International markets update:
The market saw significant shifts in tech valuations with Apple reclaiming its position as the world’s most valuable company, while geopolitical developments led to a sharp decline in oil prices.
- Apple dethroned Nvidia to become the world’s most valuable company, with its shares climbing 1% to a $4.95 trillion valuation, while Nvidia pulled back 5%.
- SpaceX experienced a significant market value decline, losing over $1.2 trillion since its peak last month, with shares falling for the 13th session out of the last 16.
- A temporary de-escalation of hostilities between the U.S. and Iran emerged, with reports suggesting the U.S. paused escalation plans due to diminishing munitions stockpiles.
- Following the U.S.-Iran detente, international benchmark Brent crude plunged 8.7% to $88.36 a barrel, with U.S. WTI also experiencing significant drops.
- Former President Trump criticized the U.S. Federal Reserve officials, accusing them of political motives and insisting on lower interest rates for the country.
- Nvidia, Microsoft, SpaceX, and other tech giants launched the Open Secure AI Alliance to address vulnerabilities in open AI models, responding to recent cyberattack fallout.
Stock Market News summarised for the Wall Street Investors Club community.