Markets are like the weather, able to change at the drop of a hat. Bond yields are retreating, oil is back below $100 a barrel, and stocks are back on the rise.
None more so than dot-com era darling Akamai after it struck a $12 billion deal with Anthropic for its cloud infrastructure services for seven years. It's a game-changing AI deal for Akamai, similar to Generac's recent Amazon tie-up in terms of impact-and it's unlikely to be the last.
Rapid turnarounds in fortune aren't always good, particularly when the hunter quickly becomes the hunted. Barry Diller's People Inc only withdrew its bid for MGM on Wednesday and now the casino company is discussing buying the billionaire's company. Talk about turning the tables.
It's too early to say the bond market has turned the corner, though, after this week's brutal selloff. With yields at high levels and seemingly at the whim of oil prices, things can change back just as quickly.
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📈 Here's what's happening in markets today:
Stock futures rise as retreat in bond yields soothes market.
AMD, Marvell, Akamai, Chevron, and more stocks that explain today's market.
MGM turns tables on Diller. Why it's betting big on old-school Las Vegas gambling.
SpaceX AI will pass Anthropic, OpenAI in 6 months, Musk says.
Tesla launches the Semi Truck. The new Roadster is up next.
How Nvidia just got an Elon Musk boost.
Zscaler stock falls on management change. Analysts see it as a 'low-disruption' move.
🌐 Trump, Xi seek cooperation amid trade and AI tensions
Before a closed-door meeting with President Donald Trump, Chinese leader Xi Jinping urged cooperation and stronger communication between the U.S. and China. He said the two rivals should be in a race to catch up with one another, "not a wrestle where one wins versus the other." For more on the summit read this.
🏡 Mortgage rates could climb to near 9%, economists say
Mortgage rates by Freddie Mac's weekly measure climbed past 7% for the first time since early 2025, and they could move up another percentage point or two if everything goes sideways. Mark Zandi, the chief economist at Moody's Analytics, tells Barron's there's no cap restraining things.
🤖 Anthropic seeks more computing power from Akamai
Artificial intelligence company Anthropic struck an $11.6 billion deal for computing services from cloud infrastructure company Akamai for the next seven years, including warrants for Akamai stock and an option to expand the deal by another $9 billion.
🛒 Costco faces economic headwinds but boosts profitability
Costco Wholesale beat quarterly earnings expectations, navigating economic headwinds while still managing to boost profitability. The report highlighted the growing pressure that emerged earlier this year as rising inflation prompted consumers to rein in spending, even as the retailer continued reporting strong same-store sales.
🕋 Oracle's data center warning rattles AI partners on project
Oracle reassured that its Project Jupiter data center campus in New Mexico remains on schedule, but the project's partners were rattled by a Bloomberg story that said it had sent a force majeure notice seeking the right to put off payments if the campus doesn't come online as scheduled.
🚗 Hyundai could outsell Ford Motor in the U.S., Cox says
Research firm Cox Automotive expects Korean auto maker Hyundai to outsell Ford Motor in the U.S. in the third quarter for the first time, with hybrid vehicles being its fastest growth area in the U.S. market. Ford's sales have softened recently, but it disputes the Cox figures.
📰 Don't miss out on our other newsletters
Review & Preview : It's All About the Yields
Barron's Tech : Meta's Muse AI Puts Amazon in a Tough Spot
Global Signals : China Is Buying Oil But Don't Panic Just Yet
🎮 Meta's AI videogame building tool spooks these stocks
Videogame stocks took a hit after Meta Platforms announced new artificial intelligence tools that can build mobile games. Gaming investors shouldn't be concerned just yet. Read about it here.
💬 Quote of the day:
Other headlines moving markets:
Dell top executives sell $32 million in stock as AI rally accelerates.
Grab the income: Your playbook for a high-yield bond market.
Qualcomm renews deal with Apple.
Brokerage firm debuts AI agents for prediction market trading.
Why the economy can handle surging bond yields, for now.
BlackBerry reports strong earnings, driven by car software.
Why Oracle's data center issue is a problem for GE Vernova.
Why a 7-year Treasury auction matters for bond yields .
Did fake comments support proposal to put alternative investments in retirement plans?
How Micron stock could grow another 50%
The number of student loans in default is bad and going to get worse.
CoreWeave and Nebius score upgrades.
Starbucks will close another 250 stores as part of turnaround.
Nvidia's Huang suggests drastic alternative to AI regulation.
Why Everpure's stock was the best in the S&P 500.
In the U.S.-China rivalry, one has a slight edge. AI is a wild card.
Tech companies' cash burn isn't the problem you might think.
Apple, Berkshire, and Walmart all have new CEOs. Which one will do best?
Cava stock is too tasty to pass up.
Meta stock soared on Muse AI. The easy gains are gone.
'The EU is not waiting for the AI car to crash.'
Brookfield has an enviable record of boosting profits. Its stock looks cheap.
From the 'Buffett of Bonds,' advice for tumultuous times.
-Edited by Liz Moyer, Stacy Ozol, and Rupert Steiner