Wall Street Breakfast
Listen on the go! A daily podcast of Wall Street Breakfast will be available by 8:00 a.m. on Seeking Alpha, iTunes, Spotify
Good morning! Here’s the latest in trending:Debt boom: Amazon (AMZN) seeks to raise at least $25B from a U.S. dollar bond sale.AI selloff: This ETF sinks below a key technical level, while South Korea’s KOSPI enters bear market.NATO summit: The U.S. will lift sanctions on Turkey and may sell F-35s. Trump revives Greenland bid
Crude oil futures (CL1:COM) (CO1:COM) extended gains to climb more than 6% early on Wednesday as supply concerns reignited after the U.S. and Iran traded fresh strikes, while President Donald Trump said the ceasefire had ended. Renewed strikes:Tehran targeted U.S. military sites in Bahrain and Kuwait on Wednesday after the U.S. launched strikes on Iran in response to attacks on three commercial vessels transiting the Strait of Hormuz. “U.S. forces struck Iranian air defense systems, command and control networks, coastal radar sites, anti-ship missile capabilities, and more than 60 Islamic Revolutionary Guard Corps small boats in and near the strait to degrade Iran’s ability to continue attacking international commerce flowing through the international trade corridor,” the U.S. Central Command stated. The U.S. also revoked its authorization of Iranian oil sales in the international market following the ship attacks. Tehran has repeatedly said it would not allow ships to pass through the strait without its permission.Bigger picture: The halt in attacks on commercial shipping and the U.S. waiver on Iranian oil sales were key elements of the Islamabad Memorandum of Understanding, which paused hostilities and established a 60-day window for negotiations on a broader peace deal. Iran’s foreign ministry said the license revocation less than 20 days after the MOU was signed “is yet another indication of the U.S. administration’s bad faith, inconsistency, and unreliability.” “While the revocation doesn’t fundamentally change oil market dynamics, it’s important from a sentiment perspective,” ING Economic and Financial Analysis noted. “It heightens the risk of a breakdown in the temporary deal between the U.S. and Iran.”Truce ends: At the NATO summit on Wednesday, Trump said the ceasefire was over. “For me, I think it’s over,” he said on Wednesday in Ankara, sitting next to NATO Secretary General Mark Rutte at the military alliance’s annual summit. “As far as I’m concerned it’s just a waste of time.” Trump added that he didn’t want to deal with Iranians, saying “they’re vicious, violent people, and if they had a nuclear weapon, they’d use it.” Meanwhile, Iran’s parliament speaker Mohammad Baqer Qalibaf accused the U.S. of breaching the ceasefire by “violating Iranian adjustments in the Strait, persistent threats of further strikes, reinstating oil sanctions, attacks on southern Iran and continued Zionist aggression on Lebanon.”
Here’s the latest Seeking Alpha analysis
Fiserv, Lululemon Lessons Revisited: 5 Popular Stocks With Quant Sell RatingsMicron: The AI Infrastructure Winner Trapped By Its Own SuccessA $350 Billion Liquidity Drain Is Set To Hit Markets This SummerS&P 500: Peak At 7,800 In September, Crash To 4,400 By 2029Palantir’s Pullback Creates A Rare Opportunity
What else is happening
Meta (META) gains after unveiling new Muse Image AI model.SpaceXAI’s (SPCX) Grok app continues to lose market share.Anthropic (ANTHRO) tops AI Safety Index; SpaceXAI graded F.China’s DeepSeek (DEEPSEEK) developing AI chip in-house.Exxon (XOM) signals higher earnings in boost from oil prices.Lutnick’s role in USA Rare Earth (USAR) deal under scrutiny.These companies eye FIFA World Cup U.S. broadcast rights.GameStop (GME) shareholders clear path for eBay (EBAY) deal.Caesars (CZR) gains on report of financing for Icahn rival bid.SEC forms working group to fight fraud targeting retail investors.
In Asia, Japan -2.1%. Hong Kong -3%. China -0.5%. India -2.2%.In Europe, at midday, London -1.4%. Paris -2.1%. Frankfurt -2.2%.Futures at 6:30, Dow -1.3%. S&P -1%. Nasdaq -1.3%. Crude +5.7% to $74.44. Gold -2.3% to $4,062.80. Bitcoin -1.7% to $62,098.Ten-year Treasury Yield +1 bp to 4.58%
On The Calendar
Companies reporting today include Levi Strauss (LEVI).See the full earnings calendar on Seeking Alpha, as well as today’s economic calendar
Wall Street Breakfast
Wall Street Breakfast, Seeking Alpha’s flagship daily business newsletter, is a one-page summary that gives you a rapid overview of the day’s key financial news. It is designed for easy readability on the site or by email (including mobile devices) and is published before 7:30 AM ET every market day. Wall Street Breakfast’s readership of more than 1 million subscribers includes many from the investment banking and fund management industries. Sign up here to receive the Wall Street Breakfast in your inbox every business day.
