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'Magnificent 7' stocks erase $797 billion in market value in worst day since April 2025
(finance.yahoo.com)
this post was submitted on 23 Jul 2026
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Since watching the market for the past few years I found to completely ignore everything bad or good. It just never makes any sense. Like earlier this year, the war started and the market tanked rightfully so. That continued for a bit then magically I guess were just ok with it now and it surged. If it made any sense at all it should still be in freefall. Theres nothing good going on to have the gains it has had the past few months anyway...
That was action on China's part actually that smoothed out the world economy specifically around petroleum concerns. This is the first time its ever happened but China took on the role that the USA used to do with the Strategic Petroleum Reserve where, in the past, the USA would release stored oil into the market to make up for supply disruptions anywhere in the world stabilizing world petroleum prices. Now, the USA is the cause of the petroleum instability with kidnapping Maduro and attacking Iran.
When the first USA attack on Iran happened, China stopped buying huge amounts of oil (as it had been for the past 4 years) and switched to its internal reserves which are now about 8 times larger than the USA's. This mean all the huge oil demand that China had evaporated leaving more remaining supply for everyone else so prices stabilized even as the Straight of Hormuz was still closed from Iran/USA ship attacks. So this time, we need to thank China for being the adults in the room while trump throws a toddler temper tantrum.
Yeah, I actually saw a video on that the other day. I knew nothing about that prior to seeing the video. I guess that makes sense, but I didnt realize it was so well known to everyone that that even happened. I still feel like the world is in a bad place all around currently and it used to reflect that as well.
I had no idea. I have been very annoyed at the sunsetting of strategic reserves over the last few decades in the us.