The Iran deal appears to be progressing towards implementation, with no indications of reversal from either side. This has led to a decline in oil prices, with Brent crude futures dropping 5% to $78.96 per barrel, marking the first time it has fallen below $80 since March. U.S. West Texas Intermediate futures also fell by 5.8% to $76.05.
The anticipated sanctions relief for Iran is expected to take effect immediately after the agreement is signed, which could further influence oil supply dynamics. Concurrently, President Trump is advocating for a resolution to the Ukraine-Russia war, pledging support to Ukraine while urging Russia to negotiate.
This renewed focus on foreign policy may not yield immediate results, given the complexity of the conflict. On the equities side, the Dow Jones Industrial Average reached a record high of 51,999.67, driven by a shift from tech stocks to cyclical stocks, while the S&P 500 and Nasdaq Composite saw declines, particularly in semiconductor stocks like Advanced Micro Devices and Micron Technology.
SpaceX's market cap briefly surpassed Microsoft's, reaching $2.94 trillion, although some analysts, including Michael Burry, have expressed skepticism about its valuation. Additionally, Intel has begun production of its most advanced chip, 18A-P, which could lead to a deal with Apple, further influencing the tech sector