Finance

Crude oil prices plummeted roughly 5% as the prospect of renewed supply from the Middle East reduced the risk premium associated with the recent conflict. Major energy firms including Exxon Mobil and Chevron saw their shares retreat, while energy-sensitive industries like airlines and cruise lines posted significant gains due to lower anticipated fuel costs.

New Federal Reserve Chair Kevin Warsh is set to lead his first policy meeting this week amidst data showing consumer inflation hitting a three-year high of 4.2% in May. While the central bank is widely expected to keep interest rates steady at 3.50%–3.75%, the market is closely watching for forward guidance on whether a 'hawkish hold' will be maintained due to strong labor market signals.

Elon Musk's SpaceX completed the largest initial public offering in history, achieving a market capitalization of over $2.1 trillion shortly after its debut. The stock's strong performance has contributed to a broader recovery in the technology sector, helping the market rebound from a significant semiconductor selloff earlier in the month.