--- title: "SG Morning Brief | Chips Crash Again as Hormuz Attack, Iran Waiver Revoked, Samsung Selloff Converge" type: "News" locale: "en" url: "https://longbridge.com/en/news/291991808.md" description: "US OvernightThe S&P 500 fell 0.45% to 7,503.85, the Nasdaq dropped 1.16% to 25,818.69, and the Dow lost 130.76 points (-0.25%) to 52,925.15. Three separate catalysts converged to pummel the chip sector: Iran attacked a Qatari LNG tanker near the Strait of Hormuz, the US Treasury revoked the waiver that had authorized Iranian oil sales, and Samsung Electronics fell 8.2% in Seoul despite beating Q2 profit estimates as investors took profits and questioned AI demand sustainability." datetime: "2026-07-08T00:51:55.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/291991808.md) - [en](https://longbridge.com/en/news/291991808.md) - [zh-HK](https://longbridge.com/zh-HK/news/291991808.md) --- # SG Morning Brief | Chips Crash Again as Hormuz Attack, Iran Waiver Revoked, Samsung Selloff Converge ## US Overnight The S&P 500 fell 0.45% to 7,503.85, the Nasdaq dropped 1.16% to 25,818.69, and the Dow lost 130.76 points (-0.25%) to 52,925.15. Three separate catalysts converged to pummel the chip sector: Iran attacked a Qatari LNG tanker near the Strait of Hormuz, the US Treasury revoked the waiver that had authorized Iranian oil sales, and Samsung Electronics fell 8.2% in Seoul despite beating Q2 profit estimates as investors took profits and questioned AI demand sustainability. Brent crude settled up 3% at $74.16 before extending to above $75 after the waiver revocation. WTI gained nearly 3% to $70.44 and continued rising. The British maritime agency UKMTO raised the Hormuz threat level to "severe." The Samsung reaction was telling: CNBC noted that "Q2 earnings results are likely to be quite robust on an absolute basis," but the market is no longer rewarding beats — it is demanding accelerating guidance. SpaceX traded its first full session as a Nasdaq-100 component. ### Key Movers **Intel (INTC) -10% / Teradyne (TER) -10%** — Intel fell 9.66% to $110.39 and Teradyne dropped 9.59% to $343.11, extending the pattern from last week where semi equipment and foundry names are falling harder than chip designers. The SOX dropped 4.9% while the memory chip sub-index lost 6.8%. When equipment makers lead the selloff, the market is questioning capex sustainability — not just memory pricing. **Memory: Marvell -7% / WDC -7% / SanDisk -7%+** — The Samsung contagion hit every memory name. Samsung's Q2 operating profit beat estimates, but revenue landed mid-range and a provision for employee bonuses worth 10.5% of business earnings spooked investors. Analysts at InvestingLive noted that leveraged ETFs may have amplified the selloff's magnitude. **Meta (META) +3%** — Meta rose 2.55%, leading the Magnificent Seven, after launching an AI image generation product. Nvidia bucked the chip selloff with a 0.71% gain — a notable divergence that suggests the market views Nvidia's AI moat as distinct from the broader semiconductor correction. ## SGX Preview The STI was near 5,070. DBS near S$62.18, UOB near S$37.91. The Hormuz attack and Iran waiver revocation are directly negative for Singapore: oil jumping back above $74 reverses the disinflation tailwind that had been building since mid-June. The Samsung selloff despite a profit beat is a warning for Venture Corp and local tech names heading into earnings season. Banks may benefit if rate hike odds revive on higher oil. ## Asia Pre-Market Brent above $75 and WTI above $72 mark a meaningful reversal from last week's $69 lows. The "severe" Hormuz threat designation could keep oil elevated. KOSPI fell 4% on Samsung's sell-the-beat reaction. The tone heading into Wednesday is risk-off, with the FOMC minutes tonight and June CPI tomorrow creating a double catalyst window. ## Today's US Earnings and Economic Calendar Event Time (ET) Time (UTC+8) **FOMC Minutes (Jun 17)** **2:00 PM** **2:00 AM (Jul 9)** Tomorrow: **June CPI** (8:30 AM ET / 8:30 PM UTC+8). Q2 earnings season starts July 13 (JPM/WFC/C). **Data Spotlight: FOMC Minutes + CPI Double Header** — Tonight's FOMC minutes from Warsh's first meeting will reveal the debate behind the 9-of-18 dot plot shift toward hikes and the PCE forecast jump to 3.6%. The minutes were drafted before the Iran waiver revocation, so any hawkish language about oil-driven inflation will gain fresh relevance. Tomorrow's June CPI is the main event: May was 4.2% with oil at $95. Oil averaged roughly $72 in June, so headline CPI should decelerate — the question is by how much. A drop below 4% would be a significant psychological milestone. ## One More Thing Samsung beat earnings and fell 8%. That is the template for the next two weeks. Q2 earnings season begins Monday with JPMorgan, and the semiconductor reports follow — TSMC on July 17, ASML on July 22. If the market is selling Samsung after a profit beat, it will sell any chip name that merely meets expectations. Only an upside surprise in guidance moves the needle now. The 88% Q2 rally set the bar impossibly high. The SOX has now fallen four of the last five sessions after Monday's one-day bounce, suggesting the dip-buying conviction is fading. The paradox of success: the better Q2 was, the harder Q3 becomes. _This briefing is for informational purposes only and does not constitute investment advice._ ### Related Stocks - [SSNGY.US](https://longbridge.com/en/quote/SSNGY.US.md) - [.SPX.US](https://longbridge.com/en/quote/.SPX.US.md) - [.IXIC.US](https://longbridge.com/en/quote/.IXIC.US.md) - [.DJI.US](https://longbridge.com/en/quote/.DJI.US.md) - [.NDX.US](https://longbridge.com/en/quote/.NDX.US.md) - [INTC.US](https://longbridge.com/en/quote/INTC.US.md) - [TER.US](https://longbridge.com/en/quote/TER.US.md) - [MRVL.US](https://longbridge.com/en/quote/MRVL.US.md) - [WDC.US](https://longbridge.com/en/quote/WDC.US.md) - [SNDK.US](https://longbridge.com/en/quote/SNDK.US.md) - [META.US](https://longbridge.com/en/quote/META.US.md) - [NVDA.US](https://longbridge.com/en/quote/NVDA.US.md) - [STI.SG](https://longbridge.com/en/quote/STI.SG.md) - [D05.SG](https://longbridge.com/en/quote/D05.SG.md) - [DBSDY.US](https://longbridge.com/en/quote/DBSDY.US.md) - [U11.SG](https://longbridge.com/en/quote/U11.SG.md) - [UOVEY.US](https://longbridge.com/en/quote/UOVEY.US.md) - [V03.SG](https://longbridge.com/en/quote/V03.SG.md) - [JPM.US](https://longbridge.com/en/quote/JPM.US.md) - [WFC.US](https://longbridge.com/en/quote/WFC.US.md) - [C.US](https://longbridge.com/en/quote/C.US.md) - [TSM.US](https://longbridge.com/en/quote/TSM.US.md) - [ASML.US](https://longbridge.com/en/quote/ASML.US.md) - [SMSN.UK](https://longbridge.com/en/quote/SMSN.UK.md) - [WDCVV.US](https://longbridge.com/en/quote/WDCVV.US.md) - [NVD.DE](https://longbridge.com/en/quote/NVD.DE.md) - [JPM-M.US](https://longbridge.com/en/quote/JPM-M.US.md) - [JPM-C.US](https://longbridge.com/en/quote/JPM-C.US.md) - [JPM-D.US](https://longbridge.com/en/quote/JPM-D.US.md) - [JPM-L.US](https://longbridge.com/en/quote/JPM-L.US.md) - [8634.JP](https://longbridge.com/en/quote/8634.JP.md) - [JPM-K.US](https://longbridge.com/en/quote/JPM-K.US.md) - [JPM-J.US](https://longbridge.com/en/quote/JPM-J.US.md) - [WFC-D.US](https://longbridge.com/en/quote/WFC-D.US.md) - [WFC-L.US](https://longbridge.com/en/quote/WFC-L.US.md) - [WFC-Y.US](https://longbridge.com/en/quote/WFC-Y.US.md) - [WFC-C.US](https://longbridge.com/en/quote/WFC-C.US.md) - [WFC-Z.US](https://longbridge.com/en/quote/WFC-Z.US.md) - [WFC-A.US](https://longbridge.com/en/quote/WFC-A.US.md) - [C-R.US](https://longbridge.com/en/quote/C-R.US.md) ## Related News & Research - [US oil prices jump after US military launches strikes against Iran](https://longbridge.com/en/news/291983964.md) - [UBS cuts Brent crude price forecasts on improved Hormuz oil flows](https://longbridge.com/en/news/291522987.md) - [MeltFlex AI Interior Design Tool Passes 213,000 Users Worldwide](https://longbridge.com/en/news/292099142.md) - [Commercialization Application Filed by Hemostemix for the Treatment of Vascular Dementia, Angina and Pain | HMTXF Stock News](https://longbridge.com/en/news/292082104.md) - [Teleperformance liquidity contract holds 160,117 shares, EUR 2.19 million cash at June 30, 2026](https://longbridge.com/en/news/291826019.md)