Short positions in SpaceX (SPCX) have reached $23.6 billion in notional value, exceeding Tesla’s roughly $22 billion. Shorts now represent 32.2% of SpaceX’s publicly tradable float, up from about 5% to 7% shortly after its June IPO. The shift comes as the company heads into its first quarterly earnings report as a public company and the first insider lockup expiration, after the stock fell more than 50% from its intraday high and the company lost more than $500 billion in market value.

AstraZeneca (AZN.L) shares fell as much as 7%, and were down 6.5% in early trading, after a report said it has held merger discussions with Bristol Myers Squibb (BMY) on a deal valued at roughly $400 billion. The Financial Times reported that the talks have been ongoing for several months. Both companies declined to comment. The report weighed on AstraZeneca’s stock and pressured the largely flat FTSE 100.

Seven countries including Saudi Arabia and Russia agreed to increase crude output, completing the full rollback of the 1.65 million barrels-per-day cuts agreed in 2023. WTI and Brent futures both fell more than 4% in early Asia trading. The move marks a shift in OPEC+ supply policy that feeds directly into global spot and futures oil pricing.

Amazon CEO Andy Jassy said the company raised its 2026 capital spending budget by $20 billion to $220 billion, adding that even that level would not cover all AI-compute demand. Amazon shares surged 15.3% on the day, adding $382 billion in market value. Alphabet also lifted its 2026 capex outlook by $15 billion to a range of $195 billion to $205 billion, and its stock rose 6.7% to erase its post-earnings decline. The moves underscore that global investment in AI infrastructure is running hotter than expected, benefiting leading cloud providers’ core assets.

The U.S. Supreme Court ruled that several Trump-era tariffs were unlawful, leading Amazon to receive $600 million in tariff refunds. Apple separately said tariff refunds boosted its third-quarter earnings per share by 11 cents. The refunds lifted both companies’ reported profit and operating cash flow for the relevant periods, representing a measurable financial benefit.

Coinbase reported a net loss of $359.5 million for the second quarter of 2024, or a loss of $1.36 per share, far wider than the $0.17 loss per share analysts expected. Revenue came in at $1.2 billion, below expectations for $1.3 billion and down from $1.5 billion a year earlier. The report marked the company’s third straight quarter missing Wall Street forecasts for both revenue and earnings, based on a survey of analysts by LSEG. Coinbase shares fell more than 5% in after-hours trading following the release.

The U.S. Federal Reserve kept its federal funds target range at 3.5%-3.75%, but a 9-3 split highlighted internal divisions. Risk appetite cooled sharply after President Donald Trump warned of heightened geopolitical risks and investors worried the conflict could drag on. The Dow Jones Industrial Average plunged 1,153.18 points (2.19%) in its biggest one-day drop since April 2025, while Brent crude surged 7.9% to $90.74 a barrel and WTI rose 6.6% to $84.46.

Meta’s Reality Labs division posted a $4.62 billion operating loss in the second quarter of 2024, widening from $4.53 billion a year earlier. Revenue for the quarter came in at $431 million, up 16.5% year over year. The unit has recorded more than $80 billion in total operating losses since late 2020. Reality Labs develops Quest VR headsets and Ray-Ban Meta smart glasses, and its sustained losses have intensified scrutiny of Meta’s metaverse strategy and capital allocation.

Several U.S.-listed stocks sold off sharply, with Nebius down more than 8%, Lumentum off 7% and CoreWeave down more than 7% to a 52-week intraday low. SoFi Technologies fell 9% to a 52-week low, while Lemonade sank 22% after it said second-quarter technology development expense rose 34% year over year to $30 million. Lennox International slid 20% after cutting its full-year EPS outlook to $23–$24, and Nvidia fell nearly 3%. The moves reflect short-term market concerns about the sustainability of AI-related capital spending.