Good afternoon and welcome to Markets Desk, your midday read on what's moving and why.
Victoria's Secret is the headline trade today, with shares surging nearly forty-seven percent — on pace for the best single session in the company's history as a public stock. The catalyst was a stronger-than-expected earnings report built around a revamped core lingerie line, proving that a focused product strategy can still move the needle dramatically in retail.
Turning to the ag complex, the wheat market is under broad pressure at midday. Chicago soft red winter futures are off six to seven cents, Kansas City hard red winter is down twelve to thirteen cents, and Minneapolis spring wheat is shedding ten to eleven cents. Crop condition data from NASS appears to be weighing on the bulls, with no fresh demand catalyst to offset the selling.
And in tech, ServiceNow continues to attract attention as an enterprise AI name that analysts argue has already built durable competitive advantages — large platform deals and deep workflow integration giving it a structural moat that the broader market may not yet be fully pricing in. It's a name worth watching as institutional rotation into applied AI accelerates.
That's the tape. Markets Desk, signing off the floor.