Global benchmark Brent crude fell as much as 6% intraday as markets reassessed the Iran conflict, shifting from fears of military escalation to expectations of economic pressure, which quickly reduced the geopolitical risk premium. Canada then announced retaliatory tariffs of 15% to 50% on about $20 billion of U.S. goods. The trade escalation intensified concerns about slowing growth, further weakening the oil demand outlook.

SpaceX reported second-quarter revenue of $7.81 billion, up 92% year over year and ahead of consensus, while its net loss narrowed to $541 million and adjusted EBITDA was $3.5 billion. Connectivity revenue rose 66% to $4.3 billion, with Starlink subscribers reaching 12 million even as average revenue per user fell to $66 from $85 a year earlier. Capital expenditures totaled $18.37 billion, largely tied to AI, and analysts are modeling full-year spending above $45 billion.

Dick’s Sporting Goods shares plunged more than 29% on Tuesday, marking the retailer’s largest single-day drop on record. The company cited weaker demand for athletic apparel and footwear and lowered its full-year 2026 sales outlook to $21.9 billion–$22.2 billion, below its prior forecast. Second-quarter earnings were $3.53 per share, missing expectations of $3.76. Last year, Dick’s bought Foot Locker for $2.4 billion to expand its sneaker business and international reach.

Marvell has struck a custom-chip collaboration with Google and issued the company a warrant to buy up to 58.97 million shares at an exercise price of $206.58 per share. In fiscal Q1 2027, Marvell’s revenue rose 28% year over year to $2.42 billion, with the data center business accounting for 76% of sales. The company forecast Q2 revenue of $2.7 billion, which would be 34.6% higher than a year earlier.

SoundHound and Cerence reported solid top-line growth in their latest quarterly results, but with different profitability and cash-flow dynamics. SoundHound said second-quarter 2026 revenue rose 45% year over year to $61.9 million and it raised its full-year revenue outlook to $230$260 million, with no debt on the balance sheet. Cerence reported fiscal third-quarter 2026 revenue up 12% to $69.6 million, adjusted EBITDA up 50%, and free cash flow of $19.6 million, while forecasting 41% full-year revenue growth.

Nigeria’s July cocoa bean exports rose 18% year on year to 16,052 MT, while Ivory Coast cumulative shipments to ports in the current marketing year increased 20% to 2.11 MMT, pointing to firmer global supply. The easing supply concerns have weighed on New York and London cocoa futures. The figures were reported by Bloomberg.

CoreWeave has signed a multibillion-dollar AI agreement with Hudson River Trading, further strengthening its cloud infrastructure business. The company said its Q2 revenue backlog rose to $104.2 billion, and it added more than $25 billion in additional commitments early in Q3. Revenue rose 112% year over year to $2.575 billion, beating expectations, while adjusted loss per share narrowed to $1.03. Adjusted EBITDA reached $1.5 billion, for a 59% margin.

Foreign institutional investors were net buyers of Indian equities for a second consecutive session on Tuesday, with net purchases of ₹1,593.53 crore. Domestic institutional investors also stayed on the buying side, recording net purchases of ₹230.26 crore. Nifty ended the August series 1.5% higher at a two-week high after a sharp late-session rebound. Shriram Finance, IndiGo, Vodafone Idea, Paytm and IREDA rose, while Federal Bank slipped 3% on acquisition talk.