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Markets

Dow closes at a record while the S&P 500 and Nasdaq snap a four-day run

Trump said a deal to reopen the Strait of Hormuz could land as early as Wednesday; oil traded on the same expectation.
Money rotated out of large-cap tech and into cyclicals, which is why the Dow and the other two indices went separate ways.

Alphabet falls 4.6% as Amgen, Nvidia and Disney lead the S&P 500

Winners: Amgen +5.16%, Nvidia +3.84%, Disney +3.83%.
Losers: Alphabet -4.58%, Chevron -2.05%, Amazon -1.66%.
Breadth was fine — it was the heaviest tech names that pulled the cap-weighted indices down.

Premier League

Chelsea sign Morgan Rogers from Aston Villa for a reported £117m

Largest inbound fee of the window so far.
One of several nine-figure deals struck between Premier League clubs this summer.

Manchester City pay a reported £116m to Nottingham Forest for Elliot Anderson

Sandro Tonali goes from Newcastle to Tottenham for £100m.
Andrey Santos leaves Chelsea for Manchester United at £50m.
All the money is moving inside the league rather than out of it.

World News

US and Qatari negotiators report progress on reopening the Strait of Hormuz

The closure has been the single biggest input into oil pricing.
Expectation of a deal moved energy and equities on Wednesday, before anything has been signed.

Myanmar's ethnic armed groups and shadow government commit to a negotiated settlement

The statement came from an umbrella coalition of the major armed organisations alongside the National Unity Government.
Junta chief Min Aung Hlaing is in Thailand this week as regional efforts to restart talks continue.
No terms, timetable or junta counter-commitment attached.

Artificial Intelligence

Commerce Department imposes national security review before frontier model launches

Major releases now pass through a government review gate ahead of shipping.
The threshold is pitched at the scale of the largest labs' recent flagship models.
This is the first US rule that can hold a launch date hostage.

OpenAI cuts GPT-5.6 Luna pricing by 80% to $0.20 per million input tokens

ChatGPT is now at roughly a billion weekly active users.
Part of a wider August round of steep price cuts across providers.