Finance

The corporate sector witnessed sharp market responses to recent earnings reports as high investor expectations put pressure on tech firms. Cisco Systems saw its shares plunge more than 8% despite a strong revenue forecast, and AI chipmaker Cerebras fell 12% after its rapid growth failed to satisfy the market. Conversely, SanDisk shares surged 14% following an optimistic long-term revenue forecast, while luxury brand Tapestry plummeted 16% due to weakness in its Kate Spade brand.

The Securities and Exchange Commission unexpectedly canceled a highly anticipated meeting where the agency was scheduled to vote on new regulatory rules for digital assets. The meeting was intended to address investment contracts involving cryptocurrencies, but an unforeseen scheduling conflict has forced a delay. The postponement adds further friction to an industry already experiencing stalled legislative progress within Congress.

Bitcoin has entered a broader negative trend across its weekly and monthly metrics, trading down in the low-$60,000 range. Despite a cooling domestic inflation landscape, broader risk assets are being held back by geopolitical volatility in the Middle East and the closure of the Strait of Hormuz. Analysts note that this downturn closely mirrors historical patterns observed during Bitcoin's traditional four-year halving cycles.