The fundamentals of the U.S. economy are moving to where an interest rate cut may be necessary, San Francisco Federal Reserve Bank President Mary Daly said, though she signaled a July rate cut would probably be too early.
Oil prices jumped as a week-old air war between Israel and Iran escalated and uncertainty about potential U.S. involvement kept investors on edge. Trading volumes were light due to a U.S. federal holiday.
Platinum slipped after scaling its highest level since September 2014. Gold prices were little changed as heightened geopolitical tensions offset pressure from the Federal Reserve’s hawkish stance.
Coinbase and Circle shares surged after US lawmakers signaled support for clearer stablecoin regulation by pushing through the GENIUS Act for House approval. The rally followed Tuesday’s 68-30 Senate vote in favor of the GENIUS Act.
Coinbase is expanding its partnership with clearinghouse Nodal Clear to bring Circle’s USDC stablecoin into US futures markets as eligible collateral. USDC will now be accepted as collateral for margined futures trading, a move designed to encourage stablecoin adoption in regulated derivatives markets.
U.S. President Donald Trump will extend a June 19 deadline for China-based ByteDance to divest the U.S. assets of short video app TikTok for 90 days despite a law that mandated a sale or shutdown absent significant progress, the White House said.
