Shares of companies in the materials sector rose as the market reassessed its nominal GDP growth path higher as capital expenditures continue to expand and "importantly, broaden out from AI spending alone," said Scott Ladner, CIO at Horizon Investments.

President Trump approved a landmark nuclear deal with Saudi Arabia in a big win for the Kingdom. The agreement will provide the country with a civilian nuclear program and potentially open the door to uranium enrichment in the kingdom's territory, according to administration officials. The new deal, which would last 30 years, is estimated to be worth tens of billions of dollars. It is designed to give American companies a central role in developing Saudi Arabia's nuclear infrastructure while shutting out other foreign competitors.

NovaGold Resources has struck a deal to take full ownership of the Donlin Gold project by buying investment firm Paulson's 40% stake, consolidating control over what is slated to become America's largest gold mine. The all-share transaction will create a new U.S.-domiciled parent company, NovaGold Corporation, valued at roughly $4.2 billion and owned 65% by existing NovaGold shareholders and 35% by Paulson.

Write to Patrick Sheridan at patrick.sheridan@wsj.com

(END) Dow Jones Newswires

July 22, 2026 17:50 ET (21:50 GMT)

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