🛡️ Market overview - June 25, 2025

🌍 Macro & markets:

Stock markets rose significantly, supported by a fragile ceasefire between Israel & Iran as well as falling oil prices. Additional tailwind was provided by signals from the Fed, which raised hopes of a summer interest rate cut.

✅ S&P 500 $SPY: +1.11% to 6,092

✅ Nasdaq 100 $QQQ: +1.53% to 22,190

✅ Dow Jones $DIA: +1.19% to 43,089

✅ Russell 2000 $IWM: +1.28% to 2,161

✅ 9 out of 11 sectors up - tech ($XLK +1.8%) ahead, energy ($XLE -1.3%) at the bottom

🚢 Consumer data & corporate news:

✅ Carnival $CCL (+0,95 %)
: +6.91% - Strong figures with record sales, high ticket demand & record bookings for 2026. The forecast was raised, despite geopolitical risks the desire to travel remains unbroken.

⚠️ FedEx $FDX (-0,41 %)
: After-hours -5%. Weak Asian demand forces 35% capacity cuts on transpacific routes. Full-year guidance lowered, shares down 17% YTD.

🤖 Developments in the robotaxi sector:

✅ Uber $UBER (+0,24 %)
: +7.52% - launch of self-driving Waymo vehicles ($GOOG +1.04%) in Atlanta. Waymo with over 1 million autonomous miles & 150,000 paid rides/week.

✅ Lyft $LYFT (-0,05 %)
: +6.09% - Analyst upgrade to "Buy", price target raised from $16 to $21.

📰 Other headlines:

⚠️ Fed officials dampen expectations:

• Bostic expects only one rate cut at the end of 2025, points to inflationary pressure from new tariffs.
• Barr confirms cautious stance, Powell signals "willingness to wait"

✅ OpenAI builds up competition from Microsoft & Google:

Own productivity suite announced directly in ChatGPT, including collaboration features.

✅ Anthropic achieves partial success:

AI training on copyrighted books classified as "fair use", piracy trial to follow in December.

✅ Broadcom $AVGO (+0,32 %)
: New all-time high - optimism around AI chip pipeline, HSBC raises price target to $400.

✅ Nektar Therapeutics $NKTR (+1,48 %)
: Share price doubles after convincing study on eczema drug, up to 90% symptom improvement.

🔎 Summary:

✅ Consumption & travel sector surprise positively

⚠️ Trade & logistics under pressure, especially Asian routes

✅ Robotaxi & AI with further momentum

⚠️ Fed remains cautious, next weeks in focus: tariffs & possible postponement of interest rate hikes