The Dow Jones Industrial Average achieved an all-time high on Wednesday, driven by rising optimism over potential peace talks with Iran. Meanwhile, both SpaceX and AMD saw their stock prices drop following their earnings announcements. The growth in private payrolls also showed signs of cooling in July, reflecting a steady job market, as market watchers keep a keen eye on inflationary pressures and the Federal Reserve's next moves.
Alphabet's Class C shares declined significantly after a major AI leadership restructuring. DeepMind CEO Demis Hassabis is moving to a new chief scientist role. Several prominent Gemini researchers have departed the company recently. This overhaul occurs as Google DeepMind faces challenges with its latest AI model. The company's cloud business, however, continues to show strong revenue growth.
Retail investors bought SpaceX shares on Wednesday after a significant price drop. Individual traders purchased over twenty-two million dollars worth of stock. This buying activity followed the company's first earnings report since its public debut. SpaceX shares experienced a notable decline, falling below one hundred ten dollars. The company reported increased AI revenue and new cloud agreements.
Circle's profits in the second quarter significantly outperformed expectations, attributed to the growing adoption of USDC tokens. The surge in USDC circulation, accompanied by a marked increase in onchain transaction activity, highlighted a positive trend. Despite a dip in the reserve return rate during this period, stronger circulation volumes partially mitigated the effects of reduced yields.
Indian equities ended marginally higher despite sharp swings driven by closing auction session confusion. RBI maintained rates, raised FY27 GDP outlook and lowered inflation forecast. Realty, auto and metal stocks outperformed, while analysts expect Nifty to remain range-bound unless it decisively crosses 24,800.
The US Treasury has announced it will keep its issuance of both coupon and floating-rate notes consistent for the upcoming quarters. This strategy aims to alleviate worries around yield increases and inflation. Analysts suggest auction sizes will hold steady until next year, with a projected $125 billion in notes to be sold next week, reflecting robust market demand for Treasury bills.
DLF aims for a Rs one lakh crore sales pipeline over five years. The company will focus on luxury housing and avoid REITs for now. Profitability is expected to nearly double from 2028 onwards from residential sales. DLF plans to expand its customer base beyond Delhi-NCR and Mumbai. Younger buyers and NRIs are increasingly contributing to the company's sales.
The Securities and Exchange Board of India (Sebi) has concluded adjudication proceedings against Raghav Raj Kanoria, managing director of India Power Corporation. Kanoria has agreed to pay a settlement sum of Rs 24.7 lakh to settle allegations concerning misstatements in financial records for two fiscal years. He resolved the issue without admitting to any wrongdoing, leading to the conclusion of the proceedings.
MF Performance
Major Indices
