Good evening, this is Markets Desk with your closing bell rundown.
Nvidia is making a statement about where it stands in the AI arms race, expanding its share buyback program to two hundred thirty five billion dollars. That figure dwarfs what most companies have ever committed to repurchases and signals that Nvidia's management sees its own stock as a sound investment even at current valuations, a sharp contrast to Alphabet and Meta, which have paused buybacks entirely to funnel capital into AI infrastructure buildout.
On the policy front, traders betting on a back-to-back Federal Reserve rate hike in October may want to recalibrate. New York Fed President John Williams said Tuesday there is no need for urgency following September's increase, language that functions as a deliberate coolant on rate expectations. Markets had been pricing in further tightening, and Williams is pushing back on that timeline with measured but clear intent.
Shifting to soft commodities, cocoa took a meaningful hit Tuesday, settling down more than three percent on both New York and London exchanges. A dollar index rally to a two-month high drove long liquidation across the complex. Meanwhile arabica coffee bucked the trend, climbing to a two-and-a-half-week high as dry conditions in Brazil raise concerns about the two thousand twenty six to twenty seven crop cycle.
That's the tape. Markets Desk, signing off the floor.
