The Dow Jones recorded its fifth consecutive record close as markets anticipate a de-escalation in the Middle East conflict. Iran and Oman are nearing an agreement on the Strait of Hormuz, a strategic oil shipping route that Tehran could gain more control over, with a potential deal by Wednesday or Thursday according to Donald Trump. The Fed is showing a hawkish stance: Governor Lisa Cook stated she is prepared to raise interest rates, with 55% probability of a hike in September. SpaceX saw its shares drop 13.6% after announcing a surge in capital expenditures to $18.4 billion, the majority going toward AI, while Elon Musk confirmed an exclusive partnership with Nvidia for its AI infrastructure.
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