Oil Holds Decline With Focus on Trump-Putin Meeting on Ukraine
West Texas Intermediate traded near $63 a barrel after slipping 1.2% in the previous session, while Brent closed near $66. US Secretary of State Marco Rubio spoke with his Russian counterpart Sergei Lavrov to prepare for the summit between Donald Trump and Vladimir Putin, even as he reiterated the meeting may not lead to a breakthrough in the Ukraine conflict.
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Yahoo
6 minutes ago
- Yahoo
Why Lucid Stock Jumped 16.6% in July
Key Points Lucid is upgrading its cars to boost sales and bagged a big robotaxi deal. The EV maker also wants to make its stock more attractive with one move. 10 stocks we like better than Lucid Group › Investors in Lucid Group (NASDAQ: LCID) had a lot to chew on in July, including a massive robotaxi deal that stunned the markets. Lucid stock rallied 16.6% during the month, according to data provided by S&P Global Market Intelligence, even surging 48% at one point in trading. Shares, however, seem to be under pressure and have lost around 7% of their value in August so far, as of this writing. Was Lucid's July rally then a dead cat bounce, or is this an opportunity to buy a promising yet beaten-down electric vehicle (EV) stock? Investor interest in Lucid stock is rising Lucid sells Air sedans and Gravity SUVs. From July 31, the EV maker equipped all its Air sedans, regardless of model and year of make, with adapters that can work on Tesla's supercharger network. Gravity SUVs already had access to Tesla's superchargers. Meanwhile, denser battery cells have boosted the EPA range estimate for Lucid's 2026 Air Touring model by over 6%, to 431 miles. Lucid expects high EPA ratings, access to Tesla's extensive public charging network, and other recent enhancements such as advanced driver assistance systems to make its EVs more appealing in an intensely competitive market. In a bid to add to its brand appeal, Lucid also hired actor Timothée Chalamet as its first-ever global brand ambassador in July. Lucid's robotaxi partnership with Uber Technologies (NYSE: UBER), however, sent the stock into a tizzy. Uber will buy over 20,000 Lucid Gravity SUVs equipped with Nuro's Level 4 autonomy software and deploy them over six years, with an expected launch in late 2026. As part of the deal, Uber also plans to invest millions of dollars in Lucid. Lucid stock could jump 10x if this happens In July, Lucid proposed a 1-for-10 reverse stock split. A reverse stock split, if it happens, will 10x Lucid's stock price. There are no real benefits for investors, though, as their investment value in Lucid shares, as well as the company's market capitalization, will remain unchanged. However, a reverse stock split can benefit Lucid in two ways: prevent delisting from the Nasdaq stock exchange, and make its stock more attractive to institutional investors who typically avoid penny stocks. Lucid needs real catalysts to maintain stock momentum, though. While the Uber partnership will infuse millions in cash and marks Lucid's foray into the autonomous vehicles market, which is expected to hit trillions of dollars by 2030, Lucid's production woes are far from over yet. Lucid just cut its full-year production guidance to 18,000 to 20,000 vehicles from its previous forecast of 20,000 vehicles. Other than supply bottlenecks, Lucid is struggling with high costs and manufacturing inefficiencies, all of which could impact demand and sales. Lucid is also deep in losses, with its net loss rising by 8% to $855 million in the second quarter. These are just some of the factors that investors should keep in mind before buying Lucid, a stock that has all but wiped out investors' money from its IPO days. Do the experts think Lucid Group is a buy right now? The Motley Fool's expert analyst team, drawing on years of investing experience and deep analysis of thousands of stocks, leverages our proprietary Moneyball AI investing database to uncover top opportunities. They've just revealed their to buy now — did Lucid Group make the list? When our Stock Advisor analyst team has a stock recommendation, it can pay to listen. After all, Stock Advisor's total average return is up 1,062% vs. just 185% for the S&P — that is beating the market by 877.34%!* Imagine if you were a Stock Advisor member when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you'd have $649,544!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you'd have $1,113,059!* The 10 stocks that made the cut could produce monster returns in the coming years. Don't miss out on the latest top 10 list, available when you join Stock Advisor. See the 10 stocks » *Stock Advisor returns as of August 13, 2025 Neha Chamaria has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Tesla and Uber Technologies. The Motley Fool has a disclosure policy. Why Lucid Stock Jumped 16.6% in July was originally published by The Motley Fool Sign in to access your portfolio
Yahoo
6 minutes ago
- Yahoo
Stock market today: Dow, S&P 500, Nasdaq slipped after PPI inflation comes in much hotter than expected
US stocks fell on Thursday as Wall Street digested a much hotter-than-expected PPI inflation print, souring optimism around a large September rate cut. The major gauges wobbled Thursday morning, with Dow Jones Industrial Average (^DJI) down 0.4% and the benchmark S&P 500 (^GSPC) dropping 0.3%. Meanwhile, the tech-heavy Nasdaq Composite (^IXIC) decreased roughly 0.3%. July's Producer Price Index (PPI) came in much hotter than expected, with month-over-month prices rising 0.9% compared to expectations of 0.2%. On an annual basis, prices rose 3.3%, the most since February. "Core" producer prices, which strip out the cost of food and energy, saw the largest increase in three years. The inflation shock looked set to sap the enthusiasm of a roaring market this week. Stocks extended their rally Wednesday, pushing the S&P 500 and Nasdaq to consecutive record highs. Bitcoin got a boost from mounting rate-cut bets, too, reaching a new record high Wednesday evening before scaling back on those gains. Euphoria over a possible September rate cut had swept Wall Street over the past two sessions after July's Consumer Price Index report showed inflation rose as expected, but not dramatically. Traders had fully priced in a rate cut at the Fed's next meeting, even as some Fed policymakers continue to urge patience. On Thursday morning, investors had once again shifted some bets to a rate hold next month. Friday's retail sales reading will serve as this week's final economic data point. In corporate news, cryptocurrency exchange operator Bullish (BLSH) rose over 9% on Thursday, hovering around $75, more than double its IPO price of $37. Nvidia rises after denying Rubin chip delay Nvidia (NVDA) stock climbed nearly 1% Thursday morning after the company told Barron's and Seeking Alpha that its Rubin chip is "on track" after an analyst at Fubon Research indicated the GPU could be delayed. The company did not immediately respond to Yahoo Finance's request for comment. 'We think it is very likely that Rubin will be delayed," wrote Fubon Research analyst Sherman Shang in a research note seen by the outlets. "The first version of Rubin was already taped out in late June but Nvidia is now redesigning the chip to better match AMD's upcoming MI450." "We think the next tape out schedule will be in late September or October, and based on the tape out schedule, the Rubin volume will be limited in 2026," Shang said. Nvidia said the report was incorrect in emailed statements to the outlets. Rubin is Nvidia's next generation AI chip architecture, the successor to Blackwell, and it was unveiled during the company's annual GTC conference in 2025. stock continues freefall after 'brutal' preliminary financial results stock sank 3.5% Thursday, putting shares down more than 20% over the past five trading sessions. The AI software company's shares have suffered since releasing preliminary results for the first quarter of its fiscal year 2026, which ended July 31. The company estimated last Friday that it will see a quarterly loss of $57.7 million to $57.9 million on revenue in the range of $70.2 million to $70.4 million. C3 will report its full results on Sept. 3. Its preliminary results were "well below" consensus estimates on Wall Street and the company's previous guidance for a loss of $23.5 million to $33.5 million on revenue of $100 million to $109 million, JPMorgan analyst Brian Essex wrote in a note to clients Monday. C3 has been mired in controversy over the last several years. In 2022, investors sued the company and its founder and former CEO, Tom Siebel, for misrepresenting the size of a sales team related to its largest partnership with energy company Baker Hughes (BKR). In 2023, short-selling firm Spruce Point Management alleged the company showed "signs of problematic financial reporting and accounting." Then last month, Siebel stepped down from the role of CEO due to an autoimmune disease diagnosis. Since C3 released its preliminary results last Friday, four investment firms, including Oppenheimer and DA Davidson, have downgraded C3 stock to Market Perform and Sell ratings. Wedbush maintained its Outperform rating on the stock but lowered its price target to $23 from $35. "This was a brutal quarter and if C3 cannot turn this around darker days could be ahead," Dan Ives wrote in a note to clients Monday. America's favorite office lunch spots are having a challenging summer Yahoo Finance's Brooke DiPalma reports: Read more here. Stocks fall at the open after latest inflation data shows rising producer prices US stocks sank Thursday at the market open, after the latest Producer Price Index reading showed wholesale inflation climbing much more than expected — a negative sign for hopes of a Fed rate cut in September. The Dow Jones Industrial Average (^DJI) sank more than 0.4%, while the benchmark S&P 500 (^GSPC) fell over 0.3%. The tech-heavy Nasdaq Composite (^IXIC) lost 0.25%. Wholesale inflation rises more than expected in July The Producer Price Index — a measure of wholesale inflation that tracks changes in the selling prices of US producers of goods and services — rose 0.9% in July, the US Bureau of Labor Statistics reported Thursday, more than the 0.2% expected by analysts surveyed by Bloomberg. That was the biggest jump since June 2022. That's after the PPI was unchanged in June and advanced a more modest 0.4% in May. Driving the increase in July was a rise in prices for final demand services, or services sold by businesses, which climbed 1.1% — the largest jump since March 2022. Producers also saw higher prices of raw materials businesses use to make other products, which rose 1.8%, led by a jump in prices for food and animal feed (in particular, the price of raw milk soared 9.1%). Still, that was smaller than the 2.6% rise in June. Read more here. September rate hold? Investors say it's (sort of) back on the table Thursday's hot PPI reading has shifted bets on the Fed's next move a bit. According to the CME Group's FedWatch tool, a cut is no longer fully priced in. Yesterday's odds: Today's odds (as of 9 a.m. ET): So the bets on a jumbo cut have in effect switched places with holding steady. Trending tickers in premarket trading: Bullish, Deere, Cisco Here's a look at the top stocks trending on Yahoo Finance this morning: Bullish (BLSH): The cryptocurrency exchange operator's stock rose 5% in premarket trading after it posted an 83% gain in its first day of trading. The stock saw gains as high as 215% on Wednesday after it opened for trade at $90. You can read more about the Bullish IPO here. (JD): Shares were up 0.2% after the Chinese e-commerce company reported that net income fell by more than 50% year over year amid new investments into the competitive food delivery space in China. Revenue of 356.66 billion yuan ($49.73 billion) beat estimates, however. Deere (DE): Shares of the farm equipment maker fell 5% as quarterly sales fell 9% from a year ago. Deere also narrowed its full-year profit forecast, and profits for the third quarter came in lighter than expected. Cisco (CSCO): The networking giant reported earnings that barely beat estimates and results that showed Cisco benefiting from a boom in AI demand. Still, the stock dropped 1.6% in premarket trading. Check out live coverage of corporate earnings here. Bitcoin, ethereum trade near record highs as Wall Street grows bullish on crypto Bitcoin (BTC-USD) saw modest gains to trade at $120,807 on Thursday morning, but the crypto was about 2% off its record high of $123,500 on Wednesday. As Yahoo Finance's Ines Ferré detailed, inflows into spot exchange-traded funds and public companies adding bitcoin to their balance sheets have been key drivers of this year's token rally. Strategists also point to the Trump administration's pro-crypto stance as a major catalyst. Meanwhile, ethereum (ETH-USD) prices traded near record levels, climbing 0.5% on Thursday morning to $4,722 per token, just shy of its 2021 record level of around $4,800. "We have stated multiple times we believe Ethereum is the biggest macro trade over the next 10-15 years," Fundstrat head of research Tom Lee wrote in a note on Wednesday. Stocks may be at all-time highs, but speculative froth isn't Yahoo Finance's Hamza Shaban reports: Read more here. Good morning. Here's what's happening today. Economic data: Initial jobless claims (week ending Aug. 9); Producer Price Index, (July); Earnings: (JD), Deere & Company (DE), Advanced Auto Parts (AAP), Birkenstock (BIRK), Applied Materials (AMAT), Nucor (NUE) Here are some of the biggest stories you may have missed overnight and early this morning: These stock market all-time highs aren't quite frothy 117-year high at busiest port in the US Earnings: Foxconn beats on AI demand, Deere profit falls Bullish stock tops $75 after strong IPO debut US oil producers say OPEC+ 'price war' will halt shale boom Rate cut next month doesn't seem warranted: Fed's Daly Trump's Treasury set to decide fate of of wind, solar projects Trump-fueled crypto frenzy sparks rush to Wall Street IPOs 'Tesla shame' bypasses Norway as sales jump despite Musk's politics Amazon grocery push stocks still in focus When Amazon (AMZN) goes big on something, usually the stock prices of its competitors get beaten up. The latest example came on Wednesday Amazon announced plans to expand its 1,000-city fresh and perishable same-day grocery delivery to 2,300 cities by year-end. This is a huge deal for the grocery industry. Albertson's (ACI) and Kroger (KR) — aka traditional grocers — saw their share prices fall. I think this is a big deal for the industry and for Amazon. The impact of Amazon's move won't be felt overnight, but just like the company's impact on department stores in recent years, the aftershocks will be felt over time. Evercore ISI analyst Michael Montani with some good thoughts this morning: I don't hate this Cisco quarter Cisco (CSCO) is always a tricky play around its earnings report. The company isn't a fast grower, and what the Street focuses on tends to shift from quarter to quarter. Sometimes it's profit margins, sometimes it's product orders, sometimes it's the outlook. Going through the latest, I don't hate the quarter and outlook. Gross margins were up across the board, and the AI narrative and numbers were solid as well. There was some weakness in the security business, as expected, but the demand drivers out there suggest new full-year guidance could be conservative. "We think investors should look past Public Sector weakness, which likely hurt Security growth, given the opportunity around Hyperscaler/Enterprise AI, Neoclouds, and Sovereign could quickly offset the weakness. We continue to like Cisco for these drivers of growth, and when paired with a mix shift toward software/subscription over time, healthy free cash flow growth, and shareholder returns, we believe a premium to historical valuations is warranted," KeyBanc analyst Brandon Nispel said. I am live on Opening Bid today around 9:40 a.m. ET with Cisco's new CFO Mark Patterson. So we'll get to pull apart the numbers and guidance further! Bullish stock rises to $75 after IPO debut Yahoo Finance's breaking news reporter Jake Conley looks into the Bullish (BLSH) stock market debut. Cryptocurrency exchange operator Bullish (BLSH) rose 8% on Thursday before the bell, reaching $75, doubling its IPO price of $37 and valuing the company at more than $10 billion. Still, this marked around a 16% drop from where the stock opened for trade. Bullish stock opened for trade at $90 near 1:00 p.m. ET on Wednesday, and the stock traded hands as high as $118 per share shortly after, a more than 215% gain. The stock was halted for trade due to volatility at least twice within the first few minutes of trading. The company, which operates a crypto exchange and owns the prominent trade publication CoinDesk, priced its IPO at $37 per share on Tuesday, above the $32 to $33 range the company had expected in its second shot at making a public market debut. Bullish began its IPO processes looking for a price between $28 to $31 per share. At 30 million shares offered, the IPO price saw Bullish raise $1.1 billion and value the fintech company at $5.41 billion. Bullish first attempted to go public via a SPAC merger in 2021 that would have valued the company at $9 billion, but the deal fell through after regulatory scrutiny and Bullish withdrew its registration. Read more here Nvidia partner Foxconn profit jumps after AI spending rises Foxconn, also known as Hon Hai Precision Industry Co., ( HNHPF, HNHAF) said on Thursday it expects higher third-quarter revenue due to robust demand for its artificial intelligence servers, which has helped the world's largest contract electronics maker beat forecasts and see a 27% increase in second-quarter profit. Reuters reports: Read more here. Nvidia rises after denying Rubin chip delay Nvidia (NVDA) stock climbed nearly 1% Thursday morning after the company told Barron's and Seeking Alpha that its Rubin chip is "on track" after an analyst at Fubon Research indicated the GPU could be delayed. The company did not immediately respond to Yahoo Finance's request for comment. 'We think it is very likely that Rubin will be delayed," wrote Fubon Research analyst Sherman Shang in a research note seen by the outlets. "The first version of Rubin was already taped out in late June but Nvidia is now redesigning the chip to better match AMD's upcoming MI450." "We think the next tape out schedule will be in late September or October, and based on the tape out schedule, the Rubin volume will be limited in 2026," Shang said. Nvidia said the report was incorrect in emailed statements to the outlets. Rubin is Nvidia's next generation AI chip architecture, the successor to Blackwell, and it was unveiled during the company's annual GTC conference in 2025. Nvidia (NVDA) stock climbed nearly 1% Thursday morning after the company told Barron's and Seeking Alpha that its Rubin chip is "on track" after an analyst at Fubon Research indicated the GPU could be delayed. The company did not immediately respond to Yahoo Finance's request for comment. 'We think it is very likely that Rubin will be delayed," wrote Fubon Research analyst Sherman Shang in a research note seen by the outlets. "The first version of Rubin was already taped out in late June but Nvidia is now redesigning the chip to better match AMD's upcoming MI450." "We think the next tape out schedule will be in late September or October, and based on the tape out schedule, the Rubin volume will be limited in 2026," Shang said. Nvidia said the report was incorrect in emailed statements to the outlets. Rubin is Nvidia's next generation AI chip architecture, the successor to Blackwell, and it was unveiled during the company's annual GTC conference in 2025. stock continues freefall after 'brutal' preliminary financial results stock sank 3.5% Thursday, putting shares down more than 20% over the past five trading sessions. The AI software company's shares have suffered since releasing preliminary results for the first quarter of its fiscal year 2026, which ended July 31. The company estimated last Friday that it will see a quarterly loss of $57.7 million to $57.9 million on revenue in the range of $70.2 million to $70.4 million. C3 will report its full results on Sept. 3. Its preliminary results were "well below" consensus estimates on Wall Street and the company's previous guidance for a loss of $23.5 million to $33.5 million on revenue of $100 million to $109 million, JPMorgan analyst Brian Essex wrote in a note to clients Monday. C3 has been mired in controversy over the last several years. In 2022, investors sued the company and its founder and former CEO, Tom Siebel, for misrepresenting the size of a sales team related to its largest partnership with energy company Baker Hughes (BKR). In 2023, short-selling firm Spruce Point Management alleged the company showed "signs of problematic financial reporting and accounting." Then last month, Siebel stepped down from the role of CEO due to an autoimmune disease diagnosis. Since C3 released its preliminary results last Friday, four investment firms, including Oppenheimer and DA Davidson, have downgraded C3 stock to Market Perform and Sell ratings. Wedbush maintained its Outperform rating on the stock but lowered its price target to $23 from $35. "This was a brutal quarter and if C3 cannot turn this around darker days could be ahead," Dan Ives wrote in a note to clients Monday. stock sank 3.5% Thursday, putting shares down more than 20% over the past five trading sessions. The AI software company's shares have suffered since releasing preliminary results for the first quarter of its fiscal year 2026, which ended July 31. The company estimated last Friday that it will see a quarterly loss of $57.7 million to $57.9 million on revenue in the range of $70.2 million to $70.4 million. C3 will report its full results on Sept. 3. Its preliminary results were "well below" consensus estimates on Wall Street and the company's previous guidance for a loss of $23.5 million to $33.5 million on revenue of $100 million to $109 million, JPMorgan analyst Brian Essex wrote in a note to clients Monday. C3 has been mired in controversy over the last several years. In 2022, investors sued the company and its founder and former CEO, Tom Siebel, for misrepresenting the size of a sales team related to its largest partnership with energy company Baker Hughes (BKR). In 2023, short-selling firm Spruce Point Management alleged the company showed "signs of problematic financial reporting and accounting." Then last month, Siebel stepped down from the role of CEO due to an autoimmune disease diagnosis. Since C3 released its preliminary results last Friday, four investment firms, including Oppenheimer and DA Davidson, have downgraded C3 stock to Market Perform and Sell ratings. Wedbush maintained its Outperform rating on the stock but lowered its price target to $23 from $35. "This was a brutal quarter and if C3 cannot turn this around darker days could be ahead," Dan Ives wrote in a note to clients Monday. America's favorite office lunch spots are having a challenging summer Yahoo Finance's Brooke DiPalma reports: Read more here. Yahoo Finance's Brooke DiPalma reports: Read more here. Stocks fall at the open after latest inflation data shows rising producer prices US stocks sank Thursday at the market open, after the latest Producer Price Index reading showed wholesale inflation climbing much more than expected — a negative sign for hopes of a Fed rate cut in September. The Dow Jones Industrial Average (^DJI) sank more than 0.4%, while the benchmark S&P 500 (^GSPC) fell over 0.3%. The tech-heavy Nasdaq Composite (^IXIC) lost 0.25%. US stocks sank Thursday at the market open, after the latest Producer Price Index reading showed wholesale inflation climbing much more than expected — a negative sign for hopes of a Fed rate cut in September. The Dow Jones Industrial Average (^DJI) sank more than 0.4%, while the benchmark S&P 500 (^GSPC) fell over 0.3%. The tech-heavy Nasdaq Composite (^IXIC) lost 0.25%. Wholesale inflation rises more than expected in July The Producer Price Index — a measure of wholesale inflation that tracks changes in the selling prices of US producers of goods and services — rose 0.9% in July, the US Bureau of Labor Statistics reported Thursday, more than the 0.2% expected by analysts surveyed by Bloomberg. That was the biggest jump since June 2022. That's after the PPI was unchanged in June and advanced a more modest 0.4% in May. Driving the increase in July was a rise in prices for final demand services, or services sold by businesses, which climbed 1.1% — the largest jump since March 2022. Producers also saw higher prices of raw materials businesses use to make other products, which rose 1.8%, led by a jump in prices for food and animal feed (in particular, the price of raw milk soared 9.1%). Still, that was smaller than the 2.6% rise in June. Read more here. The Producer Price Index — a measure of wholesale inflation that tracks changes in the selling prices of US producers of goods and services — rose 0.9% in July, the US Bureau of Labor Statistics reported Thursday, more than the 0.2% expected by analysts surveyed by Bloomberg. That was the biggest jump since June 2022. That's after the PPI was unchanged in June and advanced a more modest 0.4% in May. Driving the increase in July was a rise in prices for final demand services, or services sold by businesses, which climbed 1.1% — the largest jump since March 2022. Producers also saw higher prices of raw materials businesses use to make other products, which rose 1.8%, led by a jump in prices for food and animal feed (in particular, the price of raw milk soared 9.1%). Still, that was smaller than the 2.6% rise in June. Read more here. September rate hold? Investors say it's (sort of) back on the table Thursday's hot PPI reading has shifted bets on the Fed's next move a bit. According to the CME Group's FedWatch tool, a cut is no longer fully priced in. Yesterday's odds: Today's odds (as of 9 a.m. ET): So the bets on a jumbo cut have in effect switched places with holding steady. Thursday's hot PPI reading has shifted bets on the Fed's next move a bit. According to the CME Group's FedWatch tool, a cut is no longer fully priced in. Yesterday's odds: Today's odds (as of 9 a.m. ET): So the bets on a jumbo cut have in effect switched places with holding steady. Trending tickers in premarket trading: Bullish, Deere, Cisco Here's a look at the top stocks trending on Yahoo Finance this morning: Bullish (BLSH): The cryptocurrency exchange operator's stock rose 5% in premarket trading after it posted an 83% gain in its first day of trading. The stock saw gains as high as 215% on Wednesday after it opened for trade at $90. You can read more about the Bullish IPO here. (JD): Shares were up 0.2% after the Chinese e-commerce company reported that net income fell by more than 50% year over year amid new investments into the competitive food delivery space in China. Revenue of 356.66 billion yuan ($49.73 billion) beat estimates, however. Deere (DE): Shares of the farm equipment maker fell 5% as quarterly sales fell 9% from a year ago. Deere also narrowed its full-year profit forecast, and profits for the third quarter came in lighter than expected. Cisco (CSCO): The networking giant reported earnings that barely beat estimates and results that showed Cisco benefiting from a boom in AI demand. Still, the stock dropped 1.6% in premarket trading. Check out live coverage of corporate earnings here. Here's a look at the top stocks trending on Yahoo Finance this morning: Bullish (BLSH): The cryptocurrency exchange operator's stock rose 5% in premarket trading after it posted an 83% gain in its first day of trading. The stock saw gains as high as 215% on Wednesday after it opened for trade at $90. You can read more about the Bullish IPO here. (JD): Shares were up 0.2% after the Chinese e-commerce company reported that net income fell by more than 50% year over year amid new investments into the competitive food delivery space in China. Revenue of 356.66 billion yuan ($49.73 billion) beat estimates, however. Deere (DE): Shares of the farm equipment maker fell 5% as quarterly sales fell 9% from a year ago. Deere also narrowed its full-year profit forecast, and profits for the third quarter came in lighter than expected. Cisco (CSCO): The networking giant reported earnings that barely beat estimates and results that showed Cisco benefiting from a boom in AI demand. Still, the stock dropped 1.6% in premarket trading. Check out live coverage of corporate earnings here. Bitcoin, ethereum trade near record highs as Wall Street grows bullish on crypto Bitcoin (BTC-USD) saw modest gains to trade at $120,807 on Thursday morning, but the crypto was about 2% off its record high of $123,500 on Wednesday. As Yahoo Finance's Ines Ferré detailed, inflows into spot exchange-traded funds and public companies adding bitcoin to their balance sheets have been key drivers of this year's token rally. Strategists also point to the Trump administration's pro-crypto stance as a major catalyst. Meanwhile, ethereum (ETH-USD) prices traded near record levels, climbing 0.5% on Thursday morning to $4,722 per token, just shy of its 2021 record level of around $4,800. "We have stated multiple times we believe Ethereum is the biggest macro trade over the next 10-15 years," Fundstrat head of research Tom Lee wrote in a note on Wednesday. Bitcoin (BTC-USD) saw modest gains to trade at $120,807 on Thursday morning, but the crypto was about 2% off its record high of $123,500 on Wednesday. As Yahoo Finance's Ines Ferré detailed, inflows into spot exchange-traded funds and public companies adding bitcoin to their balance sheets have been key drivers of this year's token rally. Strategists also point to the Trump administration's pro-crypto stance as a major catalyst. Meanwhile, ethereum (ETH-USD) prices traded near record levels, climbing 0.5% on Thursday morning to $4,722 per token, just shy of its 2021 record level of around $4,800. "We have stated multiple times we believe Ethereum is the biggest macro trade over the next 10-15 years," Fundstrat head of research Tom Lee wrote in a note on Wednesday. Stocks may be at all-time highs, but speculative froth isn't Yahoo Finance's Hamza Shaban reports: Read more here. Yahoo Finance's Hamza Shaban reports: Read more here. Good morning. Here's what's happening today. Economic data: Initial jobless claims (week ending Aug. 9); Producer Price Index, (July); Earnings: (JD), Deere & Company (DE), Advanced Auto Parts (AAP), Birkenstock (BIRK), Applied Materials (AMAT), Nucor (NUE) Here are some of the biggest stories you may have missed overnight and early this morning: These stock market all-time highs aren't quite frothy 117-year high at busiest port in the US Earnings: Foxconn beats on AI demand, Deere profit falls Bullish stock tops $75 after strong IPO debut US oil producers say OPEC+ 'price war' will halt shale boom Rate cut next month doesn't seem warranted: Fed's Daly Trump's Treasury set to decide fate of of wind, solar projects Trump-fueled crypto frenzy sparks rush to Wall Street IPOs 'Tesla shame' bypasses Norway as sales jump despite Musk's politics Economic data: Initial jobless claims (week ending Aug. 9); Producer Price Index, (July); Earnings: (JD), Deere & Company (DE), Advanced Auto Parts (AAP), Birkenstock (BIRK), Applied Materials (AMAT), Nucor (NUE) Here are some of the biggest stories you may have missed overnight and early this morning: These stock market all-time highs aren't quite frothy 117-year high at busiest port in the US Earnings: Foxconn beats on AI demand, Deere profit falls Bullish stock tops $75 after strong IPO debut US oil producers say OPEC+ 'price war' will halt shale boom Rate cut next month doesn't seem warranted: Fed's Daly Trump's Treasury set to decide fate of of wind, solar projects Trump-fueled crypto frenzy sparks rush to Wall Street IPOs 'Tesla shame' bypasses Norway as sales jump despite Musk's politics Amazon grocery push stocks still in focus When Amazon (AMZN) goes big on something, usually the stock prices of its competitors get beaten up. The latest example came on Wednesday Amazon announced plans to expand its 1,000-city fresh and perishable same-day grocery delivery to 2,300 cities by year-end. This is a huge deal for the grocery industry. Albertson's (ACI) and Kroger (KR) — aka traditional grocers — saw their share prices fall. I think this is a big deal for the industry and for Amazon. The impact of Amazon's move won't be felt overnight, but just like the company's impact on department stores in recent years, the aftershocks will be felt over time. Evercore ISI analyst Michael Montani with some good thoughts this morning: When Amazon (AMZN) goes big on something, usually the stock prices of its competitors get beaten up. The latest example came on Wednesday Amazon announced plans to expand its 1,000-city fresh and perishable same-day grocery delivery to 2,300 cities by year-end. This is a huge deal for the grocery industry. Albertson's (ACI) and Kroger (KR) — aka traditional grocers — saw their share prices fall. I think this is a big deal for the industry and for Amazon. The impact of Amazon's move won't be felt overnight, but just like the company's impact on department stores in recent years, the aftershocks will be felt over time. Evercore ISI analyst Michael Montani with some good thoughts this morning: I don't hate this Cisco quarter Cisco (CSCO) is always a tricky play around its earnings report. The company isn't a fast grower, and what the Street focuses on tends to shift from quarter to quarter. Sometimes it's profit margins, sometimes it's product orders, sometimes it's the outlook. Going through the latest, I don't hate the quarter and outlook. Gross margins were up across the board, and the AI narrative and numbers were solid as well. There was some weakness in the security business, as expected, but the demand drivers out there suggest new full-year guidance could be conservative. "We think investors should look past Public Sector weakness, which likely hurt Security growth, given the opportunity around Hyperscaler/Enterprise AI, Neoclouds, and Sovereign could quickly offset the weakness. We continue to like Cisco for these drivers of growth, and when paired with a mix shift toward software/subscription over time, healthy free cash flow growth, and shareholder returns, we believe a premium to historical valuations is warranted," KeyBanc analyst Brandon Nispel said. I am live on Opening Bid today around 9:40 a.m. ET with Cisco's new CFO Mark Patterson. So we'll get to pull apart the numbers and guidance further! Cisco (CSCO) is always a tricky play around its earnings report. The company isn't a fast grower, and what the Street focuses on tends to shift from quarter to quarter. Sometimes it's profit margins, sometimes it's product orders, sometimes it's the outlook. Going through the latest, I don't hate the quarter and outlook. Gross margins were up across the board, and the AI narrative and numbers were solid as well. There was some weakness in the security business, as expected, but the demand drivers out there suggest new full-year guidance could be conservative. "We think investors should look past Public Sector weakness, which likely hurt Security growth, given the opportunity around Hyperscaler/Enterprise AI, Neoclouds, and Sovereign could quickly offset the weakness. We continue to like Cisco for these drivers of growth, and when paired with a mix shift toward software/subscription over time, healthy free cash flow growth, and shareholder returns, we believe a premium to historical valuations is warranted," KeyBanc analyst Brandon Nispel said. I am live on Opening Bid today around 9:40 a.m. ET with Cisco's new CFO Mark Patterson. So we'll get to pull apart the numbers and guidance further! Bullish stock rises to $75 after IPO debut Yahoo Finance's breaking news reporter Jake Conley looks into the Bullish (BLSH) stock market debut. Cryptocurrency exchange operator Bullish (BLSH) rose 8% on Thursday before the bell, reaching $75, doubling its IPO price of $37 and valuing the company at more than $10 billion. Still, this marked around a 16% drop from where the stock opened for trade. Bullish stock opened for trade at $90 near 1:00 p.m. ET on Wednesday, and the stock traded hands as high as $118 per share shortly after, a more than 215% gain. The stock was halted for trade due to volatility at least twice within the first few minutes of trading. The company, which operates a crypto exchange and owns the prominent trade publication CoinDesk, priced its IPO at $37 per share on Tuesday, above the $32 to $33 range the company had expected in its second shot at making a public market debut. Bullish began its IPO processes looking for a price between $28 to $31 per share. At 30 million shares offered, the IPO price saw Bullish raise $1.1 billion and value the fintech company at $5.41 billion. Bullish first attempted to go public via a SPAC merger in 2021 that would have valued the company at $9 billion, but the deal fell through after regulatory scrutiny and Bullish withdrew its registration. Read more here Yahoo Finance's breaking news reporter Jake Conley looks into the Bullish (BLSH) stock market debut. Cryptocurrency exchange operator Bullish (BLSH) rose 8% on Thursday before the bell, reaching $75, doubling its IPO price of $37 and valuing the company at more than $10 billion. Still, this marked around a 16% drop from where the stock opened for trade. Bullish stock opened for trade at $90 near 1:00 p.m. ET on Wednesday, and the stock traded hands as high as $118 per share shortly after, a more than 215% gain. The stock was halted for trade due to volatility at least twice within the first few minutes of trading. The company, which operates a crypto exchange and owns the prominent trade publication CoinDesk, priced its IPO at $37 per share on Tuesday, above the $32 to $33 range the company had expected in its second shot at making a public market debut. Bullish began its IPO processes looking for a price between $28 to $31 per share. At 30 million shares offered, the IPO price saw Bullish raise $1.1 billion and value the fintech company at $5.41 billion. Bullish first attempted to go public via a SPAC merger in 2021 that would have valued the company at $9 billion, but the deal fell through after regulatory scrutiny and Bullish withdrew its registration. Read more here Nvidia partner Foxconn profit jumps after AI spending rises Foxconn, also known as Hon Hai Precision Industry Co., ( HNHPF, HNHAF) said on Thursday it expects higher third-quarter revenue due to robust demand for its artificial intelligence servers, which has helped the world's largest contract electronics maker beat forecasts and see a 27% increase in second-quarter profit. Reuters reports: Read more here. Foxconn, also known as Hon Hai Precision Industry Co., ( HNHPF, HNHAF) said on Thursday it expects higher third-quarter revenue due to robust demand for its artificial intelligence servers, which has helped the world's largest contract electronics maker beat forecasts and see a 27% increase in second-quarter profit. Reuters reports: Read more here. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
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Dollar Sees Support from Strong US PPI Report
The dollar index (DXY00) is up +0.26% as the strong US PPI report sparked a pull-back in expectations for Fed rate cuts in the coming months. In addition, San Francisco Fed President Mary Daly and St Louis Fed President Alberto Musalem today both threw cold water on the idea of a -50 bp rate cut at the September FOMC meeting. The dollar's interest rate differential improved with the 10-year T-note yield today up +3 bp and the 2-year T-note yield up +5 bp. Today's PPI report was much stronger than market expectations. The PPI report suggested that the markets might have been overly optimistic about Tuesday's CPI report and that companies are passing through tariffs at the wholesale level at a higher pace than earlier thought. More News from Barchart Where Are Gold and Silver Prices Headed Next? The Bull and Bear Cases. Dollar Continues Lower on US Rate-Cut Expectations Dollar Continues Lower on US Rate-Cut Expectations Tired of missing midday reversals? The FREE Barchart Brief newsletter keeps you in the know. Sign up now! The July US final-demand PPI report of +0.9% m/m and +3.3% y/y was substantially stronger than market expectations of +0.2% m/m and +2.5% y/y. The July US core final-demand PPI report of +0.9% m/m and +3.7% y/y was substantially stronger than market expectations of +0.2% m/m and +3.0% y/y. The markets dialed back expectations for Fed easing in the wake of today's disappointing PPI report. The markets are no longer discounting any chance of a -50 bp rate cut at the September meeting and are now assigning a 92% chance of a -25 bp rate cut. After Treasury Secretary Bessent's dovish comments on Wednesday, the markets temporarily assigned an 11% chance of a -50 bp rate cut at the September meeting. Nevertheless, the current 92% chance of a -25 bp rate cut in September is still substantially more dovish than the 40% chance assigned before the news of the weak July payroll report on August 1 and the in-line CPI report this past Tuesday. US weekly initial unemployment claims fell by -3,000 to 224,000, which was close to expectations for a slight decline to 225,000. US weekly continuing claims fell by -15,000 to 1.953 million, which showed a slightly stronger labor market than expectations of a dip to 1.967 million. San Francisco Fed President Mary Daly told the WSJ that she does not support a -50 bp rate cut at the September meeting, saying that "would send off an urgency signal that I don't feel about the strength of the labor market." Ms. Daly said she still supports two rate cuts this year, but that three cuts could be warranted "if we saw more signs that the labor market was more precarious." St Louis Fed President Alberto Musalem said that a -50 bp rate cut at the September meeting would be "unsupported by the current state of the economy and the outlook for the economy" in his view. He said it is too early for him to make a decision on a rate cut at the September meeting. Treasury Secretary Scott Bessent today tried to backtrack a bit on his statements on Wednesday in which he said interest rates are "too constrictive" and that rates "should probably be 150, 175 basis points lower." He added, "There's a very good chance of a 50 basis point cut. We could go into a series of rate cuts here, starting with a 50 basis point rate cut in September." In an interview with Fox Business today, Mr. Bessent said he was not telling the Fed what to do and that he was not calling for a series of Fed rate cuts with his comments on Wednesday. He said he was merely trying to say that models show the neutral rate is lower, although he didn't specify which models he was referring to. Mr. Bessent said he supports transparency and the call to clean up investment conflicts among members of Congress. The markets are awaiting this Friday's Trump-Putin summit in Alaska for any progress in ending the Russian-Ukrainian war. President Trump on Monday downplayed expectations of a breakthrough, saying the summit is a "feel-out meeting" to end the war in Ukraine. Also, recent comments from Ukrainian President Zelenskiy dampened hopes for a quick end to the war when he rejected any talk of Ukraine ceding territory to Russia. In recent tariff news, President Trump early Tuesday extended the tariff truce with China for another 90 days until November. Last Wednesday, Mr. Trump announced that he will impose a 100% tariff on semiconductor imports. Still, companies would be eligible for exemptions if they demonstrate a commitment to building their products in the US. However, the US will levy a separate tax on imports of electronic products that employ semiconductors. Also, Mr. Trump announced last Wednesday that he will double tariffs on US imports from India to 50% from the current 25% tariff, due to India's purchases of Russian oil. Last Tuesday, Mr. Trump said that US tariffs on pharmaceutical imports would be announced "within the next week or so." According to Bloomberg Economics, the average US tariff will rise to 15.2% if rates are implemented as announced, up from 13.3% earlier, and significantly higher than the 2.3% in 2024 before the tariffs were announced. Federal funds futures prices are discounting the chances for a -25 bp rate cut at 92% at the September 16-17 FOMC meeting and at 53% for a second -25 bp rate cut at the following meeting on October 28-29. EUR/USD (^EURUSD) is down -0.37% due to dollar strength. Also, sentiment on the euro remains cautious due to the negative impact of US tariffs on the European economy. Meanwhile, market expectations are low for any significant progress at Friday's Trump-Putin summit in Alaska, which suggests that the Russia-Ukraine war will drag on and continue to dampen sentiment in the Eurozone economy. Swaps are pricing in a 7% chance of a -25 bp rate cut by the ECB at the September 11 policy meeting. USD/JPY (^USDJPY) is up +0.06% due to strength in the dollar. The yen saw some underlying support after US Treasury Secretary Bessent said the Bank of Japan is falling behind the curve in addressing inflation and that he expects a rate hike. However, the yen continues to be undercut by concern that US tariff policies will harm the Japanese economy. December gold (GCZ25) is down -19.6 (-0.58%), and September silver (SIU25) is down -0.472 (-1.22%). Precious metals prices are trading lower today due to the mildly higher dollar and the rise in T-note yields that accompanied today's hawkish US PPI report. Gold continues to have safe-haven support related to US tariffs and geopolitical risks, including the conflicts in Ukraine and the Middle East. Fund buying of precious metals continues to support prices after gold holdings in ETFs rose to a 2-year high on Tuesday, and silver holdings in ETFs reached a 3-year high last Friday. On the date of publication, Rich Asplund did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. This article was originally published on
