Finance

In his first global address as Fed Chair, Kevin Warsh stated that inflation risks have moderated since the central bank's June meeting. While he reiterated a firm commitment to a 2% inflation target, his comments led markets to weigh the possibility of a continued policy pause after rates were held steady last month.

Meta Platforms shares surged nearly 9% following reports that the company is developing a cloud business to monetize excess AI computing capacity. This individual gain stood in contrast to a broader decline in the semiconductor industry, where major chipmakers saw sharp drops exceeding 9%.

The 10-year Treasury yield rose to approximately 4.47%, marking its third consecutive day of gains despite a weaker-than-expected US manufacturing report. Investors are balancing these rising yields against a cooling labor market, with private payroll additions falling short of analyst estimates for June.