Finance

Oil benchmarks fell significantly after the signing of a 14-point memorandum of understanding between the U.S. and Iran, which aims to reopen the Strait of Hormuz. Brent crude dropped to approximately $78 per barrel as investors anticipate the resumption of Iranian oil exports and a reduction in geopolitical risk premiums.

U.S. retail sales surged by 0.9% in May, significantly exceeding economist expectations and prompting the Atlanta Fed to raise its second-quarter GDP growth estimate to 3.0%. Stronger-than-expected consumer spending, particularly in autos and online retail, highlights economic durability despite high energy costs earlier in the month.

Major technology companies including Microsoft and Amazon faced selling pressure today, dragging down the Nasdaq Composite. SpaceX also recorded its first daily loss since its record-breaking $75 billion initial public offering, as investors rotate away from high-valuation growth assets following the Federal Reserve's hawkish outlook.