10-Year at 4.75% takes six names down between 3% and 6%

The 10-year Treasury yield closed August at 4.75%. Six names on the desk fell between 3.2% and 6.0% in response, and the session's risk-off character was consistent from open to close. The VIX settled at 14.9 — not distressed, but Tuesday was a yield-driven selloff in the straightforward sense: rates up, growth and commodity names down.

Six movers, one macro thread

$COIN led the declines at -6.0%. Coinbase and Webull announced a Canada partnership expansion this morning — a fourth country in their arrangement — and it provided no price support. Analyst consensus has held at "Hold, wait for Q3 earnings" since the stock bounced 28% off its lows, and rising yields removed the remaining bid for crypto-adjacent equities. The macro did the work.

$ORCL dropped 5.2% on a dateable catalyst: TD Cowen cut its price target to $240 — retaining its Buy rating — after Oracle's AI infrastructure spending pushed free cash flow deeply negative, even against a $638 billion backlog. Oracle Health separately launched a Clinical AI Agent rollout today, but the Cowen target cut is what the market priced.

$FCX fell 4.3%. Freeport-McMoRan is mid-remediation on a key copper mine, and rising bond yields are a structural headwind for commodity producers with long capital cycles.

$AMAT declined 3.6% with no company-specific catalyst. Semiconductor equipment absorbed the yield-driven selling.

$PLTR fell 3.5%. The Army Contracting Command awarded Palantir eight TITAN ground systems today — a concrete contract event — and Baird came away incrementally positive from a separate technology demonstration. Despite both, the stock fell: ARK Invest disclosed it sold approximately $26 million in PLTR shares, rotating proceeds into Block and Rocket Lab. The ARK sale was Tuesday's clearest price-relevant event for the ticker.

$TSLA declined 3.2%. August European registration data was split — French registrations nearly quadrupled while Norway fell 79%. Cybercab fleet timing remains unresolved. No single dateable catalyst drove the move cleanly.

Corporate: Caterpillar credit facilities

$CAT filed an 8-K disclosing the renewal and amendment of its credit agreements, establishing 364-day, three-year, and five-year facilities with multi-currency options including Japanese yen. Routine liquidity maintenance; no operating news attached.

Update: Bank of America

Since our August 19 report on the BAC CEO equity sale, a new filing shows Bank of America purchasing $10 million in fund preferred shares. The institution is buying, not an executive liquidating.

Filings desk

Four Microsoft executives sold shares on August 31 from a 2023 performance grant that vested in full: CEO Satya Nadella ($36.2M, 70,466 shares at $513.53), CFO Amy Hood ($9.6M), Vice Chair Bradford Smith ($8.8M), and CMO Takeshi Numoto ($3.9M). Hood retained roughly 40% of her vested shares. All four are ordinary vesting transactions with no operating implication for $MSFT. Separately, Caterpillar's CEO sold $26.2 million in shares through a stock option exercise on the same date.

What we set aside

Two filings disclosed today referenced events older than 36 hours and did not clear the freshness gate. ABBV, BRK.B, and C were examined and produced nothing in the window.

The desk is watching whether the 10-year holds above 4.75% into Wednesday — a sustained move would extend pressure on the same growth and commodity names that absorbed Tuesday's selling.