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Top Stories
Trump-Musk Alliance Implodes: Public Spat Sends Tesla Stock Plummeting
Former allies Trump and Musk engage in a public feud over tax bill and EV credits. Trump expresses disappointment in Musk's criticism, while Musk claims he was crucial to Trump's election victory. Tesla stock tumbles amid the escalating conflict.
Xi and Trump Agree to Restart Talks in Surprise Phone Call
Chinese state media reports that President Xi and President Trump held a phone call, agreeing to start a new round of talks as soon as possible. The call, initiated by Trump, comes amid ongoing trade tensions between the two nations.
Fed's Kugler Backs Steady Rates Amid Tariff-Driven Inflation Concerns
Fed Governor Kugler supports maintaining current interest rates due to inflation risks from tariffs. She sees inflation as a bigger concern than employment, expecting tariff effects to impact prices first before affecting other economic aspects.
Trump Resurrects Travel Ban, Targeting 19 Countries in New Proclamation
President Trump signed a proclamation banning travel from 12 countries and imposing restrictions on 7 others, citing national security concerns. The controversial order, effective Monday, revives a policy from his first term that was previously repealed by Biden.
NATO Debates 5% Defense Spending Goal as US Pushes for Increased Commitments
NATO defense ministers meet to discuss increasing military spending to 5% of GDP, with pressure from the US. Germany's Chancellor Merz visits the White House to address tensions and bolster ties amid Trump's demands for higher NATO contributions.
Other News
Geopolitics Events
Trump-Musk Feud Erupts: Tesla Stock Plummets as Former Allies Clash Over Tax Bill and Election Claims
The relationship between former President Donald Trump and Tesla CEO Elon Musk has taken a dramatic turn for the worse, playing out in a public spat that has sent Tesla's stock tumbling. Trump expressed disappointment in Musk's criticism of the Republican tax bill, claiming Musk knew the "inner workings" of the legislation. Trump suggested that Musk's anger stems from the removal of electric vehicle (EV) credits, a move that directly impacts Tesla. In response, Musk fired back on social media, asserting that the bill was never shown to him and boldly claiming that without his support, Trump would have lost the 2016 election. This exchange has escalated tensions between the two formerly allied figures, with Trump questioning whether they will maintain a good relationship moving forward. The public feud has had immediate financial consequences, with Tesla's stock dropping over 8%, wiping out nearly $100 billion in market value. Investors are rattled by the potential implications of this high-profile disagreement, particularly given Musk's influence in the tech and automotive sectors. The situation highlights the volatile nature of political alliances and their potential impact on business interests, especially in the rapidly evolving EV market.
Trump Doubts Russia-Ukraine Deal, Warns of Tough Stance if Negotiations Fail
President Trump expresses skepticism about a Russia-Ukraine deal, stating he doesn't believe Putin is "playing games." He warns of potential tough measures against both nations if negotiations fail, emphasizing the complexity of the situation and the need for mutual cooperation.
Xi Calls for US-China Cooperation, Urges Removal of 'Negative' Measures
President Xi urges US to remove negative measures on China, increase economic cooperation, and reduce misunderstandings. Xi tells Trump that China has implemented the Geneva agreement, emphasizing improved relations.
Supreme Court Unanimously Dismisses Mexico's $10B Lawsuit Against U.S. Gun Makers
The Supreme Court unanimously rejected Mexico's $10 billion lawsuit against U.S. gun manufacturers, ruling that Mexico failed to prove the companies aided illegal gun trafficking to cartels. The decision, based on a 2005 law shielding gun makers, blocks Mexico's attempt to hold U.S. firms accountable for cross-border violence.
German Chancellor Merz Hails Successful Trade Talks with Trump, Aligns on Russia-Ukraine Stance
German Chancellor Merz reported positive outcomes from trade talks with Trump, agreeing to strengthen cooperation on trade issues. They concurred that Russia initiated the war in Ukraine, though future U.S. Congressional measures remain uncertain. Merz attempted to explain the EU to Trump, emphasizing it's not a threat to the USA. The Chancellor invited Trump to Germany and believes they've laid groundwork for productive discussions at upcoming G7 and NATO meetings.
Lutnick Sets Trade Deal Deadline, Prioritizes US Farmers and Tariff-Free Imports
Commerce Secretary Lutnick sets July 9th deadline for trade deals, emphasizing no tariffs on goods not produced in the US. He stresses the need for market access for US farmers in exchange, highlighting a balanced approach to international trade negotiations.
Elon Musk Stirs Debate with Endorsement of Trump Impeachment Post
Elon Musk has sparked controversy by agreeing with a social media post suggesting that former President Donald Trump should be impeached. The tech mogul's simple "Yes" response has ignited widespread discussion.
NATO Appoints New Commander and Adopts Ambitious Military Spending Plans
NATO has named Lt. Gen. Alexus Grynkewich as the new Supreme Allied Commander Europe, calming fears of U.S. withdrawal from the alliance. Simultaneously, NATO defense ministers agreed on new capability targets and military buildup plans, emphasizing increased spending. Secretary-General Mark Rutte stressed the need for allies to invest significantly more money to meet these goals, signaling a shift towards greater defense commitments within the alliance.
Musk Alleges Trump's Presence in Epstein Files, Citing Reason for Secrecy
Elon Musk claims Donald Trump is mentioned in the unreleased Epstein files, suggesting this is the reason for their continued confidentiality. The controversial statement has sparked widespread discussion and speculation.
Starmer to Push for NATO Defense Spending Boost in Talks with Rutte
UK PM Starmer is set to meet NATO chief Rutte on Monday to discuss increasing defense spending among member nations. The talks come amid rising global security threats and will also cover Britain's Strategic Defence Review, aiming to rally allies on boosting military budgets.
Trump's Auto Tariffs Drive Canada's Trade Deficit to All-Time High
Canada's trade deficit reached a record $7.1 billion due to Trump's auto tariffs, significantly impacting exports and highlighting the economic consequences of the trade dispute.
Trump Administration Urges Balkan Nations to Accept US Deportees
The Trump administration is reportedly pressuring Serbia and other Balkan nations to accept migrants deported from the US. This move signals a shift in deportation strategy as the US tightens its immigration policies, according to Bloomberg News.
Supreme Court Grants Catholic Charities Religious Exemption from Wisconsin Unemployment Taxes
The U.S. Supreme Court unanimously ruled in favor of Catholic Charities, granting them a religious exemption from Wisconsin's unemployment taxes. This decision expands First Amendment protections for faith-based social service providers and overturns the state's previous denial of the exemption.
US Labor Productivity Surprises with 1.5% Rise, Costs Surge Amid Narrowing Trade Deficit
US labor productivity in Q1 unexpectedly rose 1.5%, surpassing estimates. Labor costs increased 6.6%, higher than projected. The trade deficit narrowed to $61.6 billion in March, better than expected. These figures signal a complex economic landscape.
White House Scrambles to Manage Fallout from Musk's Twitter Storm
White House aides convened multiple meetings to address the repercussions of Elon Musk's recent tweets, signaling growing concern over the tech mogul's social media activity and its potential impact.
Senate GOP Fights to Shield NASA's Artemis and ISS from Budget Cuts
Senate Republicans are working to protect major NASA programs from proposed White House budget cuts. They aim to allocate approximately $10 billion for the Artemis moon mission and International Space Station. This comes amid leadership uncertainty at NASA, with Trump withdrawing support for his nominee and tensions rising with Elon Musk.
Macro Events
Trump and Xi's "Very Good" Phone Call Reignites US-China Trade Talks, Boosting Market Optimism
In a significant development in US-China relations, President Donald Trump and Chinese President Xi Jinping held a phone call that lasted approximately 90 minutes. The conversation, which was primarily focused on trade issues, has been described as "very good" and resulted in a "very positive conclusion" for both countries, according to Trump's statements on Truth Social.
Fed's Kugler Warns of Inflation Risks, Supports Steady Rates Amid Tariff Concerns
Federal Reserve Governor Adriana Kugler has expressed concerns about inflation risks and the potential impact of tariffs on the U.S. economy. In a recent speech, Kugler emphasized that she sees greater upside risks to inflation and potential downside risks to employment and output growth. She supports maintaining the current policy rate if these inflation risks persist, stating that monetary policy is well-positioned for any changes in the macroeconomic environment.
U.S. Trade Deficit Slashed in Half as China Imports Hit 5-Year Low
The U.S. trade deficit narrowed dramatically to $61.6 billion in April 2025, the lowest since August 2023, due to a record plunge in imports. Imports from China fell to $28.3 billion, the lowest level since March 2020, likely influenced by Trump-era tariffs. This unexpected shift significantly outperformed economists' expectations, highlighting a major change in trade dynamics.
US Jobless Claims Unexpectedly Rise, Labor Costs Revised Upward
US jobless claims rose to 247,000, exceeding forecasts of 235,000. Labor costs were revised to 5.7%, while continuing claims decreased to 1.904 million. These figures suggest a slight softening in the labor market.
ECB's Lagarde Forecasts Economic Challenges, Highlights Growth Opportunities
ECB President Lagarde warns of weaker near-term economic prospects, citing survey data. Higher tariffs and a stronger euro are expected to hinder exports, while the services sector is slowing. However, a strong labor market and rising incomes may support the economy. Lagarde emphasizes the need for defense and infrastructure investments to boost growth and urgently increase Euro Area competitiveness.
P&G to Slash 7,000 Jobs Amid Tariff Concerns
Procter & Gamble announces plans to cut 7,000 non-manufacturing jobs over the next two years, citing tariff uncertainty. This move comes as companies adjust to economic pressures.
US-Japan Tariff Talks Progress: Rare Earth Collaboration on the Table
The US is demonstrating flexibility in tariff negotiations with Japan, potentially lowering reciprocal tariffs. Japan plans to propose collaboration on rare earth supply chains during these talks, leveraging China's dominance in rare earth metals. This development comes amid ongoing trade tensions and could impact global economic dynamics.
US Trade Deficit Shrinks as China Imports Hit 5-Year Low
The US trade deficit narrowed significantly in April 2025, reaching $61.6 billion, the lowest since August 2023. Imports from China plummeted to $28.3 billion, the lowest level since March 2020, largely due to Trump-era tariffs.
Bank of Canada Reports Easing Tariff Fears Among Businesses, Influencing Rate Decision
Bank of Canada's recent consultations with firms and industry associations reveal a shift in sentiment regarding tariff scenarios. Deputy Governor Sharon Kozicki reports that businesses now view worst-case tariff outcomes as less likely, influencing the central bank's decision to maintain current interest rates. This change in perspective has eased concerns about potential economic impacts.
ECB Continues Rate-Cutting Streak, Lowers Deposit Rate to 2.00%
The European Central Bank (ECB) has implemented its eighth consecutive rate cut, reducing the deposit facility rate by 25 basis points to 2.00%. This move aligns with market expectations and includes cuts to other key rates.
Trump's Auto Tariffs Spark Canada's Record Trade Deficit
Canada's trade deficit reached a record high in April due to Trump's auto tariffs, severely impacting exports. The government reports significant economic consequences from the U.S. trade measures.
UK Businesses Largely Unfazed by US Tariffs, BoE Survey Reveals
A Bank of England survey reveals that most UK firms are unaffected by US tariffs, with 70% reporting no material impact. Only 12% of businesses now consider US trade policy a top source of uncertainty, down from 22% previously. While some firms anticipate reduced sales or investment, overall confidence remains stable among surveyed companies.
Trump's Auto Tariffs Drive Canada's Trade Deficit to All-Time High
Canada's trade deficit reached a record $7.1 billion due to Trump's auto tariffs, significantly impacting exports and highlighting the economic consequences of the trade dispute.
US Sanctions ICC Judges, Escalating Tensions with International Court
Trump administration escalates tensions by imposing sanctions on four International Criminal Court judges, pushing back against global legal scrutiny. The US Treasury announced the move on Thursday.
Musk Warns: Trump Tariffs to Spark Recession in Late 2025
Elon Musk predicts President Trump's tariffs will trigger a recession in late 2025. The tech mogul's bold forecast has sparked debate about the economic impact of trade policies.
Traders Fully Price Fed Rate Cut for September
Traders have resumed fully pricing in a Federal Reserve interest rate cut expected in September, indicating a shift in market expectations for monetary policy.
US Open to Lowering Reciprocal Tariffs with Japan, Jiji Reports
The US is demonstrating flexibility in negotiations with Japan regarding the reduction of additional reciprocal tariffs, according to Japanese news agency Jiji. This development signals potential progress in trade relations.
Trump Touts "Almost Perfect" Inflation, Warns Against Zero Inflation
Trump praises current inflation levels, calling them "almost perfect" and stating that zero inflation is undesirable. He emphasizes the current low inflation rate.
Central Banks Navigate Economic Crossroads as Markets Brace for Jobs Report
The financial landscape is buzzing with central bank updates and market reactions. The Fed's Kugler highlights debt and deficit impacts on bond yields, while the Bank of Canada hints at potential rate cuts if inflation eases. Bond markets are on edge ahead of the jobs report, and analysts debate the sustainability of high yields. Tesla's stock takes a hit despite Musk's return to the office, reflecting broader market uncertainties.
Crypto Events
Stablecoin Giant Circle Skyrockets 123% in NYSE Debut, Signaling Crypto's Wall Street Breakthrough
Circl Internet Group, the issuer of the USDC stablecoin, made a spectacular debut on the New York Stock Exchange, with its shares opening at $69, a staggering 123% increase from its initial public offering (IPO) price of $31. The company raised nearly $1.1 billion in its IPO, which was oversubscribed 25 times, signaling strong investor interest. Circle's valuation soared to $8 billion, backed by investments from major players like BlackRock and ARK Invest. The successful listing is seen as a significant milestone for the cryptocurrency industry, potentially paving the way for more crypto-related IPOs. Circle's shares continued to surge throughout the day, at one point reaching as high as 235% above the IPO price. This remarkable performance has ignited optimism in the IPO market and demonstrates Wall Street's growing acceptance of stablecoins and cryptocurrency-related businesses.
Trump's Truth Social Ventures into Crypto: Files for Bitcoin ETF on NYSE Arca
Trump Media & Technology Group, the company behind Truth Social, has filed a registration statement with the SEC for a Bitcoin ETF. The Truth Social Bitcoin ETF BT aims to list and trade shares on NYSE Arca. This move marks a significant entry into the cryptocurrency space for Trump's media venture, with the ETF's assets primarily consisting of Bitcoin held by a custodian on behalf of the trust.
Uber Explores Stablecoins for Global Payments, CEO Affirms Bitcoin's Status
Uber CEO Dara Khosrowshahi acknowledges bitcoin as a "proven commodity" and sees potential in stablecoins for global money transfers. The company is currently in a "study phase" to explore using stablecoins as a payment vehicle, recognizing their utility for businesses operating internationally.
Trump-Backed Company Clashes with $TRUMP Memecoin Creators in Crypto Power Struggle
World Liberty Financial, backed by Trump, has issued a cease-and-desist letter to Fight Fight Fight LLC, the team behind the $TRUMP memecoin and "Trump Wallet." This escalation marks a significant clash within Trump's expanding crypto empire, pitting a company partly owned by Trump's sons against the creators of a lucrative Trump-themed cryptocurrency.
Silo Pharma Embraces Bitcoin, Stock Soars on $1M Crypto Investment
Silo Pharma's board approves $1 million Bitcoin purchase as treasury reserve asset, causing stock surge. Move reflects growing corporate interest in cryptocurrency investments.
Heritage Distilling Dives into Crypto with Bitcoin Bourbon Plans
Heritage Distilling Company adopts cryptocurrency strategy, investing in Bitcoin and planning to launch Bitcoin-themed bourbon, signaling a shift in treasury policy.
Solo Bitcoin Miner Strikes Gold: $330K Reward Against All Odds
A solo Bitcoin miner defied steep odds by renting hash power, successfully mining a block and earning a reward of 3.151 BTC, worth approximately $330,000, despite record-high mining difficulty.
Stock Markets Events
S&P 500 Breaks 6,000 Barrier Amid Market Volatility and Options Activity Surge
The S&P 500 index has surpassed 6,000 for the first time since February, marking a significant milestone in the stock market. Investors are closely watching market movements, including options activity for major companies like Apple, Broadcom, and Microsoft. The Dow, S&P 500, and Nasdaq initially rose following a phone call between Trump and Xi but later surrendered early gains. Analysts are speculating on potential changes to the S&P 500 index composition, with Robinhood among possible additions.
Market Movers: Robinhood Surges Amid S&P 500 Speculation, Global Stocks Rise
Various stocks experienced significant movements in the market. Robinhood, Planet Labs, and MAIA Biotechnology saw notable gains. The S&P 500 is expected to undergo changes, potentially including Robinhood. UK and Netherlands stocks closed higher, while Coupang and ANET saw unusual options activity. MongoDB stock also traded up.
Wise's US Listing Move Deals Setback to London Stock Exchange
Fintech company Wise plans to move its primary stock listing from London to the US, dealing another blow to the UK capital's stock market. This shift highlights the growing appeal of US markets for tech firms.
No Topic Tag Events
Eurozone Construction Sector Contracts, Italy Shows Resilience
Eurozone Construction PMI dips to 45.6 in May, with Germany at 44.4 and France at 43.1. Italy bucks trend, rising to 50.5, showing slight growth in the sector.
NATO Proposes 5% GDP Defense Spending Target, Sparking Debate Among Allies
NATO Secretary General Rutte has unveiled plans for a new spending goal, proposing a total of 5% of GDP for member countries' defense budgets. This includes 3.5% for core defense spending and 1.5% for defense and security-related investments. The proposal has sparked discussions among NATO allies, with some countries expressing support while others remain hesitant. Rutte emphasized that this target applies to all allies, including the United States. NATO defense ministers have agreed on new capability targets, acknowledging the need for significant increases in investment. The alliance will maintain its nuclear status while focusing on spending, defense industry production, and support for Ukraine in its upcoming summit declaration.
Secret Canada-U.S. Talks Underway for Major Trade and Security Pact
Canada's PM Carney and U.S. President Trump are engaged in confidential negotiations for a bilateral trade and security agreement. Top officials from both nations are involved, indicating a sense of urgency to reach a deal before September. The talks signal a potential shift in Canada-U.S. relations.
ECB Cuts Rates to 2%, Lagarde Hints at Cycle's End
ECB President Lagarde announced a 25 basis point rate cut to 2%, signaling the potential end of the monetary tightening cycle. She expressed confidence in the bank's position, with the euro strengthening in response to the news.
Delta Warns New Tariffs May Ground Foreign Planes, Affecting Millions of Passengers
Delta Air Lines warns that proposed U.S. aviation tariffs could force them to halt deliveries of foreign-made aircraft, potentially impacting millions of customers. The airline suggests this move might lead to flight cancellations affecting up to 10 million passengers if aircraft imports are disrupted. Delta expressed these concerns in a filing with the Commerce Department.
Anduril's $2.5B Raise Catapults AI Defense Firm to $30.5B Valuation
Defense startup Anduril raises $2.5 billion, doubling its valuation to $30.5 billion. Founders Fund leads the round as demand for AI-powered weapons grows. New partnership with Palantir positions Anduril for major Pentagon contracts.
Tesla Stock Crashes: Worst Single-Day Plunge Since 2020
Tesla stock plummets in afternoon trading, experiencing its worst single-day decline since September 2020. Shares fall by 17.6%, marking the biggest drop in nearly five years.
US Pressures UK to Boost Defense Budget to 5% of GDP
The US has reportedly urged the UK to increase its defense spending to 5% of GDP, according to British media reports, particularly The Telegraph newspaper.
Supreme Court Revives Straight Woman's "Reverse Discrimination" Lawsuit
The US Supreme Court unanimously revived a job discrimination lawsuit filed by a straight woman, alleging bias due to her sexual orientation. This case highlights potential "reverse discrimination" in employment.
Corporate Actions Events
Circle's NYSE Debut Soars: Shares Indicated 35-42% Above IPO Price
Circle's shares are expected to open between $42 and $44 on the NYSE, significantly higher than the $31 IPO price. The company sold 34 million shares, surpassing initial targets.
Nippon Steel-US Steel Merger Approaches Deadline, Final Details Still in Flux
Nippon Steel Corp. and US Steel Corp. are nearing completion of their $14.1 billion merger before the June 18th deadline. The deal would make Nippon Steel the owner of US Steel, with provisions for American control. However, final details are still being negotiated, and there's a possibility the deal could fall through.
P&G Slashes 15% of Global Office Workforce in Major Restructuring Effort
Procter & Gamble is set to cut 7,000 non-manufacturing jobs globally over the next two years, representing 15% of its office workforce. This move is part of a company-wide reorganization aimed at streamlining operations and refocusing on core business. P&G emphasizes that the cuts are not primarily about cost savings, but rather a strategic restructuring amid changing global demand.
Real Estate Events
European Economic Data Reveals Divergent Trends in Construction and Retail Sectors
European economic indicators show mixed results. Eurozone PPI declined more than expected, with a -2.2% monthly change and 0.7% yearly increase. UK Construction PMI improved to 47.9, beating forecasts. Italian retail sales rebounded, growing 0.7% monthly and 3.7% yearly. Construction PMIs varied across Europe, with Italy showing growth while France, Germany, and the overall Eurozone experienced contraction.
REITs in Focus: Buffett's Stance, Market Shifts, and Investment Opportunities
Warren Buffett avoids REITs, but investors find value in them. Blackstone reduces Warehouse REIT bid, while Alexandria Real Estate faces scrutiny. Housing economics overlooks key factors since 2008. Wereldhave shows promise, and a top REIT offers passive income potential.
US Mortgage Rates Dip for First Time in a Month, Offering Brief Relief to Homebuyers
US mortgage rates decreased for the first time in over a month, with 30-year fixed rates dropping to 6.85% from 6.89%. This marks the first decline since early May, offering a slight reprieve for potential homebuyers.
Oil And Gas Events
Oil Futures Rally: WTI and Brent Crude Prices Climb Amid Energy Market Strength
Oil futures resumed their upward trend, with WTI crude settling at $63.37/bbl and Brent crude at $65.34/bbl. Diesel, gasoline, and natural gas futures also saw increases, reflecting overall strength in energy markets.
Currencies Events
U.S. Treasury Adds Ireland and Switzerland to Currency Monitoring List, Warns China on Transparency
The U.S. Treasury's semi-annual currency report found no major trading partners manipulated their currency for unfair trade advantages in 2024. However, Ireland and Switzerland were added to the monitoring list due to large bilateral trade surpluses with the U.S. and significant global current account surpluses. The Treasury warned China about its lack of transparency in exchange rate practices, stating it could lead to future designation. The report emphasizes the Treasury's commitment to cracking down on unfair currency policies among trading partners.
Healthcare Events
Humana Backs Curbs on Medicare Advantage Billing Practices Amid Industry Scrutiny
Humana, the second-largest Medicare insurer, has expressed support for limiting billing practices related to home-visit diagnoses in Medicare Advantage plans. This move comes amid increased scrutiny and pressure to reform insurer reimbursement tactics, potentially impacting billions in extra payments to the industry.
Biotech Firms Announce Promising Trial Data, MoonLake Considers Sale
Biotech companies report positive trial results: RGNX for Duchenne, CORT for dazucorilant, Hoth for HT-001 skin treatment, and Faron at ASCO 2025. MoonLake Immunotherapeutics reportedly exploring sale options, interpreted as potential financial distress.
Biotech Breakthroughs: Telomir, Regenxbio, and Corcept Report Promising Results in Various Clinical Trials
Telomir Pharmaceuticals' lead drug, Telomir-1, shows promise in animal studies for a rare premature aging disorder. Meanwhile, Regenxbio reports positive interim data from their Phase I/II trial for Duchenne muscular dystrophy, with children showing improved body control. Corcept Therapeutics also presents results from a Phase 2 study of Dazucorilant.
Metals Events
US-Japan Tariff Talks Progress: Rare Earth Collaboration on the Table
The US is demonstrating flexibility in tariff negotiations with Japan, potentially lowering reciprocal tariffs. Japan plans to propose collaboration on rare earth supply chains during these talks, leveraging China's dominance in rare earth metals. This development comes amid ongoing trade tensions and could impact global economic dynamics.
Suzuki Suspends Swift Production Amid China's Rare Earth Export Curbs
Suzuki Motor has halted production of its Swift model in Japan due to China's restrictions on rare earth exports. The move impacts electric vehicle manufacturing, with India's supply also at risk. This highlights the global impact of China's rare earth policies.
Silver Skyrockets to 13-Year Peak, Gold Climbs in Precious Metals Rally
Silver prices soar to a 13-year high, driving up silver mining stocks. Gold also sees gains, hitting a four-week high. The precious metals market experiences significant momentum in early U.S. trading.
India Boosts Rare Earth Magnet Production with New Incentive Scheme
India plans to incentivize domestic production of rare earth magnets and build stockpiles amid mounting supply threats. This move aims to reduce dependency on imports and secure strategic resources.
Earnings Events
Ciena Stock Tumbles on Earnings Miss, Despite Revenue Beat
Ciena's stock drops after Q2 earnings miss expectations, despite revenue beating estimates. Margins declined, overshadowing strong sales performance. Investors react negatively to the financial results.
Broadcom Beats Q2 Estimates, Forecasts Strong AI Growth in Q3
Broadcom's Q2 earnings surpassed expectations with EPS of $1.58 and revenue of $15B. AI revenue soared 46% YoY to $4.4B. The company forecasts Q3 revenue of $15.8B, with AI segment projected to reach $5.1B. A $0.59 dividend was declared, showcasing strong financial performance and growth in AI-related business.
Lululemon Shares Tumble Despite Q1 Earnings Beat as Q2 Forecast Disappoints Investors
Lululemon Athletica's Q1 earnings beat estimates, with revenue of $2.4B and EPS of $2.60. However, shares fell due to a lower Q2 revenue forecast of $2.54B, missing the $2.56B estimate. The company reported 1% comparable sales growth and adjusted its full-year EPS guidance to $14.58-$14.78. International sales showed strength, while Americas sales declined.
Environment Events
Hamas Open to New Ceasefire Talks, Seeks Improvements to Witkoff Proposal
Hamas Chief states the group didn't reject the Witkoff Gaza ceasefire proposal outright, but requested modifications to ensure war's end. Ongoing talks with mediators continue, and Hamas expresses readiness for a new round of negotiations, signaling potential progress in the peace process.
Other Events
Musk Shocks Space Industry: SpaceX Dragon to be Decommissioned After Contract Cancellation Threat
Elon Musk announces immediate decommissioning of SpaceX's Dragon spacecraft following the President's statement about canceling government contracts. This shocking move could significantly impact the future of private space exploration.
Technology Events
AWS Slashes Prices on NVIDIA GPU Instances, Boosting Affordability for High-Performance Computing
Amazon Web Services announces significant price cuts of up to 45% for Amazon EC2 NVIDIA GPU-accelerated instances, making powerful computing more accessible for customers.
Legal Events
Musk Secures Six-Week Extension in SEC Twitter Stake Disclosure Lawsuit
Elon Musk has been granted an extension to respond to the SEC's lawsuit regarding his late disclosure of Twitter stake. The new deadline is July 18, pushed back from June 6, as agreed upon by both parties and revealed in a court filing.
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