Welcome to Markets Desk, your midday read on what's moving money.
Asia tech took a hard hit overnight, with SK Hynix leading the selloff — shares dropping ten percent as traders weighed renewed Federal Reserve rate hike fears alongside mounting concerns about the durability of AI infrastructure spending. The broader hardware complex felt the pressure across the region.
Shifting to commodities, soybeans gave back early gains despite confirmed Chinese buying, closing down six and a half to nearly nine cents on the session. The market ran the news hard overnight and then faded it — a classic sell-the-fact dynamic. The national cash bean average settled near twelve dollars and eighteen cents.
Meanwhile, Anthropic is making serious noise ahead of its planned public offering next month. The AI company reported quarterly revenue of nearly seventeen billion dollars, a forty-five percent jump, after meeting with public market investors Wednesday. That growth rate will command attention from institutional allocators sizing up the AI sector's staying power beyond the hype.
That's the tape. Markets Desk, signing off the floor.
