Finance

Advanced Micro Devices experienced a sharp decline in its stock price, becoming one of the worst performers on the S&P 500 despite beating second-quarter earnings expectations. The sell-off was triggered by comments from Elon Musk, who stated that SpaceX would exclusively utilize Nvidia hardware moving forward, prompting a corresponding lift in Nvidia shares while weighing heavily on industry rivals.

Cryptocurrency prices experienced an upward trend, with Bitcoin climbing back above the $64,000 threshold and Ethereum posting modest gains. The positive momentum in digital asset markets followed comments suggesting the U.S. and Iran are closing in on an interim agreement to normalize maritime traffic, increasing investor appetite for risk assets.

The latest private-sector employment figures from the ADP national employment report showed the creation of 44,000 jobs, falling short of Wall Street forecasts of 75,000. While the figures indicate a cooling labor market, the lower-than-expected numbers provided less ammunition for aggressive monetary tightening, giving a slight boost to equity futures ahead of the broader government jobs report.