🚨BREAKING: Oil prices pull back on US-Iran ceasefire agreement
New York state passes Mamdani’s socialist tax on second homes
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🚨BREAKING: Oil Prices Pull Back on US-Iran Ceasefire Deal
Trump’s economy gets a thumbs up from Big Bank’s CEO’s
Caesars casino to be acquired in $17.6B All-Cash deal at $31 a share
Software firm Snowflake surges 35% on AI momentum and Amazon Deal
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🚨BREAKING: Oil Prices Pull Back on US-Iran Ceasefire Deal
Oil prices pulled back from earlier highs after reports that U.S. and Iranian negotiators reached a 60-day memorandum of understanding to extend the ceasefire and begin nuclear program negotiations, pending President Trump’s approval.
Ceasefire Extension Reached: Negotiators agreed to 60-day Memorandum of Understanding to extend ceasefire and start Iran’s nuclear program talks, sources told Axios.
Military Strikes Exchanged: U.S. and Iran traded attacks with Iran targeting a U.S. air base and launching ballistic missiles toward Kuwait that were intercepted.
Strait of Hormuz Tensions: Fears revived over control of key oil shipping route with Iran believed to effectively control it regardless of any deal.
New York state passes Mamdani’s tax on second homes
New York state lawmakers approved a pied-a-terre tax on nonprimary residences valued at $1 million or more to help close the city’s budget gap, targeting luxury properties in phased implementation.
Tax Rates Phased In: Initial years apply 4 to 6.5 percent rates on properties over $1 million with gradual valuation updates using comparable sales later.
Significant Impact on Wealthy: The tax could more than triple property tax bills for owners like Citadel CEO Ken Griffin on his high-value Manhattan apartments.
Revenue Projection: Officials expect the measure to generate $500 million annually for the city budget.
Valuation System Noted: Current city assessments often undervalue properties dramatically compared to market prices, affecting effective tax burden.
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The U.S. Debt Bomb Is Ticking — Your Wealth Could Be the Next Victim
Trump’s economy gets a thumbs up from Big Bank’s CEO’s
CEOs of JPMorgan Chase, Bank of America and Wells Fargo described a still extremely strong U.S. economy driven by robust consumer spending and healthy businesses, while noting some cautionary signals.
Consumer Spend Strong: Wells Fargo’s Charles Scharf said consumer spending is even stronger recently despite record low sentiment, though higher oil prices could impact it.
Businesses Financially Solid: Bank clients are not growing inventories aggressively due to uncertainty but remain very strong financially and borrowing modestly.
Wall Street Growth Expected: Banks anticipate sizable revenue increases from trading and dealmaking, including potential record IPO activity with SpaceX and others.
Growth Forecast Adjusted: Bank of America lowered 2026 U.S. growth outlook to 2.2 percent but called it reasonably strong historically.
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Caesars casino to be acquired in $17.6B All-Cash deal at $31 a share
Casino operator Caesars Entertainment agreed to be acquired by Fertitta Entertainment in a $17.6 billion all-cash deal that includes assumption of $11.9 billion in debt, offering shareholders $31 per share.
Premium for Shareholders: The offer represents a 7.7 percent premium to Wednesday’s closing price with a go-shop period through July 11 for potential better bids.
Leadership Continuity: Caesars CEO Tom Reeg, CFO and COO will stay in roles while the Carano family that owns 5% will roll their equity into the new entity.
Combined Portfolio: Deal brings together 60 casino resorts, online gaming, over 600 restaurants and additional entertainment assets.
Long Pursued Merger: Tilman Fertitta has sought combination of Caesars properties with his Landry’s and Golden Nugget holdings.
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Software company Snowflake surges 35% on AI momentum and Amazon Deal
Software stock Snowflake is headed for its best day ever as shares surged 35 percent after topping earnings estimates, boosting guidance and announcing a major AI compute partnership with Amazon.
AI Tools Transform Operations: Finance chief Brian Robins said tools such as Cortex Code are driving a step function change in AI revenue potential and boosting productivity.
Guidance Raised Significantly: Snowflake expects stronger fiscal second-quarter operating margin and product revenue amid growing momentum in its AI-powered offerings like Snowflake Intelligence.
Software Stocks Lifted: Results eased SaaSpocalypse fears and sent ServiceNow up 5 percent while Oracle and Palantir gained over 3 percent each.
Customer Base Expands: Company added 616 net new customers for 38 percent growth and now counts 779 spending more than $1 million annually.
Nebius AI stock surges on Ex-OpenAI fund stake disclosure
Nebius shares jumped after a hedge fund founded by former OpenAI researcher Leopold Aschenbrenner disclosed owning a 5.6 percent stake in the European AI cloud and GPU provider.
Major Stake Disclosed: Situational Awareness fund now holds over 12 million Class A shares of Nebius, which provides GPUs for training AI models.
European AI Compute Leader: The company has secured a $27 billion deal with Meta and a $2 billion investment from Nvidia for AI infrastructure.
Stock Performance Strong: Nebius popped in premarket trading and is up 149 percent year-to-date following the filing.
Infrastructure Focus: The hedge fund invests in physical infrastructure needed for future AI development.
19% of auto loans monthly payments exceed $1000
Nearly 19 percent of new vehicle loans now require monthly payments of $1,000 or more, up from last year, with most for non-luxury models especially popular pickup trucks.
Non-Luxury Dominates: Almost 74 percent of high-payment loans are for mainstream vehicles with Ford F-150, Chevrolet Silverado and Ram 1500 leading.
Average Loan Record High: Borrowed amounts reached an all-time high of nearly $44,000 with average monthly payment climbing to $770.
Market Shift Noted: Higher vehicle prices from recent years have normalized larger payments for consumers.
Delinquencies Low: Auto loan delinquency rates remain below 2018 levels though subprime borrowers show higher risk.
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Tax the investment companies that own everything and run the world. Vanguard, Black Rock, State Street, Berkshire Hathaway, etc. You could tax the hell out of them. And they couldn't hide, which ever investment company owns the most shares of a business, you tax the investment company. This needs to be done. Leave regular people alone.
Iran may well control the Strait of Hormuz but the UAE is building a pipeline to bypass the Strait that is about 50% complete.