EU fines Chinese-owned Temu 200 million euros for allowing sale of illegal products.
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A federal judge declined to block President Trumpβs executive order creating a federal voter list and restricting mail voting, allowing the administration to move forward with potential changes to U.S. election procedures ahead of the midterm elections, AP reports.
Carl Nichols, a Trump appointee serving in Washington, rejected a request from Democrats and civil rights groups who argued the order was likely unconstitutional because election rules are set by states and Congress, not the president.
Nichols ruled it was too early to halt the order because the measures have not yet been implemented.
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Trump officials push for a $250 bill featuring Donald Trump, per Washington Post.
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SPX: $7520
NASDAQ: $26674
DXY: $99
Gold: $4441
Silver: $74
Bitcoin: $73400
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β‘οΈ U.S. and Iran have reached a deal but still require Trump's final approval, officials say.
@PoliticFinance
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US and Iran agree to extend ceasefire by 60 days pending Trump's approval
US and Iran have reached a deal to extend their ceasefire for 60 days, but it requires Trump's final approval. The extension will begin negotiations on Iran's nuclear program.
US negotiators briefed Trump on the deal, and he requested a few days to consider it. The Memorandum of Understanding will guarantee that shipping through the Strait of Hormuz remains unrestricted.
Officials said most terms are agreed, but both sides await senior leadership approval. The news pushed US markets to fresh record highs.
πͺ t.me/FinancialWorldUpdates
US and Iran have reached a deal to extend their ceasefire for 60 days, but it requires Trump's final approval. The extension will begin negotiations on Iran's nuclear program.
US negotiators briefed Trump on the deal, and he requested a few days to consider it. The Memorandum of Understanding will guarantee that shipping through the Strait of Hormuz remains unrestricted.
Officials said most terms are agreed, but both sides await senior leadership approval. The news pushed US markets to fresh record highs.
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πΊπΈ S&P 500 reaches new all-time high of 7,555
πΊπΈ The NASDAQ reaches a new all-time high of 30,170.
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Anthropic raises $65 billion in their latest funding round, valuing the company at $965 billion.
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Dell stock is up 80% since President Trump told people to "go out and buy a Dell" on May 8th, adding $120B in market cap, per The Kobeissi Letter.
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This aggressive inventory drawdown is the primary reason why the oil market has not spiraled out of control.
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AI consultant reveals a client accidentally spent $500,000,000.00 in a single month after failing to set employee limits on Claude usage.
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Retail Investors Sell $1.1B in Equities Last Week
Retail investors sold $1.1 billion in equities last week, the largest weekly sale this year after three weeks of buying $1.6 billion.
Outflows were led by single stocks at $1.7 billion, while equity ETFs saw inflows of $571 million.
Institutional investors bought $219 million after three weeks of purchases over $3.0 billion.
Hedge funds bought $686 million following a $4.6 billion sale the prior week.
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An Artificial Intelligence (AI) age estimation tool that aims to detect adult migrants posing as children will be deployed at the UK's borders next year.
@PoliticFinance
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π¨ INTERESTING:
If Tesla and SpaceX merge, Musk becomes the 5th largest corporate Bitcoin holder on Earth.
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If Tesla and SpaceX merge, Musk becomes the 5th largest corporate Bitcoin holder on Earth.
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Markets closed the week with mixed but active moves.
π’ Oil dropped sharply on ceasefire/deal hopes, though energy remains a key market risk.
βΏ Bitcoin stayed under pressure around the $73K level as crypto sentiment remained weak.
π₯ Gold bounced, but remained on track for another monthly decline.
Key Focus Next Week:
inflation, Fed signals, oil prices, and geopolitical headlines.
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Warren Buffett Indicator hits a record 236%, valuing US stocks at 2.36x GDP, surpassing dot-com and 2021 peaks.
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π Google Engineer Accused of $1.2M Betting Fraud
Google engineer Michele Spagnuolo is accused of using confidential data to earn $1.2 million through betting.
Prosecutors claim the 36-year-old Italian accessed non-public search trend data, including "Year in Search 2025," and placed bets under the nickname AlphaRaccoon from October to December, notably on the popularity of singer d4vd.
Spagnuolo allegedly knew the outcomes due to his internal access. He was arrested in New York on charges of commodity fraud, wire fraud, and money laundering, then released on $2.25 million bail.
Google is cooperating with authorities and confirmed Spagnuoloβs suspension.
πͺ t.me/FinancialWorldUpdates
Google engineer Michele Spagnuolo is accused of using confidential data to earn $1.2 million through betting.
Prosecutors claim the 36-year-old Italian accessed non-public search trend data, including "Year in Search 2025," and placed bets under the nickname AlphaRaccoon from October to December, notably on the popularity of singer d4vd.
Spagnuolo allegedly knew the outcomes due to his internal access. He was arrested in New York on charges of commodity fraud, wire fraud, and money laundering, then released on $2.25 million bail.
Google is cooperating with authorities and confirmed Spagnuoloβs suspension.
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πΊπΈ The U.S. government moved $800K in seized Alameda funds tied to the FTX estate.
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Trump says the US Navy is lifting its "blockade" of the Strait of Hormuz and he is meeting in the Situation Room to make a "final determination" on the Iran deal.
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Financial World Updates
πΊπΈ TRUMP:
IRAN'S URANIUM WILL BE UNEARTHED BY THE UNITED STATES.
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IRAN'S URANIUM WILL BE UNEARTHED BY THE UNITED STATES.
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