The past week has been a rollercoaster ride for Wall Street, with unexpected turns in trade negotiations, surprising oil market reactions, and tech giants reaching new heights.
Here’s a quick recap of the top stories that kept the financial world buzzing over the weekend.
Trump’s Trade Turnaround
In a shocking move, President Donald Trump abruptly halted all trade negotiations with Canada, sending Wall Street into a frenzy. The President announced on Truth Social that Canada’s new Digital Services Tax on American tech companies was “a direct and blatant attack on our Country.” This sudden reversal sent investors scurrying from risk assets, dampening the earlier optimism.
Oil Market Defies Expectations
Contrary to predictions, oil markets crashed by over 7% to $68 a barrel, even as Iran launched missiles at U.S. military installations in Qatar. Instead of triggering a surge in crude prices, the attack seemed to confirm market expectations of a controlled response rather than the onset of a full-blown war.
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Recession Risks Rise
The Conference Board Leading Economic Index fell 0.1% month-over-month in May, marking its sixth consecutive monthly decline. This signals an increasing risk of recession for the U.S. economy, with the index declining in 37 of the last 39 months, one of the worst streaks since 1960.
Dollar’s Worst Slide in Decades
The first five months of Donald Trump’s presidency have seen one of the steepest collapses in the U.S. dollar in over three decades. Economic contraction, surging deficits, and political friction with the Federal Reserve have all contributed to the greenback’s decline.
Nvidia’s Rise to the Top
Wall Street returned to record highs at the end of June, with both the S&P 500 and Nasdaq 100 breaking above their February peaks. Amidst this, Nvidia Corp. NVDA became the most valuable company as investor sentiment turned positive and geopolitical and trade risks eased.
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This story was generated using Benzinga Neuro and edited by Ananya Gairola
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