Amazon’s quick-commerce service Amazon Now has surpassed $1 billion in annualised gross revenue in India less than two years after its launch. The service currently operates in more than 60 towns and cities, and Amazon said orders have doubled every quarter since it launched in India a year ago. Amazon plans to expand Amazon Now to 100 Indian cities by Diwali in November, stepping up competition with Blinkit, Zepto, Swiggy and Flipkart.

U.S. stocks came under pressure Tuesday, with the S&P 500 down 0.4%, the Dow Jones Industrial Average off 506 points, and the Nasdaq composite lower by 0.6%. The drag came as oil prices climbed and the bond market sold off. The 10-year U.S. Treasury yield rose to 5.01%, the first move above 5% since 2023.

AI startup Anthropic expects to post positive adjusted operating income for a second straight quarter. The company’s gross margins are above 80%, though the figure excludes partner revenue shares and model-training costs. Quarterly revenue topped $11.5bn last month, and annualised revenue reached $65bn in July, about seven times a year earlier, according to CNBC. Anthropic confidentially filed for an IPO in June, is planning a Nasdaq listing, and is finalising a $15bn revolving credit facility while targeting an offering that could match or exceed SpaceX’s $86.3bn record.

SoftBank Group shares in Tokyo fell as much as 13% on Monday, marking their biggest one-day drop since July. Bloomberg reported that the company secured an $11.87bn loan to fund its OpenAI investment, exceeding an earlier $10bn target. SoftBank is set to invest close to $65bn in OpenAI by October and has raised the equivalent of about $37bn from bonds and loans this year. The broader AI trade weakened as the Philadelphia semiconductor index slid more than 5% on Monday.

Cronos, the blockchain ecosystem associated with Crypto.com, is renaming its trading app to Ult and plans a global iOS and Android rollout on September 17, expanding into prediction markets, perpetuals and tokenized assets. CEO Ryan Wyatt said the shift is meant to give users and developers clearer direction and put greater emphasis on products that create value for CRO. Cronos Labs has proposed using 100% of revenue from Ult and Cronos Launch to buy CRO on the open market and burn it, while funding operating and growth costs from existing capital.

UK average earnings including bonuses rose 3.9% year on year in the three months to July, the weakest pace since November 2020 and down from 4.2% previously. Private-sector pay growth excluding bonuses eased to 2.9%, while the unemployment rate held at 4.9% in line with expectations. The Bank of England has said wage growth needs to settle in the 2-3% range to keep inflation stable at its 2% target.

U.S. stock futures fell Tuesday, with S&P 500 futures down 0.2%, Dow futures down 0.3% and Nasdaq futures off 0.1%. Artificial intelligence-related shares came under pressure on safety concerns. Oil prices continued to rise as the Middle East conflict persists, while the 10-year U.S. Treasury yield climbed to 5.01%, the highest level in 19 years. The market is also weighing increased expectations of a Federal Reserve rate hike, adding to pressure on equities.

Oil industry executives are warning that a global fuel crisis has arrived, with the Strait of Hormuz effectively shut and a key Saudi pipeline knocked offline. The pipeline damage is cutting supply by about 2.5 million gallons a day and is expected to last for weeks, while the market’s buffers have been largely used up. Brent crude is nearing $101 a barrel and diesel has hit a record $6.23 a gallon, according to the Wall Street Journal.