Stocks are mellow in early trading on what is being called 'Meeting Day,' with the Federal Reserve gathering in Washington and G7 leaders meeting in France. The Fed is poised to hold rates steady in the current range of 3.5% to 3.75%, though new Chair Kevin Warsh may lay the groundwork for future hikes given elevated inflation pressures. In Europe, the focus is on the US-Iran Memorandum of Understanding, with a signing ceremony scheduled for Friday in Geneva; Iran will reportedly receive financial concessions in exchange for opening the Strait of Hormuz and agreeing to nuclear restrictions, while the US will end its naval blockade. Crude oil prices have been sliding for days, dropping 40% from their wartime peak, in anticipation of energy shipments picking up. Meanwhile, a pair of ETF sponsors are rolling out funds tracking the so-called MANGOS stocks—Meta Platforms, Alphabet, Nvidia, SpaceX, Anthropic, and OpenAI—with the Corgi Securities fund also including other semiconductor and tech stocks.
Alphabet Inc Class C
NVIDIA Corporation
Meta Platforms Inc.