The latest Market Talks covering Equities. Published exclusively on Dow Jones Newswires throughout the day.

1613 ET - Ford continues to incur large charges from its move to pull back its electric vehicle production. The company's second-quarter loss of $1.33 billion includes $500 million in charges tied to EV program cancellations, as well as a $3.6 billion charge from the end of Ford's EV battery joint venture with SK Group. Ford also reports a decline in revenue, driven in part by the right-sizing of its EV volumes to better match customer demand. Still, the company is working toward building a new, $30,000 electricity-powered truck expected to debut in 2027. (elias.schisgall@wsj.com)

1607 ET - Ford Motor is expecting to receive $500 million in refunds this year for tariffs paid under President Trump's old tariff regime, prompting the company to lift its free cash flow guidance. Ford in April said it anticipates a total refund of $1.3 billion, which was recorded as part of the company's first-quarter profit. Still, at the time, Ford said it didn't expect to receive the actual cash until 2027. Now, at least the initial refund payments are expected to hit the company's coffers this year, Ford says. The company didn't address timing for the remaining $800 million it expects to receive. (elias.schisgall@wsj.com)

1606 ET - Ford Motor now sees U.S. automobile prices increasing this year to the tune of 0.5%, compared to their previous view that prices would stay roughly flat. The new expectation is a major driver of the company's revised outlook, which sees full-year adjusted earnings before interest and taxes of between $10 billion and $11 billion, up from a range of $8.5 billion to $10.5 billion. The higher prices have already helped boost second-quarter revenue in the Ford Blue segment to $26.1 billion from $25.8 billion a year earlier, despite the company reporting an overall decrease in revenue. (elias.schisgall@wsj.com)

1528 ET - The protein craze that captured the interest of Chipotle, PepsiCo, General Mills and even Starbucks, adds a new player: Chef Boyardee. The iconic brand has a new protein pasta line featuring at least 25g of protein per can in products that include Beefaroni and Chili Mac that will be available nationwide next month. Chef Boyardee is part of Hometown Food Company which is owned by private equity firm Brynwood Partners. Hometown bought Chef Boyardee for $600 million from Conagra Brands last year. Brynwood said it planned to reinvigorate the brand and extend into new formats. Other Hometown brands include Pillsbury, Hungry Jack and Arrowhead Mills. Chef Boyardee traces it's roots back to 1928. (josh.beckerman@wsj.com)

1243 ET - Commvault CFO Gary Merrill says memory-chip shortages could impact the timing of some of the company's deals. Commvault provides software that helps businesses protect and restore data following cyber incidents, and the company's software in the on-premise market is tied to hardware, Merrill says on a call with analysts. While hardware constraints played out broadly as expected during the recent quarter, Commvault is keeping an eye on how memory-chip shortages can affect future quarters. "We're managing the puts and takes on the pipeline and navigating the specific issues that come up related to hardware availability," Merrill says. Commvault sinks 16%. (connor.hart@wsj.com)

1236 ET - Major Gulf exchanges trade lower as investors await the U.S. Federal Reserve's policy decision. Expectations of a potential Federal Reserve rate hike weigh on Gulf markets, while weakness in the Asian technology sector weighs on broader risk sentiment, says Chiro Ghosh, Head of Research at Bahrain-based SICO Bank. Brent crude prices continue to ease amid hopes of improving regional stability, though constrained flows through the Strait of Hormuz, which could limit oil-export revenues, continue to weigh on Gulf governments' spending plans, he says. Saudi Arabia's Tadawul All Share Index and the Dubai Financial Market General Index each fall 0.9%, while Qatar's QE Index loses 0.6% and Abu Dhabi's benchmark index slips 0.1%. (farhan.rafid@wsj.com)

1232 ET - A regulatory-driven squeeze on trucking supply could spark a unusually long-lasting freight up-cycle, according to National Bank of Canada's Cameron Doerksen. He says in a note that "trucking supply reductions are primarily a function of regulatory changes in the U.S. and Canada" and will drive ongoing margin expansion for TFII in the coming quarters with "further potential upside from improving demand, particularly in the industrial sectors to which the company is more exposed." What's more, the supply constraints should fuel a trucking up-cycle that has the potential to be more "long-lasting than has historically been the case," Doerksen says. Shares are 4.7% higher at C$215.40. (adriano.marchese@wsj.com)

1135 ET - Celestica is "lifting the fog" on multi-year AI demand with its 2027 growth targets, says TD Cowen's John Shao. By signaling that 2027 revenue growth will "accelerate beyond the 65%" rate expected for 2026, the analyst says Celestica is providing rare long-term visibility that buck fears of AI infrastructure spending peaking. Shao says that by applying this bottom-end to Celestica's upgraded forecast implies 2027 revenue of $33.8 billion and adjusted EPS of $20.64, far outpacing Street consensus of $27.1 billion and $15.08. "The new explicit FY27 growth visibility offers much-needed confidence amid market turmoil," Shao says. Shares are up 3.2% to C$464. (adriano.marchese@wsj.com)

1057 ET - The impact of Europe's wildfires depends not only on the severity of the hazard itself, but also on industries in its path, Oxford Economics senior economist Daniel Parker says. Around Bordeaux, Gironde's wine industry, agrifood production and logistics networks mean local disruption quickly ripples through supply chains and exports, he says. In Spain, Valencia's concentration of manufacturing, tourism, agriculture and logistics leaves much of its economy dependent on physical assets and transport infrastructure. Near Madrid, fires create impacts beyond the immediate hazard zones on agriculture and transport. "As wildfire seasons become longer and more intense, the effects are increasingly felt through disruptions to production, tourism flows, transport, and supply-chain bottlenecks that extend far beyond the areas directly affected." (edward.frankl@wsj.com)

1017 ET - Hilton Worldwide CEO Christopher Nassetta thinks the middle class is having a rebound. He says that while luxury hotels are doing well, midscale hotels are seeing the biggest turnaround. The midscale category was declining last year, but has flipped to growth of 4% to 6% this year, he tells analysts. His explanation is that the AI boom is bringing middle-income people, such as contractors and engineers, to stay temporarily in areas where data centers are being built. "All that investment going on in the country, like the people that do it aren't staying in luxury hotels. The people that do it are staying in midscale, upper midscale," he says. (katherine.hamilton@wsj.com)

1010 ET - GSK's research-and-development plan seems a step in the right direction, but investors might stay on the sidelines until the U.K. drugmaker is closer to its destination, Citi analysts say in a research note. The company unveiled plans to target annual cost savings of 1.9 billion pounds by 2029 to fund its drug pipeline and aid profitability. The plan involves a new R&D center in Cambridge, England, and a faster development path for seven drugs across 18 indications, doubling the number of late-stage studies due to start this year, Citi says. "Overall the ambition is heading in the right direction but we think the market will wait for delivery," the analysts say. Shares jump 6%. (adria.calatayud@wsj.com)

0934 ET - Coca-Cola says its consumer environment is uneven, and affordability concerns are prevailing in most segments. Low-income consumers continue to be the most pressured, and sentiment is especially cautious in Latin America, executives tell analysts on a call. "Many consumers face inflationary pressures, geopolitical uncertainty and economic challenges," says CEO Henrique Braun. "They are evaluating how they shop, what they value and what they want to put in their basket." The beverage company expects these trends to continue into 2H, executives say.