Finance

Shares of SpaceX fell roughly 14% after the newly public rocket manufacturer reported its latest financial outcomes. Although earnings exceeded initial Wall Street expectations, market participants were spooked by the company's projection of massive future expenditures on artificial intelligence initiatives.

U.S. government bond yields dropped as interest rate-sensitive two-year notes dipped to multi-week lows. The decline was largely driven by softening energy market pressures and weaker-than-expected ADP private employment data, leading traders to decrease their bets on a September rate hike.

Crude oil futures held steady near recent four-week lows as international mediators actively worked toward a resolution regarding the Strait of Hormuz. Optimism around a potential geopolitical agreement between the United States and Iran has significantly eased the supply premium built into international benchmarks.