Finance

With the vast majority of S&P 500 companies having reported their second-quarter financial results, corporate earnings are significantly outpacing market forecasts. An impressive 86% of companies have delivered positive earnings per share surprises, placing the aggregate growth rate on track for its highest level since mid-2021. Strong quarterly results from major firms have helped alleviate broader macroeconomic anxieties regarding corporate technology spending.

Digital assets experienced modest gains following the release of the U.S. employment data, which altered expectations for central bank monetary policy. Bitcoin value hovered around $64,940, posting a slight daily increase while facing short-term resistance near the $65,000 threshold. The broader cryptocurrency market cap remained steady at $2.20 trillion despite facing headwinds from weaker-than-anticipated exchange earnings and legislative stalling.

Brent crude prices edged higher to finish near $82.50 per barrel as energy markets reacted to geopolitical updates in the Middle East. While speculative reports hint at a potential shipping deal between Iran and Oman to reopen the crucial waterway, a restrictive draft plan reviewed by the Iranian parliament kept supply concerns alive. Shipping traffic through the strait dropped by roughly one-third, keeping volatility high despite a weekly net decline in crude prices.