US Dollar Slips After PCE Inflation Data Eases Fed Rate Hike Expectations 
Gold Falls Below $4,000 as Strong Dollar and Fed Rate Hike Expectations Weigh on Prices 
Iran Attack in Strait of Hormuz Pushes Oil Prices Higher 
Asian Stocks Sink as Apple Price Hikes Spark AI Valuation Fears, South Korea and Japan Lead Selloff 
U.S. Dollar Reaches One-Year High as Tech Sell-Off and Fed Rate Hike Expectations Support Demand 
South Korea’s KOSPI Jumps Over 5% as Samsung, SK Hynix Rally on Micron Earnings Boost 
Gold Drops Below $4,000 as Strong US Dollar and Fed Rate Hike Expectations Pressure Bullion 
S&P Affirms Brazil’s BB Credit Rating with Stable Outlook Amid Fiscal Challenges 
Bessent Says U.S. Must Strengthen Supply Chains and Economic Security 
Morgan Stanley Sees Chinese Auto Market Recovery Gaining Momentum in Late Summer 
Australian Household Spending Rebounds Strongly in May as Travel and Dining Drive Consumer Growth 
Asian Currencies Trade Mixed as Yen Hovers Near 40-Year Low, Dollar Holds Firm on Fed Outlook 
White House Seeks $87.6 Billion Emergency Funding for Iran War, Farmers, and Ebola Response 
BOJ Hawk Signals Faster Interest Rate Hikes Amid Inflation Risks 
Wall Street Ends Mixed as Micron Surges, Apple Drops After Price Hikes 
Gold Prices Fall Below $4,000 as Strong Dollar, Fed Rate Hike Bets Weigh on Bullion 
Wall Street closed sharply lower on Thursday as conflicting signals over a potential U.S.-Iran peace agreement rattled investor confidence. President Donald Trump's ambiguous remarks about whether Washington was willing or able to negotiate with Tehran triggered a broad market sell-off, sending major indexes deep into the red.
The Nasdaq Composite officially entered correction territory, tumbling 2.4% to close at 21,408 points — now more than 10% below its recent record high. The S&P 500 dropped 1.7% to 6,478 points, while the Dow Jones Industrial Average shed 1% to finish near 45,959 points.
Trump's public statements were sharply at odds with behind-the-scenes diplomatic activity. While he described Iranian negotiators as "strange" and warned of devastating consequences if talks failed, reports emerged that Tehran had privately signaled openness to discussions. Trump later announced a 10-day extension on the suspension of U.S. strikes against Iranian energy infrastructure, saying negotiations were progressing well despite media reports to the contrary.
Oil markets moved in the opposite direction, with Brent crude surging over 5% to around $107 per barrel and WTI gaining 4.5% to approximately $94. Fears of a sustained energy shock have raised concerns about renewed inflation and potential interest rate hikes globally. The OECD warned that prolonged conflict could significantly hamper economic growth.
Trump also revealed that Iran allowed ten oil tankers to pass through the Strait of Hormuz as a goodwill gesture during negotiations, signaling cautious diplomatic progress despite the heated rhetoric.
On the equities front, memory chip stocks including Micron, Western Digital, and Seagate fell between 6% and 11% following news of a Google compression algorithm that could reduce AI-related memory demand. Meta Platforms dropped roughly 8% after being found liable for social media addiction harm to minors. Salesforce bucked the trend, rising 2% on a new government contract win.
