Crypto News: US-Iran strikes intensify

Good morning. The US and Iran escalate their fight as hopes for diplomacy dim. Big money keeps pouring into AI despite the turmoil. And parents are getting their kids into stocks earlier than ever. Listen to the day’s top stories.

— Hellmuth Tromm and Harry Black

Market Snapshot
S&P 500 Futures	7,622.50	-0.3%
Nasdaq 100 Futures	28,962.00	-0.6%
WTI Crude Oil Futures	$90.42	+0.2%
Market data as of 07:03 AM ET. Data is subject to provider delays.	Your watchlist

The US-Iran conflict intensified. Washington carried out its second round of attacks in three days, and Tehran hit back at US bases in the region, warning of an even heavier response to further attacks while accusing the US of hitting a wedding ceremony. Energy markets are on edge, with oil trading near a five-week high. Donald Trump downplayed the chances of a deal, while pressing refiners to help bring down prices at the pump.

Stocks and bonds are feeling the heat. Futures remained under pressure and bonds extended losses as higher oil prices added to inflation worries, with the 30-year yield now back at levels seen before Scott Bessent’s gambit to contain borrowing costs and traders scrambling to shield their portfolios. The US-China 10-year yield gap is also nearing a record high. Still, the bond rout is nowhere near the wipeout seen in 2022.

The AI frenzy, meanwhile, is alive and well. Nvidia is said to be nearing a $14 billion deal for Hugging Face, while coding startup Cognition is set to raise about $1 billion at a $47 billion valuation. Dell boosted its annual sales forecast by $25 billion on booming AI-server demand, and PwC sees a staggering $32 trillion in data-center spending through 2050.

There’s plenty of action in oil, too. Firms are set to sign a series of deals that would allow Venezuela to more than double production within years, US Energy Secretary Chris Wright said. Chevron, meanwhile, announced plans to invest $7 billion over the next five years to boost production in the country, the biggest commitment yet to the US-led push. The White House also defended its partnership with Venezuelan entrepreneur Alejandro Betancourt on 17 oil fields. And Coinbase co-founder Fred Ehrsam is said to be seeking control of at least three more. Here’s an explainer on how Trump’s Venezuela oil push is taking shape.

Bigger SALT Break Delivers Tax Savings in Unexpected Places

Massachusetts Senator Ed Markey won the state’s Democratic primary, NBC and AP projected, defeating former Marine Seth Moulton. The 80-year-old progressive touted his views on ICE and the Green New Deal and criticized his opponent’s comments on transgender athletes. His victory adds to progressive momentum after Abdul El-Sayed won Michigan’s Senate primary last month. Markey now faces Republican John Deaton, whom he led by 19 points in a recent poll.

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Deep Dive: Raising Young Investors

Parents are giving their teens an early start on Wall Street, opening joint investment accounts to teach them the ropes. The goal: build financial savvy and a bigger cushion for an uncertain future.

Financial firms are jumping in, with Schwab launching a teen brokerage account that converts into a retirement account in adulthood.
The push goes beyond Schwab: Gen Alpha already has more than $100 billion in annual US spending power, drawing other big names such as Capital One and Fidelity into the race.
Anxiety is a factor, too: Some parents see investing skills as a hedge against an AI-transformed job market and an uncertain economic future, with four in 10 Americans still relying on their parents for financial support.
There are pitfalls, with teens at risk of confusing investing with gambling, especially when egged on by social media.

The Big Take

A $40 billion ETF shuffle is helping major foreign investors dodge US taxes. Institutions are flipping between near-identical equity funds to avoid receiving dividends and the 30% tax that comes with them.

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