U.S. BANKS ARE WORKING WITH S&P GLOBAL TO LAUNCH AN INDEX OF CREDIT-DEFAULT SWAPS - WSJ

$NVDA - HUANG: “MOVE TO CALIFORNIA” DESPITE HIGH TAXES Nvidia CEO Jensen Huang urged people to stay in or move to California despite its high tax burden, saying: “Move to California. Don’t leave. It’s the highest taxes in the world, but it’s OK—the weather is great.” Speaking at Stanford alongside U.S. Rep. Ro Khanna and former national security adviser H.R. McMaster, Huang defended living in Silicon Valley and said he is “perfectly fine” with higher taxes. His comments come as several high-profile billionaires and tech figures have recently left California amid debate over a proposed wealth tax, including Google co-founders Sergey Brin and Larry Page, investor Peter Thiel, and venture capitalist David Sacks.

CHINA HAS INDICATED IT WILL HALT EXPORTS OF SULFURIC ACID FROM MAY

TRUMP: IRANIANS HAVE NO CARDS EXCEPT SHORT TERM EXTORTION OF INTERNATIONAL WATERWAYS TRUMP: ONLY REASON IRANIANS ARE ALIVE TODAY IS TO NEGOTIATE

🚨 Trump: 'The Iranians don’t seem to realize they have no cards, other than a short term extortion of the World by using International Waterways. The only reason they are alive today is to negotiate! President DONALD J. TRUMP'

🚨 Trump: 'The Iranians are better at handling the Fake News Media, and “Public Relations,” than they are at fighting! President DONALD J. TRUMP'

HARRIS: TRUMP’S IRAN “WAR OF CHOICE” WILL WEAKEN U.S. GLOBAL STANDING Former Vice President Kamala Harris warned that President Trump’s actions in Iran amount to a “war of choice” that will cause long-term damage to the United States. Speaking at a civil-rights convention in New York, she argued that Trump’s approach is making the U.S. “weaker, unreliable and less influential,” while rivals like China “sit back” and benefit from the situation. Harris also disputed Trump’s claim that Iran’s nuclear capabilities had been destroyed, saying it was not accurate. She further warned the conflict could drive up prices for Americans and accused Trump of failing to deliver on promises to reduce inflation.

ONLY ONE OIL TANKER HAS PASSED THROUGH THE STRAIT OF HORMUZ TODAY - CNN CITING SHIPPING DATA Shipping data shows only one oil tanker transited the Strait of Hormuz so far today, according to a CNN analysis of MarineTraffic AIS data. The vessel, the US-sanctioned, Botswana-flagged Mab 5, passed through earlier in the day. Two other ships—a Panama-flagged bulk carrier and an India-flagged cargo vessel—also moved through into the Persian Gulf, while an India-flagged sailing vessel exited into the Gulf of Oman. However, AIS tracking gaps mean additional ships could have passed undetected if they turned off signals. Traffic remains far below normal levels since the recent US-Iran ceasefire announcement, compared with a typical average of about 107 vessels per day, underscoring continued disruption in one of the world’s most critical oil chokepoints.

*TRUMP PREPARING MILITARY IF IRAN FAILS TO COMPLY IN TALKS: NYP *TRUMP SAYS WARSHIPS ARE BEING RELOADED IN CASE TALKS FAIL: NYP *NYP CITES FRIDAY INTERVIEW WITH TRUMP

TRUMP WARNS OF STRIKES IF TALKS FAIL Donald Trump says the US is preparing military action if upcoming talks with Iran collapse, revealing warships are being rearmed with advanced weapons. Negotiations in Islamabad, led by Vice President JD Vance and senior envoys, aim to secure a lasting deal after a fragile ceasefire. Key sticking points include Iran’s uranium stockpile, reopening the Strait of Hormuz, missile programs, and sanctions relief. Bottom line: diplomacy is underway—but the threat of escalation remains high if no deal is reached.

WHITE HOUSE: TRUMP OPTIMISTIC DEAL CAN BE REACHED WITH IRAN - FOX

TRUMP PREPARING MILITARY IF IRAN FAILS TO COMPLY IN TALKS - NYP

IRAN FOREIGN MINISTER ARAQCHI SAYS U.S. MUST ADHERE TO COMMITMENTS TO INCLUDE LEBANON IN CEASEFIRE AND TO HALT ISRAELI ATTACKS AGAINST LEBANON -STATE MEDIA

🚨 IRAN'S PARLIAMENT SPEAKER SAYS CEASEFIRE IN LEBANON, RELEASE OF IRANIAN BLOCKED ASSETS MUST OCCUR BEFORE TALKS

SPAIN'S PM SANCHEZ: WE'RE READY TO ADVANCE TOWARDS A JOINT EUROPEAN ARMY, EVEN TOMORROW IF NEEDED

U.S., BRENT CRUDE FUTURES FALL AFTER SOURCES SAY U.S. LIKELY TO EXTEND RUSSIAN OIL WAVER , LAST DOWN ABOUT 0.5%

HORMUZ BOTTLENECK PERSISTS Shipping through the Strait of Hormuz remains heavily restricted, with recent traffic mostly limited to Iran-linked vessels. Several loaded supertankers have approached the route but stopped short of exiting the الخليج, despite the ceasefire and US pressure to reopen the passage. Bottom line: flows are still disrupted, keeping energy markets on edge.

SWITZERLAND AIMS TO FINALIZE US TARIFF ACCORD BY THE END OF JULY