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Global markets hold steady amid mixed data. The S&P 500, Nasdaq, and Dow hit new highs on hopes of Federal Reserve rate cuts. Asian equities follow suit, while European futures gain after defense alerts in Poland. Energy and AI sectors lead, overshadowing weaker labor reports and geopolitical tensions.
Legal setbacks for President Trump’s attempt to fire Federal Reserve Governor Lisa Cook highlight tensions over Fed independence. Multiple court rulings temporarily block her removal, preserving her role during ongoing legal battles.
911,000 – Jobs cut from U.S. labor market statistics in latest revision, the largest adjustment on record.
Poland intercepts and shoots down Russian drones violating its airspace, marking the first direct NATO-Russia military engagement in the Ukraine conflict. The Polish government escalates defense responses amid growing tensions.
Novo Nordisk announces plans to cut approximately 9,000 jobs globally amidst profitability pressures. The Danish pharmaceutical giant aims to restructure its workforce to address competitive challenges, particularly from U.S. rivals.
Oracle Shares Soar 25% on Bullish AI Cloud Revenue Outlook
Oracle stock surged after the company reported a massive rise in future AI-related cloud contracts, boosting investor confidence despite earnings misses.
More on ft.com
Apple unveils its thinnest iPhone yet, the iPhone Air, alongside the iPhone 17 lineup, emphasizing sleek hardware upgrades with limited AI features. The product launches bolster Apple’s ecosystem with new gadgets and improved accessories.
Oracle’s shares surge following optimistic cloud revenue forecasts despite earnings misses. The software giant showcases a massive backlog for AI-related contracts, driving investor enthusiasm and stock gains.
Job Growth Revised Down by Nearly a Million, Raising Economic Warnings
Revised U.S. labor data shows 911,000 fewer jobs created over the past year, dampening optimism about the economy and fueling recession concerns.
More on semafor.com
U.S. labor market data revised sharply downward, revealing 911,000 fewer jobs created over the past year. The revisions raise concerns about economic health and soften optimism about ongoing labor strength.
European mining giants Anglo American and Teck Resources agree to merge, creating a $53 billion copper powerhouse. The deal aims to capitalize on soaring copper demand driven by electrification and tech growth.
Federal judiciary enforces limits on Presidential authority by blocking attempted firing of Fed Governor Lisa Cook. U.S. Treasury and commissions also review tariffs imposed under the Trump administration amid ongoing Supreme Court cases.
Tensions escalate in the Middle East as Israel conducts a rare airstrike targeting Hamas leadership in Qatar’s capital Doha, raising regional volatility amid ongoing Gaza conflict.
South Korean workers detained in a U.S. immigration raid are set to return home, easing diplomatic tensions. The incident illuminated visa challenges for Asian firms operating U.S. factories amid political scrutiny.
‘We must preserve the Federal Reserve’s independence to ensure a stable economic future.’
— Federal Judge Jia Cobb
JPMorgan CEO Jamie Dimon issues a cautious economic outlook after weak labor market revisions, highlighting risks of a slowing U.S. economy and potential recession.
Meta faces internal strife after CEO Mark Zuckerberg’s aggressive AI talent recruitment creates tensions and costly departures within the company’s AI lab.
Asian markets mostly rise following Wall Street gains, buoyed by hopes for Federal Reserve rate cuts and easing inflation data, supporting global equity sentiment.
Cracker Barrel halts restaurant remodeling plans after conservative backlash over new logo and brand changes, showing the impact of customer sentiment on corporate decisions.
Poland intensifies its defense response with jet scrambles and ground searches following repeated Russian drone violations of its airspace, underscoring NATO’s direct confrontation with Russia.
Tesla’s electric vehicle market share in China slips due to increasing competition as sales decline, reflecting challenges in the critical Chinese EV market.
Nasdaq invests $50 million in crypto exchange Gemini ahead of its IPO, signaling growing institutional involvement in cryptocurrency markets and tokenized trading.
Google Cloud CEO projects significant revenue growth driven by AI demand, emphasizing the company’s strong position in cloud computing and data services.
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