Monday, June 29, 2026
[4:10 PM ET…closing prices for stocks, 3:50ish for commodities and bonds]
Tale of the Tape at the gas pump, nationwide averages, courtesy of AAA.
Fri., Feb. 27…regular $2.98…diesel $3.75
Mon., June 29…regular $3.86…diesel $4.85
The weekend saw lots of tit-for-tat action between the United States and Iran, with Iran targeting U.S. assets (military bases) in Kuwait and Bahrain, and the U.S. responding by hitting Iranian missile and drone storage locations, as well as coastal radar sites, President Trump threatening “the Islamic Republic of Iran will no longer exist!” if they don’t cut the crap.
Each side seems to be testing each other’s red lines and threats, analysts say, but neither seems eager to return to a full-blown war.
But later Sunday, both sides agreed to end the back-and-forth fighting around the Strait of Hormuz and resume peace talks.
President Trump posted Monday morning on Truth Social:
“IRAN HAS REQUESTED A MEETING. IT WILL TAKE PLACE TOMORROW IN DOHA!”
But the talks apparently are going to focus on control of the Strait of Hormuz, and not the nuclear issues.
Iranian Foreign Minister Abbas Aragchi said on Sunday that Iran is assuming sole authority over the Strait: “The management and full restoration of maritime traffic in the Strait of Hormuz is Iran’s responsibility,” Araghchi said, according to state media. “No other country or entity has any responsibility or authority in this matter.”
His statement is at odds with American arguments that the deal doesn’t give Iran control and that navigation must be unimpeded in the international waterway.
Speaking Monday, Iranian President Pezeshkian said $6 billion in frozen assets in Qatar was to be released, as the Wall Street Journal first reported 10 days ago would be the case.
Pezeshkian’s mention of the funds appears to be aimed at selling the Iranian public on the interim deal, which he called a “great victory for the Iranian people,” as Iran’s grip on the Strait has been challenged. So far, U.S. officials say no frozen Iranian assets have been released. Qatar as well has not acknowledged any such transfer.
Pakistan said talks will resume Tuesday between the U.S. and Iran on the terms of their interim deal.
Crude oil prices rose about 2% Monday, rebounding slightly from a four-month low, as a drop in shipping traffic through the Strait countered broader market optimism.
While commercial vessels continued navigating the waterway following a temporary pause in hostilities, overall transit numbers declined after weekend attacks severely damaged corporate confidence.
But with both sides agreeing to suspend direct conflicts to allow maritime trade to resume, a broader downtrend in energy costs continues.
—
The U.S. Supreme Court ruled that Federal Reserve Governor Lisa Cook can stay in her job for now, reinforcing the central bank’s independence from the White House and dealing a setback to President Trump.
Voting 5-4, the high court said Cook can remain at the Fed while she fights Trump’s bid to oust her over unproven mortgage fraud allegations. Chief Justice John Roberts and Justice Brett Kavanaugh joined the three liberals in the majority.
Roberts wrote that “monetary policy should not be subject to political interference.”
The justices faulted Trump for not giving Cook notice and a chance to be heard before trying to remove her from her position. But the court stopped short of saying whether the allegations, if true, would be sufficient grounds for removing Cook in the midst of her 14-year term. Roberts said the court was ruling “on narrow grounds.”
President Trump then posted on Truth Social:
“The Cook Lawsuit, having to do with her suitability in sitting on the Board of the Federal Reserve, was sent back by the Supreme Court on a strictly procedural basis. We will take appropriate action immediately to make sure that someone who has committed wrongdoing will not be making vital decisions concerning the Welfare of the United States of America! Thank you for your attention to this matter. President DONALD J. TRUMP”
I’ll note the other important Court rulings today, such as on mail-in balloting, in my upcoming Week in Review.
And an hour ago in World Cup play, Brazil eliminated Japan 2-1 in the knockout stage on a 95th minute goal by substitute Martinelli.
A cruel loss for Japan, especially as this game should have been a Round of 16 affair, ditto tonight’s Netherlands-Morocco knockout contest.
—
Dow Jones +306…+0.6% [52182…a record]
S&P 500 +86…+1.2% [7440]
Nasdaq +522…+2.1% [25820]
Oil (WTI) $70.43….Brent $72.83
Gold $4013
Silver $58.15
Bitcoin $60,347 [4:00 PM ET]
U.S. 2-yr. 4.10%
U.S. 10-yr. 4.36%
Japanese 10-yr. 2.62%
Back Tues.
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