs. 3.95%), health and personal care (6.16% vs. 6.21%), personal expenses (5.22% vs. 5.79%), and education (6.27% vs. 6.33%). The moderation in transport costs was partly driven by slower fuel inflation, which eased to 4.43% from 5.28%, as global oil prices retreated from recent highs amid hopes for a US-Iran peace deal and the normalization of Middle Eastern supply. On a monthly basis, consumer prices rose 0.1%, following a 0.2% increase in June, while inflation reached 3.44% year to date.

Aluminum futures in the UK rose to $3,380 per tonne in August, the highest in nearly two months, on declining supply from key producers. The Alunorte plant in Brazil, the world's largest alumina plant outside of China, was forced to cut operations to half capacity amid the lack of natural gas from its supplier. The developments deepened the detriment to Norsk Hydro, the main client for Alunorte. The firm had already declared two force majeures on aluminum sales after its joint Qatari venture Qatalum plant was forced to shut off production on natural gas shortages after Iran had damaged energy and metallurgy infrastructure in the Middle East. Supply from nations in the Persian Gulf has been hampered since the start of the US-Iran conflict in March, due to both direct destruction of plants and blockades on trade routs for exports. The region is responsible for around 10% of global production pre-war. Still, futures are below four-year peaks from this year on softening Chinese demand.

South Africa’s unemployment rate rose to 33.6% in second quarter of 2026 from 32.7% in the first quarter, the highest since the second quarter of 2022. The number of unemployed people increased 4.2% to 8.481 million, while employment edged down 0.1% to 16.739 million. The labor force grew 1.3% to 25.220 million, although the participation rate slipped to 59.6%. The potential labor force, comprising people available but not seeking work or seeking work but unavailable, fell by 280,000 to 4.571 million, while those outside the labor force for other reasons increased by 72,000 to 12.519 million. Labor underutilization worsened, with the combined unemployment and time-related underemployment rate rising to 36.6% from 35.9%. The combined rate of unemployment and the potential labor force edged up to 43.8% from 43.7%, while the broader measure of labor underutilization remained at 46.3%.