Welcome to Markets Desk, here's what's moving the tape this Thursday.
Intel shares surged after President Trump posted that Apple and Intel will collaborate on chips destined for the iPhone. It's a significant signal for Intel, a company that's been fighting hard to reclaim relevance in the foundry space, and the market responded decisively, sending the stock sharply higher on the session.
Shifting to energy, the Strait of Hormuz is back in focus after three Saudi oil tankers carrying six million barrels switched their transponders back on Thursday, having gone dark for more than two months. The reopening carries real weight for global supply flows, though the OPEC secretary general was quick to push back against the IEA's warning that a lasting resolution could trigger a major supply glut and an oil overhang heading into next year. Crude itself was trading softer, down around seventeen cents at seventy five dollars and eighty eight cents, suggesting the market is still weighing those competing signals carefully.
Meanwhile, cotton futures gave back ground in Thursday morning trade, slipping five to eighty two points after a strong Wednesday that saw gains of one hundred fifteen to two hundred four points across most contracts. The dollar's strength, up nearly one dollar on the index, added pressure to the commodity complex broadly.
That's the tape. Markets Desk, signing off the floor.
