Analysts are skeptical about the impact of President Trump's diesel deal with Russia, which offers a supply of 4.8 million metric tons—barely enough to meet a single day of global demand. This deal comes as Trump faces pressure to lower fuel prices ahead of the midterm elections.
Additionally, hedge fund manager Paul Tudor Jones warned that oil prices could rise by another $20-$25 due to ongoing conflicts in Iran. In the banking sector, major U.S. banks, including JPMorgan Chase, Wells Fargo, Goldman Sachs, and Citigroup, are reporting mixed results, influenced by factors such as increasing borrowing costs and high oil prices.
Bank of America is set to report earnings soon but has already incurred over $1.2 billion in federal penalties for alleged violations of sanctions and anti-money laundering laws. Investors are also closely monitoring interest rate outlooks following comments from New York Federal Reserve President John Williams.
In the tech sector, AI company Anthropic is preparing for a significant IPO and will release its first quarterly financials, while Apple has introduced HomeView, a new voice-controlled smart home hub. The International Monetary Fund has slightly raised its global growth forecast to 3.1% for 2026, although it cautioned that global resilience is under strain with risks leaning towards the downside