//DISPATCH
Monday, August 3, 2026, 7:57 EDT
MARKETS
| S&P FUTURES | 7,564.00 | +0.60% | |
|---|---|---|---|
| DOW FUTURES | 53,198.00 | +1.07% | |
| NASDAQ FUTURES | 28,469.50 | +0.23% | |
| CRWD | 190.86 | +3.05% | |
| AMZN | 271.58 | +15.32% | |
| SPCX | 108.37 | -3.41% |
SIGNAL READ
US and Japan intervene jointly to support the weakening yen
The US and Japan carried out a rare coordinated foreign-exchange intervention after the yen fell to four-decade lows, sending the dollar down from above 163 yen to about 155.20 before settling near 156.75. The New York Times emphasizes the intervention’s implications for US trade, borrowing costs and the dollar’s global role, while The Economist’s account highlights the yen’s persistent weakness caused by wide interest-rate differences, Japan’s energy-import burden and fiscal pressures. Officials said they could intervene again, but analysts cautioned that market operations alone may not reverse the yen’s longer-term decline.
U.S.// 2 STORIES
Todd Blanche’s rescission of the Justice Department’s $1.8 billion anti-weaponization fund may smooth his nomination path after Republican senators demanded assurances. Meanwhile, Kay Granger’s death closes the chapter on a pioneering Texas Republican’s long congressional career.
Todd Blanche rescinds $1.8 billion fund after GOP senators’ opposition
Acting Attorney General Todd Blanche formally rescinded the Justice Department’s $1.8 billion anti-weaponization fund after Republican senators John Cornyn and Thom Tillis demanded written assurances before advancing his nomination. The New York Times reported that Blanche also narrowed audit protections for President Trump, his sons and the Trump Organization, while NPR noted that legal experts warned the fund could potentially be revived under a new order. The move may clear the way for a Senate Judiciary Committee vote on Blanche’s nomination.
Kay Granger, pioneering Texas Republican and House appropriations chair, dies at 83
Kay Granger, the first Republican woman from Texas elected to the House, died at 83, according to The Washington Post. She served 14 terms in Congress, chaired the Appropriations Committee and previously became Fort Worth’s first female mayor. Her final years drew scrutiny after her family disclosed a dementia diagnosis and reports questioned her prolonged absence from congressional voting.
WORLD// 3 STORIES
Today’s international picture is defined by contested openings: Trump’s pause in threatened Iran strikes sent oil lower even as Tehran denied talks, while a Red Cross visit offered rare confirmation of Aung San Suu Kyi’s status amid widening Ukraine-Russia attacks.
Red Cross visit offers first outside confirmation of Suu Kyi’s status
The International Committee of the Red Cross confirmed that its representative met privately with detained former Myanmar leader Aung San Suu Kyi, marking her first confirmed outside contact in about 2.5 years. Myanmar officials released photographs and said she was in good health, but the Red Cross did not provide an independent assessment. NPR highlighted her son’s cautious hope for transparency and family access, while The Wall Street Journal noted the meeting could support the military-backed government’s bid for international legitimacy.
Trump delays Iran strikes as Tehran disputes talks claim
Donald Trump said talks with Iran would begin Monday after he held off threatened large-scale strikes, citing appeals from Gulf allies and unnamed Iranian officials. AP and BBC report that Iran’s foreign ministry denied negotiations with the US, saying discussions with Oman focused on safe shipping through the Strait of Hormuz. Trump said a deal framework existed for Hormuz and nuclear issues, while the BBC reported that oil prices fell after his announcement.
Ukrainian drones kill five in Russia and hit Wildberries warehouse
Ukrainian drone strikes killed at least five people in Russia and hit industrial sites, including a Wildberries warehouse in the Samara region, according to local officials cited by AP. The reported strike was about 800 kilometers from the Ukrainian border, highlighting Kyiv’s ability to reach deep inside Russia, while Moscow said its defenses downed 635 drones without stating how many were launched. AP also reported that Russian attacks killed two people in Ukraine, including one near a postal terminal in Kharkiv.
BUSINESS// 3 STORIES
Oil’s sharp retreat on reduced Iran escalation risk sets the day’s tone, while the Fed keeps the inflation brake within reach and WestJet’s strike ends with a tentative wage deal that still needs members’ approval.
Oil prices plunge as Trump delays planned Iran strike on diplomatic hopes
Oil prices fell sharply after President Donald Trump said he had called off a planned strike on Iran, citing progress toward a deal and the reopening of the Strait of Hormuz. WTI dropped 5.59% to $79.94 a barrel, while Brent fell 4.63% to $83.86, according to CNBC. CNBC reported that Iranian officials responded cautiously, with state-linked media dismissing Trump’s demands as a “wish list,” while Bloomberg wire excerpts also linked the oil decline to reduced escalation risks and easing pressure on markets.
WestJet flight attendants end strike after tentative wage deal
WestJet flight attendants ended their strike after their union reached a tentative agreement with the airline, Reuters reported. The deal will go to members for a ratification vote, with details to be shared ahead of the vote. WestJet had canceled 615 flights through August 4, affecting about 250,000 travelers over a three-day holiday weekend.
Williams says Fed may raise rates if inflation fails to ease
New York Fed President John Williams said he expects inflation to cool in the second half of 2026 and further in 2027, reaching the Fed’s 2% target on a sustained basis by 2028. He said the current policy stance is well positioned, but the Fed would raise rates if economic data no longer support a return to target. The Fed last held its federal funds target range at 3.50% to 3.75%, while inflation remained elevated amid tariff, energy and other supply pressures.
TECH// 3 STORIES
Today’s tech story is less about bigger benchmarks than fragile trust: Alibaba is pushing open-weight AI at enormous scale, while a Coldcard flaw shows offline crypto storage can still fail spectacularly. Even Bayreuth’s AI experiment suggests novelty doesn’t guarantee clarity.
Alibaba unveils Qwen3.8-Max as China’s AI competition with US intensifies
Alibaba unveiled Qwen3.8-Max, a 2.4-trillion-parameter model with a context window of up to 1 million tokens, and said it is competitive with leading Anthropic and OpenAI systems. The Verge highlighted Alibaba’s reported benchmark results and planned release of the model’s weights, while CNBC emphasized capabilities including coding, research and visual analysis. Alibaba shares rose after the announcement as Chinese companies accelerate open-weight AI releases and competition with US firms.
Coldcard flaw exposes vulnerabilities in Bitcoin’s offline storage
Bloomberg reports that hackers have drained more than 1,755 Bitcoin tokens, worth about $110 million, from roughly 5,000 wallets in an ongoing attack targeting Coinkite Coldcard devices. The flaw made some seed phrases predictable because of a fallback random-number mechanism that could use deterministic values such as device serial numbers. Coinkite says fixed firmware is available, while the incident highlights that offline storage does not eliminate risks in cryptocurrency security infrastructure.
AI-assisted Wagner staging draws boos at Bayreuth festival
An AI-assisted staging of Wagner’s “Götterdämmerung” at Germany’s Bayreuth festival drew boos and whistles from some audience members, according to the AP, while singers and musicians received warm applause. The production used AI-generated projections combining images from earlier “Ring” performances with historical themes, including Helmut Kohl and the World Trade Center attacks. German news agency dpa reported that the shifting collage left some spectators confused; two performances remain scheduled.
SPORTS// 2 STORIES
The Yankees added Luis Garcia Jr., a .283 hitter with 23 homers and an .873 OPS, to patch an offense missing Judge, Bellinger and Stanton. New York bought a bat; Washington got four arms and a very busy afternoon.
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UP NEXT
Yankees acquire Luis Garcia Jr. from Nationals for four pitchers
The Yankees acquired infielder Luis Garcia Jr. from the Nationals in exchange for Yovanny Cruz, Jake Bird, Ben Grable and Jack Cebert, adding a .283 hitter with 23 home runs and an .873 OPS this season. ESPN reported that Garcia is expected to bolster New York’s offense while Aaron Judge, Cody Bellinger and Giancarlo Stanton are unavailable, though his left-handed bat and defensive fit create lineup considerations.
Cubs acquire Kevin Gausman to bolster rotation for postseason push
The Cubs acquired right-hander Kevin Gausman from the Blue Jays for Triple-A outfielder Brett Bateman and Class-A infielder Ty Southisene. Gausman, 35, is 5-10 with a 4.38 ERA and 127 strikeouts this season, and has a 3.83 ERA in 14 career playoff games. He has struggled recently, posting a 6.47 ERA over his past eight starts, but joins Chicago as an experienced potential postseason starter.