Persistent heat and limited rainfall across the U.S. Midwest and parts of Europe are fueling fears of yield losses as corn enters pollination and soybeans move through key growth stages. Preliminary French government estimates put potential damage at nearly a third of the country’s corn crop, while Brazil’s corn harvest faces an unusual cold front that could bring rain and strong winds that raise lodging risks. Chicago futures for the most-active soybeans and corn contracts jumped more than 3% in a single session, setting multi-week highs and moving above their 100-day moving averages. Wheat also strengthened alongside soy byproducts including soymeal and soyoil.

U.S. employers added 57,000 jobs in June, well below the 100,000 forecast, reinforcing expectations that the Federal Reserve will hold rates steady. Fed funds futures now imply an 82% chance of no hike at the central bank’s meeting later this month, according to CME Group data. At the same time, a sharp slide in AI chip stocks—Micron down 5.5%, Lam Research down 10.2% and Nvidia down 1.4%—helped push the Nasdaq down 0.8% even as the Dow rose 1.1% to a record and the S&P 500 was little changed. Brent crude settled at $71.80 a barrel, down from its pre-war high.

Comcast said it will spin off its NBCUniversal media and entertainment assets into a separately traded company, a transaction it expects to complete in 2025 while retaining a 19% stake. The new entity would include NBC, Telemundo, Peacock, Universal’s film and TV studios, theme parks and Sky, while Comcast focuses on pay-TV distribution, broadband and wireless. Comcast shares rose more than 7% on the announcement, though the stock remains near its 52-week low. The spinoff marks the company’s second major separation in two years as it responds to investor concerns about sluggish growth in its core business.

Freeform has raised $67 million in a Series B round to expand manufacturing and push further into full-stack automation for metal 3D printing in aerospace and defense. Machina Labs also closed a $124 million Series C to build out smart-factory capacity, including a new 200,000-square-foot facility. First Resonance, which sells AI-driven manufacturing compliance software, said it serves nearly 100 aerospace, defense, and hard-tech customers. The developments underscore growing use of AI-enabled hardware and industrial automation across defense supply chains, without indicating any change to NVIDIA’s own financial or product guidance.

SpaceX has gone public in the U.S., debuting with a valuation of $2.1 trillion after its stock rose 19.2% on the first day. Nasdaq has changed its rules to let ultra-large IPOs enter the Nasdaq 100 after just 15 trading days, which could force index-tracking funds such as the $477 billion Invesco QQQ to buy the stock. SpaceX would not qualify for the S&P 500 for now because the index requires at least 12 months of trading history and a profit record, while SpaceX has posted consecutive losses.

The Trump administration said Wednesday it will pay Chicago-based Invenergy $765 million to voluntarily terminate four U.S. offshore wind leases, including one off Morro Bay in California. The developer will redirect the money toward natural gas-fired power plants in Indiana, Wisconsin, Iowa, Kansas and Missouri, and toward geothermal power projects in the western U.S., according to the U.S. Department of Energy. The payment is a partial reimbursement for what companies paid for leases awarded under the Biden administration. The move is the third such deal announced by the Trump administration this year and further narrows the number of offshore wind leases remaining off California.

Snap has introduced its $2,195 augmented reality glasses, Specs, saying they offer capabilities beyond competing products and positioning them directly against Meta at the AWE conference. Meta currently leads the market for smart glasses without displays, with first-quarter shipments rising 167% year over year. Snap shares fell 10%, underscoring escalating competition in AR hardware and challenging Meta’s narrative around leadership in AI wearables.

U.S. lawmakers from both parties are pushing bills to tighten oversight of prediction markets tied to elections, wars and other political events, prompting the CFTC to outline a new regulatory framework focused on insider trading and market manipulation. Kalshi and Polymarket have faced penalties or investigations linked to users spreading election-fraud claims and to allegations that politicians placed improper bets. The developments center on how derivatives regulation could evolve, without specific traditional financial assets being singled out or directly affected.

The commentary argues that SpaceX’s IPO structure leaves public investors with little control, including limited voting power, restrictions that penalize early selling, and a requirement that shareholder disputes go to arbitration rather than court. It also criticizes Nasdaq and other index sponsors for moving to include the stock ahead of the customary “seasoning” delay. The piece says Goldman Sachs and Morgan Stanley accepted a 0.7% underwriting fee and allowed Elon Musk to set the $135 opening price, raising regulatory-style questions about index governance, bank diligence and market fairness.