Crypto News: Strikes imperil peace deal

Good morning. Middle East tensions flare anew as Donald Trump urges Israel and Iran to stop shooting. Banks prepare for job cuts as AI takes hold. And Men in Blazers is coming to take over the World Cup. Listen to the day’s top stories.

— Marc Perrier

Market Snapshot
S&P 500 Futures	7,427.25	+0.4%
Nasdaq 100 Futures	29,237.50	+0.7%
WTI crude oil futures	$93.88	+3.7%
Market data as of 07:00 AM ET. Data is subject to provider delays.	Your watchlist

Israel and Iran exchanged missile strikes on Monday as Donald Trump urged the two sides to stop shooting and said they’re discussing a ceasefire. Adding to the tensions, the Houthis—an Iran-backed militant group that controls much of Yemen—announced a ban on Israeli ships in the Red Sea, threatening a key alternative route to the Strait of Hormuz. Follow the latest with our live blog.

Oil prices surged as Middle East tensions intensified. Nasdaq futures, meanwhile, rose following a tech-led selloff as investor confidence in the artificial intelligence theme remained intact. Nvidia CEO Jensen Huang described the recent global tech stock selloff as a buying opportunity, arguing that the AI buildout is still in its early stages. Watch this video for the latest market themes.

Trump said the Federal Reserve would be wrong to raise interest rates, pushing back in an interview with NBC’s Meet the Press on speculation fueled by the blowout May jobs report. In the same interview, the president said he wants to revive his $1.8 billion anti-weaponization fund and did not rule out compensating Jan. 6 rioters convicted of assaulting police officers. The testy interview ended with Trump abruptly walking out.

LA Mayor Race Flips as Socialist Beats Reality TV Star Pratt

Peru’s bitterly contested presidential election remained too close to call, with Conservative Keiko Fujimori edging ahead of leftist candidate Roberto Sánchez as votes continued to be counted. A full official count isn’t expected until mid-July, when any challenged votes are set to be adjudicated, setting the stage for a potentially tense political battle.

Six people were injured in a stabbing at New York’s Penn Station on Sunday evening, with a suspect in custody, according to the AP. The incident came less than a day before thousands of fans were set to descend on neighboring Madison Square Garden for Game 3 of the NBA Finals. Separately, the Secret Service and NYPD barred outdoor watch parties near the arena tonight, citing security requirements related to Trump’s planned attendance.

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Deep Dive: AI Disruption

Banks are laying the groundwork for AI-driven workforce cuts, with executives warning that automation will eliminate some roles.

Leaders at major financial institutions say AI will reduce headcount and make some positions unnecessary. JPMorgan CEO Jamie Dimon said it will change almost everything.
But tread carefully. Standard Chartered CEO Bill Winters faced backlash after describing some workers as “lower-value human capital” that may be replaced by AI. He later apologized for the remarks.
Students, who for years gravitated to finance, are now finding fewer entry-level roles available as employers slash vacancies amid the expanding promise of artificial intelligence.

The Big Take

The exchange-traded fund industry is exploiting a tax loophole on an unprecedented scale, costing the government around $48 billion a year and flowing to the wealthiest 1% of Americans.

Opinion

The commodity market is deeply divided over how long it will take for oil flows to resume once the Strait of Hormuz reopens. The restart won’t be easy, but prepare to be surprised by its speed, Javier Blas writes.

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Before You Go

Roger Bennet. — Men in Blazers co-founder Roger Bennett.

Men in Blazers is coming to take over the World Cup. The sports media brand which produces soccer podcasts, videos, newsletters and events is touring the US and hyping up the tournament with $15 million, big sponsors and a home-field advantage.

A Couple More

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The Toyota RAV4 Plug-in Hybrid GR Sport.

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Set against the backdrop of the US Open Tennis Championships, Bloomberg Power Players returns to New York on Sept. 10, bringing together the leaders shaping this global industry. From athletes and team owners to commissioners and investors, this event will gather the most influential voices for market-moving conversations on the multitrillion-dollar sports economy. Learn more here.