Good afternoon and welcome to Markets Desk. Here is what is moving right now.
Equities are staging a meaningful recovery today, with the S&P five hundred up over one percent, the Dow gaining nearly two thirds of a percent, and the Nasdaq one hundred surging nearly two point seven percent. The catalyst is Microsoft's earnings, which eased investor anxiety around artificial intelligence spending and gave technology names room to run.
Shifting to currencies, the dollar index fell to a six-week low, dropping nearly a full percent as the yen surged on expectations of Japanese intervention. Compounding the pressure on the greenback, second quarter GDP came in below expectations and the June core PCE reading eased in line with forecasts, both of which point toward a more dovish path for Federal Reserve policy.
Meanwhile, sustainable retailer Reformation made its New York Stock Exchange debut today under the ticker REF, pricing its IPO at fifteen dollars a share and opening flat. A flat open is not unusual for a new issue finding its footing, but investors will be watching closely to see whether the stock can build momentum beyond that initial print as the session closes out.
That's the tape. Markets Desk, signing off the floor.
