Public Markets 8 Hours

Last updated: July 30, 2026, 5:30 PM ET

Crypto and Tech Stocks Face Headwinds

Coinbase swung to a loss in the second quarter, reporting revenue that fell 19% to $1.22 billion and missing analyst estimates, leading to a drop in after-hours trading. This follows a third consecutive quarterly decline in revenue for the cryptocurrency exchange, highlighting the pressure a cooling crypto market places on even diversified exchanges. Separately, Strategy Inc. reported significant of $8.22 billion, or $24.45 a share, a stark contrast to the previous year's profit of $10.02 billion, as the price of Bitcoin declined.

Market Reactions to Corporate Earnings and Outlooks

Shares of used-car dealer Carvana Co. sank sharply, creating a potential windfall for bearish investors after the company missed profit expectations. Medical technology company Stryker, reporting a profit of $1.28 billion and indicating progress in recovering from a March cyberattack. Churchill Downs Inc. shares tumbled nearly to a six-year low after announcing plans to sell nine regional casinos and retain focus on its horseracing operations. Apple, however with robust iPhone sales, reporting smartphone revenue that rose more than a fifth as rivals struggled. First Solar saw its sales, as customer cancellations offset an increase in module sales to third parties. Adidas shares following heavy marketing spending for the FIFA World Cup that squeezed earnings. Footwear maker Crocs but missed Wall Street targets for the current quarter, causing shares to fall.

AI and Cloud Computing Drive Market Gains

The Nasdaq jumped 2.8% as Microsoft's strong earnings report restored momentum to the artificial-intelligence boom, leading a rally in U.S. stocks. Microsoft's market value is on track to record the largest one-day increase in history, with a $490 billion pop. Amazon shares surged higher after its cloud business grew by 37%, with capital expenditure across the group climbing to $53 billion in the second quarter. AI stocks, in general, staged a rebound, though it remains unclear if investors are truly having second thoughts about the trade underpinning the stock market. Google's backing helped data center developer Anthropic secure financing for a 1.6-gigawatt Texas project, with banks in talks to lend $15 billion for the facility.

Private Markets and Investment Strategies

The default rate across 1,300 U.S. private debt borrowers tracked by Fitch Ratings in the second quarter. Investment giant KKR despite an ongoing slump in the private-equity sector, with asset sales defying the slowdown. Blue Owl to buffer private-credit woes, as its real assets segment surpassed credit in fundraising during the second quarter, while investor withdrawals from lending vehicles eased. Other investment firms are also navigating the private-credit industry upheaval, with KKR selling private-equity investments to boost profits and Blue Owl reporting that investor withdrawals had bottomed out. Ontario Municipal Employees Retirement System has hired a new executive to build its private equity funds strategy, making such investing a more central part of its business.

Commodities and Global Economic Factors

Oil futures after the U.S. retaliated against Iran for an attack on its bases in Jordan. The Middle East's increasing volatility and potential for wider conflict, while bond yields also rose on inflation concerns. A global shortage of diesel, exacerbated by Ukrainian attacks on Russian refineries and lower Chinese refinery runs, has kept prices rising, with implications for economies and inflation. U.S. natural gas futures. BP announced plans to cut 700 jobs, warning of an oil "oversupply" and aiming for a flatter corporate structure. Oil billionaire Harold Hamm is reportedly looking to expand his presence in Argentina's Vaca Muerta oil basin, which is experiencing the world's fastest-growing shale boom. Saudi Arabia's quarterly fiscal deficit, benefiting from a spike in global oil prices even as the Iran war impacted the economy.

Treasury Yields and Monetary Policy Concerns

Treasury yields were mixed as markets received mixed signals from the Federal Reserve, coinciding with escalating U.S.-Iran tensions. Investors are concerned about the Fed's lack of guidance on interest rates, which is eroding the U.S. central bank's influence on the Treasury market. Bond investors' inflation angst is rising due to the Federal Reserve’s limited guidance, keeping yields on government bonds elevated.

Currency Markets and Intervention Speculation

The dollar, dropping 2.3%, sparking speculation that the Bank of Japan may have intervened in the market, though this has not been officially confirmed. The yen surged by more than 2% against the U.S. dollar, marking its largest jump since Japanese officials intervened earlier this year. The yen's slide to a 40-year low is providing an earnings boost for Japanese exporters like Toyota Motor Corp., offering respite from U.S. tariffs and war-related impacts. Bolivia's central bank will enter the foreign exchange market to stabilize its currency after it sank 22% following the adoption of a flexible FX regime.

IPO Market and Consumer Sector Performance

Womenswear firm Reformation closed flat after its $210.9 million IPO, while Jersey Mike’s Subs Inc. shares slumped 6% in their trading debut following a $1 billion IPO. Both IPOs tested market appetite for the consumer sector, which faces pressure from cautious investors.

Gold and Silver Prices Rise

Comex gold at $4100.10, snapping a two-session losing streak, while silver also rose 1.6% for a second consecutive session.

Other Notable Market and Business Developments

U.S. refiners have posted some of their most profitable quarters ever, benefiting from a global fuel shortage driven by refinery closures and geopolitical conflicts. The UK's Financial Conduct Authority plans to publish a daily summary of stock trading to increase transparency. West Jet flight attendants have issued a 72-hour strike notice, prompting the airline to issue a lockout notice. Xerox is selling tariff refund claims at a discount to raise cash and reduce its debt load, aiming to address significant maturities over the next three years. Ferrari's profits, with custom services expected to account for up to 20% of revenue. Universal Music reported revenue growth of 13% year-on-year to $3.77 billion, driven by subscriptions and streaming. GE Health Care's revenue reached $5.3 billion in the second quarter, supported by an 11% increase in total orders and healthy demand. Italy's Leonardo lifted its guidance to approximately €28.2 billion in expected orders this year, up from a prior forecast of about €25 billion, driven by strong defense business growth.