Trump Calls Talks Iran’s “Last Chance” as Amazon Market Cap Tops $3 Trillion
Special topic: The market adjustment may be largely complete, with a recovery expected in August. Global financial media highlighted the following developments overnight: U.S. President Donald Trump said his latest negotiation proposal was Iran’s “last chance” before a possible strike aimed at decapitating the government. Iran denied that it was negotiating with the United States, but said talks with Oman on allowing more ships to pass through the Strait of Hormuz were making progress. Although the two sides offered conflicting accounts, signs that diplomatic efforts were restarting pushed oil prices lower Monday. Brent crude fell about 4.6%, bringing the price to just below $84 a barrel. Several U.S. states sued over the new round of global tariffs imposed by Trump last month. Several small businesses had previously filed similar lawsuits, alleging that the tariffs were unlawful. The complaint filed Monday in the U.S. Court of International Trade in Manhattan opened a familiar legal dispute. A coalition of states and an alliance of small businesses separately challenged the Trump administration over the president’s third round of tariffs. The lawsuits allege that Trump and U.S. government officials unlawfully invoked Section 301 of the Trade Act of 1974 to replace tariff measures that had either been ruled unlawful by the U.S. Supreme Court or had expired. People familiar with the matter said the Trump administration planned to convene artificial-intelligence companies at the White House on Tuesday to discuss a new framework for voluntary safety testing of AI models in the United States. The developers expected to attend included OpenAI, Anthropic PBC and an Alphabet Inc. subsidiary. The recently completed framework grew out of an artificial-intelligence cybersecurity executive order signed by Trump in June. The order called for voluntary participation in AI-model safety assessments and stronger protections for critical computer systems. The Federal Aviation Administration formally approved Boeing’s 737-7 for commercial service by issuing the aircraft a revised type certificate. The shortest-fuselage and longest-range member of the 737 Max family can carry 135 to 160 passengers in a two-class configuration and has a maximum range of 3,800 nautical miles, or about 7,040 kilometers. The milestone ended Boeing’s eight-year certification effort. Testing began in 2018 and included more than 1,000 hours of flight and ground testing, including 441 flight tests totaling 686 hours and 349 hours of ground testing, along with extensive system-safety analyses and human-factors evaluations. During the certification process, Boeing also addressed a potential design flaw in the engine anti-ice system and developed a permanent fix. Trump criticized Exxon Mobil and Chevron, saying their profits had surged because oil prices rose sharply during the war in Iran that he launched with Israel in February. Trump said Monday that the United States’ largest oil companies were “making too much money” and urged them to “give some of it back to the public” while lowering retail gasoline prices. “I don’t like it. I should be the last person to say this because I’m a strong believer in free enterprise, and nobody believes in free enterprise more than I do,” Trump told reporters at the White House. “Are you surprised I’m saying that? I’m going to say it very strongly. I’m not happy about it.” Amazon shares rose 4.58% to close Monday, with trading volume of $25.287 billion. The stock reached a record high, extending its strength after last week’s earnings report, and the company’s market capitalization topped $3 trillion for the first time. Amazon became the fifth company in history to reach that milestone. Amazon’s second-quarter earnings showed accelerating revenue growth in its cloud-computing business. Amazon joined Nvidia, Alphabet and several other companies whose market capitalizations have exceeded $3 trillion. For most of the past three months, Amazon had been caught in a selloff. Investors worried that technology companies investing tens or hundreds of billions of dollars in artificial intelligence could face pressure on profits. From its share-price high on May 6 until it reached a three-month low last month, the stock had fallen nearly 18%.
Global financial media highlighted the following developments overnight:
U.S. President Donald Trump said his latest negotiation proposal was Iran’s “last chance” before a possible strike aimed at decapitating the government. Iran denied that it was negotiating with the United States, but said talks with Oman on allowing more ships to pass through the Strait of Hormuz were making progress.
Although the two sides offered conflicting accounts, signs that diplomatic efforts were restarting pushed oil prices lower Monday. Brent crude fell about 4.6%, bringing the price to just below $84 a barrel.
Several U.S. states sued over the new round of global tariffs imposed by Trump last month. Several small businesses had previously filed similar lawsuits, alleging that the tariffs were unlawful.
The complaint filed Monday in the U.S. Court of International Trade in Manhattan opened a familiar legal dispute. A coalition of states and an alliance of small businesses separately challenged the Trump administration over the president’s third round of tariffs.
The lawsuits allege that Trump and U.S. government officials unlawfully invoked Section 301 of the Trade Act of 1974 to replace tariff measures that had either been ruled unlawful by the U.S. Supreme Court or had expired.
People familiar with the matter said the Trump administration planned to convene artificial-intelligence companies at the White House on Tuesday to discuss a new framework for voluntary safety testing of AI models in the United States. The developers expected to attend included OpenAI, Anthropic PBC and an Alphabet Inc. subsidiary.
The recently completed framework grew out of an artificial-intelligence cybersecurity executive order signed by Trump in June. The order called for voluntary participation in AI-model safety assessments and stronger protections for critical computer systems.
The Federal Aviation Administration formally approved Boeing’s 737-7 for commercial service by issuing the aircraft a revised type certificate. The shortest-fuselage and longest-range member of the 737 Max family can carry 135 to 160 passengers in a two-class configuration and has a maximum range of 3,800 nautical miles, or about 7,040 kilometers.
The milestone ended Boeing’s eight-year certification effort. Testing began in 2018 and included more than 1,000 hours of flight and ground testing, including 441 flight tests totaling 686 hours and 349 hours of ground testing, along with extensive system-safety analyses and human-factors evaluations. During the certification process, Boeing also addressed a potential design flaw in the engine anti-ice system and developed a permanent fix.
Trump criticized Exxon Mobil and Chevron, saying their profits had surged because oil prices rose sharply during the war in Iran that he launched with Israel in February.
Trump said Monday that the United States’ largest oil companies were “making too much money” and urged them to “give some of it back to the public” while lowering retail gasoline prices.
“I don’t like it. I should be the last person to say this because I’m a strong believer in free enterprise, and nobody believes in free enterprise more than I do,” Trump told reporters at the White House. “Are you surprised I’m saying that? I’m going to say it very strongly. I’m not happy about it.”
Amazon shares rose 4.58% to close Monday, with trading volume of $25.287 billion. The stock reached a record high, extending its strength after last week’s earnings report, and the company’s market capitalization topped $3 trillion for the first time. Amazon became the fifth company in history to reach that milestone.
Amazon’s second-quarter earnings showed accelerating revenue growth in its cloud-computing business. Amazon joined Nvidia, Alphabet and several other companies whose market capitalizations have exceeded $3 trillion.
For most of the past three months, Amazon had been caught in a selloff. Investors worried that technology companies investing tens or hundreds of billions of dollars in artificial intelligence could face pressure on profits. From its share-price high on May 6 until it reached a three-month low last month, the stock had fallen nearly 18%.