Top U.S. Stories

  • President Trump declared on the sidelines of the NATO summit in Ankara, Turkey, that the ceasefire with Iran is “over,” calling further negotiations “a waste of time” and saying U.S. forces would “probably hit Iran again tonight.” He also floated the idea of the U.S. taking over Kharg Island, Iran’s main crude export hub (NBC News).
  • Oil prices and equity markets whipsawed on the news: crude surged while U.S. stocks fell broadly, extending a run of Middle East-driven volatility (NBC News).
  • Trump arrived at the NATO summit frustrated with European allies over their reluctance to back a U.S. military campaign against Iran, opening a fresh burden-sharing dispute even as European members touted record defense-spending pledges (Fox News).
  • A Manhattan high-rise remains evacuated after city officials found buckling support columns and warned of a potential collapse; the Department of Buildings is investigating (Fox News).
  • A federal appeals court (D.C. Circuit) rejected Trump’s bid to block the removal of his name from the Kennedy Center in Washington.
  • Tyler Robinson, accused of assassinating Charlie Kirk, appeared at a preliminary hearing and came face to face with Kirk’s family for the first time (Fox News).

Markets

U.S. stocks fell Wednesday as renewed U.S.-Iran tensions drove oil sharply higher: the Dow Jones Industrial Average dropped 576.76 points (-1.09%) to close at 52,348.39, the S&P 500 slipped 0.28% to 7,482.71, while the Nasdaq Composite eked out a 0.20% gain to 25,870.65 on a partial tech rebound (Yahoo Finance). Brent crude climbed toward the high $70s per barrel and WTI traded in the mid-$70s as Trump’s ceasefire comments revived supply-disruption fears (NBC News). The dollar held firm near 162.5 yen (frankfurter API). In Tokyo, the Nikkei 225 tumbled 1,437.91 points (-2.11%) to 66,819.05, dropping back below the 67,000 mark as Japan’s 10-year government bond yield climbed to roughly a 30-year high near 2.87% (NewsOnJapan).

Stocks in Focus

  • European defense stocks: Shares surged after NATO Secretary General Mark Rutte warned that weapons manufacturers’ production capacity is struggling to keep pace with allied members’ spending increases (Investing.com).
  • U.S. energy majors (ConocoPhillips, Chevron, Marathon Petroleum): Energy shares rose broadly as crude prices jumped on the collapse of the Iran ceasefire.
  • Semiconductor stocks (Intel, Micron): Chip names extended declines — the Philadelphia Semiconductor Index (SOX) has fallen more than 4.65% in recent sessions — after reports that China’s DeepSeek is developing its own AI chips, raising concerns about future demand for incumbent suppliers.
  • Tesla: Shares fell 2.2% on Wednesday, continuing a volatile stretch for the automaker.

Also in the News

  • Russia launched a wave of missile and drone strikes on Kyiv and other Ukrainian cities this week, killing at least 22 people; Ukraine’s air force said Russia fired 351 drones and 68 missiles overnight, exposing continued gaps in air defenses (NPR).
  • French far-right leader Marine Le Pen said she will run for the presidency in 2027 despite an appeals court sentencing her to an electronic ankle monitor over EU fund embezzlement; the ruling also shortened her office ban to roughly 15 months (NPR).
  • Japan’s real wages rose 1.4% year-on-year in May, the fifth straight month of gains, as this year’s wage negotiations continued to feed through to household paychecks (Nikkei).

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