Welcome to Markets Desk, your midday read on what's moving markets and the stories behind them.
In the cattle pits, live cattle futures are taking a serious beating Thursday, with several contract months off three dollars per hundredweight or more, extending losses from Wednesday. Open interest fell nearly four thousand contracts, signaling that long holders are continuing to exit positions rather than defend them. Cash trade is beginning to stir, but the tone remains firmly bearish.
Shifting to semiconductors, former Intel chief executive Pat Gelsinger is pointing fingers at his predecessors, arguing the chipmaker lost its way when leadership passed to executives without deep technical roots. Gelsinger's remarks are drawing attention because Intel's standing has only recently begun recovering, partly on the back of renewed government interest and a roughly ten percent stake acquired by US investors. His message is pointed: engineering culture matters.
Meanwhile, federal safety investigators have closed the book on a Tesla crash that killed a grandmother in her home, and the conclusion clears the vehicle's autonomous software entirely. The National Transportation Safety Board determined the driver had pressed the accelerator to full speed himself, contradicting his initial claim that self-driving mode was engaged. It is a significant finding for Tesla at a moment when scrutiny of driver-assistance technology remains intense.
That's the tape. Markets Desk, signing off the floor.
