Key Events in Israel-Iran Tensions: On Friday, Israel executed airstrikes against Iran, triggering the steepest decline in stocks in nearly a month, in reaction to increasing conflict risks and a surge in oil prices. As of the latest updates, missiles have breached Israel’s Iron Dome defenses, raising concerns of U.S. military involvement. Tehran, home to 9.8 million people, is urged to evacuate as tensions escalate further.
Market Response: This week, amidst a shortened trading week due to the Juneteenth holiday, Tesla’s Elon Musk announced a potential rollout of its robotaxi service in Austin, Texas, as soon as June 22. In addition, U.S. retail sales reported a 0.9% decline in May, marking the second consecutive month of decline, with particular drops seen in vehicle sales (-3.5%) and bar/restaurant sales (-0.9%). This weaker data contributed to falling Treasury yields, increasing pressure on the Federal Reserve regarding interest rate cuts, with a key meeting scheduled for Tuesday.
Stocks Rating Updates: Following recent evaluations, 132 major stocks saw changes in ratings: 17 upgraded to Strong Buy, 33 to Buy, and 15 from Sell to Hold, among other adjustments. Investors are advised to monitor stock positions closely in light of potential market shifts and economic indicators.
