Federal Reserve Governor Kevin Warsh rattled markets Thursday. His comments revived rate hike bets and sent the Nasdaq 100 lower. Strategy Inc fell more than 7% as Bitcoin pulled back sharply. Coinbase and Affirm were also caught in the crossfire. Crypto-linked names bore the brunt of the selloff.
Workday was the standout story of the day. AI products accounted for more than a quarter of new Q2 contract value. Three major banks raised price targets after results. Gap beat Q2 expectations and filed $512M in tariff refund claims. It received roughly $95M back already. also topped estimates and saw analyst upgrades. posted Q2 results and drew forecast revisions across the Street.
Swedish miner Boliden agreed to buy a 64.68% stake in Nexa Resources for approximately $1.3 billion. That is one of today's biggest deal headlines. Blackstone is separately moving to sell a $1.25 billion stake in an Indian real estate trust. Chevron is reportedly near a deal to invest billions in Venezuelan oil fields alongside other US firms.
Regeneron short interest plunged 32% in one week to just 2.4% of free float. That is the lowest level in months. Bears are unwinding fast. Separately, the WHO confirmed the Ebola situation in DRC remains a Public Health Emergency. It stopped short of declaring a pandemic. Biodefense names including Emergent BioSolutions and GeoVax Labs remain on watch.
France has replaced Italy as European bond investors' biggest worry. Borrowing costs in Paris have exceeded Rome's for most of the summer. Concerns centre on France's upcoming budget and 2027 elections.
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