United Airlines flight attendants ratify labor deal that would provide first raises in nearly 6 years.
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.
Costco reported a 10.6% year-over-year sales increase to $29.4 billion in June, falling slightly below expectations. U.S. comparable sales, excluding gasoline, rose 7.6%, a slowdown from May's 8.7%. Shares dropped over 4% as consumer concerns about inflation and economic uncertainty weigh on spending.
Jim Cramer's CNBC Investing Club recapped Thursday's market activity, noting a tech sector divide, Meta's AI spending concerns, and Honeywell Aerospace's post-spin-off volatility. Cramer remains bullish on key holdings like Intel and Meta.
