Good morning, you're tuned into Markets Desk.
Cocoa futures are taking a hard hit today, with New York contracts down more than seven percent as robust supply signals out of the Ivory Coast triggered a wave of profit-taking and long liquidation. When the world's dominant producer shows inventory strength, traders move fast to unwind crowded positions, and that's exactly what you're seeing here.
Shifting to defense spending, the Pentagon is placing serious capital behind directed-energy weapons, announcing major contract awards for laser systems designed to neutralize hostile drones and cruise missiles. The strategic logic is straightforward — a laser shot costs a fraction of a conventional interceptor missile, and with drone threats multiplying globally, the Defense Department is betting that technical hurdles once considered prohibitive are now close to being solved.
On the policy front, House Republicans have introduced legislation to formally codify the transfer of millions of student loan accounts from the Education Department to the Treasury. The bill, introduced by Representative Tim Walberg, is part of a broader GOP effort to restructure the Education Department. The transfer is already underway in phases, but this legislation would lock it into statute, making any future reversal significantly harder.
That's the tape. Markets Desk, signing off the floor.
