Welcome to Markets Desk, your midday read on what's moving.
Dell shares got a lift after President Trump publicly recommended buying Dell computers during his remarks on the launch of so-called Trump accounts, but the rally is already losing steam. Traders appear to be treating this as noise rather than signal, with the initial pop fading as the session wore on — a pattern we've seen before when the president name-checks individual companies.
Turning to the ag complex, soybeans are the standout mover of the day, surging forty-three to forty-nine cents in the front months at midday. The national average cash price is sitting near eleven dollars and thirty-three cents, and with just one delivery issued against July futures, the market is reading tight near-term supply as the catalyst driving this sharp rally.
Meanwhile in energy, crude oil has reversed course after an early stumble, with August WTI nudging higher and RBOB gasoline posting a three-week high — up more than three percent on the session. The crack spread, which measures refining margins, is soaring, and short covering appears to be the mechanical force pulling crude back into positive territory alongside that gasoline strength.
That's the tape. Markets Desk, signing off the floor.
