Welcome to Markets Desk, here's what's moving.
JPMorgan is making the case for low-volatility stocks right now, arguing they've underperformed through this year's turbulence and are positioned to outperform regardless of where yields go from here. The trade is essentially a hedge against macro uncertainty — defensive positioning that doesn't require you to call the rate environment correctly.
Shifting to commodities, West Texas Intermediate slipped Tuesday as President Trump said nuclear negotiations with Iran are, in his words, proceeding nicely. Markets read that as a potential supply unlock, and crude pulled back accordingly. The geopolitical risk premium that's been baked into oil prices is quietly starting to deflate on that diplomatic tone.
And in an earnings story worth watching, Chinese autonomous vehicle company Pony AI reported robotaxi revenue that quintupled year over year, sending shares higher despite widening net losses. The market is clearly willing to look through the red ink and price the growth trajectory — a pattern we've seen before in early-stage mobility plays where top-line momentum is the only number investors want to discuss.
That's the tape. Markets Desk, signing off the floor.
