Welcome to Markets Desk, your midday read on what's moving markets and why.
The Federal Reserve has a new chair. Kevin Warsh cleared the Senate in the most divisive confirmation vote in Fed history, succeeding Jerome Powell at fifty-six years old. Markets will now be watching closely for any signal of how Warsh intends to position monetary policy, particularly on rates and the Fed's balance sheet.
Shifting to commodities, cocoa prices are pulling back sharply today after a strong run earlier this week. July contracts in both New York and London are off more than four percent as producers seize the moment, locking in gains near three-and-a-half-month highs. A stronger dollar is adding additional headwind, making dollar-denominated commodities more expensive for foreign buyers and dampening demand.
And in the ETF space, Cathie Wood's flagship ARK Innovation fund is conspicuously absent from this year's technology-driven rally. Despite artificial intelligence fueling broad gains across the sector, the fund's active bets appear to be missing the key names driving performance, raising fresh questions about whether its high-conviction, disruptive-growth thesis is still well-positioned for the current market cycle.
That's the tape. Markets Desk, signing off the floor.
