West Texas Intermediate (WTI) crude for October delivery closed at $82.36 per barrel, down $2.65, or 3.1%, while Brent crude settled at $88.58 per barrel, down $3.59, or 3.9%, hitting a one-week low. Investors overlooked the latest U.S. sanctions on Iran, assessing that economic pressure poses less risk to oil supply than an escalation of military confrontation. Iran stated it has resumed talks with Oman to discuss management of the Strait of Hormuz, with both countries agreeing to jointly conduct temporary mine clearance operations in shipping lanes. Meanwhile, the Chinese government signaled a challenge to Donald Trump regarding economic relations between China and Iran, warning through Lin Jian, spokesperson for China's Ministry of Foreign Affairs, that China will take all necessary measures to protect its national interests. Canadian Prime Minister Mark Carney announced a business aid package worth 7.5 billion Canadian dollars, while retaliating by raising tariffs on U.S. steel and aluminum imports to 50%, covering U.S. exports valued at approximately 20 billion Canadian dollars annually. U.S. Treasury Secretary Scott Bessent's plan to lower borrowing costs by expanding the bond buyback program is already taking effect, with the spread between 30-year government bonds and swaps narrowing to its tightest since February. Richmond Federal Reserve President Tom Barkin warned that the U.S. will face consequences from debt accumulation if public debt continues to rise. OpenAI revealed that its new Jalapeno chip outperforms Nvidia's chips in testing, with plans to begin deployment later this year. Nasscom data indicates that Indian tech companies have reduced their reliance on H-1B visas after increasing hiring in the U.S. Meanwhile, China's IPO market is picking up, but nearly one-third of stocks listed this quarter have fallen more than 50% from their post-listing highs. Barclays raised its price target for Moderna shares to $125 from $48, following encouraging Phase 3 trial results for its melanoma vaccine.
NVIDIA CorporationOpenAI's Jalapeno chip outperforms Nvidia's chips in testing, posing a competitive threat.
Barclays PLC
Moderna IncOpenAI revealed its new Jalapeno chip outperforms Nvidia's chips, with deployment planned later this year.
