"The supreme art of war is to subdue the enemy without fighting.” – Sun Tzu’s The Art of War U.S. markets were closed on Thursday in honor of Juneteenth. A Huge data breach involving 16 billion login credentials from various platforms including Apple, Google, and Facebook has been uncovered. President Trump has a big decision to make over Iran. TikTok gets saved at the last minute. Jerome Powell is called out again for keeping rates steady. |
S&P 500 – 5,980.87 (-0.03%) ↘ Dow Jones - 42,171.66 (-0.10%) ↘ NASDAQ – 19,545.27 (+0.13%) ↗ |
The Mother of All Data Breaches |
Image courtesy of easydmarc.com |
US stocks moved higher on Thursday as markets digested more tariff uncertainty. In late afternoon trade, a federal appeals court allowed President Trump's tariffs to temporarily stay in effect, a day after the US Court of International Trade blocked their implementation after deeming the method used to enact them "unlawful." On Wednesday, the U.S. Court of International Trade ruled that President Trump lacked the authority to impose certain tariffs introduced in early April. The decision strikes down the 10% global baseline tariff and the fentanyl-related duties on China, which were justified under the International Emergency Economic Powers Act based on claims that trade deficits constituted a national emergency. "The tariffs the court struck down were likely to raise nearly $200 billion on an annual basis," Goldman Sachs said in a note to clients late Wednesday. That's "roughly the amount the fiscal package would increase the deficit next year." The Trump administration was prepared that it would appeal the decision and could seek an emergency stay pending a higher-court ruling. "It is not clear that this is a catalyst for a sustained new risk-on [trade]," Barclays global chairman of research Ajay Rajadhyaksha wrote in a note to clients. "Investors were hoping that tariff negotiations would largely be ironed out in the next couple of months, leaving the Administration free to focus far more on growth-positive policy including deregulation," Rajadhyaksha wrote. "At least optically, that entire process is now pushed back a few months." |
Trump Sees 'Substantial Chance' of Talks with Iran |
President Trump approved plans for potential military strikes against Iran on Tuesday night but has not yet made a final decision on whether to carry out the attack or officially join Israel’s air campaign, according to a senior intelligence source and a Defense Department official who spoke to CBS News. Sources say the president is delaying action in the hope that Tehran may still agree to halt its nuclear program. White House Press Secretary Karoline Leavitt confirmed that Trump is expected to reach a decision within the next two weeks. "Based on the fact that there is a substantial chance of negotiations that may or may not take place with Iran in the near future, I will make my decision whether or not to go within the next two weeks," Mr. Trump said in a statement read by Leavitt during a White House press briefing. “If the US does strike, you’re going to see a big knee-jerk reaction,” said Neil Wilson, investor strategist at Saxo UK. “No one will be wanting to make big long bets.” The likelihood of U.S. involvement is “quite high at this moment in time,” according to Anna Rosenberg, head of geopolitics at Amundi Investment Institute. “For the US, this is a moment to take out a big geopolitical headache, which is Iran potentially developing a nuclear weapon,” Rosenberg told Bloomberg TV. “Having said that, acting comes with a lot of consequences too. Trump will have to make a really difficult decision.” |
Trump Grants TikTok Another 90-Day Extension as Sale Deadline Looms |
Image courtesy of pbs.org |
President Donald Trump has granted TikTok’s parent company, ByteDance, a third extension to sell the popular short-form video app to a U.S.-based owner, allowing it to continue operating in the country amid ongoing negotiations. On Thursday, Trump signed a new executive order extending the deadline by 90 days, setting a new closing date of September 17, 2025. “I’ve just signed the Executive Order extending the Deadline for the TikTok closing for 90 days (September 17, 2025). Thank you for your attention to this matter!” Trump announced on Truth Social. Speaking aboard Air Force One earlier this week, Trump said he believes Chinese President Xi Jinping would ultimately support a sale of TikTok, noting that any deal would likely require approval from Beijing. ByteDance, TikTok’s parent company, is headquartered in China’s capital. White House Press Secretary Karoline Leavitt emphasized the administration’s goal of preserving access to the app for American users. “As he has said many times, President Trump does not want TikTok to go dark,” Leavitt said. “This extension will last 90 days, which the Administration will spend working to ensure this deal is closed so that the American people can continue to use TikTok with the assurance that their data is safe and secure.” TikTok, which boasts 170 million U.S. users, saw public support for a ban drop in recent months, according to Pew Research. The original ban was enacted during the Biden administration over national security concerns and led to a brief suspension of the app just before Trump’s inauguration earlier this year. Once Trump indicated his intent to keep the app available in the U.S., TikTok resumed operations. TikTok has repeatedly denied posing any national security risk and has stated that American user data is not stored in China. After last year’s ban, many U.S. users migrated to another Chinese app, RedNote, claiming indifference toward potential Chinese data access. However, usage of RedNote has since declined as TikTok remains accessible following Trump’s extensions. |
Jerome Powell Insulted Again Over Rates |
Image courtesy of Carolyn Kaster/AP |
President Donald Trump on Thursday intensified his ongoing and highly personal criticism of Federal Reserve Chair Jerome Powell, calling for an unprecedented 2.5 percentage point cut in interest rates. Although Trump appointed Powell in 2017, he has repeatedly lambasted the Fed chief for maintaining what he sees as unnecessarily high rates. Following Wednesday’s Federal Reserve meeting, the central bank announced it would hold its benchmark rate steady between 4.25% and 4.5%, citing a strong economy but ongoing inflation risks—partly tied to the sweeping tariffs Trump has imposed on foreign goods. “‘Too Late’ Jerome Powell is costing our Country Hundreds of Billions of Dollars,” Trump wrote on Truth Social Thursday. “He is truly one of the dumbest, and most destructive, people in Government, and the Fed Board is complicit.” “TOO LATE’s an American Disgrace!” he added. A sudden cut of 2.5 points would be extraordinary. The Fed typically shifts interest rates in 0.25-point increments, aligning moves with current economic conditions. For example, during the inflation spike of 2022, the Fed raised rates in steps as large as 0.75 points. Similarly, at the onset of the COVID-19 pandemic, it slashed rates swiftly to cushion the economic blow. “From my standpoint, it’s not complicated,” Powell said. “What everyone on the [Federal Open Market Committee] wants is a good, solid American economy with strong labor market and price stability. That’s what we want. Our policy is well positioned right now to deliver that.” “America’s economy has been resilient,” Powell added. “Part of that is our stance. We think we’re in a good place on that, to respond to significant economic developments. That’s what matters. That is what matters to us. Pretty much that’s all that matters to us.” The Fed's latest economic projections suggest two quarter-point rate cuts could come later this year, which would bring rates down to the 3.75%–4% range. But that’s not enough for Trump. “Europe has had 10 cuts, we have had none. We should be 2.5 Points lower, and save $BILLIONS on all of Biden’s Short Term Debt,” Trump said. “We have LOW inflation!”
(For the record, the European Central Bank has reduced rates eight times over the past year, not ten.) |
Coinbase shares rose Wednesday, supported by the Senate’s approval of a bill creating a regulatory framework for stablecoin issuers. The move sparked concerns about potential disruption to the broader payments ecosystem, putting pressure on credit card and payment stocks, with Mastercard and Visa shares slipping. TKO Group Holdings (TKO) climbed 4.8% following positive analyst reports on the parent company of the Ultimate Fighting Championship and World Wrestling Entertainment. Enphase Energy (ENPH), a solar microinverter manufacturer, bounced back 4.2%, recouping some losses from the previous session after the Senate’s proposed reconciliation bill threatened cuts to key clean-energy tax credits. Shares of business payments company Corpay (CPAY) declined 4%, while payroll software provider Paycom Software (PAYC) dropped 3.7%. Zoetis (ZTS), a provider of veterinary medicines and animal health products, fell 4.1% after Stifel downgraded the stock from "buy" to "hold." Circle (CRCL) surged more than 30% following the Senate’s passage of the stablecoin legislation, pushing its gains to over 500% since its market debut. |
June 20: May leading economic indicators due, along with earnings reports from Accenture (ACN), CarMax (KMX), Darden Restaurants (DRI), and Kroger (KR).
June 23: May existing home sales data and earnings from KB Home (KBH).
June 24: June Consumer Confidence report and earnings from FedEx (FDX).
June 25: May new home sales figures and earnings from Micron Technology (MU). |
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