Global stocks held steady on Wednesday as markets awaited new Federal Reserve Chair Kevin Warsh's first policy meeting. The Fed is widely expected to keep interest rates unchanged, shifting investor focus to Warsh's voting stance and press conference language. Oil prices steadied after dipping below $80 a barrel on Tuesday amid emerging details of a U.S.-Iran memorandum of understanding that could lift sanctions on Iranian oil. A cooler-than-expected UK inflation print showed consumer prices unexpectedly held at 2.8% in May, reinforcing expectations the Bank of England will keep rates steady at its meeting on Thursday. U.S. tech stocks faced pressure on Tuesday, dragging the S&P 500 and Nasdaq lower, while the Dow closed at a record high for a second straight day and Elon Musk's SpaceX continued to rise, closing up nearly 5% and surpassing Amazon's market valuation at $2.646 trillion while briefly eclipsing Microsoft's $2.92 trillion.
Amazon.com IncSpaceX surpassed Amazon's market valuation, highlighting competitive pressure in tech/space.
Microsoft Corporation
