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Data suggests shipments of refined fuels are not picking up in blow to Asian economies starved of supplies by Iran war
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Iran war leads to shortage of petrochemical feedstock naphtha, prompting plastic makers to hunt for cheaper alternative
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Cisco Earnings, Revenue Beat As Stock Hits Record High Amid Strong AI Orders Investor's Business DailyOur Path Forward Cisco BlogsCisco to cut nearly 4,000 jobs despite strong growth in AI, enterprise networking Network WorldCisco's stock pops 17% on surging AI orders, as company says it's cutting almost 4,000 jobs CNBC
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US and Chinese leaders to discuss Hormuz blockade, Taiwan and rare earths
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Senate confirms new Fed chair as Trump allies warn rate cuts may have to wait The Washington PostKevin Warsh confirmed as Fed chair, succeeding Jerome Powell CNNWhy Warsh's Democrat problem could come back to bite him PoliticoThe Economy That Kevin Warsh, the Federal Reserve's New Chair, Is Inheriting The New York Times
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In the most divisive vote ever for a Fed chair, Warsh, 56, won confirmation to take over for Jerome Powell.
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The Producer Price Index rose in April at its fastest pace in four years, government data showed, a day after consumer prices showed inflation was surging.
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Benjamin Netanyahu says he made secret trip to UAE at height of Iran war The GuardianIran war live: Tehran slams ‘collusion' as Netanyahu ‘secretly' visits UAE Al JazeeraIsrael Says Netanyahu Made a Secret Trip to U.A.E., Which Says He Didn't The New York TimesUAE denies Netanyahu held secret meeting with Emirati president in the UAE during Iran war
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Traders also think it is likely that the president will talk about Iran, despite his comments that the U.S. doesn't need China's help in resolving the war.
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President Trump has declared the cease-fire on "life support," and investors are taking a cautious approach as the economic effects of the war become more apparent.
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The Federal Reserve voted to hold interest rates steady, at what's likely Jerome Powell's last meeting as Fed chair. Kevin Warsh looks set to replace Powell next month.
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