Good morning and welcome to Markets Desk, your midday read on what's moving markets right now.
The Trade Desk is the story in tech today, with shares hitting a seven-year low after the company delivered another round of disappointing quarterly results. That's a brutal signal for the programmatic advertising space, suggesting ad budgets remain under pressure and the platform's growth narrative is losing credibility with investors fast.
Shifting to commodities, cotton is giving back some of Thursday's gains in early Friday trade, slipping forty to fifty-eight points despite crude oil climbing over three dollars a barrel and the dollar index edging higher. The real weight here is on the demand side — export sales data came in showing net cancellations, which tells you overseas buyers are pulling back rather than locking in supply.
And in consumer health, Doximity is surging roughly fifty percent after the medical networking company lit up investor enthusiasm around its artificial intelligence capabilities. One analyst sees a genuine opportunity in AI-assisted clinical workflows, while another raises a fair concern — that leaning too hard into AI tools could quietly undermine the core physician networking business that built Doximity's moat in the first place.
That's the tape. Markets Desk, signing off the floor.
