Morning Bid Americas-Long bond takes fright

Cash burn has become the main theme in this earnings season for the big U.S. AI "hyperscalers". Meta reported a 91% drop in second-quarter free cash flow after the bell on Wednesday, underscoring the financial strain of the social media giant's costly AI buildout amid growing doubts about its eventual payoff.

The Facebook and Instagram parent company reported free cash flow of $784 million in the second quarter, down from $8.55 billion a year earlier, sending its shares down by as much as 10% in extended trading overnight.

The Federal Reserve held the line on Wednesday, but three policymakers voted for a hike, the most significant dissent against a new Fed chair since 1970. This shows just why markets were so uncertain about the outcome.