Stocks are under pressure as the third quarter begins, with gold, silver, and crude oil also slipping while the dollar edges higher. New Fed Chair Kevin Warsh is making his first global public appearance today, and markets are watching for any signal on potential rate hikes ahead of the July 29 and September 16 meetings. Expectations for at least one 2026 hike helped boost the dollar last quarter, and while the official chance of a July increase is around 36%, futures and options markets lean toward positions that would benefit from a hike. In corporate news, Nike reported fiscal fourth-quarter profit of $1.07 billion, or 72 cents a share, including a 52-cent gain from expected tariff rebates, but sales dipped 1% and the company warned of ongoing weakness in China, leaving the stock down 34.5% year-to-date. Separately, Business Insider reported that Microsoft may cut 2.5% of its workforce as soon as next week, targeting sales, consulting, and the Xbox gaming unit, with the company having about 228,000 full-time workers as of mid-2025; Microsoft stock is down 22.5% year-to-date.
Microsoft CorporationMicrosoft may cut 2.5% of workforce, targeting sales, consulting, and Xbox gaming unit.
Nike IncNike reported sales dip and warned of ongoing weakness in China.