Welcome back to Markets Desk, where we keep you current on the stories moving money and markets.
Alibaba is pushing back hard after the U.S. Department of Defense added the Chinese tech giant to its list of Chinese Military Companies. The company flatly denies the CMC designation and is moving quickly to reassure investors, confirming business continuity across its operations. The stock has been under pressure as traders weigh the reputational and regulatory exposure that comes with that Pentagon label.
Shifting to commodities, cotton is holding firm to start the week, with most contracts posting gains of five to fifteen points on the session. The notable exception is July, which is down twenty-five points at midday. A softer dollar, down about eleven cents to just under one hundred, is lending support to the complex, while spec funds trimmed nearly eighteen hundred contracts from their net long position in the latest CFTC data.
And in tech, Digital Turbine is drawing fresh attention after returning to positive double-digit year-over-year revenue growth with margins showing meaningful improvement. The mobile advertising and software distribution company had a rough stretch, and while one quarter does not make a trend, the combination of top-line acceleration and margin recovery is exactly what turnaround investors have been waiting to see.
That's the tape. Markets Desk, signing off the floor.
