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An explosion occurred at an ammunition depot at the Al-Taji military base north of Baghdad, according to Iraqi media reports. The Iraqi Security Media Center stated that the explosion was caused by excessively high temperatures inside the Al-Taji camp. The base has long been used by US-led coalition forces. Currently, there is no indication that the incident is related to an attack, nor is there further information regarding casualties.

Valueworks Chief Investment Officer Charles Lemonides said he wouldn't be surprised if chip stocks rebounded strongly after this sell-off, but he doesn't think they're likely to lead the next phase of the bull market because they've already had their moment. Last week, Amazon and Microsoft reiterated their commitment to invest hundreds of billions of dollars in AI alone over the next year, with most of that specifically earmarked for manufacturers of chips for data centers. But the problem is that the fundamentals are being questioned. Chip stocks, especially those focused on memory chips, are known for their cyclicality, often experiencing booms and busts due to fluctuating demand. Many on Wall Street remain convinced this cycle will be no exception. Valueworks' Lemonides said the profit explosion we're seeing is unsustainable. The bigger question is whether profit margins can be sustained; with profit margins so far out of historical norms, there's reason to expect a return to normal levels. The question is when, and how the stock market will react.

According to the Islamic Republic News Agency (IRNA), as divisions within Israel over the Gaza ceasefire agreement continue to escalate, former Israeli Prime Minister Ehud Barak has criticized the performance of current Prime Minister Benjamin Netanyahu. Barak claims that Netanyahu has lost his negotiating influence with US President Trump, and that Israel has effectively been excluded from the decision-making process regarding the future of the Gaza agreement.

The OPEC+ Joint Ministerial Monitoring Committee (JMMC) has expressed concern over attacks on energy infrastructure.

The OPEC+ Joint Ministerial Monitoring Committee (JMMC) met on Sunday to emphasize the importance of protecting international sea lanes to ensure the continued flow of energy.

The OPEC+ statement made no mention of policy beyond September 2026.