Hormuz oil flow
Iraq said the strait's closure had cut its oil exports by 75%. Later, Vice President JD Vance said Iran had told Washington it did not currently plan transit fees and that Gulf energy exports were expected to recover.
Aug 8, 2026 · QQQ/SPY Market Review · 16 headlines
Hormuz oil flows, U.S. funding and China tech signals define a closed-market Saturday
QQQ and SPY did not trade because U.S. markets were closed. Weekend context centered on a 75% drop in Iraqi oil exports through the Strait of Hormuz and mixed signals on future transit, while the Senate advanced temporary federal funding. Separate updates pointed to depleted U.S. Patriot inventories, narrower monthly CPI declines in China and Apple's removal of a Qwen integration guide.
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What shaped the session
Federal funding
The Senate passed a temporary measure to fund federal agencies through December 11. The House still needs to reconcile the bill after returning from recess.
Defense inventory
A report said U.S. Patriot interceptor inventories had fallen below 1,700 after more than 1,500 missiles were used in the Iran war, with replacement expected to take more than two years.
China demand and AI
China's monthly CPI decline narrowed as lower gasoline prices offset firmer consumer-electronics and travel prices. Separately, Apple removed a Chinese guide describing Qwen integration with Apple Intelligence.
Key news
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