Markets: Until now, Wall Street has mostly shrugged off the Israel–Iran conflict in the Middle East, with the S&P 500 and Nasdaq closing just a hair lower for the week on Friday. Investors’ thinking could—or could not—change this coming week, after the US entered the war on Saturday with strikes on key Iranian nuclear infrastructure. All eyes are on oil prices, which, due to the war, are having their most volatile stretch since Russia invaded Ukraine in 2022.
Parishioners and staff members at CrossPointe Community Church in suburban Detroit killed an active shooter and “prevented a mass shooting,” the local police chief said.
The salvage operation for the Bayesian superyacht, which sank off the coast of Sicily last year, claiming the lives of UK tech entrepreneur Mike Lynch and six others, was completed yesterday.
Pixar banked its lowest opening ever this weekend with Elio, which made $21 million at the domestic box office.
NBA legend Kevin Durant got traded to the Houston Rockets, which he found out about on stage at Fanatics Fest.
And the Oklahoma City Thunder won Game 7 of the NBA Finals, beating the Indiana Pacers to take home their first championship.
US Drillers Cut Oil and Gas Rigs for Eighth Week in a Row
(Reuters) – U.S. energy firms cut the number of oil and natural gas...
(Reuters) – U.S. energy firms cut the number of oil and natural gas rigs operating for an eighth week in a row for the first time since September 2023, energy services firm Baker Hughes said in its closely followed report on Friday.
The total oil and gas rig count, an early indicator of future output, fell by one to 554 in the week to June 20, the lowest since November 2021.
This week’s decline brings the total number of rigs down 34, or 5.8% from this time last year.
Oil rigs fell by one to 438 this week, their lowest since October 2021, while gas rigs fell by two to 111, their lowest since May 30.
Oil traders and global investors await Iran’s response to U.S. strike
Iran’s ability to choke off the Strait of Hormuz, the...
Iran’s ability to choke off the Strait of Hormuz, the crucial waterway connecting the Persian Gulf with the Gulf of Oman and the Arabian Sea, is a key question for investors. But it isn’t the only concern when it comes to flows of crude and other energy products out of the Middle East.
The potential for Iran to shut down shipping routes, particularly the strait, through which ships carrying roughly 20 million barrels a day of oil and oil products and 20% of the world’s liquefied-natural-gas supply, has long served as a boogeyman for investors, oil traders, shippers and world leaders. Now that threat is front and center following President Donald Trump’s decision to involve the U.S. directly in the Israel-Iran war Saturday by bombing Iranian nuclear sites.
“My initial take is that while odds of a full closure of the Strait of Hormuz remain below 50%, they are clearly higher than they were on Friday,” Rebecca Babin, senior energy trader and managing director at CIBC Private Wealth in New York, told MarketWatch.
“If the Strait of Hormuz became non-navigable, it would constitute pretty much an unprecedented negative supply shock for the energy markets, at least in recent history,” said Minna Kuusisto, chief analyst at Danske Bank in Copenhagen, in a Sunday note.
Fed official says rate cuts could come as soon as July
Federal Reserve Governor Christopher Waller ...
Federal Reserve Governor Christopher Wallersaid in a CNBC interview yesterday that he and his colleagues should consider slashing interest rates “as early as July” because he doesn’t believe tariffs will significantly drive up inflation. These remarks came after he and other Fed governors voted to keep rates unchanged this week. President Trump has criticized Fed Chair Jerome Powell for refusing to lower them, but with Waller’s comments, the call is now coming from inside the house. Waller noted that he wasn’t speaking for the whole committee that decides, but said it was time to start thinking about a cut to avoid harming the labor market. That presents a stark contrast to the cautious tone Powell struck in a press conference earlier this week, reiterating the Fed’s wait-and-see stance and expressing concerns that tariffs could still drive up prices.
No breakthroughs in Europe’s talks with Iran. European...
No breakthroughs in Europe’s talks with Iran. European and Iranian negotiators met in Geneva yesterday in hopes of hashing out an agreement to deescalate Iran’s conflict with Israel over Iran’s nuclear program—which President Trump said Thursday he’d decide whether to join within two weeks to give diplomacy a chance first. But they failed to come to an agreement as Iran reportedly insisted it be allowed to continue enriching uranium. Despite ending at an impasse, the negotiations left open the possibility of more talks going forward. Meanwhile, Israel’s military chief warned the public to prepare for a “prolonged” campaign in Iran.
An appeals court ruled that the president had the power to send National Guard troops to Los Angeles without going through California’s governor.
The Supreme Court refused to fast-track a case brought by toy companies challenging President Trump’s tariffs. Separately, the high court upheld a law that allows American victims of terrorism in Israel and their families to sue the Palestinian Authority and Palestine Liberation Organization.
TikTok received another 90-day extension of the deadline to sell the company or face a federal ban, so your FYP remains safe for now.
President Trump says he’s near a “‘mindbogglingly’ HISTORIC” settlement that could end his feud with Harvard.
Telegram founder Pavel Durov said he will leave his fortune to all his children. That may sound pretty standard, but Durov has over 100 of them, most of whom he fathered through sperm donation.
