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US Judge rules that Trump Administration must restore science and history materials in parks
The Trump administration was ordered by a federal judge on Friday to restore exhibits and signs that it had removed in parks and monuments across the country because they did not "align with its preferred narrative." U.S. District judge Angel Kelley issued the preliminary injunction in Boston at the request of groups representing park conservators, historians, and scientists who claimed that the U.S. Dept. of the Interior was engaged in a sustained campaign to erase history, and undermine science. Kelley stated that removing?these signs undermines the "integrity of National Parks" and sets a dangerous precedent for censorship. Kelley ordered the government to restore signs by the 250th anniversary, "to properly honor the remarkable achievements" of the United States. The attorneys for the plaintiffs, the National Parks Conservation Association and the American Association for State and Local History, as well as four other groups, did not respond immediately to a comment request, and neither did a spokesperson for the Interior Department. In March 2025, U.S. president Donald Trump signed an Executive Order targeting what he referred to as a "revisionist" movement that "portrayed the U.S. inherently racist, oppressive or otherwise irredeemably flaw." Trump's order directed Interior Department to make any necessary changes to monuments, parks and memorials in response to "false revisions of history" the White House claimed to have occurred. Plaintiffs claimed that Interior Department removed signs and displays from national parks in violation of congressional directives on how to operate more than 430 sites. They also claimed the Interior Department had adopted a policy without any explanation as to why certain signs and displays had been removed. A spokesperson for the Interior Department said previously that the parks in the United States must "tell the complete and accurate story of American History." (Reporting from Boston by Nate Raymond and David Thomas; editing by Mark Porter and Tom Hogue).
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Sources say that Exxon Mobil is set to hire Alex Volkov as its head of global trading.
Two sources familiar with the matter said that Exxon Mobil is about to name Alex Volkov head of global trade. Sources told the media that Tracey Gunnlaugsson was retiring. She has been in charge of the Trading Division since 2023. Exxon declined to comment. Volkov could not be reached for a comment immediately. Volkov is a Texas-based executive who has spent more than three decades with Exxon. His LinkedIn profile states that he held a variety of roles in the U.S.A., Russia, and London. He was a vice-president in various parts of the company, including global LNG, strategy, business development and upstream commercial. Three sources have confirmed that David Brown, an international crude trader who retired from Exxon is also leaving. Exxon reported in May a $3.9billion paper?loss resulting from?derivatives during the first quarter, which drove net income to its lowest level in five years. These losses were in stark contrast to the first-quarter trading gains of European oil giants who have spent decades establishing trading desks. They also reaped billions from a sever energy supply shortage caused by U.S. and Israeli war against Iran. Reporting by Arathy S. Somasekhar, Houston; Editing and production by Nathan Crooks & David Gregorio
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Iran deal very close, signing possible in coming days, US official says
A senior U.S. official stated on Friday that the United States and Iran are close to signing a deal. Washington is expecting to sign the deal within days. The U.S. official told reporters that the team had put them in a good position, but they were not yet at the finish line. The official stated that the agreed terms accomplish President Donald 'Trump's main objectives and put the U.S. in a "very, very good position" at the end. According to the official, the terms of this so-called "memorandum of agreement" include the reopening of the Strait of Hormuz as well as the lifting of the U.S. ban on Iranian ports. The official stated that Iran's highly-?enriched uranium will also be destroyed and taken out of the country. The official stated that "the Iranians do not receive anything upon signing the MOU, or even the negotiations themselves." "They are rewarded financially for fulfilling their obligations under the agreement. If they deliver the nuclear material, as promised, then?they will get something. The official said that if they dismantle or destroy their nuclear program, then they will get something else.
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US consumer sentiment rises from record lows, as gas prices fall
U.S. consumer confidence bounced back from record lows early in June, as lower gasoline prices provided some relief to households. However, concerns about inflation caused by the Middle East conflict still lingered. The University of Michigan Surveys of Consumers reported on Friday that lower-income households were the main drivers of the improvement in consumer sentiment. According to AAA data, gasoline prices dropped over the last 'three weeks' from their four-year highs. Oil prices also remained below $100 per barrel, despite an unstable ceasefire. The increase in sentiment is likely due to the labor market's resilience, which has been marked by three months of job growth above expectations and a stable rate of unemployment. The U.S. war against Iran is still a threat to the economy, even though it has now been going on for four months. Donald Trump denied Friday that the United States made significant concessions to Iran. Trump called off any new attacks on Iran on Thursday, claiming that a deal was reached. Christopher Rupkey is the chief economist of FWDBONDS. He said that gasoline prices usually peak around Memorial Day. "There's still a cost of living crisis, and goods prices won't be going down anytime soon." "The economic risks remain, but the outlook has improved." Consumer Sentiment Index at the University of Michigan increased to 48.9 in June from a record low of 44.8 last May. The economists surveyed by predicted that the index would rise to 46. The index rose across all age groups, educational levels and political affiliations. AAA data shows that the national average retail gas price fell to $4.11 from $4.56 last week, which was its highest level in four years. Higher-income consumers are largely insulated from the pain of high gas prices, as a recent stock market rally has increased their wealth. Joanne Hsu is the director of Surveys of Consumers. She said that lower-income consumers showed a strong increase in sentiment, which was consistent with the fact gasoline represents a greater share of their budgets. The consumer's attention is still focused on the kitchen table. "Consumers are burdened by recent inflation increases and fear that inflation will remain high in the near future, especially in the short term." INFLATION EXPECTATIONS MODERATE A higher cost of living fuels dissatisfaction with Trump's economy and weighs on his approval ratings. The government announced this week that consumer inflation rose above 4% for the first three-year period in May. The Wall Street stock market?traded higher. The dollar fell against a basket currency. The yields on U.S. Treasury bonds rose. The falling gasoline price led to a moderated expectation of inflation by consumers this month. However, the outcome will depend on the current conflict. Jeffrey Roach is the chief economist of LPL Financial. He said, "We expect the inflation pressures will ease once the Iran conflict has simmered and supply chains have improved." If the conflict in Iran continues throughout the summer we can expect "stronger inflation headwinds" to put a 'damper' on the growth trend. Consumer expectations of inflation in the coming year dropped from 4.8% to 4.6%, a still high level. Consumers' expectations of inflation in the next five-year period dropped from 3.9% to 3.4% last month. Financial markets have priced in tightening monetary policies, and the high inflation rate has dashed any hopes of a Federal Reserve interest rate reduction this year. In the absence of widespread increases in energy prices, economists think the bar is high for a rate increase. Next Wednesday, the U.S. Central Bank is expected to maintain its benchmark overnight rate between 3.50% and 3.75% but drop its easing bias. The Fed is likely to ignore the fall in inflation expectations. According to economists, respondents in the University of Michigan Survey expect higher borrowing costs in the coming year. John Ryding is the chief economist at Brean Capital. He said that a reading of 3.4% should not be taken as an indication that the public has no longer been concerned about inflation.
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SpaceX stock soars to $2 trillion valuation after record IPO
SpaceX jumped more than 20% on its Nasdaq debut, bringing its valuation up to $2 trillion. Investors piled in to the world's biggest IPO on Friday and?betted on Elon Musk’s sprawling empire spanning from rockets to ai. Stocks opened trading at $150 compared to the IPO price per share of $135. It was last trading at $164 and is the sixth-largest U.S. firm by market value. Bankers warned that the IPO market could be affected if SpaceX's shares close below the Thursday pricing level. Market participants are watching the company's debut as a rehearsal for the next generation of mega-listings. They will be looking for signs of investor interest ahead of upcoming IPOs by AI heavyweights Anthropic, and OpenAI. The performance of the stock will test the "Musk Premium," which is the driving force behind Tesla’s $1 trillion valuation, despite being under pressure when Musk was active in President Donald Trump’s administration. Musk is now the first billionaire in history. The listing also propelled SpaceX to the top of the list of most valuable companies, despite the fact that the company posted a loss last year of nearly $5 billion and only generated a fraction the revenue of similar valued tech giants. Musk, in Texas shortly before the opening bell, said: "I gave SpaceX 10% of a chance to succeed at all." SpaceX President Gwynne Shotwell and Chief Finance Officer Bret Johnson rang the Nasdaq's opening bell at 9:15 a.m. ET (1330 GMT). ET (1330 GMT). WORLD'S LASTEST IPO This record IPO was the culmination of Musk’s long-held space and technology ambitions. It has been a standout for rewriting Wall Street’s IPO playbook, and attracting?legions of individual investors to the market. The deal, which raised $75 billion in proceeds, was more than twice as large as Saudi Aramco’s record-breaking 2019 IPO. Underwriters can increase the valuation if they exercise their right to sell more shares. This decision is usually made within 30 days of the initial offering. SpaceX will have to wait until it is accepted into the S&P 500, but its fast-tracked inclusion in the Nasdaq 100 index means that its shares will be a major investment for passive funds, ETFs, and other ETFs tracking the index. This new demand for SpaceX's shares could create a significant increase. "We need to go back 100-years to find entrepreneurs who are comparable." Joel Shulman is the CEO of ERShares which manages a SpaceX ETF. He said that he was a visionary like no other and he executed extremely well. Under Nasdaq’s new fast entry rules, it will only take a few weeks for the stock to be added to this index. Normally, it can take up to a year. Analysts expect that SpaceX's debut will cause a reshuffle of investor portfolios. This could create selling pressure on the other tech heavyweights. A $28.5 TRILLION MARKET OPPORTUNITY Despite the hype surrounding the IPO and the resulting IPO price, determining the actual value of SpaceX remains a challenging valuation exercise. SpaceX claimed that its market potential is $28.5 trillion. It called this the largest figure in human history. Investors said that SpaceX has a solid foundation to build on, with its leadership in space and its contribution of more than four fifths of all mass launched into orbit over the last three years. John Belton, portfolio director at Gabelli Funds said that Musk's electric car company Tesla is the closest comparable to SpaceX, since both have a well-established business and "a Moonshot opportunity on the?other?side." Tesla is focused on humanoid robots and future applications. "For SpaceX, the AI business is what's important," he said. At its huge valuation, the company faces a number of obstacles. These include rivals like Jeff Bezos Blue Origin's efforts to speed up commercialization in space and to pursue government contracts to open new markets outside Earth. The company's price-to-revenue is 94. With revenue of 18.7 billion dollars in 2025, its market cap places the ratio at a "high" 94. Analysts have given the company positive ratings. Morningstar analysts said earlier this month that it was more accurately valued at $780 billion. "This is not a brand you buy based on its fundamentals. Amazon is my analogy. "This was a company which changed the way people live", said Nancy Tengler. She is CEO and CIO at Laffer Tengler Investments. "If the price of the stock drops below $100, it's not ideal but we won't change our view on long-term." "We want to be involved."
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SpaceX's IPO: The Road to Success
SpaceX's stock market debut was on Friday. Investors backed Elon Musk's vision of an empire spanning from reusable rockets to orbital artificial intelligence at a valuation among the world's largest. Here's a?timeline for SpaceX to its blockbuster IPO. Elon Musk launches SpaceX in March 2002, using the money he earned from selling PayPal. March 2006: SpaceX launches its first rocket, Falcon 1, but it fails. Falcon 1 launched successfully in September 2008 and became the first liquid-fuel rocket developed by private industry to reach Earth orbit. SpaceX signs its first major contract in December 2008 with NASA for the transportation of cargo and supplies to International Space Station. May 2012 - The Falcon 9 rocket launches a Dragon capsule into space, becoming the first private spacecraft docked at the ISS. Falcon 9 exploding in mid-air, June 2015. December 2015 - Falcon 9 makes its first successful vertical landing, marking the first controlled recovery of a large rocket after it has delivered a payload to orbit. In February 2018, the first Falcon Heavy launch carried Musk's Tesla Roadster into space, along with its mannequin, Starman. April 2019 - Crew Dragon test vehicle explodes on the ground during a ground test. May 2019 - SpaceX launches Starlink satellites. This constellation is capable of beaming high-speed Internet service to customers all over the world. October 2020 - SpaceX completes its 100th successful Falcon rocket flight since Falcon 1 flew into orbit for the first time in 2008. November 2020: SpaceX Crew-1, the first operational mission of NASA's Commercial Crew Program. NASA awards SpaceX a contract to build the first commercial human landing on the Moon as part of the Artemis program in April 2021. SpaceX launches the first civilian crew to orbit Earth from space in September 2021. NASA's Double Asteroid Redirection Test Mission launched on a SpaceX rocket into an interplanetary transfer space in November 2021, marking the first ever test of a planet defense system to prevent a possible asteroid impact with Earth. April 2023 - First Starship rocket explodes after losing control. November 2023: Starship launches fail minutes after reaching the space. November 2023: A U.S. Judge blocks the U.S. Department of Justice's pursuit of an administrative case accusing SpaceX of refusing to illegally hire refugees and asylum seekers. September 2024: The SpaceX Polaris Dawn launch carries out its first privately-managed spacewalk. SpaceX's Starship rocket crashes in space just minutes after it launches from Texas. Flights over the Gulf of Mexico will have to change course to avoid falling debris. Starship explodes in June 2025 during a?ground?test. SpaceX buys Musk's AI company xAI for $250 billion in a deal that is a world record. This unifies the AI and'space' ambitions of the richest man on earth by combining 'the rocket-and satellite company' with the creator of the Grok Chatbot. Musk claims that SpaceX has shifted its focus away from Mars and towards building an "auto-growing city" (or "smart city") on the Moon in February 2026. NASA official states that the Starship has accumulated two years' worth of delays since NASA selected the rocket to be an astronaut moon-lander in?2021. It is expected that the remaining hurdles will require additional time before landing on the Moon. SpaceX files its U.S. initial IPO confidentially in April 2026, laying the foundation for what could be the largest stock market flotation of all time. May?2026 – SpaceX files its long-awaited U.S. IPO. SpaceX's IPO price is set at $135 per share in June 2026. The company hopes to raise a record $75 billion. SpaceX and Alphabet's Google agree to a multiyear cloud services agreement in June 2026. June 2026 - SpaceX raises record $75 billion in biggest-ever U.S. IPO. SpaceX will begin trading on Nasdaq in June 2026 at a value of approximately $1.96 trillion. (Reporting and editing by Sahal Muhammad and Joyjeet Das in Bengaluru, and Prakhar Srivastava from Bengaluru)
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Investors flee oil market in record numbers due to chaos
Investors are increasingly hesitant to invest in an asset which is dependent on daily posts by U.S. president Donald Trump on social media about the Iran War. The amount of liquidity, or the ratio of buyers to sellers, depends on a variety of factors. These include traded volume and open interests. According to LSEG, open interest (the number of Brent futures contracts owned by investors) has dropped nearly 17% in the past year. This is the highest rate since 2009. Investors are becoming tired of Trump's pattern, which is to escalate his threats against Iran, then declare hours later that an agreement will be reached. This, combined with the difficulty of tracking current oil fundamentals, has caused a certain amount of fatigue, according to traders. This chaos has exhausted the people. This chaos must end. "You cannot trade 'futures' without constantly being burned in an atmosphere where the messaging changes every hour," said a senior executive of a major trading desk. Due to the sensitive nature of the issue, the executive requested that he not be identified. The oil prices dropped nearly 3% on Friday, to the lowest level in almost two months after Trump called off his threatened new strikes against Iran on Thursday. He said a deal was close to ending the war. "TOO VOLATILE TO HELD" Brent futures for the front-month of August registered the lowest level of open interest since July last year, when it was the most actively traded contract at the beginning this month, with 534 227 lots. Open interest peaks in the beginning of the month, and then gradually declines until the expiry of the contracts, when it moves to the next contract. Due to a lack of willing counterparties and a thin liquidity, buyers and seller are often forced to accept higher or lower prices. This creates larger price swings. This can increase the potential rewards but also the risks. Jeffrey Currie, former Goldman Sachs commodities head, said that the reason oil prices have not returned to $100 per barrel in recent weeks is not because of a lack of supply (which has been severely constrained by the close-closure of Strait of Hormuz), but due to what he termed "capital aversion". In a June 10 post on X, he stated that "Policy uncertainty made oil too volatile to hold". The 2026 open interest decline year-to date is the worst ever recorded. In contrast to 2022, no rate shock or sanctions forced the exit. Currie, a senior advisor at alternative asset manager Carlyle and Currie's colleague, described this as capital aversion. (Reporting and editing by Amanda Cooper, Dmitry Zhdannikov and Emelia Sithole Matarise).
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Wright: US military helps move 7 million barrels per day of oil out of Persian Gulf
The U.S. is helping to export 7 million barrels of oil a day from the Persian Gulf. Energy Secretary Chris Wright, speaking at a Houston event on Friday, said that the U.S. military is helping to move oil out of the Persian Gulf. Wright stated that the oil flow in the Strait of Hormuz has been about half of what it was before the U.S. - Israel war began with Iran. Wright stated that "we have a recent military effort which began to remove cargoes" Wright, speaking at Bloomberg Energy's event, said that no?Iranian oil is leaving the Strait. He also added that he expected to see a free flow of?all products through the Persian Gulf, if an agreement is reached. Wright said that if a deal is not reached, the U.S. Military will restore the flow. Dan Pickering is chief investment officer of Pickering Energy Partners. He said that the flow was higher than what industry expected. Rebecca Babin said that the current oil prices of $88 indicate that investors assumed only 3?million -?4million barrels were moving through the Strait. Wright said that some sanctions against Iran could be lifted in part if an agreement is made. Wright suggested that a U.S. gas tax holiday over the summer could be a way to reduce gasoline prices. Reporting by Sheila Dang in Houston and Arathy Sommesekhar; editing by Nathan Crooks and Paul Simao.
Zelenskiy: Ukraine has hit a chemical and oil plant in Russia
Volodymyr Zelenskiy, the President of X, wrote Sunday that Ukraine had hit a?oil facility?in Russia's Yaroslavl region and a?chemical plant?Azot?in the Tula region?overnight.
Zelenskiy stated that the Azot facility was crucial for Russia's explosives manufacturing, and that attacks on Russian military logistics were also conducted in parts of Ukraine occupied by Russia.
Zelenskiy, who frequently refers to Ukrainian strikes against Russia as "long-range" sanctions, said that Ukraine was executing its plan for?long-range sanctioning Russia and the tasks assigned regarding mid-range attacks in response to Russia's refusal?to end this?"war".
Mikhail Yevryaev said that a massive Ukrainian attack on the region had occurred. He said that although most drones were downed, others had managed to get through and hit fuel storage areas, causing an 'large fire. He warned that a drone attack would occur later in the day.
Ukraine has increased its attacks on Russian military-industrial and oil refineries this year. During the war, Ukraine has developed drones and missiles that can hit targets inside Russia.
(source: Reuters)