Finance

Shares of networking equipment maker Cisco Systems dropped roughly 8% to 9% during the trading session. Even though the technology giant posted revenue and net income figures that exceeded Wall Street estimates, it failed to satisfy investors. Market participants cited concerns over future corporate profit margins and an overall summer stabilization regarding highly valued artificial intelligence stocks.

Stablecoin issuer Tether announced that it has successfully completed a full independent audit of its financial statements. Executed by KPMG US, the firm received an unqualified audit opinion indicating that its financial positions present fairly in accordance with US generally accepted accounting principles. Although the firm announced the results, it has not yet publicly released the complete audit documentation.

Bitcoin prices experienced minor fluctuations, trading largely unchanged between the $63,200 and $63,500 levels. Despite a temporary intraday surge following positive inflation updates, weak trading volume and low buying momentum kept the asset in a tight consolidation phase. Analysts noted that ongoing risk factors, including conflict in the Middle East and disruptions near the Strait of Hormuz, continue to cap significant upward movement.