US Market Close Summary: US and Iran may meet again in Doha; Supreme Court backs Fed Gov Cook while expanding Presidential powers

Summary - Crude oil prices barely reacted to increased hostilities around the Strait of Hormuz over the weekend, with the White House announcing new face-to-face talks, while Iran denied any new meeting would take place despite officials from both sides heading to Doha.

In a split vote, the US Supreme Court backed Fed Gov Lisa Cook on technical grounds in the ongoing dispute with President Trump, but left the Executive branch with expanded powers to fire top officials if due process is adhered to.

US equity markets opened higher, but the Russell lagged following the completion of index reconstitution on Friday, while Alphabet shares rose nearly 5% on their first day as a component of the DJIA.

Amid the equity rally, Treasury yields were fairly directionless, gold dropped and Bitcoin rallied.

There were a handful of Monday M&A announcements supporting ongoing robust capital markets activity. - - US - - (BR) Brazil Jun FGV Inflation IGPM M/M:-0.5 % v -0.5%e; Y/Y: 3.2% v 3.2%e - - (US) Pres.

Trump: GAS PRICES COMING DOWN, FAST! REPORT ANY ABUSES AT RETAIL LEVEL!!! President DJT - Truth Social - - (US) PRES.

TRUMP: IRAN HAS REQUESTED A MEETING.

IT WILL TAKE PLACE TOMORROW IN DOHA! - - (US) Sens.

Tim Scott and Bill Hagerty are reportedly proposing legislation aimed at securing AI supply chains; Bill would let US block AI tech from China, Russia, Iran, Cuba - Politico - - (IR) White House Press Sec Leavitt: Trump retains right to use military if needed; Trump wants peace process to play out; Confirm Witkoff and Kushner will attend Iran meeting in Doha, Qatar - - (US) Nevada reports May casino gaming Rev $1.39B, +7.4% y/y, Las Vegas strip Rev $808M, +13.2% y/y - - (US) US Supreme Court declines to allow Trump to remove Fed Reserve Gov Lisa Cook without due process; Expands the President's ability to fire top govt officials; Backs Trump's firing of Federal Trade Commission members (split decision 5-4) - - (US) JUN DALLAS FED MANUFACTURING ACTIVITY: 0.0 V 1.0E; New orders: 2.3 v 6.4 prior - -(US) Interior Sec Burgum: Gasoline can 'absolutely' go below $3.00/g - - Europe and Asia - - (IE) Ireland May Retail Sales Volume M/M: 0.0% v 0.5% prior; Y/Y: 0.8% v 0.2% prior - - (PT) Portugal May Retail Sales M/M: 0.0% v -1.7% prior; Y/Y: 1.5% v 4.7% prior - - (IN) India May Industrial Production Y/Y: 5.1% v 4.5%e - - (UK) PM Candidate Burnham (Labour): Will not announce appointments until end of leadership process; We will not leave everything to market, will use public intervention where necessary; Plans will be backed by discipline of current fiscal rules; Won’t take risks with public finances - - (ES) Spain Econ Min Cuerpo: Extending temporary measures to limit Iran war impact on prices by three months - - (IS) Israel Foreign Min Saar: Our aim is peace with Lebanon - - (EU) EU gives final greenlight for package to simplify AI rules - press - -(IR) Iran Dep Foreign Min Gharibabadi: Will continue to oppose and obstruct any vessels transiting Strait not specified by Tehran - -(EU) ECB Chief Lagarde: Not accurate to describe June move as an insurance hike; The resilience Europe has built means rate hike effects on the economy are more contained; Resilience means ECB can raise rates to address inflation without fear it become a source of financial stress - - Corporate Headlines - -AAPL said to have sought US govt clearance to purchase memory chips from CXMT, a China firm on the Pentagon blacklist, amid tight supply constraints - FT \ - -CHTR said to have held executive-level talks about partnering on a consumer mobile phone offering with SpaceX - press - -GME guides FY26 adj EBITDA >$600M v $345.4M y/y - -WMB advanced talks to acquire Momentum Midstream for ~$5.5B - -CMCSA plans tax-free spin-off of NBCUniversal and Sky into independent public company - -VZ expects Q2 estimated loss of $700-800M tied to held-for-sale classification of Verizon Contributed Business net assets; also expects Q2 severance charge of $350-450M and asset rationalization charges of $200-300M - filing - -MLM said to strike a $13.5B deal for limestone supplier Lhoist North America; To pay $7B in cash and $6.5B in stock - WSJ - -IRDM to be acquired by Rocket Lab at $54.00/shr cash-stock in ~$8.0B EV - -MSTR adopts Digital Credit Capital Framework; Authorizes $1B Digital Credit Securities repurchase and $1B class A common stock repurchase [** Note: The framework quietly changes the bitcoin thesis from pure accumulation to sanctioned monetization: BTC sales can now fund the USD reserve, dividends, interest and buybacks, even though the program is framed as optional] - -META said to be putting limits on Claude and Codex usage, over concerns about 'distillation' - The Information - -OC reportedly Carlisle Companies make unsolicited offer of nearly $11B; Owens Corning has not 'engaged substantially' about deal - WSJ - -MERSKB.DK raises FY26 Underlying EBTIDA $8-10.0B, EBIT $2.0-4.0B, FCF 'at least' -$1.5B (prior: EBITDA $4.5-7.0B, EBIT -$1.5B to +$1.0B, FCF at least -$3.0B, Capex $10-11B); Citing recent sustained increase in spot market rate - -SMCI Super Micro offices raided in Taiwan amid expanded probe of chip smuggling - press - - - After Hours Movers - - GANX +21%; FDA authorizes GT-02287 IND for Phase 2 in Parkinson’s - - AVAV +15%; earnings beat, soft guidance - - DLR -2%; secondary offering by Blackstone after buying datacenter stakes from Blackstone for $3.5B - - NVCT -20%; common stock offering [after recent share run up] - - CNXC -25%; earnings deteriorate y/y, cuts guidance