Rivian said it plans a public offering that would increase shares outstanding and dilute existing shareholders, with proceeds earmarked for general corporate purposes including equity contributions under its U.S. Department of Energy loan agreement. The company raised its second-quarter revenue outlook to $1.55 billion–$1.65 billion, above analysts’ $1.45 billion estimate, according to LSEG data. Rivian said the forecast is driven mainly by higher vehicle deliveries. The offering plan nevertheless weighed on the stock as investors focused on dilution and financing needs.

Australian gold miner Genesis has launched a A$3.9 billion cash-and-scrip takeover bid for Vault, valuing Vault at A$5.274 a share, a 15.7% premium to its last close. Genesis said its Leonora operations sit just 25 kilometres from Vault's, allowing higher-grade ore to be processed through Vault's plant instead of expanding its own. Genesis estimates the deal could deliver about A$2 billion in synergies. If completed, the combined company would have a market value of A$12.6 billion and annual production capacity of up to 700,000 ounces.

JPMorgan cut its gold price target for the fourth quarter of 2024 to $4,500 per ounce, down sharply from its June call of $6,000, and said risks are tilted to the downside. The bank cited weaker-than-expected demand from key sectors and the possibility the U.S. Federal Reserve could hike rates earlier if data stay strong. Spot gold was last at $4,174.21 an ounce. JPMorgan also lowered near-term forecasts for silver, platinum and palladium, while keeping a long-term bullish view on gold.

U.S. motorists are heading into the July 4 holiday weekend with gasoline prices still elevated, with the national average at $3.79 per gallon on Thursday, according to GasBuddy. AAA expects a record 72.2 million people to travel at least 50 miles, even as driving and flying volumes are forecast to be relatively flat versus last year. Demand rose to 9.13 million bpd last week, while gasoline inventories fell to 214 million barrels and Gulf Coast stocks dropped to 76.48 million barrels. Unplanned refinery outages and the approaching Atlantic hurricane season are adding to near-term supply concerns, despite a brief easing in prices after U.S.-Iran tensions cooled.

U.S. oil majors are expected to post their strongest second-quarter earnings since 2022, with Exxon Mobil projected to report $15.9 billion in adjusted net income and Chevron about $9.9 billion. Refining margins are a key driver, with gasoline crack spreads averaging $25 a barrel, up $16 from the prior quarter, while diesel crack spreads rose to $45 a barrel. Even as crude prices have eased, U.S. retail gasoline prices remain about 22% higher than before the war, prompting the Trump administration to press for cuts and warn of a possible probe into price gouging. Industry groups say tight inventories and regulatory costs shape pump prices, and that crude is only one component.

The article says Brent crude futures have retreated from a May peak of $126 a barrel to just above $70, close to pre-war levels. It adds that global inventories still need replenishing, some war-damaged production remains short of full capacity, and risks are building. OPEC+ is scheduled to meet on Sunday, which could offer fresh clues on supply policy, but the outcome has not yet been announced.

US job growth slowed sharply in June and payroll gains for the prior two months were revised lower, signaling a cooling labor market. Traders cut the implied probability of a Federal Reserve rate hike in September to about 53% from roughly 75%. The dollar index fell 0.2% on the day and was set for its biggest weekly drop since early April, at 100.77, Reuters reported.

Indian equities opened higher on Friday, with the Nifty 50 rising 0.83% to 24,375.65 and the BSE Sensex up 0.84% to 78,152.34. Information technology stocks led sector gains, climbing 1.9%, while HCLTech jumped 5.2% after announcing a $1.14 billion strategic partnership with a European firm. The advance followed a softer U.S. June jobs report and downward revisions to the prior two months, which strengthened expectations that the Federal Reserve may hold off on near-term rate increases, Reuters reported.

Kioxia has shipped samples of its next-generation NAND flash memory to customers as demand for high-capacity storage jumps in the AI inference phase. The company plans to expand output at its Fab2 wafer plant to meet rising market demand. It is also considering a stock split and plans to list American depositary shares on a U.S. exchange from April 2027. Its IPO plans had been pushed back to late 2024 after a downturn in memory prices, and the company is not currently listed on any exchange.