US stocks closed lower on Aug 7 ahead of Friday's nonfarm payrolls report, as resurging geopolitical risk sent oil prices up more than 3% and revived inflation concerns. The Dow fell 0.85%, the S&P 500 lost 0.18%, and the Nasdaq slipped 0.06%. Storage stocks slumped despite strong earnings from SanDisk and Western Digital, while AI software names also plunged sharply.
President Trump said a US-Iran agreement will be decided within 48 hours. He described the negotiations as going very well, even though Iran is not willing to acknowledge any progress. Yemen's Houthi forces again claimed attacks on Saudi oil tankers, and Yemen is preparing for an all-out confrontation with Saudi Arabia. Iran's foreign ministry spokesperson said there are no plans for the foreign minister or the speaker of parliament to visit Pakistan or Qatar at this time. A Gulf state official put the odds of a US-Iran deal by Friday at 50%. US equities closed mixed Wednesday. According to BIT (bit.com) market data, the Dow Jones Industrial Average rose 0.49%, the S&P 500 fell 0.17%, and the Nasdaq slipped 0.8%. SpaceX (SPCX.O) dropped 13.6%, Nvidia (NVDA.O) gained 3.4%, SK Hynix (SKHY.O) fell 2%, and AMD (AMD.O) lost 7%. Bitcoin was last trading at $64,660, up 0.97% over the past 24 hours, according to Bitget market data.
According to a ChainCatcher report citing Jin10, Houthi forces have again claimed attacks on Saudi oil tankers, bringing to 29 the total number of Saudi tankers forced to retreat in the Red Sea and Arabian Sea. Trump said a US-Iran deal will be decided within 48 hours, with a 50% chance. Iran's foreign ministry also said it is close to reaching a Strait of Hormuz agreement with Oman, though the new shipping route is expected to be usable for only 2 to 4 months.
Bitcoin climbed above $65,500 after a US-Iran deal eased energy supply fears and pushed oil lower, helping risk assets rebound across crypto and equities.
After Trump said a US-Iran peace deal was largely negotiated, Polymarket traders pushed the odds of a formal nuclear agreement before 2027 to 81%, while invasion odds fell to 18%.
Pakistan PM Shehbaz Sharif confirmed that the US and Iran have reached a final agreed text for a peace deal, triggering global market volatility. Wall Street remains skeptical, urging caution.
Nikkei 225 surged to 62,836 as hopes of US-Iran deal, yen depreciation, and AI frenzy (Softbank +18%) fuel bull run. Technical analysis suggests a target of 69,000. The macro rally may indirectly boost crypto market risk appetite and AI token sentiment.
Bitcoin held near $81,500 as easing US-Iran tensions supported risk appetite. ETF inflows and institutional developments boosted sentiment, though weak on-chain activity and potential corporate selling remain key risks for the rally.
