Reuters Morning Bid

Investors push CoreWeave shares higher after the AI cloud company reported strong results and highlighted more than $100 billion in backlogged orders. Meanwhile, markets are bracing for a closely-watched U.S. inflation report that could shape the Federal Reserve's next move. And oil prices continue to climb as Red Sea attacks persist and progress in U.S.-Iran talks remains elusive.

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Today's recommended read: Three midweek thoughts - 'magnificent' banks, Japan switch, populism by Mike Dolan ⁠⁠⁠

Subscribe to Mike Dolan's Morning Bid⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ newsletter,⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ and check out his columns on⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ Reuters Open Interest⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠.

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Nvidia is reportedly working with Wall Street giants on a financing push that could funnel up to $500 billion into AI infrastructure. Oil prices are climbing again as hopes for a breakthrough between the U.S. and Iran being to fade. And traders are once more trusting Japan's resolve to defend the yen as Treasury yields march higher.

Today's recommended read: Trump reopens Fed battle at critical time for bond markets by Mike Dolan ⁠

Subscribe to Mike Dolan's Morning Bid⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ newsletter,⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ and check out his columns on⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ Reuters Open Interest⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠.

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President Trump gives Fed Governor Lisa Cook three weeks to answer mortgage fraud allegations, with the deadline falling just before the September FOMC meeting - raising fresh questions about Fed independence under Chair Kevin Warsh. Meanwhile, the U.S. economy shed 23,000 jobs in July in a surprise miss, though a falling unemployment rate and solid construction gains tempered the reaction. All eyes now turn to Wednesday's CPI print, with oil near $83 a barrel and retail fuel prices still roughly 30% above pre-war levels.

Today's recommended read: ⁠China is balancing Asia's crude oil demand by itself, Clyde Russell

Subscribe to Mike Dolan's Morning Bid⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ newsletter,⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ and check out his columns on⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ Reuters Open Interest⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠.

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A closely watched U.S. jobs report could shape expectations for the Fed's next move on interest rates. Plus, markets are adjusting to a Federal Reserve that is saying less and letting investors do more of the guessing. And, SpaceX weathered a major lockup export without the sell-off many had expected.

Today's recommended read: AI could end Wall Street's EPS obsession by Marty Fridson

Subscribe to Mike Dolan's Morning Bid⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ newsletter,⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ and check out his columns on⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ Reuters Open Interest⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠.

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A proposed Iran deal that would give Tehrangreater control over shopping in the Strait of Hormuz is keeping oil below $80 a barrel. Gold has posted its biggest one-day gain in six months as investor reassess the outlook for inflation and interest rates. Meanwhile, Wall Street is cautious after weak chip-sector earnings and ahead of a pivotal U.S. jobs report.

Today's recommended read: US-Japan action undercuts G7's historic FX role⁠ by Mike Dolan

Subscribe to Mike Dolan's Morning Bid⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ newsletter,⁠⁠⁠⁠⁠⁠⁠⁠⁠ and check out his columns on⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ Reuters Open Interest⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠.

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