AI and Anthropic, are expected to file their own IPO paperwork in the coming months, creating a wave of AI-adjacent listings that could reshape the technology landscape on Wall Street.
Fixed Income — The Yield Selloff Pauses
Treasury yields pulled back from recent multi-month highs as the Iran diplomatic breakthrough eased energy supply concerns. The 10-year note yield fell 4 basis points to 4.12%, off the 4.30% peak touched earlier in the week when the May CPI report showed inflation accelerating to 4.2% — a three-year high driven largely by a 3.9% surge in energy prices.
The Fed’s June 17 meeting now carries even more weight. Markets are nearly certain the central bank will hold rates steady, but the statement and Chair Powell’s press conference will be scrutinized for signals on how much the recent energy-driven inflation spike has shifted the rate-cut timeline. Traders have fully unwound expectations for a July cut, with the next full reduction now priced for September at best.
Commodities — Oil Retreats, Gold Steady
WTI crude fell 0.7% to $89.40 as prospects for an Iran deal threatened to remove a geopolitical risk premium that has kept oil elevated for months. Brent followed suit. The diplomatic thaw, if confirmed, could open the path for increased OPEC+ supply — a scenario that would put further downward pressure on energy prices in the second half of the year.
Gold slipped 0.4% to $4,318 per ounce, weighed by the stronger dollar and reduced safe-haven demand. The yellow metal remains elevated, however, supported by central bank buying and ongoing uncertainty around the Fed’s longer-term balance sheet trajectory.
Currencies — Dollar Softens as Geopolitical Risk Recedes
The dollar index dipped modestly as the Iran peace narrative reduced demand for safe-haven positioning. USD/JPY fell 0.6% to 148.30 — still elevated by historical standards but pulling back from the 151-level that had drawn verbal warnings from Japanese officials about currency intervention.
The euro held steady against the dollar ahead of next week’s European Central Bank meeting, where a rate cut is widely expected after the zone’s inflation finally showed credible signs of cooling toward the 2% target.
Looking Ahead
Next week brings a packed slate: Adobe reports earnings after the close Tuesday — analysts expect EPS of $5.61 on $6.46 billion in revenue, with AI integration across Creative Cloud in focus. Jabil reports Wednesday before the open. The May retail sales report lands Thursday, offering a read on consumer spending heading into the second half. And the Fed’s June decision wraps up Wednesday afternoon — the statement and Powell’s remarks will be the defining macro event of the week.
Nathan Brooks
Nathan Brooks is an economy correspondent covering US markets and fiscal policy.