U.S. Gasoline Prices Hit Politically Sensitive $4 Level As Trump Eyes Iran War Off-Ramp

Futures Slide After Google Earnings, Oil & Bond Yields Jump On Houthi Escalation US equity futures are lower as WTI breaches $90/bbl and Brent approaches $100/bbl (Houthi escalation in the Red Sea as two Saudi tankers were struck), pushing bond yields higher with longer-dated yields seen making new highs, globally. But, Alphabet's underwhelming results - while dragging down Mag7 names - are boosting Semis / AI (CapEx spend) which may mean the market is returning to its barbell of longs in AI / Semis plus Energy versus shorts in Rate-sensitives. * ...

US Core Factory Orders Unexpectedly Plunge Most In A Year Despite the latest Manufacturing PMI surging to four year highs, US Factory Orders unexpectedly dropped in June (-0.3% MoM vs +0.2% MoM expected). This is the second monthly decline in the headline print in a row, but orders remain up 7.4% YoY... Source: Bloomberg Worse still, Core Factory Orders (excluding Transports), dropped 0.4% MoM (dramatically missing expectations of a 0.4% MoM rise). This is the first monthly drop since October and biggest MoM decline since April 2025... Source: Bloomberg Orders Ex-Defense also tumbled 0.4%...

Take-Two Slides Into Correction As Grand Theft Auto Leak Investigation Intensifies Take-Two Interactive, whose Rockstar Games studio is developing Grand Theft Auto VI, was hit by a series of leaks last month ahead of the fall release. Bank of America analysts described the leaked footage as "impressive, but unlikely to surprise," while TTWO shares have tumbled into a correction since the leaks surfaced online. The leaked clips reportedly expose plot details, character scenes, and gameplay mechanics, prompting Rockstar Games to call the leaks "gut-wrenching" and warn that some of the game's...