NEW YORK — The Dow Jones Industrial Average opened Wednesday at 54,467.23, extending a remarkable run of record-setting sessions on Wall Street as falling oil prices, strong corporate earnings and growing optimism over a potential resolution to the Strait of Hormuz crisis continued to fuel investor enthusiasm.

The blue-chip index’s early Wednesday level built directly on Tuesday’s historic close, when the Dow surged 907.47 points, or 1.71%, to finish at 54,085.88, marking the index’s first close above the 54,000 threshold in its history. Wednesday’s opening level of 54,467.23 represented a further gain of roughly 381 points, or about 0.7%, from that record close, suggesting the rally that has defined trading over the past several sessions was carrying fresh momentum into the new trading day.

A Historic Week for Major Indexes

Tuesday’s session saw all three major U.S. stock benchmarks close at record highs simultaneously. The S&P 500 surged 1.79% to close at 7,736.52, its first record close in two months and a level that surpassed its previous closing peak set in early June. The tech-heavy Nasdaq Composite climbed 2.59% to finish at 26,584.99, powered in part by a 29% rally in Palantir Technologies shares, though the index itself remained roughly 2% below its own record high set in early June as it continued recovering from a summer slump.

The Dow’s advance Tuesday marked its second consecutive all-time high, following a close above 53,000 points for just the second time ever on Monday. That back-to-back run of records came as Amazon briefly eclipsed a $3 trillion market capitalization for the first time on Monday, before pulling back roughly 2% Tuesday after founder Jeff Bezos filed to sell approximately $4 billion worth of shares.

Oil Prices and Iran Diplomacy Drive Sentiment

A significant portion of this week’s rally has been attributed to continued declines in oil prices, driven by growing hopes that diplomatic talks involving the United States, Iran and Oman could soon lead to the reopening of the Strait of Hormuz to commercial shipping traffic. Brent crude fell to $79.11 a barrel as of early Wednesday, marking a roughly 13% decline from the prior week, as officials from the three countries reported progress in negotiations aimed at resuming oil shipments through the critical waterway.

President Donald Trump reinforced that sense of momentum, saying the strait would reopen “very soon” or Iran would be “hit very hard,” according to comments reported by CNN. The optimistic tone from Washington was complicated somewhat by Iranian state media, which reported Wednesday that any potential agreement between Iran and Oman regarding the waterway’s future had “no connection” to reopening the strait itself, illustrating the continued uncertainty underlying the diplomatic process even as markets have broadly priced in an optimistic outcome. Separately, tensions in the region remained elevated after an Indian-flagged vessel was struck and sunk by a projectile off the coast of Yemen, according to Indian authorities, though no group had been identified as responsible for the attack.

Strong Earnings Lift Individual Stocks

Beyond the macro backdrop, Tuesday’s rally was also propelled by a wave of strong corporate earnings reports. Caterpillar led gains among Dow components, surging more than 5% and surpassing its intraday record set the previous month. Cisco Systems and IBM also posted notable gains of 5.11% and 3.91%, respectively, contributing meaningfully to the index’s advance. Beyond the Dow’s 30 components, the broader technology sector jumped roughly 4% during Tuesday’s session, with chipmakers and AI-linked companies among the standout performers as sentiment toward the sector continued to rebound from earlier summer weakness.

That sector rotation has been a defining feature of markets in recent months. Through June and July, healthcare and financial stocks, sectors in which the Dow carries significant exposure, had outperformed technology shares, helping keep the blue-chip index near record territory even as the tech-heavy Nasdaq struggled with a summer slowdown. In August, however, technology shares have staged a notable comeback, rising nearly 7% for the month even as broader debate continues among investors over which companies stand to be the ultimate winners and losers from the ongoing artificial intelligence investment boom.

A Busy Day for Earnings Ahead

Wednesday’s session arrived with investor attention split between the continued momentum in oil prices and Middle East diplomacy on one hand, and a fresh slate of high-profile corporate earnings on the other. Disney, Shopify and Kimberly-Clark were among the major companies scheduled to report quarterly results Wednesday, adding to an already earnings-heavy stretch of the summer reporting season that has helped drive much of the market’s recent momentum.

That earnings-driven momentum followed a similarly eventful Tuesday, when SpaceX delivered its first results as a newly public company alongside a strong quarterly report from AMD, both of which drew significant investor attention given their ties to the broader AI infrastructure buildout that has dominated market narratives for much of the year.

Caution Amid the Rally

Despite the historic run of record closes, some market strategists have cautioned that the pace of recent gains raises questions about how sustainable the rally can be in the near term, with attention turning to whether fewer individual stocks participating in new highs could signal underlying fragility even as headline indexes continue climbing. Options market positioning has generally remained bullish, according to recent market commentary, though analysts have noted that narrowing market breadth during a rally can sometimes precede periods of consolidation or pullback.

With Wednesday’s session already building on Tuesday’s historic close, investors are likely to continue closely tracking developments in the Strait of Hormuz negotiations, given how directly oil price movements have been tied to this week’s broader market sentiment. The continued flow of second-quarter corporate earnings, alongside any further updates on U.S.-Iran diplomacy, is expected to remain the dominant driver of trading in the sessions ahead as Wall Street works to determine whether the current record-setting run can be sustained into the latter half of the summer.

Walgreens is continuing to close underperforming stores in 2026, although the pharmacy chain is reportedly planning fewer closures than previously projected.

The company is expected to close fewer than 100 stores in 2026, down from earlier internal projections of roughly 700, Inc. reported.

Walgreens announced in October 2024 that it intended to shutter approximately 1,200 underperforming stores over three years as part of a broader turnaround effort. 

At the time, the company said it expected to close about 500 stores during fiscal 2025, primarily targeting locations that were generating negative cash flow, according to Reuters.

WALGREENS TO CLOSE CHICAGO STORE AFTER LOSING OVER $1M DUE TO RAMPANT THEFT, FALLING SALES

A Walgreens store March 6, 2025, in Mill Valley, Calif. Walgreens is reportedly continuing to close underperforming stores in 2026. (Justin Sullivan/Getty Images)

The closure strategy was reportedly scaled back after Walgreens went private in 2025, according to Inc.

Walgreens continues to operate thousands of stores across the U.S. and remains one of the country’s largest pharmacy chains.

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People shop at a Walgreens Nov. 6, 2025, in the Brooklyn borough of New York City. Walgreens announced in October 2024 that it intended to shutter approximately 1,200 underperforming stores. (Spencer Platt/Getty Images)

The company confirmed to USA Today that the following locations have recently closed or are scheduled to close. The closures were previously reported by Inc., local news outlets or Walgreens’ website:

• District of Columbia: One Washington location
• Illinois: Two Chicago stores and one Rockford location
• Missouri: One store in Bridgeton and another in St. Louis
• New Jersey: One Bogota location scheduled to close Aug. 6
• New York: One Brooklyn location
• South Carolina: One Beaufort location scheduled to close Aug. 6
• Texas: A Houston distribution center
• Virginia: One Arlington location
• Washington: One Seattle location
• Wisconsin: One Milwaukee store

One of the Chicago closures highlights the financial and operational pressures behind some of the company’s decisions.

CVS, WALGREENS PULL BACK COVID VACCINES IN MORE THAN A DOZEN STATES FOLLOWING NEW GUIDELINES

Walgreens continues to operate thousands of stores across the U.S. (Christopher Dilts/Bloomberg via Getty Images)

Walgreens announced earlier this year it was closing its location near 86th Street and Cottage Grove Avenue in Chicago’s Chatham neighborhood after the location struggled with declining prescription sales and elevated levels of theft.

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“I’m here today because we’re closing the store at 86th and Cottage Grove. But I just want to make sure everyone understands closing stores [is] not our goal. This is the last resort,” Walgreens regional Vice President Reginald Johnson said in May, according to FOX 32 Chicago.

Walgreens could not immediately be reached by FOX Business for comment.

FOX Business’ Eric Revell contributed to this report.

A meatpacker is the plant that slaughters the animal and breaks the carcass down into the cuts that reach shops or restaurants.

Four companies – Tyson, JBS, Cargill and National Beef – control around 85% of American beef processing.

That high level of market concentration has drawn accusations of price-fixing, even from President Trump.

So you might expect that those four firms are currently making huge profits from high beef prices. Yet the opposite is happening.

Tyson, the biggest of the four, reported in May that it had lost more than $500m, external on beef in the first half of its financial year.

Again, it might be selling its beef for record highs, but it is also buying the cattle at all-time peaks.

Jamie Crumley owns one of the remaining smaller meatpackers – Harpley’s Meatpacking in central North Carolina. She says the price companies like hers have to pay for the live animals has gone up by as much as 60% over the past three years.

And while meatpacking companies have increased the prices they charge for their beef, there is a limit. This is because supermarkets, restaurants – and US consumers – can, and will, simply switch to buying chicken or cheaper imported beef instead.

Then there is the inefficiency of running the meatpacking plants at much less than full capacity. For example, Harpley’s is built to handle 425 to 450 cattle a day. But it is currently running at just 350 because it cannot get the additional animals.

The building, the line and the staff cost the same either way, so those fixed costs now spread across fewer animals. On any given day Crumley says she can lose anywhere from $100 to $400 on a single head of cattle. This helps to explain Tyson’s giant losses.

Economic Indicators and Financial Policy

Thailand’s economy shows signs of cautious stability, with the central bank confirming broadly steady growth in June. However, structural challenges persist: only 5 million filers pay income tax despite 21 million Thais remaining off the books, raising questions about tax base sustainability compared to Nordic countries’ compliance rates.

On a positive note, Thailand is moving closer to removal from the U.S. Treasury’s currency monitoring list, a development that could ease trade tensions and improve economic flexibility. The country also recorded a current account deficit of $3.5 billion, while automakers have cut 2026 output targets amid weakening export demand. Meanwhile, the “Thais Help Thais Plus” initiative has generated over 86 billion baht in economic circulation within just two months, demonstrating domestic stimulus effectiveness.

Regional Diplomacy and Border Tensions

Thailand has taken a firm stance in disputing claims made by a UN special rapporteur regarding the Cambodia conflict, with officials pushing back on the international body’s characterization of the situation. This diplomatic friction comes amid broader concerns about the Thailand-Cambodia border, where analysts argue that clearly defining boundaries is essential for achieving lasting peace between the two nations. Adding to regional complexities, Cambodian jobseekers have expressed fears over potential debt traps as Thailand reinforces border security measures, highlighting the human cost of geopolitical tensions.

The situation has also drawn attention to Thailand’s broader foreign policy positioning. Some analysts suggest that Donald Trump’s diplomatic approach is inadvertently pushing Thailand closer to China, while others argue the U.S. is missing a strategic opportunity in the region.

Tourism and Infrastructure Development

Tourism remains a cornerstone of Thai economic strategy, with the government racing to launch three low-season travel schemes to boost visitor numbers year-round. According to a Thailand Business News report, the country has unveiled its 2027 Action Plan targeting high-value tourism growth, signaling a strategic shift toward premium travel experiences rather than volume-based tourism.

Complementing this push, Thailand is promoting the “Thailand Riviera” coastal drive and has launched 10 new hiking schools focused on responsible forest tourism. Bangkok has also announced plans for a $29 million pedestrian bridge connecting historic river districts, reflecting continued investment in urban infrastructure. Interestingly, some Australian travelers are reportedly shifting toward alternative Asian destinations, suggesting emerging competition in the regional tourism market.

Public Safety and Security Concerns

Thailand has faced several high-profile security incidents this period. A devastating fire at a Bangkok pub killed at least 27 people, marking one of the deadliest such incidents in recent memory. Separately, authorities confirmed that suspects have confessed to killing two Russian siblings who had disappeared in Thailand, with the case expanding to reveal confessions to additional murders. The key suspect who exposed this serial-murder network is now under witness protection.

In southern Thailand, a checkpoint attack claimed the lives of five soldiers, underscoring ongoing security challenges in the region. Additionally, a Malaysian national suspected of leading a human-trafficking ring was apprehended in Thailand after allegedly attempting to bribe officials with “coffee money.”

Human Rights and Press Freedom

Thailand faces mounting scrutiny over its human rights record, particularly concerning online attacks against rights defenders, which Human Rights Watch has called on authorities to investigate. The country is also under pressure regarding the case of journalist Bai Zhaodong, with international organizations urging Thai authorities to halt his forcible return to China, citing fears of persecution.

Climate and Environmental Developments

Meteorologically, Thailand is bracing for significant weather events, with forecasts warning of a “Super El Niño” expected to arrive next year, alongside heavy rain and flash-flood warnings currently affecting multiple regions. While Typhoon Dolphin bypassed Thailand, it has intensified the ongoing monsoon trough, bringing additional rainfall across the upper regions of the country.

On a more academic note, paleontologists have identified a new giant dinosaur species in Thailand—a mamenchisaurid sauropod larger than a Diplodocus—discovered in the Lower Phu Kradung Formation, adding to the country’s scientific significance.

Sports and Cultural Milestones

Thailand’s sporting achievements have also made headlines, with the national volleyball team winning the SEA V Cup after defeating host nation Vietnam in straight sets. In football, Thailand has taken control of Group B in ASEAN Championship play, defeating Malaysia and creating a competitive dynamic that could impact Malaysia’s tournament prospects.

Looking ahead, MotoGP has confirmed Thailand as the 2027 season opener for the third consecutive year, reinforcing the country’s status as a premier motorsport destination.

Technology and Innovation

Thailand is positioning itself as a regional technology hub, unveiling the “Siam Silica” plan to drive semiconductor manufacturing capacity. The country has also signed five agreements with China to develop future industries, while simultaneously leading regional peers in digital trust rankings—a notable achievement as digital economies expand across Southeast Asia.

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A lightweight rematch nearly a decade in the making has been added to UFC 331, with Brian Ortega set to face Renato Moicano on Sept. 19 at Crypto.com Arena in Los Angeles, bringing renewed attention to a rivalry that dates back to one of the promotion’s most memorable fights of 2017.

MMA journalist Leo Guimaraes was first to report the booking, writing on social media that the Moicano-Ortega rematch was in advanced negotiations for the card. Multiple outlets have since confirmed the matchup is set, adding another marquee bout to an already stacked lineup that has been steadily taking shape over the past several weeks.

A Fight Nine Years in the Making

Ortega and Moicano first met at UFC 214 in July 2017, a bout that earned Fight of the Night honors and remains one of the more dramatic finishes of either fighter’s career. Moicano appeared to be winning on the scorecards through the early rounds before Ortega locked in a guillotine choke late in the third round, submitting the Brazilian and handing him the first loss of his professional career.

Nearly a decade later, the two veterans will run it back, though the circumstances surrounding the rematch have shifted considerably. Their first meeting took place at featherweight, but September’s bout will be contested at lightweight, marking Ortega’s official move up to 155 pounds after years of struggling to make the featherweight limit.

A Difficult Road to the Rebooking

This will not be the first attempt at staging the rematch in 2026. The fight was originally planned for UFC 326 earlier in the year before Ortega withdrew for undisclosed reasons, pushing the matchup back until UFC officials were able to rebook it for September’s card in Los Angeles.

Ortega’s path to this rematch has been marked by significant difficulty in recent fight camps. He pulled out of a scheduled bout against Diego Lopes ahead of UFC 303 before the two eventually met months later at UFC 306. He then struggled to make weight ahead of a bout against Aljamain Sterling at UFC Shanghai, forcing that contest to be shifted to a catchweight affair. Ortega lost that fight decisively, getting outworked across five rounds, extending a stretch in which he has now dropped four of his last five outings. The repeated weight-cutting issues ultimately factored into the decision to move him up to lightweight on a permanent basis, a shift being framed less as an experiment and more as a practical reset for the 35-year-old former two-time featherweight title challenger.

Moicano, meanwhile, enters the rematch in considerably stronger recent form. The 37-year-old, who moved up to lightweight permanently several years ago after spending his first eight UFC appearances at featherweight, snapped a two-fight losing skid in his most recent outing by submitting Scottish contender Chris Duncan in the main event of UFC Vegas 115. That performance has left Moicano positioned as a betting favorite heading into the September rematch, according to analysts who have pointed to his sharper recent form inside the Octagon compared to Ortega’s extended rough patch.

What’s at Stake for Both Fighters

For Ortega, a win in his lightweight debut would provide a ranked start in a new weight class following a rocky final stretch at featherweight, offering a potential career reset against a well-regarded opponent. For Moicano, the fight represents both an opportunity to protect his standing in the lightweight rankings and a chance to finally even the score in a rivalry that has sat unfinished since 2017.

A Growing Card in Los Angeles

UFC 331 has continued to take shape as a heavily anticipated numbered event, with the Ortega-Moicano booking joining a rumored lightweight rematch between former interim champion Charles Oliveira and Arman Tsarukyan for the BMF title, widely expected to headline the card. Additional bouts reported for the lineup include Charles Jourdain against Marlon Vera, Ryan Gandra against Ozzy Diaz, Dooho Choi against Patricio Freire, and a women’s flyweight matchup between Eduarda Moura and Casey O’Neill.

As of the latest reports, the UFC had not yet formally announced an official main event or co-main event for the card, though the presence of multiple ranked and former title-challenging fighters across the lineup has already generated significant buzz among fans and analysts ahead of the September date.

A Familiar Venue for a Historic Rivalry

Crypto.com Arena, formerly known as Staples Center, has hosted numerous high-profile UFC events over the years and is set to once again serve as the backdrop for a fight carrying significant personal stakes for both competitors. The venue’s history with major UFC cards adds to the anticipation surrounding a bout that many fans have wanted to see rebooked since Ortega’s dramatic 2017 finish first launched the rivalry between the two veterans.

With UFC 331 still roughly six weeks away, additional bouts are expected to be added to the card in the coming weeks as the promotion continues finalizing its lineup for the September event. For now, the confirmed pairing of Ortega and Moicano stands as one of the most compelling storylines on the developing card, offering fans a chance to see whether Moicano can finally settle the score against the man who handed him his first career loss, or whether Ortega can use the rivalry as a springboard to reestablish himself in a fresh weight class after a difficult stretch at 145 pounds.

Operator

Hello, everyone. Thank you for joining us and welcome to Bumble’s Second Quarter 2026 Financial Results Conference Call. [Operator Instructions]

I will now hand the conference over to Will Taveras, Head of Investor Relations. Will, please go ahead.

William Taveras
Head of Investor Relations

Thank you for joining us to discuss Bumble’s Second Quarter 2026 Financial Results. With me today are Bumble’s Founder and CEO, Whitney Wolfe Herd; and CFO, Kevin Cook.

Before we begin, I’d like to remind everyone that certain statements made on this call today are forward-looking statements. These forward-looking statements are subject to various risks and uncertainties and reflect our current expectations based on our beliefs, assumptions and information currently available to us.

Although we believe these expectations are reasonable, we undertake no obligation to revise any statement to reflect changes that occur after this call. Descriptions of factors and risks that could cause actual results to differ materially from these forward-looking statements are discussed in more detail in today’s earnings press release and our periodic filings with the SEC.

During the call, we also refer to certain non-GAAP financial measures. These non-GAAP measures should be considered in addition to and not as a substitute for or in isolation from our GAAP results. Reconciliations to the most comparable GAAP measures are available in our earnings press release, which is available on the Investor Relations section of our website at ir.bumble.com.

With that, I will turn the call

Shopify shares surged Wednesday after the Ottawa-based e-commerce software company delivered second-quarter results that beat Wall Street expectations across every major metric, along with a third-quarter outlook that comfortably outpaced analyst forecasts, sending the stock toward its highest levels of the year.

Shopify shares climbed as much as 33.8% in premarket trading before settling to a gain of 16.72% by the time markets opened, with the stock changing hands at $143.91. The rally marked one of the largest single-session moves in the company’s history and erased a substantial portion of the stock’s earlier year-to-date underperformance, which had left shares down roughly 23.4% through Tuesday’s close.

A Broad-Based Beat

Shopify reported second-quarter revenue of $3.58 billion, up 34% from the prior year and well ahead of the consensus estimate of approximately $3.45 billion compiled by Visible Alpha. Adjusted earnings came in at 42 cents per share, topping the 40-cent forecast by two cents. Gross merchandise volume, the total dollar value of transactions processed through Shopify’s platform, rose 32% year over year to $115.57 billion, also exceeding analyst expectations of $111.98 billion.

Profitability metrics showed similar strength. Gross profit reached $1.71 billion, up 31% from the same period a year earlier, while free cash flow came in at $654 million, representing an 18% margin, up sharply from $422 million in the prior-year quarter. Chief Financial Officer Jeff Hoffmeister pointed to growth across merchant sizes, sales channels and geographies as central to the results, saying in a statement that the company is building a model defined by broad-based, consistent and compounding growth paired with financial discipline.

Guidance Clears a High Bar

Perhaps more significant than the second-quarter beat was Shopify’s outlook for the current quarter. The company projected third-quarter revenue growth at a low-thirties percentage rate, well ahead of Wall Street’s expectation of a roughly 26% to 27% increase. If achieved, that guidance would mark the sixth consecutive quarter in which Shopify’s revenue growth has exceeded 30%, a streak that has become a central pillar of the bullish case for the stock among analysts who follow the company closely.

Easing Fears Over AI Competition

The scale of Wednesday’s rally reflected not just the strength of the quarter itself, but relief among investors who had grown increasingly concerned about competitive threats to Shopify’s business from artificial intelligence tools aimed at small businesses. Rothschild & Co Redburn downgraded Shopify stock to neutral in July, arguing that Meta Platforms’ expanding push into AI-powered commerce tools for small merchants could erode Shopify’s competitive advantage over time, a call that had weighed on sentiment heading into the earnings report.

Wednesday’s results appeared to substantially quiet those concerns, at least for now. Shopify’s own AI initiatives, including its Sidekick AI assistant, have drawn increasing attention from Wall Street analysts as a potential growth driver rather than a competitive threat. Morgan Stanley initiated coverage on Shopify last month with an Overweight rating and a $192 price target, citing the company’s e-commerce strength and what it described as a fast path to monetization through AI tools. Analysts at RBC Capital have separately argued that AI-built custom commerce tools are unlikely to fully replace established platforms like Shopify, countering fears that artificial intelligence could erode the company’s competitive moat. Stifel and Bank of America have both maintained Buy ratings with $150 price targets, pointing to Shopify’s positioning in what the firms describe as “agentic commerce,” AI-driven systems capable of handling more of the shopping journey automatically.

A Volatile Run-Up to Earnings

Wednesday’s surge capped an unusually volatile stretch for Shopify shares heading into the earnings report. The stock had swung from the mid-$120s down toward $112 over the prior several weeks before rebounding to close near $123 on Tuesday, a pattern that traders said reflected active dip-buying even amid uncertainty ahead of the results. In premarket trading following the earnings release, the stock briefly spiked from roughly $123 to above $160 before cooling off, an unusually wide intraday range that underscored just how sharply investor sentiment shifted once the numbers were released.

A Premium Valuation Still in Place

Despite Wednesday’s rally, Shopify continues to trade at valuation multiples well above the broader market, with a price-to-earnings ratio above 110 and a price-to-sales ratio exceeding 12, reflecting the growth-stock premium investors have historically assigned to the company. That elevated valuation means the stock will likely remain sensitive to any signs that its growth trajectory is decelerating in future quarters, even as Wednesday’s results provided a strong reason for bulls to extend their thesis in the near term.

Resilient Consumer Spending Amid Global Uncertainty

Shopify’s strong results also arrived against a broader economic backdrop marked by geopolitical tensions and elevated gas prices tied to the ongoing conflict involving Iran, factors that have put pressure on household budgets in several of the company’s key markets. Despite those headwinds, consumer demand has remained resilient, supported by a strong labor market and continued wage growth, dynamics that appeared to translate directly into the strength of Shopify’s merchant sales volumes during the quarter.

With Wednesday’s results delivering the company’s strongest single-day stock reaction in recent memory, attention now shifts to whether Shopify can sustain its accelerating growth trajectory into the back half of the year. Investors are likely to watch closely for further evidence that the company’s AI tools are translating into deeper merchant adoption and higher take rates, factors that analysts say will be central to determining whether Shopify’s premium valuation remains justified as competition in AI-driven commerce continues to intensify across the broader technology sector.