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Top Stories
AI Surge Transforms Industries: Nvidia Leads, Companies Adapt
AI is revolutionizing industries, with Nvidia leading chip development and companies like Salesforce utilizing AI for 30-50% of tasks. Lyft is involving drivers in robotaxi rollout plans, while Micron sees strong demand for AI-related memory chips. The AI boom is driving growth across tech sectors.
Fed Officials Cautiously Optimistic on Inflation, Wary of Tariff Effects
Fed officials express cautious optimism about inflation, but remain watchful of potential tariff impacts. Goolsbee and Barkin suggest the Fed has time to assess data before making policy changes, while acknowledging uncertainties in the economic outlook.
Dollar Plunges as Trump Eyes Early Fed Chair Replacement, Rattling Markets
The dollar hit a 3.5-year low against the euro as Trump considers replacing Fed Chair Powell early, raising concerns about Fed independence. Markets now expect significant rate cuts, with the dollar down 10% year-to-date amid escalating Fed tensions.
U.S. Economy Shrinks More Than Expected in Q1, Inflation Pressures Persist
The U.S. economy contracted by 0.5% in Q1, worse than the expected -0.2%. Personal consumption and exports were revised downward, while inflation indicators like PCE and Core PCE prices were revised upward. The trade deficit widened unexpectedly.
Pfizer's Hemophilia Drug Shines as Biotech Sector Sees Wave of Positive Trial Results
Pfizer's hemophilia drug Hympavzi shows 93% reduction in bleeding rate in Phase 3 trial. Meanwhile, various biotech companies report positive results for treatments in areas like obesity, cancer, and muscular dystrophy, driving stock movements and FDA interactions.
Company News
Nvidia Corporation (NVDA)
Performance Overview
1D Change: 0.51%
5D Change: 6.61%
News Volume: 159
Unusual Volume Factor: 1x
Nvidia Surges to Record Highs, Leads AI Revolution as World's Most Valuable Company
Nvidia Corporation has once again captured the spotlight in the tech world, reaching new heights and solidifying its position as a leader in the artificial intelligence (AI) revolution. The company's stock hit record highs, propelling it to become the world's most valuable company, surpassing even tech giants like Microsoft and Apple.
Full coverage of $NVDA on MarketFlux.io
Micron Technology, Inc. (MU)
Performance Overview
1D Change: -1.15%
5D Change: 3.43%
News Volume: 147
Unusual Volume Factor: 10x
Micron Surges on AI-Driven Chip Demand, Analysts Boost Targets Despite Mixed Market Reaction
Micron Technology, Inc. has made headlines with its impressive third-quarter earnings for fiscal year 2025, showcasing record revenue and a strong outlook driven by the surging demand for AI-related memory chips. The company's performance has exceeded Wall Street's expectations, leading to a flurry of analyst upgrades and increased price targets.
Full coverage of $MU on MarketFlux.io
Meta Platforms, Inc. (META)
Performance Overview
1D Change: 2.4%
5D Change: 4.39%
News Volume: 110
Unusual Volume Factor: 1x
Meta Ramps Up AI Efforts with High-Profile Hires, Potential Acquisition, and Clean Energy Deals
Meta Platforms, Inc. has been making significant moves in the artificial intelligence (AI) sector, marking a busy day for the tech giant. In a major talent acquisition, Meta has successfully poached three top researchers from OpenAI - Lucas Beyer, Alexander Kolesnikov, and Xiaohua Zhai - to boost its superintelligence efforts. This recruitment drive didn't stop there, as Meta also hired Trapit Bansal, another influential OpenAI researcher, to work on AI reasoning models.
Full coverage of $META on MarketFlux.io
Equinix, Inc. (EQIX)
Performance Overview
1D Change: -9.55%
5D Change: -15.94%
Equinix Stock Plummets as Analysts Downgrade on Lowered Growth Forecasts and AI Spending
Equinix, a leading data center REIT, faced a challenging day as multiple analysts downgraded its stock, causing a significant drop in share price. Raymond James and BMO Capital both lowered their ratings to Market Perform, citing concerns over subdued growth outlook. The downgrades came in response to Equinix's revised forecasts, which disappointed investors.
Full coverage of $EQIX on MarketFlux.io
Mccormick & Company, Incorporated (MKC)
Performance Overview
1D Change: 5.28%
5D Change: 5.93%
McCormick Spices Up Markets with Strong Q2 Earnings, Tariff Mitigation Strategy
McCormick & Company, the renowned spice maker, has made headlines with its impressive Q2 2025 earnings report. The company's stock rallied after it backed its full-year profit guidance, causing a 5% surge in pre-market trading.
Full coverage of $MKC on MarketFlux.io
Blackstone Inc. (BX)
Performance Overview
1D Change: 3.2%
5D Change: 7.8%
Blackstone Snaps Up $2B in Discounted Real Estate Loans Amid Crypto and UK Market Shifts
In a significant move, Blackstone has acquired $2 billion in discounted commercial real-estate loans, as reported by the Wall Street Journal. This comes amid a flurry of activity in the private equity and crypto sectors.
Full coverage of $BX on MarketFlux.io
Other News
Stock Markets Events
S&P 500 Nears Record High as Investor Optimism Surges Across Global Markets
Wall Street is on the brink of a historic moment as the S&P 500 inches closer to an all-time high, now just 32 points away. Investors are showing increased optimism, with both the S&P 500 and Nasdaq 100 rising to session highs. This bullish sentiment is spreading across global markets, with European indices also showing gains. The potential record-breaking close has sparked discussions about what's been holding the S&P 500 back and whether it's too late to buy into high-performing stocks like Nvidia. As the market nears this milestone, there's a noticeable shift towards more speculative and volatile investments.
Technology Events
AI Revolution Accelerates: Tech Giants and Startups Race to Capitalize on Transformative Technology Across Industries
The artificial intelligence (AI) revolution is in full swing, with major tech companies and startups alike racing to capitalize on the technology's potential across various industries. Nvidia continues to dominate the AI chip market, with its stock reaching new highs as investors anticipate further growth. However, competitors like AMD are gaining ground and looking to seize their own AI moment.
Meta Poaches Top OpenAI Researcher for AI Reasoning Project
Meta has hired Trapit Bansal, a prominent OpenAI researcher, to work on AI reasoning models. This move highlights Meta's commitment to advancing its AI capabilities and competing in the rapidly evolving field.
Xiaomi Challenges Tesla with Affordable YU7 SUV, Sparking Immediate Consumer Interest in China
Xiaomi has officially launched its YU7 SUV in China, starting at 253,500 yuan ($35,360), undercutting Tesla's Model Y. The YU7 comes in three models: base, Pro, and Max, with the top-tier Max priced at 329,900 yuan. Xiaomi's entry into the electric vehicle market has been met with enthusiasm, garnering over 200,000 pre-orders within just 3 minutes. The YU7 offers a longer range than the Model Y, positioning itself as a strong competitor in China's growing EV market.
Palantir's $100M AI Deal Aims to Revolutionize Nuclear Plant Construction
Palantir Technologies has partnered with The Nuclear Company to develop AI-powered software for efficient nuclear plant construction. This $100M deal aligns with growing U.S. energy demands and pro-nuclear policies, aiming to modernize and accelerate nuclear power deployment across America.
Amazon's AI Chief Exits AWS as Tech Giants Battle for AI Dominance
Amazon's AI executive Vasi Philomin departs AWS amid fierce competition in the AI sector. His exit, following leadership in Titan and Bedrock AI projects, coincides with Amazon's massive investment in Anthropic.
Apple Revamps EU App Store Rules to Dodge Antitrust Penalties
Apple modifies App Store policies for European developers to comply with antitrust regulations and avoid additional fines. The changes aim to address competition concerns in the EU market.
Tesla's Robotaxi Launch Sparks Benchmark's Bullish $475 Price Target
Benchmark raised Tesla's price target to $475 from $350 following the successful robotaxi launch in Austin. Analyst Mickey Legg praised the rollout as safe and scalable, boosting confidence in broader adoption.
Geopolitics Events
Dollar Plunges as Trump's Fed Chair Replacement Plans Rattle Global Markets and Monetary Policy Confidence
The financial markets are in turmoil as reports emerge that President Donald Trump is considering naming a replacement for Federal Reserve Chair Jerome Powell earlier than expected. This news has sent shockwaves through the global economy, with the U.S. dollar plummeting to a three-and-a-half-year low against the euro. Investors are concerned about the potential impact on the Fed's independence and the stability of U.S. monetary policy.
U.S. Economy Contracts 0.5% in Q1, Inflation Persists Amid Mixed Economic Signals
The U.S. economy experienced a more significant contraction in the first quarter of 2025 than initially estimated. The final GDP report shows the economy shrank at an annualized rate of 0.5%, worse than the previously estimated 0.2% decline. This downward revision reflects weaker consumer spending and a larger trade deficit. Personal consumption expenditures grew by only 0.5%, down from the earlier estimate of 1.2%. The GDP price index rose 3.8% year-over-year, indicating persistent inflationary pressures. Core PCE prices, a key inflation measure, increased by 3.5%. Despite the overall economic contraction, there were some positive indicators, including a 10.3% increase in non-residential investment and a significant contribution from private inventory changes. The trade deficit widened to $96.6 billion, with exports declining sharply. On the employment front, initial jobless claims fell to 236,000, while continuing claims reached a 3.5-year high at 1.974 million.
GOP Tax Bill Stumbles as Senate Rejects Medicaid Cuts, While Supreme Court Allows Planned Parenthood Defunding
The Senate parliamentarian has dealt a significant blow to the GOP tax bill by ruling that proposed Medicaid cuts violate Senate rules. This decision complicates efforts to pass Trump's massive tax and spending package, which aimed to cut $250 billion in Medicaid and other healthcare spending. Republicans are now scrambling to revise the bill after key provisions were rejected, including clauses on Medicaid limits, immigrant aid cuts, and oil projects. Meanwhile, the Supreme Court has made a separate ruling allowing states to potentially cut off Medicaid funding for Planned Parenthood, dealing a financial blow to the abortion provider. This 6-3 decision clears the way for conservative states to defund Planned Parenthood clinics from their Medicaid programs. The court is also set to make final rulings on other contentious issues, including Trump's bid to curb birthright citizenship, Obamacare mandates, and LGBT books in schools, which could reshape federal powers.
Iran and Trump Dispute US Strike Impact, Intelligence Community Divided Over Nuclear Facility Damage
Iran's Supreme Leader Ayatollah Ali Khamenei has claimed that the recent US strikes on Iranian nuclear facilities "achieved nothing," contradicting assertions made by the US government. This statement comes amid conflicting reports about the efficacy of the attacks. Former President Donald Trump, via his Truth Social platform, insisted that "nothing was taken out of facility" at the Fordo site, citing the difficulty and danger of such an operation. Meanwhile, US intelligence agencies and international observers are at odds over the extent of damage caused. The situation has sparked a heated debate, with Trump calling for the firing of reporters from CNN and The New York Times for allegedly publishing "fake stories" on the strikes. As tensions escalate, the true impact of the US action remains unclear, with various stakeholders presenting contradictory narratives.
White House Downplays Trade Deal Deadline, Emphasizes Trump's Authority
White House Press Secretary Leavitt states the July 9th trade deal deadline isn't critical. While there are no plans to extend it, any changes would be President Trump's decision. If deals fail, Trump can choose reciprocal rates.
US Trade Deficit Widens as Exports Plummet in May, Largest Drop Since 2020
The US merchandise-trade deficit unexpectedly widened in May due to a 5.2% drop in exports, the largest decline since the pandemic's start. Imports remained stable, while jobless claims were lower than estimated.
Trump Seeks EU Climate Rule Rollback in Trade Negotiations, Oil Execs Applaud
President Trump is reportedly pushing for a rollback of EU climate regulations during trade talks, aligning with his pro-business agenda. This move, supported by big oil executives, aims to reduce regulatory burdens through tariff leverage. The strategy could potentially impact both environmental policies and economic dynamics between the US and EU.
US Unveils New Trade Deal Proposal to EU, Commission Shares with Leaders
The US has presented a new trade deal proposal to the European Union. The European Commission received the counterproposal and shared it with EU leaders, signaling potential progress in trade negotiations.
South Korea Returns to Euro Bond Market Amid Ambitious Government Debt Issuance Plans
South Korea is launching its first euro-denominated bond sale in nearly four years, testing investor interest after recent political changes. The government plans to issue 18.2 trillion won of bonds in July, with 60% of the remaining second-half Korea Treasury Bond issuance limit to be released in Q3. This includes 2.0 trillion won of 63-day Treasury bills.
French PM Bayrou: Pension Reform Bill Coming This Fall After Progress in Negotiations
French Prime Minister Francois Bayrou announced that an agreement is close on some pension reform changes. He plans to introduce a pensions bill in the fall, incorporating points of agreement between unions and employers from recent talks.
Trump Touts China Trade Deal, Hints at India Agreement
Trump announces signing of China trade deal on Wednesday and mentions upcoming deal with India, highlighting recent diplomatic progress.
Erdogan Seeks F-35 Deal, Baltic Leaders Push for Stronger Defense as NATO Spending Pledge Faces Challenges
Turkey's President Erdogan expressed hope for progress on acquiring F-35 fighter jets from the US after meeting with Trump. Meanwhile, NATO's spending pledge faces scrutiny, and Baltic leaders call for increased defense efforts against Russia. Lithuania's president urges an increase in the European budget and acceleration of Ukraine's EU membership negotiations.
White House: No Rush to Refill U.S. Emergency Oil Reserves
White House Press Secretary Leavitt announced that the Trump administration has no immediate plans to replenish the Strategic Petroleum Reserve, the nation's emergency oil stockpile.
White House: No Uranium Removed Before U.S. Strikes on Iran, Open to Netanyahu Visit
The White House states there's no evidence of enriched uranium removal from Iranian sites before recent U.S. strikes. This counters speculation about covert relocation. The administration remains open to a visit from Israel's Netanyahu amid ongoing tensions.
Trump's Fox News Sunday Appearance: Exclusive Interview to Address Key Political Issues
Former President Trump is set for an exclusive interview on Fox News Sunday morning. The appearance is anticipated to cover significant political topics and may offer insights into his future political plans.
Macro Events
Dollar Plunges as Trump's Fed Chair Replacement Plans Rattle Global Markets and Monetary Policy Confidence
The financial markets are in turmoil as reports emerge that President Donald Trump is considering naming a replacement for Federal Reserve Chair Jerome Powell earlier than expected. This news has sent shockwaves through the global economy, with the U.S. dollar plummeting to a three-and-a-half-year low against the euro. Investors are concerned about the potential impact on the Fed's independence and the stability of U.S. monetary policy.
Fed Officials Express Cautious Optimism, Closely Monitor Tariff Impact on Inflation and Economic Outlook
Federal Reserve officials are expressing cautious optimism about the U.S. economy while closely monitoring the potential impact of tariffs on inflation. Fed Governor Austan Goolsbee stated he's optimistic about recent inflation readings but emphasized the need for clarity, particularly given upcoming tariff deadlines. He suggested that if inflation remains around 2% and uncertainty resolves, the Fed could be on a path to lowering rates.
U.S. Economy Contracts 0.5% in Q1, Inflation Persists Amid Mixed Economic Signals
The U.S. economy experienced a more significant contraction in the first quarter of 2025 than initially estimated. The final GDP report shows the economy shrank at an annualized rate of 0.5%, worse than the previously estimated 0.2% decline. This downward revision reflects weaker consumer spending and a larger trade deficit. Personal consumption expenditures grew by only 0.5%, down from the earlier estimate of 1.2%. The GDP price index rose 3.8% year-over-year, indicating persistent inflationary pressures. Core PCE prices, a key inflation measure, increased by 3.5%. Despite the overall economic contraction, there were some positive indicators, including a 10.3% increase in non-residential investment and a significant contribution from private inventory changes. The trade deficit widened to $96.6 billion, with exports declining sharply. On the employment front, initial jobless claims fell to 236,000, while continuing claims reached a 3.5-year high at 1.974 million.
Fed's Collins: July Rate Cut Unlikely, Cuts Expected Later in Year
Fed's Susan Collins suggests July is likely too soon for a rate cut, emphasizing the Fed's need to carefully assess incoming economic data. Collins' baseline outlook anticipates resuming rate cuts later this year, indicating a cautious approach to monetary policy adjustments.
Durable Goods Orders Soar 16.4%, Outpacing Forecasts Amid Mixed Economic Signals
US economic indicators show mixed signals. Durable goods orders surged 16.4%, far exceeding expectations, driven by aircraft orders. Core PCE prices rose to 3.5%, while initial jobless claims fell to 236K. However, the goods trade balance widened to -$96.6B, and wholesale inventories unexpectedly declined. These figures suggest economic resilience but also potential inflationary pressures and trade challenges.
US Jobless Claims Fall, Continuing Claims Rise: Labor Market Sends Mixed Signals
US jobless claims drop to 236K, below estimates, while continuing claims rise to 1.974M, exceeding expectations. Labor market shows mixed signals as initial claims improve but ongoing claims increase.
BoE's Bailey Urges Caution on Monetary Policy Amid Economic Uncertainties and Inflation Concerns
Bank of England Governor Bailey emphasizes the need for continued restrictive monetary policy to ensure inflation returns to the 2% target. While interest rates are on a gradual downward path, uncertainties persist regarding supply-demand balance and inflation persistence. Bailey advocates for a careful approach to withdrawing monetary restraint, noting recent evidence of economic slack, particularly in the labor market. He acknowledges a short-term inflation uptick, introducing further uncertainty to the near-term outlook. Bailey highlights two-sided inflation risks, underscoring the complexity of the current economic landscape. Meanwhile, Bank of America updates pension rebalance estimates, projecting significant equity outflows and increased investment in US Treasuries.
EU Mulls Tariff Cuts on U.S. Goods to Avert Trump's Trade Threats
The EU is contemplating reducing tariffs on U.S. imports to swiftly secure a trade deal with Trump, aiming to prevent his threatened 50% tariffs. Negotiations include increasing purchases of U.S. goods like LNG, easing non-tariff barriers, and seeking product-specific exemptions for items such as cars and steel.
Kansas City Fed Report Shows Mixed Manufacturing Results, Beating Forecasts
Kansas City Fed's June manufacturing index improved to 5 from -10, while the composite index slightly declined to -2. Both figures beat expectations, indicating a mixed but generally improving economic outlook.
Global Central Banks Navigate Shifting Economic Tides as Markets Anticipate Policy Changes
The financial landscape is shifting as Treasury yields and market volatility decline, with investors anticipating potential Fed rate cuts. The Bank of England joins other central banks in addressing long-term bond sensitivity. Meanwhile, Mexico's central bank has cut interest rates to combat recession risks. New York City bond investors remain calm despite political changes, and experts emphasize that Fed decisions involve complex economic factors beyond leadership appointments.
U.S.-India Trade Negotiations Stall as Tariff Deadline Looms, Key Sectors Remain Contentious
U.S.-India trade talks are facing significant challenges as the July 9 tariff deadline approaches. Key issues include disagreements over steel, auto parts, and farm tariffs. India has offered concessions but resists U.S. demands for deeper market access, particularly in agriculture and automobiles. Despite record exports, the deadlock dims hopes for a deal before Trump's deadline, with India signaling resolve amid domestic pressure and strategic considerations.
Fed's Daly Hints at Possible Fall Rate Cut Amid Easing Inflation
Federal Reserve's Mary Daly suggests fall may bring favorable conditions for a rate cut, citing easing inflation pressures. This outlook could influence market expectations, with investors anticipating potential changes in monetary policy.
German Consumer Confidence Slumps Further in July, Defying Expectations
German consumer confidence for July unexpectedly declined to -20.3, falling short of the estimated -19.3. This drop from the revised June figure of -20.0 indicates persistent economic concerns among German consumers.
Healthcare Events
Biotech Breakthroughs: Pfizer's Hemophilia Drug Shines, CRISPR Advances Cholesterol Treatment, and FDA Green Lights Novel Therapies
In a flurry of biotech and pharmaceutical news, several companies reported significant developments in drug trials and regulatory approvals. Pfizer's hemophilia drug, Hympavzi, showed a 93% reduction in bleeding rate in a Phase 3 trial. Altimmune's weight-loss drug met its main goal in a fatty liver disease trial, although the stock fell after the results. CRISPR Therapeutics reported promising data for its cholesterol drug CTX310, with up to 86% LDL and 82% triglyceride reductions at the highest dose. Vor Biopharma's stock soared after a licensing deal for an autoimmune therapy, while Viatris reported positive Phase 3 trial results for a presbyopia drug. The FDA approved the first 3D-printed bioabsorbable nerve repair device and granted Aldeyra a special protocol assessment for a lymphoma drug. In other news, Eli Lilly received FDA approval for an updated label on its Alzheimer's diagnostic tool, Amyvid. These developments highlight the ongoing progress in various therapeutic areas, from rare diseases to more common conditions, showcasing the dynamic nature of the pharmaceutical and biotech industries.
RFK Jr.'s Vaccine Panel Debut Ignites Controversy and Expert Concerns
Robert F. Kennedy Jr.'s newly formed vaccine advisory panel has sparked controversy among medical experts. The panel's first meeting focused on reviewing childhood immunization schedules and older vaccines, including the use of thimerosal. This move has led to backlash from health officials and a boycott from a top medical group, as experts fear potential undermining of established vaccine practices.
Pharmaceutical Industry Sees Major Developments in Diabetes, Cancer, and Rare Disease Treatments
Eli Lilly's Mounjaro KwikPen for diabetes and obesity treatment receives approval in India. Lupin launches Prucalopride Tablets for chronic constipation in the US. Gilead partners with Kymera Therapeutics in a $750 million cancer drug deal. BeOne Medicines presents its oncology pipeline, while Edgewise Therapeutics reports positive results for muscular dystrophy treatment. GreenShield expands its Essential Medicines Program across Canada.
Senate Parliamentarian Blocks Major Medicaid Cuts in Trump's Tax Bill, Dealing Blow to GOP Plan
The Senate parliamentarian has ruled that key Medicaid cuts in Trump's tax and spending bill violate Senate rules. This decision strikes down proposed limits on provider taxes and other healthcare spending reductions, dealing a significant setback to the Republican plan to cut $250 billion from Medicaid. The ruling complicates efforts to pass Trump's comprehensive tax and spending package.
Pfizer's HYMPAVZI Slashes Bleeding Rate by 93% in Hemophilia Trial
Pfizer's Phase 3 trial for HYMPAVZI, a hemophilia drug, met its primary endpoint, showing a 93% reduction in bleeding rate for patients with hemophilia A or B with inhibitors. This breakthrough could significantly improve treatment options.
CDC Panel Backs Merck's RSV Drug for Infants, Endorses Thimerosal-Free Flu Shots Amid Altimmune's Trial Setback
The CDC's Advisory Committee on Immunization Practices (ACIP) has recommended Merck's ENFLONSIA™ for preventing RSV in infants under 8 months. The panel also broadly endorsed thimerosal-free flu shots. Meanwhile, Altimmune's shares dropped following disappointing Phase 2b trial results for their product.
Novo Nordisk and WeightWatchers Join Forces to Revolutionize Wegovy Access
Novo Nordisk partners with WeightWatchers to expand access to Wegovy, a top-selling weight-loss drug, starting July 1. The collaboration aims to integrate health programs and boost adoption. Novo Nordisk is offering a $299 savings deal for new self-paying patients in July, with the price increasing to $499 thereafter. This move could significantly impact obesity treatment accessibility.
Crypto Events
Bitcoin Consolidates Around $107K as Stock Market Surges: Crypto Industry Sees Mixed Signals and Regulatory Progress
Bitcoin continues to struggle to rally despite significant inflows into Bitcoin ETFs and positive market sentiment. The cryptocurrency is currently trading around $107,000, with strong support at $106,000. While the daily chart shows a strong recovery, momentum is weakening on lower timeframes, suggesting caution in the short term. Options data indicates cooling short-term fear but lingering caution in the medium term, with put-heavy volume signaling a hedge mode.
Judge Blocks Early Resolution in Ripple-SEC XRP Case
A New York judge rejected requests from both Ripple and the SEC to modify the final judgment in their ongoing XRP case, preventing an early settlement and maintaining restrictions on institutional XRP sales.
UAE Fund Injects $100M into Trump-Linked Crypto Project
Trump's crypto venture, World Liberty Financial, secured a $100 million investment from a UAE-based fund, boosting the Trump-affiliated decentralized finance platform's profile in the crypto market.
Japanese Firm Metaplanet Boosts Bitcoin Holdings, Outpaces Tesla
Metaplanet, a Japanese company, has acquired 1,234 Bitcoin, bringing its total holdings to 12,345 BTC, surpassing Tesla's cryptocurrency reserves.
Oil And Gas Events
Shell Quashes BP Takeover Rumors, Triggering 6-Month Bidding Ban
Shell has firmly denied recent media speculation about a potential takeover of BP. The energy giant clarified that it has not been actively considering making an offer for BP, has not approached BP, and no talks have taken place regarding a possible offer. Shell's statement triggers UK takeover regulations, prohibiting the company from making an unsolicited approach to BP for the next six months. This denial puts to rest rumors of a major industry consolidation.
U.S. Natural Gas Storage Surges Beyond Forecasts, Signaling Strong Summer Supply
U.S. natural gas stockpiles increased by 96 billion cubic feet (BCF) last week, surpassing expectations of 87-88 BCF and the previous week's 95 BCF. This rise suggests a robust supply as the industry prepares for increased summer demand.
Real Estate Events
U.S. Pending Home Sales Surprise with 1.8% May Increase, GDP Price Index Hits Two-Year High
U.S. pending home sales unexpectedly rose 1.8% in May, surpassing the estimated 0.1% increase. The Pending Home Sales Index climbed to 72.6 from 71.3 in April. Despite the monthly gain, sales remain near record lows, with a slight year-over-year decline of 0.3%. The increase was observed across all regions, offering a glimmer of hope for the housing market. Meanwhile, the Q1 GDP Price Index rose 3.8% year-over-year, higher than expected and reaching its highest level since Q1 2023. Core PCE prices also increased more than anticipated.
US Mortgage Rates Drop to 6.77%, Hitting 4-Month Low
Mortgage rates in the US have fallen for the fourth consecutive week, reaching 6.77% for 30-year loans. This marks the lowest level since early May, providing potential relief for homebuyers.
Corporate Actions Events
CoreWeave Revives Acquisition Talks with Core Scientific, Sparking Market Excitement
CoreWeave, an AI company, is reportedly in talks to acquire Core Scientific, a digital-infrastructure firm, according to sources familiar with the matter. This potential deal comes after CoreWeave's unsuccessful attempt to buy Core Scientific about a year ago. The news has caused Core Scientific's shares to surge. With Core Scientific currently valued at around $3.7 billion and shares trading at more than double CoreWeave's previous offer of $5.75 per share, any potential deal is likely to come at a premium.
Jefferson Capital Shares Surge 27% in Nasdaq Debut After $150M IPO
Jefferson Capital's IPO raised $150 million, with shares opening at $19, up 27% from the $15 pricing. The stock, trading on Nasdaq as JCAP, saw strong investor interest in its public debut.
Mobix Labs Bids to Acquire Peraso at 20% Premium, Boosting Growth
Mobix Labs makes unsolicited bid to acquire Peraso in a stock-for-stock deal, offering a 20% premium to shareholders. The move aims to accelerate revenue growth and expand market presence.
Starbucks Bolsters Board with Global Economics and Tech Expertise
Starbucks appoints economist Dambisa Moyo and former Yahoo CEO Marissa Mayer to its board of directors, signaling a strategic focus on global economics and AI-driven innovation to enhance the company's growth and transformation.
Fixed Income And Interest Rates Events
Emerging Market Bonds Lead Returns as Companies Complete Successful Offerings Amid Ongoing Tax Negotiations
Emerging market bonds are leading fixed income returns for the first time since 2017, followed by US high yield bonds. Municipal bonds are the only category in negative territory. Several companies have completed bond offerings, including ING Bank, EPH, Commerzbank AG, and Axian Telecom. The US Treasury continues negotiations with OECD partners on taxation, hoping for a breakthrough that would make Section 899 discussions irrelevant. Meanwhile, various ETFs and bond-related financial instruments are making headlines in the market.
Treasury Secretary Calls for Removal of "Revenge Tax" as G7 Reaches Global Tax Agreement
Treasury Secretary Bessent urges Congress to remove Section 899, the "revenge tax," from the tax bill following a G7 agreement under the OECD Global Tax Deal. This move aims to protect U.S. businesses from Pillar 2 taxes and defend American interests. The decision comes after discussions with other nations and alleviates concerns on Wall Street.
South Korea Returns to Euro Bond Market Amid Ambitious Government Debt Issuance Plans
South Korea is launching its first euro-denominated bond sale in nearly four years, testing investor interest after recent political changes. The government plans to issue 18.2 trillion won of bonds in July, with 60% of the remaining second-half Korea Treasury Bond issuance limit to be released in Q3. This includes 2.0 trillion won of 63-day Treasury bills.
Metals Events
Iran's Uranium Relocation Sparks Controversy Amid US-EU Disagreement
EU capitals suspect Iran relocated uranium from Fordow facility before US strikes. Trump claims nothing was removed, suggesting attempts to conceal shafts. Conflicting reports raise tensions over Iran's nuclear activities.
Earnings Events
Walgreens Surpasses Earnings Forecasts, Stock Climbs Ahead of Privatization
Walgreens reports strong quarterly earnings, beating expectations. Stock rises as the pharmacy chain prepares to go private, driven by healthcare sales and cost-cutting measures.
Nike Outperforms in Q4: Revenue and Profits Soar Past Estimates
Nike's Q4 results surpassed expectations, with revenue of $11.1B and EPS of $0.14. Net income reached $211M, beating estimates. Gross margin stood at 40.3%, with gross profit at $4.47B. Pretax profit exceeded forecasts at $318M.
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