{"id":64112,"date":"2026-07-02T07:08:15","date_gmt":"2026-07-02T11:08:15","guid":{"rendered":"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/market-update-iraq-oil-exports-surge-bofa-warns-on-inflation-and-roche-hits-trial-milestone\/64112\/"},"modified":"2026-07-02T07:08:15","modified_gmt":"2026-07-02T11:08:15","slug":"market-update-iraq-oil-exports-surge-bofa-warns-on-inflation-and-roche-hits-trial-milestone","status":"publish","type":"post","link":"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/market-update-iraq-oil-exports-surge-bofa-warns-on-inflation-and-roche-hits-trial-milestone\/64112\/","title":{"rendered":"Market Update: Iraq Oil Exports Surge, BofA Warns on Inflation, and Roche Hits Trial Milestone"},"content":{"rendered":"<h2>Key Takeaways<\/h2>\n<ul>\n<li><strong>Roche (<a href=\"\/stock\/RHHBY\">RHHBY<\/a>)<\/strong> shares rose as much as <strong>2.2%<\/strong> after its experimental lung cancer pill, <strong>divarasib<\/strong>, outperformed two FDA-approved drugs in a pivotal Phase III trial.<\/li>\n<li><strong>Goldman Sachs (<a href=\"\/stock\/GS\">GS<\/a>)<\/strong> issued a major price target hike for <strong>Delta Air Lines (<a href=\"\/stock\/DAL\">DAL<\/a>)<\/strong>, raising it from <strong>$80.00 to $116.00<\/strong>, citing robust demand and pricing power.<\/li>\n<li><strong>Iraq<\/strong> successfully exported <strong>800,000 barrels per day (b\/d)<\/strong> of <a href=\"https:\/\/stockmarketwatch.com\/energy\/crude-oil\" data-internallinksmanager029f6b8e52c=\"12\" title=\"Crude oil\">crude oil<\/a> in June, marking a significant recovery in northern exports via the Kurdistan-Turkey pipeline.<\/li>\n<li><strong>Bank of America (<a href=\"\/stock\/BAC\">BAC<\/a>)<\/strong> analysts warned that while inflation data may be revised lower, the underlying economic story remains &quot;sticky,&quot; leading the bank to forecast <strong>three Fed rate hikes<\/strong> later this year.<\/li>\n<\/ul>\n<h2>Healthcare: Roche Hits Major Milestone in Lung Cancer Treatment<\/h2>\n<p>Swiss pharmaceutical giant <strong>Roche (<a href=\"\/stock\/RHHBY\">RHHBY<\/a>)<\/strong> announced Thursday that its experimental pill, <strong>divarasib<\/strong>, met its primary objectives in the <strong>Krascendo 1<\/strong> Phase III trial. The drug, designed to target the <strong>KRAS G12C mutation<\/strong>, demonstrated superior progression-free survival compared to currently approved treatments <strong>sotorasib<\/strong> (Amgen) and <strong>adagrasib<\/strong> (Bristol-Myers Squibb).<\/p>\n<p>Analysts at <em>Jefferies<\/em> estimate the market opportunity for the drug could reach <strong>1 billion to 2 billion Swiss francs<\/strong> ($2.5 billion) annually as a second-line treatment. <strong>Roche (<a href=\"\/stock\/RHHBY\">RHHBY<\/a>)<\/strong> plans to submit the data to global health authorities for regulatory approval as soon as possible, aiming to establish a new standard of care for non-small cell lung cancer.<\/p>\n<h2>Aviation: Goldman Sachs Bullish on Delta&#39;s Momentum<\/h2>\n<p><strong>Goldman Sachs (<a href=\"\/stock\/GS\">GS<\/a>)<\/strong> analyst Catherine O&#39;Brien significantly raised the price target for <strong>Delta Air Lines (<a href=\"\/stock\/DAL\">DAL<\/a>)<\/strong> to <strong>$116.00<\/strong>, representing a substantial increase from the previous <strong>$80.00<\/strong> target. The firm maintained its <strong>Buy<\/strong> rating, highlighting that strong demand momentum from earlier this year has persisted despite fare increases implemented to offset fuel costs.<\/p>\n<p>The upgrade follows a period of outperformance for <strong>Delta Air Lines (<a href=\"\/stock\/DAL\">DAL<\/a>)<\/strong>, which has seen its stock gain approximately <strong>80%<\/strong> over the past year. <em>Market sentiment<\/em> remains positive as the carrier continues to leverage its premium-focused business model and strong corporate travel bookings to drive margins higher than its industry peers.<\/p>\n<h2>Energy: Iraq Diversifies Export Routes Amid Regional Tensions<\/h2>\n<p><strong>Iraq<\/strong> reported crude oil exports of <strong>800,000 b\/d<\/strong> in June, a figure that includes significant volumes from its northern fields. The state oil marketer <strong>SOMO<\/strong> indicated that the country is successfully expanding its northern capacity, aiming to reach <strong>770,000 b\/d<\/strong> via the Kurdistan-Turkey pipeline to mitigate risks associated with the Strait of Hormuz.<\/p>\n<p>This increase comes as Baghdad pushes for a higher <strong>OPEC<\/strong> production quota to alleviate domestic revenue pressures. Recent reports suggest that roughly <strong>14 million barrels<\/strong> of Iraqi oil previously trapped in the Persian Gulf have recently escaped toward global markets following an easing of transit tensions.<\/p>\n<h2>Economy: BofA Forecasts Harder Path for Fed<\/h2>\n<p>In its latest &quot;Morning Market Tidbits,&quot; <strong>Bank of America (<a href=\"\/stock\/BAC\">BAC<\/a>)<\/strong> suggested that while upcoming inflation revisions might show a downward trend, the &quot;underlying story&quot; of a resilient labor market and persistent core inflation hasn&#39;t changed. The bank has made a sharp reversal in its policy outlook, now predicting <strong>three quarter-point rate hikes<\/strong> in September, October, and December 2026.<\/p>\n<p><strong>Bank of America (<a href=\"\/stock\/BAC\">BAC<\/a>)<\/strong> CEO Brian Moynihan noted that high interest rates currently reflect the &quot;strength of the US economy&quot; rather than a recession signal. However, the bank warned that the &quot;easy-money trade&quot; is likely over, as the <strong>Federal Reserve<\/strong> shifts from a &quot;higher for longer&quot; stance toward active tightening to restore price stability.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Key Takeaways Roche (RHHBY) shares rose as much as 2.2% after its experimental lung cancer pill, divarasib, outperformed two FDA-approved 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