U.S. 1-year Treasury auction on Aug. 4 — stop-out yield 3.88% vs 3.86% previo usly.

U.S. President Trump said on Monday at the White House that Exxon Mobil (XOM.N) and Chevron (CVX.N) "made too much money" after crude prices rose on the Iran war. He said the firms profited from a supply shortage, that he "doesn't like" it, and urged them to return part of the gains to the public and cut retail prices. Both reported strong Q2 results last Friday: Chevron profit rose nearly 400% YoY to $12.0bn from $2.5bn a year earlier; Exxon Mobil profit more than doubled to $14.5bn from $7.1bn.

US equities rallied overnight—Dow hit a record and the Nasdaq rose about 2%—but internals show a split between headline gains and defensive positioning. Benzinga reports the move was driven by dip-buying in previously oversold tech leaders and lower oil easing inflation fears. The CNN Fear & Greed index remains neutral-to-fearful, indicating limited broad risk appetite. Morgan Stanley strategists warn elevated long‑end US Treasury yields continue to physically squeeze high‑valuation stocks. Bernstein analyst Douglas Harned says investors remain highly cautious about returns from tech giants' large AI capex.