Market UpdatesJul 29, 20262 Min
Global market wrap: Asian stocks mixed; Apple briefly hits $5 trillion market capitalisation
We are back with quick updates on important developments around stock markets, commodities and companies across the world.
Asian markets were trading mixed on Wednesday amid a volatile geopolitical scenario, with the US claiming that American forces successfully blocked missile attacks from Iran.
South Korea’s benchmark Kospi witnessed a sharp correction for a second consecutive day on Wednesday, sliding over 8% to 5,532, as Asian technology stocks extended their selloff. Japan’s Nikkei 225 index was also down 2.6% to 60,716, while China’s Shanghai Composite index fell 0.5% to 3,793.
However, Hong Kong’s Hang Seng Index rose 1.3% to 25,648 on Wednesday. Singapore’s Straits Times also gained 0.6% to 5,648, while Australia’s S&P/ASX 200 was trading higher by over 1% to 9,044.
US stock futures were trading flat ahead of the Federal Reserve rate decision announcement later in the day. S&P 500 futures slipped 0.2%, Nasdaq 100 futures declined 0.7%, while futures tied to the Dow were down 0.2%.
On Tuesday, the Dow Jones Industrial Average jumped for a third straight day, ending 1% higher. The S&P 500 added 0.2%, but the Nasdaq 100 ended 0.2% lower as chip stocks lagged.
Oil prices witnessed a sharp rebound on Wednesday after the US Central Command said that Islamic Revolutionary Guard Corps forces launched multiple ballistic missiles in an attempted surprise attack on US forces based in the Middle East. The US crude oil futures for July delivery jumped 4.2% to $82.59 per barrel by 0010 ET, while Brent futures for August delivery gained 3.8% to $85.20 per barrel.
Gold prices slipped marginally on Wednesday as investors awaited Fed policy decision. Spot gold inched down 0.15% to $4,023 per ounce by 0410 GMT, while US gold futures for August delivery dropped 0.4% to $4,021 per ounce.
Here’s a look at the key developments of the day:
Apple briefly hits $5 trillion market capitalisation
A day after passing Nvidia to become the most valuable publicly traded company, Apple briefly hit a market capitalization of $5 trillion for the first time on Tuesday.
Apple shares have jumped 25% so far this year. The stock reached a high of $342.89 on Tuesday before closing at $340.08, putting the market cap just below the $5 trillion threshold.
Ford Motor raises its 2026 earnings forecast
Ford Motor raised its 2026 earnings forecast on Tuesday after beating second-quarter earnings expectations. The stock rose nearly 7% in after-hours trading on Tuesday.
Though the company reported a decline in revenue that slightly missed estimates, the earnings raise was led by a $500 million expected improvement to its traditional Ford Blue business.
Ford also mentioned that operational improvements, resilient vehicle pricing and a high sales mix of profitable products helped its performance.
Elon Musk’s stocks take $1.5-trillion hit since mid-June
A CNBC report pointed that SpaceX and Tesla have erased a cumulative $1.5 trillion in market cap since mid-June, after an almost 50% sell-off in SpaceX since its high and an 18% drop in Tesla since earnings last week.
The report added that investors should stay cautious as the stocks may turn even more volatile next week based on options pricing around SpaceX’s earnings report on Tuesday, and the end of the lockup period for SpaceX insiders two days after.
Visa plans to lay off 7% of staff
Payment processor Visa on Tuesday said that the company plans to cut 7% of its workforce, or about 2,600 jobs, as the company seeks to become more efficient. The job cuts will primarily affect technology and product teams.
According to the company’s annual report for 2025, Visa had about 34,100 employees in fiscal 2025, up 8% year over year.
"I have deep conviction that we are doing what is right for Visa, our clients and our partners as we continue to focus on driving efficiency across the company in order to reinvest in our highest potential opportunities,” CEO Ryan McInerney wrote in a staff memo.
China’s BYD launches low-cost EV in Japan
China’s BYD launched an electric mini-car Racco in Japan on Tuesday. The automaker said buyers could get the entry-level car for less than 2 million yen ($12,213) after taxes and government subsidies.
The model offers up to 320 km of driving range and is the first electric mini-car to feature sliding rear doors. BYD is targeting 10,000 orders for the Racco by the end of 2026.
Standard Chartered launches $1 billion share buy-back programme
London-headquartered Standard Chartered on Wednesday announced better-than-expected results along with a $1 billion share buy-back programme. The share buy-back will start immediately, according to a stock exchange filing on Wednesday.
The lender said net profit climbed 10% in the first six months of 2026 to a record $3.37 billion, or 151.6 US cents per share, from $3.07 billion a year earlier.
Shein’s US business under investigation by Federal Trade Commission
Fast-fashion giant Shein’s US business is under investigation by the Federal Trade Commission, the company revealed in documents connected to its upcoming Hong Kong initial public offering (IPO).
Shein didn’t reveal the exact nature or subject of FTC investigation in the filing, but the disclosure appears to be the first time the probe was made public.
“… Although it is possible that we may reach a settlement with the FTC in connection with the investigation, we currently cannot predict the probable outcome of the investigation and the timing of such outcome, and we cannot rule out that such outcome could occur in the near term,” Shein wrote in the document.
