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Trump canceled tonight’s strikes on Iran and said a “great settlement” has been reached. He told reporters a signing could happen this weekend, possibly in Europe. The Strait of Hormuz reopening is part of the framework. Fox
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Dow surged 930 points. S&P 500 gained 1.75%. Nasdaq rose 2.54%. Nearly erased Wednesday’s 953-point loss in a single session. CNBC
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WTI crude fell 1.5% to $86.36 in extended trading after the deal news broke. Oil has been sliding all week. Reuters
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May PPI printed 6.5% year-over-year, above the 6.4% forecast. Monthly wholesale prices rose 1.1%, well above the 0.7% expected. Markets barely flinched. Iran stole the show. BLS
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Retail investors placed over $100 billion in orders for the SpaceX IPO. Shares price at $135 and begin trading today on Nasdaq under SPCX. Largest debut in market history. BBG
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Adobe beat Q2 estimates with $6.62 billion in revenue, up 13%. Stock still fell about 6% after hours. It has dropped after 9 of its last 11 earnings reports. CNBC
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The House failed to extend FISA Section 702 surveillance authority. Vote was 198–218, short of the two-thirds needed. It expires at midnight tonight. Fox
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Forthcoming Haberman-Swan book: the White House held Situation Room meetings on Epstein files. The administration is hunting for whoever talked. Fox
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The ECB raised rates 25 basis points to 2.25%, its first hike since 2023. Eurozone inflation hit 3.2% in May. The ECB cut its 2026 growth forecast to 0.8%. Reuters
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Only 11% of Europeans across 15 countries now view the U.S. as an ally. That’s down from 22% in November 2024. Reuters
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