U.S. markets split sharply overnight as the Dow Jones Industrial Average rose 0.49% to log a third straight record close, while the Nasdaq fell 0.83% and the S&P 500 slipped 0.17% under pressure from weaker technology shares. Gold was the standout move, with spot prices jumping more than 4.2% in a single session, the biggest daily gain in five months, reclaiming the 50-day moving average and breaking above $4,300 an ounce for the first time since June 18. Bloomberg analyst Cameron Crise said the move ran far outside traditional models and pointed to concentrated CTA short-covering around the $4,200 level, combined with reduced long positioning by managed funds. Central bank buying remained a key support, with World Gold Council data showing record net purchases in the second quarter, including 51 tons by Poland and 33 tons by China. In equities, Nvidia rose 3.43% for a fifth straight gain, but AMD, Google and SpaceX fell sharply. SanDisk and Western Digital also dropped after hours as strong reported results were overshadowed by softer-than-expected forward guidance tied to elevated expectations for the AI storage cycle.

President Trump confronted Defense Secretary Hegseth at Camp David last week over what he said was a misleading account of critical ammunition shortages, according to The Washington Post, citing two people familiar with the matter. The clash came on the margins of a Cabinet meeting on Friday. Trump, frustrated over the Iran war, pressed Hegseth on why he had been kept in the dark about shortages that are now threatening to constrain military options against Tehran. Trump said he believed the ammunition issue had been 'solved long ago.' Hegseth defended himself and blamed deputy Stephen Feinberg for failing to keep the president fully informed. One source said shortages — especially of long-range guided missiles and air-defense interceptors — were part of the reason Trump in recent days called off a new large-scale strike on Iran. Another person familiar with the matter said ATACMS inventories, a short-range missile also badly needed by Ukraine, were essentially depleted. The Washington Post report was distributed by Jinshi.

Iran said it had completed a five-stage retaliatory campaign against U.S. forces, while U.S. Central Command confirmed a new round of precision strikes on dozens of targets inside Iran on local time July 12. The developments were accompanied by a sharp deterioration in diplomacy. Iranian Foreign Ministry spokesperson Baghaei said the memorandum of understanding with the United States had "undoubtedly entered a crisis stage" and added that Tehran would not abide by the memorandum if Washington continued to violate its commitments. He also said talks with Oman in Muscat had focused only on the Strait of Hormuz and that a mechanism to ensure safe shipping passage through the waterway had not been established. Market reaction followed quickly. South Korea’s KOSPI benchmark triggered a market-wide circuit breaker on July 13, the seventh such halt this year, after heavy losses tied to renewed Middle East tensions. The report also noted that the Strait of Hormuz handles about 25% of global oil transportation, keeping energy markets and broader risk sentiment under close watch.

BlockBeats reported on July 13 that military tensions across the region rose again after U.S. officials said American forces had carried out several strikes about an hour earlier on missile and air defense systems at multiple locations around the Strait of Hormuz, as well as on small boats operated by Iran’s Islamic Revolutionary Guard Corps. An official on Iran’s Qeshm Island said 10 to 11 missiles were fired at the island on Sunday afternoon local time, adding that all targets were military facilities and that no casualties were reported. Earlier, Iran said it had attacked a U.S. missile launch base in Kuwait. Facilities related to the ATACMS missile system at a U.S. military base in Kuwait were hit, with smoke seen rising from the site. Separately, Lebanon’s National News Agency, or NNA, reported that Israeli artillery launched more shelling in southern Lebanon. Two Israeli shells struck the town of Kfartebnit in the Nabatieh district, and NNA said the fire came from Israeli army positions in the occupied border area. It also reported shelling on the town of Zawtar al-Sharqiya near Mayfadoun.

Iran has launched an attack on a U.S. missile launch base in Kuwait, according to Iran’s Mehr News Agency, as cited by BlockBeats on July 12. The report said facilities tied to the ATACMS missile system inside a U.S. military base in Kuwait were hit, with smoke seen rising from the scene. The development was accompanied by public remarks from regional leaders. Iran’s president said the country is engaged in a “complex economic war” and that getting through this stage will require active participation from citizens. Separately, Israeli Prime Minister Benjamin Netanyahu said Donald Trump wants to reach an agreement with Iran, particularly on the nuclear issue, but would not hesitate to use force if Iran fails to honor its commitments. The brief did not provide further operational details, casualty figures, or an official U.S. response.

After Biden authorized Ukraine to strike inside Russia, Polymarket's nuclear detonation wager hit $1.64M in volume with 11% odds; ceasefire bets show 94% expect continued conflict.