SPOT GOLD EXTENDS GAINS, LAST UP NEARLY 3% AT $4,196.29/OZ
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FED'S KASHKARI: MY GOAL IS NOT TO SLOW ECONOMY, MY GOAL IS TO BRING DOWN INFLATION - CNBC
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KASHKARI: SAYS HE BELIEVES NOW IS THE TIME TO START SLOWLY MOVING INTEREST RATES UP
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FED'S KASHKARI: NOT CALLING FOR DRAMATIC INCREASE IN RATES
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AI DRIVES MARKETS TO NEW HIGHS
S&P 500 futures rose 0.4% on Wednesday, putting the index on track for a second straight record close as strong earnings reinforced confidence in AI spending.
Investors shrugged off mixed corporate results, focusing instead on continued investment in AI infrastructure. Nvidia gained after Elon Musk highlighted his computing ambitions, while Sandisk and Western Digital report after the close.
So far, 87% of S&P 500 companies have beaten earnings estimates, supporting optimism that resilient profits and AI demand can keep the bull market intact.
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S&P 500 futures rose 0.4% on Wednesday, putting the index on track for a second straight record close as strong earnings reinforced confidence in AI spending.
Investors shrugged off mixed corporate results, focusing instead on continued investment in AI infrastructure. Nvidia gained after Elon Musk highlighted his computing ambitions, while Sandisk and Western Digital report after the close.
So far, 87% of S&P 500 companies have beaten earnings estimates, supporting optimism that resilient profits and AI demand can keep the bull market intact.
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*ADP US JULY PRIVATE EMPLOYMENT RISES 44,000; EST. +65K
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$GOOGL - GOOGLE IS IN TALKS FOR A $1.5 BILLION-PLUS DEAL WITH AI CODING AGENT STARTUP MECHANIZE - BUSINESS INSIDER
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SPOT SILVER EXTENDS GAINS, RISES NEARLY 5% TO $62.53/OZ
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US TREASURY HOLDS DEBT ISSUANCE STEADY
The US Treasury will keep coupon, floating-rate note and TIPS auction sizes unchanged for at least the next several quarters.
It announced a $125 billion quarterly refunding, raising $28.7 billion in new cash, while maintaining bill auction sizes in the coming weeks.
Next week, the Treasury will auction $58B in 3-year notes, $42B in 10-year notes and $25B in 30-year bonds. It also expects its cash balance to peak at $1.05T in late October.
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The US Treasury will keep coupon, floating-rate note and TIPS auction sizes unchanged for at least the next several quarters.
It announced a $125 billion quarterly refunding, raising $28.7 billion in new cash, while maintaining bill auction sizes in the coming weeks.
Next week, the Treasury will auction $58B in 3-year notes, $42B in 10-year notes and $25B in 30-year bonds. It also expects its cash balance to peak at $1.05T in late October.
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ISRAELI MILITARY ISSUES EVACUATION WARNING TO VILLAGE IN SOUTHERN LEBANON - STATEMENT
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$SPCX - SPACEX PLANS MOON FACTORIES POWERED BY HUMANOID ROBOTS
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ANTHROPIC BUILDS CUSTOM AI CHIPS FOR CLAUDE
Anthropic has confirmed it is building an in-house chip team to design custom AI processors for Claude, aiming to boost speed, efficiency and scalability.
The company will co-design hardware and AI models while continuing to rely on chips from AWS, Google, Nvidia and AMD through a multi-chip strategy.
The move follows reports of talks with Samsung as a potential manufacturing partner and mirrors a broader industry trend after OpenAI unveiled its own custom AI chip earlier this year.
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Anthropic has confirmed it is building an in-house chip team to design custom AI processors for Claude, aiming to boost speed, efficiency and scalability.
The company will co-design hardware and AI models while continuing to rely on chips from AWS, Google, Nvidia and AMD through a multi-chip strategy.
The move follows reports of talks with Samsung as a potential manufacturing partner and mirrors a broader industry trend after OpenAI unveiled its own custom AI chip earlier this year.
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ISRAEL MILITARY SAYS IT BEGUN CONDUCTING STRIKES IN SOUTHERN LEBANON IN RESPONSE TO A 'BLATANT VIOLATION' OF CEASEFIRE BY HEZBOLLAH
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TRUMP SIGNALS IRAN PROGRESS, WARNS OF STRIKES
President Trump said US officials are holding "very good" talks with Iran and suggested a Strait of Hormuz agreement could come as early as today.
However, he warned the US would hit Iran "really hard" if Tehran backs away from a deal.
Iran denies holding direct talks with Washington, saying negotiations are taking place only through Oman on Strait of Hormuz navigation. Diplomats say reopening the waterway could help revive broader US-Iran negotiations.
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President Trump said US officials are holding "very good" talks with Iran and suggested a Strait of Hormuz agreement could come as early as today.
However, he warned the US would hit Iran "really hard" if Tehran backs away from a deal.
Iran denies holding direct talks with Washington, saying negotiations are taking place only through Oman on Strait of Hormuz navigation. Diplomats say reopening the waterway could help revive broader US-Iran negotiations.
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US-IRAN DEAL ODDS REMAIN UNCERTAIN
A senior Gulf official told CNN there is a 50:50 chance the US and Iran reach a deal by Friday, despite President Trump suggesting an agreement is close.
Trump said talks were progressing well but warned the US would strike Iran "really hard" if it walks away.
Iran continues to deny direct talks with Washington, saying discussions are only taking place through Oman on Strait of Hormuz navigation. Diplomats say reopening the waterway could pave the way for broader negotiations.
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A senior Gulf official told CNN there is a 50:50 chance the US and Iran reach a deal by Friday, despite President Trump suggesting an agreement is close.
Trump said talks were progressing well but warned the US would strike Iran "really hard" if it walks away.
Iran continues to deny direct talks with Washington, saying discussions are only taking place through Oman on Strait of Hormuz navigation. Diplomats say reopening the waterway could pave the way for broader negotiations.
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$AAPL - APPLE RAMPS UP FOR NEXT IPHONE
Bank of America reiterated its Buy rating and $380 price target after Apple's purchase commitments surged 28% to $57 billion, signaling an iPhone production ramp and component stockpiling ahead of the next launch.
Apple also warned of chip and computing supply constraints that could delay AI features, but BofA remains bullish on its long-term AI opportunity and strong capital returns.
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Bank of America reiterated its Buy rating and $380 price target after Apple's purchase commitments surged 28% to $57 billion, signaling an iPhone production ramp and component stockpiling ahead of the next launch.
Apple also warned of chip and computing supply constraints that could delay AI features, but BofA remains bullish on its long-term AI opportunity and strong capital returns.
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GOLDMAN STICKS TO PAYROLL FORECAST
Goldman Sachs maintained its 75,000 July nonfarm payroll forecast despite a weaker-than-expected ADP report showing just 44,000 private-sector jobs were added.
The bank said ADP has had a weak correlation with official payroll data in recent years and therefore carries limited weight.
Goldman's forecast remains below the 80,000 consensus estimate ahead of Friday's US jobs report.
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Goldman Sachs maintained its 75,000 July nonfarm payroll forecast despite a weaker-than-expected ADP report showing just 44,000 private-sector jobs were added.
The bank said ADP has had a weak correlation with official payroll data in recent years and therefore carries limited weight.
Goldman's forecast remains below the 80,000 consensus estimate ahead of Friday's US jobs report.
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STRAIT OF HORMUZ DRAFT DEAL AWAITS FINAL APPROVAL
Regional officials told AP that Iranian and Omani negotiators have finalized a draft agreement on the Strait of Hormuz, pending approval from Iran's Supreme Leader.
The proposed deal is a temporary measure to ease US-Iran shipping tensions and could pave the way for renewed negotiations on Tehran's nuclear program after a previous agreement collapsed.
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Regional officials told AP that Iranian and Omani negotiators have finalized a draft agreement on the Strait of Hormuz, pending approval from Iran's Supreme Leader.
The proposed deal is a temporary measure to ease US-Iran shipping tensions and could pave the way for renewed negotiations on Tehran's nuclear program after a previous agreement collapsed.
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*US S&P JULY SERVICES PMI AT 54.6 VS 51.2 PRIOR
*US S&P JULY COMPOSITE PMI AT 54.5 VS 51.9 PRIOR
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*US S&P JULY COMPOSITE PMI AT 54.5 VS 51.9 PRIOR
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*US JULY ISM SERVICES PMI RISES TO 54.1 FROM 54; EST. 54.5
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BURRY WARNS OF 1987-STYLE RISK
"Big Short" investor Michael Burry warned markets could be nearing a major top, saying a 1987-style crash remains possible.
However, he noted that the S&P 500's recent record highs are likely to attract fresh investor money, potentially extending the rally before any significant downturn.
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"Big Short" investor Michael Burry warned markets could be nearing a major top, saying a 1987-style crash remains possible.
However, he noted that the S&P 500's recent record highs are likely to attract fresh investor money, potentially extending the rally before any significant downturn.
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