Every weekend, I recap “news you can use” from the week — a handful of quotes from major (and often expensive) financial news sources — so you can stay up to date on the news that affects your money without spending a dime and in less than a minute.

Here’s an overview of what happened this week.

Stocks Edge Up at End of Bruising Week to AI Trade: Markets Wrap (June 26, Bloomberg):

A multitude of headlines this week served as a reality check on the durability of the tech rally, with a report that OpenAI could postpone plans to go public weighing on sentiment. News that Samsung Electronics Co. and SK Hynix Inc. are preparing to announce hundreds of billions of dollars worth in new investments on Monday also added to concerns.

Trump eases pressure on Fed Chairman Kevin Warsh as inflation tops 4% (June 26, CNBC):

With inflation topping 4%, the Trump administration is easing off its long-standing calls for the Federal Reserve to immediately cut interest rates. That is giving new Fed Chairman Kevin Warsh an extended political grace period as he deals with a challenging economic environment, but underscores the depth of the pushback he could face if the mercurial president changes his mind.

US Consumer Spending Picks Up as Inflation Hits Three-Year High (June 25, Bloomberg):

The personal consumption expenditures price index rose 4.1% from a year earlier, the most since April 2023, Bureau of Economic Analysis data out Thursday showed. Excluding food and energy, prices were up 3.4% from a year earlier.

Inflation-adjusted consumer spending rose 0.3% last month after stalling in April.

See Also:

10 Financial Moves You Must Make When Your Kids Finally Move Out

First-quarter GDP gets big boost, but it’s not really great news (June 25, MarketWatch):

The official scorecard of the U.S. economy was updated to show the economy grew at a 2.1% annual pace in the first three months of the year, faster than the previously reported 1.6%. Good news, right? Not really. Consumer spending, the main engine of the economy, was the weakest in four years, the update showed.

Spending increased at a 0.5% clip in the first quarter, down sharply from the prior estimate of 1.4%, the Bureau of Economic Analysis reported.

Gold Breaks Below $4,000 as Multi-Year Rally Grinds to a Halt (June 24, Bloomberg):

Prices slipped as much as 3.7% to trade below $3,970 an ounce, retreating for a second session. A gauge of the greenback has gained nearly 1% so far this week, making dollar-priced bullion more expensive for buyers in other currencies. Silver also fell below $60 an ounce for the first time since December, down more than 50% from its January peak.

Oracle Sheds 21,000 Jobs as It Sharpens Focus on AI (June 23, Wall Street Journal):

The cuts are part of a wider trend among tech firms as they spend hundreds of billions of dollars building out AI infrastructure. Meta and Amazon have also cut thousands of jobs in recent months as tech giants try to reimagine their workforces and become more nimble to compete with AI-native startups.

SpaceX stock dips below $150 before rebounding (June 23, Yahoo Finance):

SpaceX stock was down 3% to around $149 before recovering, a notable move given the stock debuted on June 12 at $150. It’s a psychologically important level and indicative that SpaceX is following other major market debuts that eventually traded below their offer price.

SpaceX suffered its worst single-day drop on Monday, shedding over 16%.

2-year Treasury note yield hits highest since February 2025 (June 22, CNBC):

U.S. Treasury yields climbed on Monday, pushing the 2-year yield to its highest since early last year, as investors looked ahead to key inflation data due to be released Thursday and weighed the latest developments in the U.S.-Iran war negotiations.

The 2-year Treasury note yield, which closely tracks short-term Federal Reserve interest rate policy, was more than 5 basis points higher at 4.232%.

The ‘Mass Affluent’ Are Losing Their Allure for Wealth Managers Navigating AI (June 21, CNBC):

“The mass-affluent client now gets something close to private-banking quality from AI,” said Debasish Patnaik, senior partner McKinsey & Co.

The assessment implies that individuals with liquid assets between $100,000 and $1,000,000 — broadly defined as the mass affluent within the industry — could soon be handed over to AI. Instead, human wealth managers keen to show they can do better than AI need to focus their talents on the emotional needs of the truly rich, Patnaik’s analysis implies.

Every weekend, I recap “news you can use” from the week — a handful of quotes from major (and often expensive) financial news sources — so you can stay up to date on the news that affects your money without spending a dime and in less than a minute.

Here’s an overview of what happened this week.

U.S.-Iran accord hits early snag after Swiss talks fail to proceed as planned (June 19, CNBC):

Under the 14-point MOU, both sides agreed to extend the ceasefire, including in Lebanon, and reopen the strategically vital Strait of Hormuz.

The Financial Times, however, reported that Friday’s talks were abruptly called off due to Israel launching a wave of deadly air strikes against Lebanon, citing three people familiar with the matter.

SpaceX is vastly more expensive than any stock in the S&P 500, fueled by ‘FOMO’ mentality (June 18, MarketWatch):

The company isn’t profitable, rendering price-to-earnings comparisons useless. But SpaceX shares trade at an eye-popping 39.2 times projected sales for 2027, based on Wednesday’s closing price as well as the consensus of estimates from four analysts who have so far issued financial models. For comparison, Tesla’s stock trades at 12.6 times estimates for the same period, and that in and of itself is widely considered to be an expensive valuation.

Fed Holds Rates Steady, but More Officials See Higher Rates as Next Move (June 17, Wall Street Journal):

The Fed held its benchmark rate steady, in a range of 3.5% to 3.75%, in a unanimous vote. But officials’ quarterly economic projections told the story of the shift: Nine of 19 officials penciled in at least one rate increase by year’s end, up from none in March. Just one foresaw a cut, down from 12.

Retail Sales Jump Nearly 1% in May. High Gas Prices Can’t Keep Consumers Down. (June 17, Barron’s):

Retail sales growth in May beat expectations, a sign that American consumers remain resilient in the face of rising inflation.

Retail sales rose 0.9% in May from April, the Census Bureau reported Wednesday. That beat consensus forecasts for a 0.6% increase and represents a notable increase from the revised 0.4% rise in April. May sales rose 6.9% from a year ago.

SpaceX Overtakes Amazon in Value as Post-IPO Rally Reaches 49% (June 16, Bloomberg):

Retail traders have also been a key driver of the hot start, buying as much SpaceX stock over its first two days of trading as they purchased across the entire US stock market last week, according to data from Vanda Research.

Despite being one of the top companies in the world, SpaceX brings in much less revenue than its megacap peers. The company brought in $18.7 billion in 2025, while Microsoft’s revenue hit $281.7 billion and Amazon brought in nearly $717 billion.

US Import Prices Rise Most in Nearly Four Years on War, AI Boom (June 16, Bloomberg):

The import price index rose 1.9% last month and increased 6.7% from a year ago, marking the fastest pace in almost four years.

Economists say the worst of the inflation is likely now in the rear-view mirror, though prices could continue to rise as the impact works its way through supply chains.

The Trump-Iran Deal Allows Tehran to Immediately Sell Oil (June 16, Wall Street Journal):

A senior U.S. official said Tuesday that even though Iran would get upfront sanctions relief for oil sales, sustained relief would be tied to Iran’s performance on U.S. demands regarding issues like opening the strategic Strait of Hormuz and its nuclear program. Tehran would still not get immediate access to billions of dollars in frozen funds.

It could take years for oil prices to return to $67 a barrel. Here’s why. (June 15, MarketWatch):

The U.S. and Iran tentatively agreed to extend their cease-fire by 60 days and reopen the Strait of Hormuz. Global oil inventories, depleted by 1 billion to 1.5 billion barrels, may take years to replenish, even with an oversupplied market.

Brent crude is 15% above pre-war levels at $80, while shipping-insurance costs are 10 times higher than before the conflict.

Oil shock ‘far from over’ as analysts warn of new Middle East risk premium (June 15, CNBC):

Investors cheered the prospect of a U.S.-Iran peace deal on Monday, but oil price volatility is likely to continue in the near term, as analysts warned that energy markets now face a “geopolitical risk premium” after the war.

Global oil inventories, which have declined due to the prolonged closure of the Strait of Hormuz, will need time “to be rebuilt and are likely to fall further before new supplies begin to arrive from the Gulf,” according to a note from Westpac.

See Also:

10 Financial Moves You Must Make When Your Kids Finally Move Out

Every weekend, I recap “news you can use” from the week — a handful of quotes from major (and often expensive) financial news sources — so you can stay up to date on the news that affects your money without spending a dime and in less than a minute.

Here’s an overview of what happened this week.

US Consumer Sentiment Picks Up on Easing Gasoline Prices (June 12, Bloomberg):

The University of Michigan’s preliminary sentiment index increased to 48.9 in June from a record low 44.8 in May, according to the survey released Friday. That was higher than most economists in a Bloomberg survey expected, but it’s still the second lowest reading in data back to the 1970s.

While gasoline prices are still above pre-war levels, the drop seen in recent weeks led Americans to be less pessimistic about their personal finances.

Oil Prices Fall Sharply After Iran’s Foreign Minister Says Deal ‘Has Never Been Closer’ (June 12, Barron’s):

Oil prices were dropping to their lowest levels in months Friday after President Donald Trump said the U.S. was nearing a peace agreement with Iran.

West Texas Intermediate futures were down 3.1% at $84.98 a barrel. The last time Brent settled in the $88 range was on March 10, according to Dow Jones Market Data.

US Jobless Claims Jump to 229,000, Highest Since February (June 11, Bloomberg):

Even after the recent gains, the current level is well below the average of the five years preceding the pandemic. Economists will look for more than a couple of weeks of data before reassessing the recent stability of the labor market.

At the same time, high-profile layoff announcements have mounted across the tech sector, with many companies citing artificial intelligence as they cut white-collar roles.

Wholesale prices rose 1.1% in May, more than expected, on surge in energy (June 11, CNBC):

The producer price index increased a seasonally adjusted 1.1% in May, putting the 12-month wholesale inflation rate at 6.5%, the highest since November 2022.

Excluding food and energy, the so-called core PPI accelerated 0.4%, compared with the consensus view of 0.5%, indicating that rising fuel prices are causing much of the inflationary burden.

Gold, silver and bitcoin fall as traders up Fed rate hike bets (June 10, CNBC):

Ewa Manthey, a commodities strategist at ING, told CNBC that gold and silver are coming under pressure as market focus shifts back to rates and inflation rather than pure safe-haven demand.

“The escalation in the Middle East is pushing oil higher and lifting inflation risks, which in turn is reinforcing expectations that central banks stay tighter for longer,” she said. “That’s pushing real yields higher — a clear headwind for non-yielding assets like gold and silver.”

Inflation Heated Up to 4.2% in May, as Energy Costs Continued to Bite (June 10, Wall Street Journal):

Prices excluding food and energy categories—the so-called core measure economists watch in an effort to better capture inflation’s underlying trend—rose 2.9% on the year. That was in line with forecasts, and was slightly hotter than 2.8% the previous month.

Home sales surged in May to the highest level since December (June 9, CNBC):

Existing home sales in May rose 3.2% from April to a seasonally adjusted, annualized rate of 4.17 million units, according to the National Association of Realtors. Economists were expecting less than a 1% gain.

With a still tight supply, prices continue to rise. The median price of an existing home sold in May was $429,300, an increase of 1.3% from the year before and a record high price for the month.

US small business sentiment falls in May as inflation worries mount (June 9, Yahoo Finance):

The National Federation of Independent Business said on Tuesday its Small ‌Business Optimism Index slipped 0.6 to 95.3 last month, falling further below its 52-year average of 98.0. The survey’s uncertainty index rose three points to ​91. It is running well above its historical average of 68.

“Uncertainty is the enemy of growth and investment, and it is high,” the NFIB said in a statement.

Oil prices fall after U.S. Energy secretary says Hormuz ship traffic is increasing (June 9, CNBC):

U.S. crude oil futures were down about 2% to $89.40 by 8:05 a.m. ET.

Trump told reporters late Monday that a deal to end the war with Iran could come in “two or three days” and the Strait of Hormuz would open “immediately” after an agreement. He has repeatedly said a deal with Tehran to reopen Hormuz is close, but such an agreement still has not materialized.

BofA Warns It’s Time to ‘Take Profits’ as Red Flags Multiply (June 8, Bloomberg):

Investors should exercise caution regarding US stocks as an increasing number of “bear market signposts” point to an approaching top, according to Bank of America Securities.

There are “too many red flags,” strategists led by Savita Subramanian wrote in a note dated June 5. “Take profits,” they advise.

See Also:

10 Financial Moves You Must Make When Your Kids Finally Move Out

Trump’s Washington is suddenly moving toward taking stakes in AI companies. Will it actually happen? (June 8, MarketWatch):

Trump on Friday told reporters on Air Force One that his administration is looking at a situation “where the American public essentially becomes a partner with the companies,” as he touted his deal with Intel last year that resulted in a 10% government stake in the chip giant. Trump also said big AI companies could visit the White House this week to talk about a state of affairs “where the American people can benefit from the success of AI, and by doing that, they’re going to like it better.”

Every weekend, I recap “news you can use” from the week — a handful of quotes from major (and often expensive) financial news sources — so you can stay up to date on the news that affects your money without spending a dime and in less than a minute.

Here’s an overview of what happened this week.

US Hiring Surged in May, Boosting Bets on Fed Rate Hike (June 5, Bloomberg):

Nonfarm payrolls increased 172,000 last month after upward revisions to the prior two months, according to Bureau of Labor Statistics data out Friday. That marked the strongest three-month advance in more than two years.

The figures boosted bets that the Federal Reserve will consider an interest-rate increase this year in order to contain inflation.

Jobless claims jump to a 4-month high, but don’t be fooled: Layoffs aren’t on the rise (June 4, MarketWatch):

So-called initial jobless claims shot up by 13,000 to 225,000 in the seven days ending May 30, based on seasonally adjusted government data. It was the highest level of new claims since early February.

The sizable increase, however, was affected by the timing of an early Memorial Day holiday.

Private payrolls grew by 122,000 in May, stronger than expected, ADP reports (June 3, CNBC):

The payrolls processing firm said companies added 122,000 workers for the month, up from 105,000 in April and better than the Dow Jones consensus estimate for 110,000. May marked the strongest month since January 2025. April’s total was revised down by 4,000.

Bitcoin trails stocks by most since 2019 as traders get their kicks elsewhere (June 3, CNBC):

The biggest crypto token – which trades with a market cap of $1.3 trillion – is down 35% since its relative strength versus the Nasdaq-100 peaked almost a year ago, during which the big-tech index has rallied about an equal amount.

A stark new warning about the global economy: Inflation is headed higher and growth lower (June 3, MarketWatch):

All these challenges will result in worldwide GDP growth moderating from 3.3% in 2025 to 2.9% in 2026, according to the OECD. It’s also obliged the organization to lift its inflation forecast for 2026 from 2.8% to 4%.

Trump Begins Rebuilding His Tariff Wall, Citing Forced Labor (June 2, Bloomberg):

Following an investigation into how trade partners handle goods allegedly produced by forced labor, a 10% tariff rate would apply to imports from Canada, Mexico, the European Union, Taiwan and the UK, among other places, according to a statement late Tuesday from the Office of the US Trade Representative.

The move is a major step in Trump’s push to reinstate the tariffs he imposed during his first year in office before they were deemed unconstitutional.

See Also:

10 Financial Moves You Must Make When Your Kids Finally Move Out

Oil jumps more than 4% as Trump tells CNBC he doesn’t care if Iran negotiations are over (May 31, CNBC):

West Texas Intermediate futures rose more than 5% to close at $92.16 per barrel. International benchmark Brent crude advanced more than 4% to settle at $94.98 per barrel.

Trump was responding to an Iranian state media report that Tehran will halt talks with the U.S. in response to Israeli attacks in Lebanon. Iran will completely close the Strait of Hormuz in retaliation, state media said.

Higher Inflation, Slower Growth: Why Hormuz Is Silently Choking The US Economy (May 31, Yahoo Finance):

The April income and spending data revealed a consumer increasingly under pressure.

Personal income fell 0.1% on the month, distorted by one-time farm payments that had boosted March, while real disposable income dropped 0.5%.

Most strikingly, the personal saving rate fell to just 2.6%, the lowest since June 2022, as households drew down reserves to keep spending.