Microsoft CEO Satya Nadella takes stand in Musk v. Altman trial
Elon Musk named Microsoft as a defendant in his lawsuit against OpenAI

Elon Musk named Microsoft as a defendant in his lawsuit against OpenAI

Salesforce downgraded by KeyBanc to 'hold' due to concerns over AI impact on its business model, but Jim Cramer remains cautiously optimistic, citing CEO Marc Benioff's defense of Agentforce's progress.

Federal Reserve policymakers are divided on future interest rate hikes, with traders on Kalshi showing a slight majority (54%) expecting a hike this year. The Fed's June meeting minutes revealed differing views among participants regarding the appropriate rate level by year-end.

Traders on prediction market platform Kalshi anticipate elevated gas prices for an extended period due to renewed US-Iran strikes and uncertainty in the Strait of Hormuz. Odds for prices above $3.50 on election day have risen significantly.

A significant options trade in the Russell 2000 IWM ETF, involving a $20 million strangle, suggests small-cap stocks may lead the next market move. This comes as tech stocks show signs of slowing momentum, with the Russell 2000 outperforming the Nasdaq-100 this year.

Oil prices dropped Thursday as mediators worked to prevent escalation between the US and Iran. Brent crude futures fell to $75.78 and WTI to $71.57, after earlier gains driven by US strikes and Iranian retaliation. Analysts suggest a "new normal" of skirmishes rather than a full closure of the Strait of Hormuz.

Anthropic has appointed former Federal Reserve Chair Ben Bernanke to its Long-Term Benefit Trust. Bernanke will advise the AI company on how AI impacts the economy, aiming to ensure AI's long-term benefits outweigh its risks.