JUST IN: Trump on Iran:

“The ceasefire between Iran and Israel is going well.

I think we will have some sort of relationship with Iran.

Iran will not have a nuclear bomb.”

In response to a question about Iran’s uranium enrichment plans, Trump said:

“We will not allow it — even by military means.”

U.S. debt-to-GDP ratio to surpass post-WWII record by 2029

America’s national debt is projected to exceed 106% of GDP within the next four years — topping the previous high set after World War II.

Nvidia board member makes record $24M stock sale

A. Brooke Seawell, on Nvidia’s board since 1997, sold $24 million worth of $NVDA shares — his largest sale ever.

The transaction is over 4x bigger than any of his previous sales.

JUST IN: The US Treasury reported a $316 billion budget deficit in May, marking the third-largest in history. Government spending increased by 3% YoY, reaching $687 billion. Despite a 270% surge in tariff revenue to $23 billion, it did little to offset the deficit. The budget gap for the first 8 months of Fiscal Year 2025 is now $1.37 trillion, the third-largest ever. The 12-month federal deficit is at $2.0 trillion, or 6.7% of GDP, up from 6.1% last year, indicating a worsening deficit crisis.

Chances of rate cuts by September soar to 85%

Market expectations for a Fed rate cut by September have surged to 85%, reflecting growing confidence in a policy shift amid cooling inflation signals.

JUST IN: The NASDAQ 100 has reached an all-time high.

Italian Prime Minister:

A 10% tariff from the U.S. will not have a significant impact on our companies.

JUST IN: Trump criticizes Powell, calling him "a very stupid person" and "a very average mentally person."

Remarks from Fed Chair Jerome Powell:

• We do not consider the U.S. national debt when making interest rate decisions.

• On the recent weakness of the dollar: The market is “digesting” extraordinarily complex economic and geopolitical conditions.

JUST IN: Powell: We will eventually start cutting rates again.

Investors are piling into tech stocks

U.S. tech saw $4.4B in inflows last week — the highest since June 2024 and 4x more than all other sectors combined.

The 4-week average stands at $1.5B per week.

Institutional buying hit $3B — a record since 2008, according to BofA. As a share of total market cap, that ranks in the top 2% historically.

Remember IBM?

Over the past 5 years, it has outperformed:

• Microsoft
• Apple
• Google

JUST IN: Euro climbs to $1.1644 against the US dollar, marking the highest level since October 2021.

U.S. current account deficit hits record $450B in Q1

The U.S. current account deficit jumped 44% in Q1 2025 to $450.2B — the largest on record.

That’s 6% of GDP, the highest since 2006. On an annualized basis, the gap hits $1.8 trillion.

The surge came as businesses rushed to import goods ahead of new tariffs, pushing the trade imbalance to historic levels.

The U.S. Dollar Index has dropped to its lowest level since March 2022.

The dollar weakened following a Wall Street Journal report that Donald Trump is considering an early announcement of his pick for Fed Chair.

Trump is considering naming Jerome Powell’s successor as Fed Chair as early as this summer, months ahead of Powell’s May 2026 term end, per WSJ.

Shortlist includes Kevin Warsh, Kevin Hassett, Scott Bessent, David Malpass, and Chris Waller. - WSJ