Finance

The Trump administration announced new tariffs on imported drones, set to take effect in 21 days, with duties on some less sensitive components delayed for 180 days. Stocks of several U.S. drone makers and suppliers rallied, led by Unusual Machines up as much as 28%, while Red Cat Holdings gained 15% and AeroVironment rose about 10%. The Pentagon’s proposed defence budget also includes $75 billion for drone and counterdrone capabilities.

Morgan Stanley’s Q2 13F filing with the U.S. Securities and Exchange Commission shows the bank increased its holding in BlackRock’s iShares Bitcoin Trust (IBIT) by about 3.04 million shares to roughly 16.5 million shares, up 23% quarter on quarter. The market value of that position fell to $549 million from $667 million as Bitcoin declined during the quarter. The filing also lists 2.57 million shares of Morgan Stanley Bitcoin Trust (MSBT), valued at about $43.3 million.

MSCI has proposed changes to its index construction rules that would apply a new screen for nonoperating companies. If adopted, bitcoin-investment-focused firms such as Strategy and Metaplanet could be classified as nonoperating entities and removed from MSCI global indexes. Any such changes could affect holdings by passive funds that track MSCI benchmarks and add pressure to the stocks. The proposal is currently out for consultation and no final decision has been made.

Figma reported Q2 2026 revenue of $370.1 million, up 48% year over year, and non-GAAP diluted EPS of $0.08 as AI credit monetization expanded. This analysis examines the revenue beat, rising investment costs, guidance, the 14.85% post-earnings selloff and the technical price map for August 2026.

Cerebras Systems reported Q2 2026 GAAP revenue of $180.1 million, up 74% year over year, while its core revenue reached $209.9 million and cloud revenue grew sharply. This analysis reviews the revenue miss, cloud and hardware mix, raised outlook, post-earnings selloff and short-history intraday price references.

Coherent reported Q4 FY2026 revenue of $2.05 billion, up 34% year over year, and non-GAAP EPS of $1.74, above LSEG estimates. This earnings analysis reviews segment trends, Q1 FY2027 guidance, COHR’s 7.99% post-earnings decline and the technical levels that frame the next reaction.

Nebius Group reported Q2 2026 revenue of $582.3 million, up 454% year over year, and adjusted EBITDA of $236.2 million as AI cloud demand accelerated. This analysis reviews revenue versus LSEG consensus, operating drivers, reiterated outlook, the 34.14% post-earnings rally and verified technical reference levels.

Cisco Systems reported Q4 FY2026 revenue of $17.25 billion, up 18% year over year, and adjusted EPS of $1.22, above LSEG estimates. This analysis reviews networking and regional performance, elevated FY2027 guidance, the 8.40% post-earnings stock decline and the technical levels that frame the next move.

France’s farm ministry said the country’s corn crop is expected to fall 35% to 9.0 million metric tons, the lowest since at least 1980, after a heat wave and drought damaged fields. U.S. Department of Agriculture data show June corn use for fuel alcohol totaled 466.7 million bushels, up 4.5% from a year earlier, while the ethanol blend rate in U.S. gasoline hit a record 11.29% in May as higher oil prices boosted biofuel demand. The USDA also reported June soybean crush at 6.53 million tons, up from both the prior month and a year earlier. Ukraine’s agriculture ministry warned grain exports could drop to 29.6 million metric tons from 64.4 million metric tons in the 2026-27 marketing years if port operations are not regular.

A softer U.S. PPI report signaled easing inflation pressure, pushing the 10-year Treasury yield down 4 basis points and lowering the implied odds of a Fed rate hike in September to 35%. All three major U.S. indexes closed higher, with the S&P 500 up 0.65%, the Dow up 0.13%, and the Nasdaq 100 up 1.15%. Chip shares strengthened, and the iShares Semiconductor ETF rose 0.8%. A drop of more than 2% in crude oil prices added support, while the Euro Stoxx 50 edged up 0.18%.