Finance

The Federal Reserve concluded its June policy meeting by holding interest rates steady at a range of 3.5% to 3.75%, marking the first meeting under the chairmanship of Kevin Warsh. While the rate decision was widely anticipated, market focus remained on the updated 'dot plot' and the chairman's initial press conference for signals regarding long-term inflation targets. Policymakers are navigating a complex landscape involving persistent labor market strength and a potential easing of energy-driven price pressures.

Energy markets saw a significant decline as Brent crude futures fell below $79 per barrel for the first time since early March, pressured by reports of a formal peace agreement between the U.S. and Iran. The potential reopening of the Strait of Hormuz is expected to restore critical oil export flows, with a formal signing ceremony scheduled in Switzerland this Friday. This easing of geopolitical tension led to notable price drops in WTI crude and shares of major energy producers like Phillips 66 and Chevron.

SpaceX shares gained nearly 5% on their fourth day of trading, extending a powerful rally that has pushed the company's valuation past Amazon and near that of Microsoft. The aerospace firm recently announced a $60 billion acquisition of the AI-coding startup Cursor, further fueling investor interest in its expanding technology ecosystem. The stock is currently trading roughly 50% above its initial public offering price of $135 per share.