Global markets faced downward pressure ahead of Nvidia earnings and Federal Reserve Chair Kevin Warsh's upcoming Jackson Hole speech, with gold climbing to $4,650 as markets digested reports that Treasury Secretary Scott Bessent may tap the $1 trillion Treasury General Account to fund bond buybacks. Oil prices dipped as Iran permitted Iraqi tankers to pass through the Strait of Hormuz, easing supply concerns even as broader economic isolation measures loomed. In corporate tech, Alibaba raised $10.2 billion in Hong Kong’s largest secondary share sale to fund its artificial intelligence expansion—prompting director Joseph C. Tsai to purchase $15.3 million in shares—while Xpeng reported second-quarter revenue of RMB19.74 billion that missed estimates amid heavy AI investments, and Regenxbio shares tumbled 25% after the FDA placed a clinical hold on its RGX-121 gene therapy. Geopolitical flashpoints intensified as the Kremlin accused Britain of direct participation in the Ukraine conflict after London authorized sharing classified technology for domestic cruise missile production, threatening to strike production sites, while rumors of a new 300,000-troop Russian mobilization spurred border exoduses. Meanwhile, healthcare milestones brought FDA clearance for a Roche-and-Eli Lilly Alzheimer's blood test and Eli Lilly's U.K. launch of its Foundayo weight-loss pill.