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Wall Street indices are testing historic highs, supported by the de-escalation of conflict in the Middle East, though markets appear to be awaiting a new bullish catalyst for a clear breakout.
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The gains are mainly driven by Big Tech stocks, which remain firmly in the green, in contrast to smaller companies.
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Nvidia is up 3.72% to $153.40, reaching a market cap of $3.74 trillion. A close at these levels would mark a new all-time high on the daily chart.
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BP shares are currently up 1.20% (peaking earlier at 9.30%) on U.S. markets following reports from the Wall Street Journal that Shell is in preliminary talks to acquire its London-based rival. If completed, the deal would rank among the largest in European history, potentially creating an oil giant capable of competing with ExxonMobil and Chevron.
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During the second day of his testimony, Fed Chair Jerome Powell reiterated a cautious, data-dependent approach to monetary policy, noting that the Fed is waiting to see further developments in core inflation.
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The market currently prices in about a 25% chance of a rate cut at the July 30 meeting. Powell stressed that federal debt levels are not a factor in monetary policy decisions.
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Senate questions were heavily focused on rate cuts, with multiple participants suggesting Powell is the only one who can reduce the government’s high interest expenses on public debt — though Powell remained firm in his stance.
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Trump announced that the U.S. will meet with Iran for talks, with a potential agreement on the table as soon as next week, though he emphasized it's not a necessity. He also said there are no current signs that Iran is rebuilding its nuclear infrastructure.
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U.S. new home sales in May came in at 623,000 — below expectations of 694,000 and down from 743,000 previously — highlighting ongoing weakness in the housing market, with supply rising but a lack of new buyers.
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At the NATO summit, Trump reaffirmed the U.S. commitment to the alliance, which he said would grow stronger under his administration.
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European defense stocks such as Rheinmetall, BAE Systems, Thales, and Safran rose following remarks that significantly higher defense spending is "inevitable."
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WTI crude oil rebounded 0.90% to $65.60 per barrel.
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