Business
Nasdaq Climbs to 25,568 as Micron’s Blowout Earnings Spark Chip-Sector Rally
The Nasdaq Composite rose 91.99 points, or 0.36%, to close at 25,568.63 on Thursday, recovering from earlier in the week’s turbulence as memory chip giant Micron Technology delivered a blowout earnings report that reignited optimism around AI infrastructure spending.
Micron’s Earnings Spark a Rally
Stock futures climbed Thursday, boosted by Micron’s blowout earnings report, as Wall Street also monitored the release of the Federal Reserve’s preferred inflation gauge. Micron crushed Wall Street expectations in its fiscal third-quarter results, driven by strong demand and pricing for memory chips used in artificial intelligence data centers.
That result followed a remarkable run for the stock throughout 2026. Micron has had an astronomical run in 2026, with shares hitting a new all-time high on Monday and ending Tuesday at $1,051.77 per share, even after Tuesday’s broader chip-sector selloff had pushed shares down sharply heading into the earnings report.
A Volatile Week Leading Up to Thursday
Thursday’s gains came after a genuinely turbulent stretch for technology stocks earlier in the week. The Nasdaq Composite pulled back on Wednesday as Micron Technology shares fell, with investors looking ahead to the release of the chipmaker’s earnings after the bell. The tech-heavy index slipped 0.43% to end at 25,476.64, while the S&P 500 declined 0.10% to 7,358.22. The Dow Jones Industrial Average added 182.06 points, or 0.35%, to end at 51,848.90.
That followed an even sharper decline earlier in the week. The Nasdaq (-2.21%) and S&P 500 (-1.44%) faced losses Tuesday as a global rout in technology stocks weighed on major indexes, with most of those declines driven by fears about the high-flying semiconductor sector. The selling started before the day even began, as South Korea’s chip-heavy KOSPI index fell nearly double digits on the day.
Falling Oil Prices Provided an Offsetting Tailwind
Beyond the chip-sector volatility, easing energy prices have continued supporting the broader market throughout the week. Oil prices continued their decline Wednesday. International benchmark Brent crude futures lost 4.33% to settle at $73.74 per barrel, seeing its lowest level since before the U.S. and Israel first launched airstrikes against Iran at the end of February. U.S. West Texas Intermediate futures slid 3.92% to settle at $70.34 a barrel.
President Donald Trump said Wednesday that Iran has informed him there will be no tolls, insurance costs, or other charges for commercial ships passing through the Strait of Hormuz, adding further reassurance to markets already encouraged by the declining oil prices.
A Notable Senate Vote on Iran War Powers
Beyond the market-moving economic data, a significant political development unfolded in Washington late Wednesday tied to the broader Iran situation. Republican senators switched their votes on an Iran war powers resolution late Wednesday, hours after a contentious meeting that reportedly included a heated exchange with President Trump over opposition to the measure. Senators Bill Cassidy of Louisiana and Rand Paul of Kentucky had previously voted to advance the resolution, which would have given Congress the ability to block U.S. military action in Iran, but both ultimately withdrew their support following a closed-door lunch at the White House.
Alphabet Set to Join the Dow
In a significant index-composition development, Alphabet will replace Verizon in the Dow Jones Industrial Average, S&P Global said Tuesday, further expanding mega-cap technology’s presence in the blue-chip average. The change reflects the continued growth of Alphabet’s market value relative to Verizon’s, even as Alphabet itself shed earlier gains to close down 0.2% on Wednesday after the announcement.
JPMorgan Announces Major Leadership Changes
Beyond the market-wide moves, JPMorgan Chase promoted two senior executives into newly created co-president roles, marking another step in CEO Jamie Dimon’s long-running succession planning. Doug Petno and Troy Rohrbaugh, who have jointly led the bank’s commercial and investment banking division since 2024, were named co-presidents effective immediately. Petno will become CEO of the commercial and investment banking division, while Rohrbaugh will lead consumer and community banking, replacing Marianne Lake, a 25-year JPMorgan veteran who will retire from the company.
SpaceX Continues Its Volatile Post-IPO Trading
Among the most closely watched individual stocks this week has been SpaceX, which completed the largest initial public offering in history on June 12, raising $75 billion through the sale of 555.5 million shares at $135 each. SpaceX inched up Wednesday and managed to close above its IPO price of near $150, though it was down more than 1.5% Thursday morning. The wild swings so far partially reflect news of a $25 billion debt sale that, according to Bloomberg, met a “skeptical audience” in the bond market, judging by its premium pricing.
Gold Falls Below $4,000 for the First Time in Months
Beyond equities, the broader market turbulence has also weighed heavily on precious metals prices this week. Gold futures with August delivery dipped below $4,000 for the first time in seven months, deepening their downturn amid the broader stock market slump, with the metal last trading around $3,987.30 — marking its first time below the $4,000 level since November 18, 2025.
Volatility Gauge Spiked Amid the Tech Selloff
The week’s turbulence in technology stocks was reflected clearly in broader market volatility measures. The Cboe Volatility Index jumped nearly 13% to 19.49 on Tuesday, while tech volatility rose more sharply than broad-market volatility, suggesting investors were specifically hedging against a technology-led shakeout even as the broader market showed more resilience.
What’s Ahead This Week
With Thursday’s session benefiting from Micron’s strong results, attention now turns to additional economic data due before the week concludes. May Personal Consumption Expenditures price data, the Federal Reserve’s preferred inflation gauge, along with the final estimate of first-quarter GDP and May durable goods orders, were all scheduled for release Thursday, with the University of Michigan’s final June consumer sentiment reading set to follow Friday.
With markets having weathered a sharp chip-sector selloff earlier in the week before rebounding on Micron’s blowout results, investors will be watching closely for confirmation that this week’s volatility reflected temporary profit-taking on crowded AI and semiconductor positioning rather than a more fundamental shift in sentiment toward the broader technology trade. Given the S&P 500’s technology sector had climbed 27% over the prior three months heading into this week’s turbulence, market participants will likely continue monitoring whether Thursday’s recovery can be sustained into next week, particularly as additional inflation data and any further developments in the Iran situation continue to shape the broader macro backdrop for risk assets.
Business
Mitsubishi Electric Corporation 2027 Q1 – Results – Earnings Call Presentation (OTCMKTS:MIELY) 2026-08-01
Seeking Alpha’s transcripts team is responsible for the development of all of our transcript-related projects. We currently publish thousands of quarterly earnings calls per quarter on our site and are continuing to grow and expand our coverage. The purpose of this profile is to allow us to share with our readers new transcript-related developments. Thanks, SA Transcripts Team
Business
Migrants say hunger and hostility drove them back from Spain’s Ceuta to Morocco

Migrants say hunger and hostility drove them back from Spain’s Ceuta to Morocco
Business
‘Big Daddy’ laps up Cipla after Q1 nos beat forecast
Business
SDI Group plc (SDIIF) Q4 2026 Earnings Call Transcript
Operator
Good afternoon, and welcome to the SDI Group Plc Final Results Investor Presentation. [Operator Instructions] Before we begin, I would like to submit the following poll.
I would now like to hand you over to CEO, Stephen Brown. Good afternoon.
Stephen Brown
CEO & Director
Good afternoon, and a warm welcome to today’s final results for the year ended 30th of April 2026. I’m Stephen Brown, CEO of SDI Group, and joining me is our CFO, Ami Sharma; and Group Head of Corporate Development, James Dimitriou.
Today, we’ll walk you through our group summary, provide an operational overview, present the financial results for FY ’26 and discuss the outlook for next year. At the end, we will answer any questions you may have.
First, let me introduce you to the SDI Group. We are a buy-and-build group with, at the year-end, 18 established businesses with over 550 employees operating from 19 locations worldwide. We operate a decentralized model that fosters autonomy, independence and agility with our focus being on high-growth scientific niche markets. We have a proven strategy of combining organic growth with earnings-enhancing acquisitions, having made 21 since 2014.
In FY ’26, we achieved a total group revenue of circa GBP 75 million, and this came from growth from all 3 of our divisions. This is, in fact, the highest level in SDI’s history. Also, with our operations being geographically diverse, we export more than 70% of our highly specialized products to international markets.
Our buy-and-build model relies on a compounding cycle of growth. This cycle focuses on 2 key pillars, organic
Business
Minnesota bans crypto ATMs after elderly population was targeted
CMS Administrator Dr. Mehmet Oz reveals whistleblowers in Minnesota were ‘ostracized’ and called ‘racist’ for trying to address Medicaid fraud involving Somalis.
Minnesota’s ban on cryptocurrency ATMs took effect Saturday after state officials said residents had reported losing nearly $1 million in scams involving the machines since 2023.
Democratic Gov. Tim Walz signed legislation on May 4 banning the installation of crypto ATMs, also known as kiosks, which are commonly found in gas stations and convenience stores. Existing machines must be removed from the state by Dec. 31.
The ATMs were being used by criminals to disproportionately target seniors, according to state officials.
Scammers often impersonate law enforcement officers and pressure elderly victims into using nearby crypto ATMs to send money for a loved one’s supposed release from jail, according to Paul Haas, an investigator with Minnesota’s Department of Commerce.
ALLEGED FEEDING OUR FUTURE FRAUD RINGLEADER TRANSFERRED FROM SOMALIA TO FACE US CHARGES

Minnesota Gov. Tim Walz prepares to testify during a House Oversight and Government Reform Committee hearing in the U.S. Capitol Building on March 4, 2026, in Washington, D.C. (Anna Moneymaker/Getty Images / Getty Images)
“When victims call our office after a crypto kiosk scam, you can hear the panic and shame in their voices,” Haas said. “By the time victims realize they were deceived, the emotional and financial damage can be devastating.”
Officials also said many of the thefts go unreported because the victims are embarrassed at having been tricked.
Last year alone, there were 70 cases of people falling victim to these kinds of fraud schemes, investigators said. More than $540,000 was lost and the average loss per transaction was nearly $6,800, according to state officials.
Crypto ATM transactions cannot be reversed and are often difficult to trace once the funds reach a scammer’s digital wallet, according to officials in several other states that have reported similar problems.

A cryptocurrency ATM in a gas station in White Bear Lake, Minnesota, on May 21, 2026. (Michael Siluk/UCG/Universal Images Group via Getty Images / Getty Images)
TIM WALZ BECOMES GOP PUNCHLINE IN SWEEPING NEW WAR ON WELFARE FRAUD
Transactions made with cryptocurrency are generally irreversible because once they are made, they are recorded on a decentralized blockchain, meaning no central institution can simply cancel them or recover the funds.
Traditional bank transactions, by contrast, pass through centralized financial institutions that may be able to freeze, dispute or reverse certain payments.
U.S. consumer-protection laws also require banks to investigate certain unauthorized electronic transfers, while credit-card customers generally have the right to dispute unauthorized charges through the chargeback process.
Crypto transactions generally do not carry comparable consumer protections, though Congress is attempting to bring digital currency under more stringent federal regulation.

Mehmet Oz, administrator of the Centers for Medicare & Medicaid Services, announced his agency will freeze more than $1 billion in Medicaid funding to California and Minnesota over suspected fraud on July 21, 2026. (Tierney L. Cross/Bloomberg via Getty Images / Getty Images)
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The crypto ATM ban in Minnesota comes as the state faces broader scrutiny over allegations of widespread fraud involving government-funded programs, prompting a growing federal crackdown and renewed criticism of Walz’s oversight of state agencies.
On July 21, the Trump administration froze more than $1 billion in federal Medicaid funding to California and Minnesota over suspected fraud.
The Centers for Medicare & Medicaid Services (CMS), led by Mehmet Oz, is withholding more than $200 million from Minnesota while federal officials review what they described as high-risk Medicaid claims and documentation deficiencies.
Days after that announcement, the Department of Justice said four Minnesota men pleaded guilty to stealing $2.2 million from the state’s program to help homeless people. The program was primarily funded through Medicaid.
Business
Lovable Lingerie’s dream run on as traders lap it up
It gained a third in about a week. But the small float and low delivery volumes is an alert against wagering on it for some who fear it may have risen beyond its fundamentals when many other newly-listed companies are trading below their sale price.
“The rally in Lovable Lingerie is more a momentum play with hardly any genuine interest,” says Sharad Rathi, associate director at Almondz Global Securities.
“The valuations seem to be a bit out of whack.” Lovable that sold shares at Rs 205 apiece, has risen 109% to Rs 428.5 on Friday after touching a high of Rs 462.50. Some of the top shareholders include HDFC Mutual Fund, SBI Funds, UTI Asset management and Fidelity, filings show.
Total outstanding shares of the firm is at 1.68 crore and public holding is about 50 lakh shares. The Sensex was down 2.6% during the period and the BSE IPO index was up 1.6%. Fineotex Chemical and C Mahendra Exports are the two companies that have returned more than Lovable, among this years’ IPOs.
The stock trades at 31 times forecast earnings for fiscal 2012, compared with Page Industries’ 27 times its earnings. Although the stock had been among the top traded in the last few days, gaining to limit on some days, the number of shares that changed had remained negligible. The quantity of shares actually changing hands — was in single digit for many days.
The delivery ratio was 2% to 9% between June 10 and 17 when the stock moved up 33% on BSE, exchange data show. This follows the performance of Page Industries which has gained 396% since its IPO in March 2007. Shares that were sold at Rs 396 apiece are trading at Rs 1,784. “Rising disposable incomes and growing awareness about personal hygiene are boosting growth of the innerwear market in India,” said Anand Rathi Secutities in a recent report. “Also enhancing this growth is the rising modern trade malls, shopping complexes etc,” said the brokerage which has a target price of Rs 430.
The Mumbai-based company’s Rs 93-crore IPO drew good response with it getting subscribed 21.8 times the institutional portion, 98.5 times among wealthy individuals and 20.5 times in the retail category. Rise in raw material prices and intensifying competition are the two risks for earnings growth, the report said.
Business
Cigarette companies: Price hikes with higher volumes hold promise
Unlike previous years, the central government has not increased excise duty on cigarettes in the budget for this fiscal, though states have varyingly raised value added tax (VAT). While northern states such as Rajasthan have significantly raised VAT on cigarettes, all the southern states have spared the sector from a major increase. In contrast, competing tobacco products such as ‘pan masala’ and chewing tobacco have witnessed cost increases in the form of higher taxation and a rise in raw material cost.
Also, prices of tobacco have remained benign compared with higher prices of ‘tendu’ leaves that are used for manufacturing ‘beedis’. The cigarette industry has cashed in on the rise in beedi prices by competitively pricing low-end and micro filter cigarettes to lure ‘beedi’ smokers to cheaper cigarettes. Also, contrary to its earlier plans the government decided to issue less gory pictorial warnings on cigarette packets, which has aided sentiment in the stocks.
In the quarter ended June, VST Industries reported a 90% year-on-year jump in net profit. ITC, which is yet to declare its first quarter earnings, is expected to have witnessed a pick-up in cigarette volumes despite price increases in some of its products. Going forward, the rally in cigarette companies is likely to continue as all factors seem to be positive for the sector.
Analysts expect cigarette companies to report strong earnings growth driven by higher volumes, price increases and lower expenses.
Business
Discoms’ poor financial health poses risks for power traders: Fitch
In a report released today, Fitch Ratings said the credit risk of power traders has become “riskier” due to profitability and liquidity constraints faced by state power utilities.
“If these utilities are having liquidity problems which are leading to delays or defaults in their obligation to power traders, then this in turn increases the business risk for power traders,” it noted.
This could lead investors in power trading companies to either seek higher return on the investments or seek alternate avenues for investment.
Leading power traders include PTC India and Tata Power Trading Company.
Going by estimates, over the past four years, the top five trading licensees have controlled over 80 per cent of the market in terms of volumes.
Some of the large loss making state power utilities come from the states for Tamil Nadu, Uttar Pradesh, Madhya Pradesh. These are also largest buyers of short-term electricity through power traders, Fitch Ratings said.”The financial health of state power utilities, the major customers of power traders, has deteriorated with aggregate annual book losses widening to Rs 295 billion (Rs 29,500 crore) in FY 10 from Rs 70 billion (Rs 7,000 crore) in FY 06, leading to an increase in counterparty risk,” the report said.
As per Planning Commission‘s estimates, electricity distribution losses totalled a whopping Rs 70,000 crore in 2010-11.
According to Fitch, the biggest short-term buyers — SPUs in Tamil Nadu and Rajasthan — face huge energy deficits with largest cash losses on a revenue and subsidy-realised basis.
“Hence, these states will remain net-buyers on short-term power markets and continue to act as major counterparties for power traders. This increases the risk for undiversified power traders significantly,” it added.
The report pointed out that traders with strong equity base and high cash balance are better placed since they have the buffer to absorb any increase in the working capital cycle in the event of delays or defaults by SPUs.
Director in Fitch’s Asia Pacific Utilities team Salil Garg said the agency expects larger traders to face low business risk due to many factors, including economies of scale and diversified customer base.
Business
US bars imports from 43 more companies over China’s alleged forced labor involving Uyghurs

US bars imports from 43 more companies over China’s alleged forced labor involving Uyghurs
Business
Israeli strikes kill two in Gaza, destroy medicine storage warehouses

Israeli strikes kill two in Gaza, destroy medicine storage warehouses
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