On June 24, U.S. Treasury Secretary Scott Becerra stated that he believes no one should publish the dot plot. Becerra added, "The only reason I ever liked the dot plot was when I was running my own investment business; we had a trading model specifically for reverse trading the dot plot because the dot plot is always wrong." Becerra expressed appreciation for Federal Reserve Chair Waller's decision to eliminate forward guidance. He also mentioned that he has breakfast with Waller every week, consistent with the practice during Powell's tenure as Fed Chair.
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Becerra Criticizes Fed's Dot Plot, Reveals Past Reverse Trading Strategy
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International Oil Prices Plunge as U.S. Oil Futures Fall Below $70
On June 24, international crude oil prices continued to decline, with U.S. WTI crude oil futures falling below the $70 per barrel mark during trading, down 4.4% for the day, reaching a new low since March 2, and reverting to levels seen before the outbreak of the Iran conflict. Brent crude oil futures for August dropped 4.5%, settling at $73.6 per barrel. Market expectations of easing tensions in the Middle East, a recovery in Iranian oil supply, and rising interest rate expectations due to U.S. inflation have pressured oil prices. -
Strategy Stock Price Falls Below $100 for the First Time Since March 2024
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Caixin: Son of Former Wuhan Supervisory Official Launders Over HKD 64 Million in Hong Kong, Claims Some Funds Came from Bitcoin Sales
According to Caixin, Xiao Rui, the son of former Wuhan Supervisory Committee member Xiao Jun, is suspected of receiving approximately HKD 4.72 million in bribes from mainland construction contractors on behalf of his father, and has laundered over HKD 64 million through underground money houses. On June 23, the Hong Kong District Court found Xiao Rui guilty on four counts of 'money laundering' and one count of 'using a false document,' with sentencing scheduled for July 23. In court, Xiao Rui claimed that the large sums involved were legitimate earnings from his mother's business, which she gifted to him for investment in Hong Kong, and that part of the funds came from Bitcoin sales. However, the judge rejected his testimony regarding Bitcoin, stating that Xiao Rui could not provide any basic records such as transaction dates, numbers, or wallet addresses. -
U.S. Stock Indices Mixed, Micron Technology Rises About 3%
On June 24, U.S. stock markets opened with mixed results: the Nasdaq fell 0.03%, the S&P 500 rose 0.07%, and the Dow Jones increased by 0.01%. Micron Technology saw an increase of about 3%, with the market widely expecting its quarterly performance to continue its 'explosive growth.' FedEx dropped nearly 2%, as its core express business profit margin narrowed last quarter, and its full-year profit outlook fell short of expectations. AI chip manufacturer Cerebras fell over 11%, maintaining a negative guidance for its full-year core operating profit margin. -
Gold Price Falls Below $4000, Mining Stocks Decline, Harmony Gold Drops 6%
On June 24, Newmont Corporation (NEM.US) saw its stock price decrease by 4.4%, Sibanye Stillwater fell by 6.1%, Angola Gold dropped by 7%, SPDR Gold ETF declined by 3%, Kinross Gold fell by 6.5%, and Harmony Gold decreased by 6%, while Gold Fields fell by 3.9%. In the news, international gold prices remain under pressure, with spot gold's decline expanding to 2.8%, falling below the $4000 per ounce mark for the first time since November 2025. This represents a drop of approximately $1600 (nearly 30%) from this year's historical high of $5596 per ounce, indicating a significant technical adjustment. Factors contributing to this trend include a strengthening U.S. dollar, rising expectations for Federal Reserve interest rate hikes, and increasing U.S. Treasury yields, all of which continue to suppress precious metals performance. -
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Spot Silver Plummets 5%, Down 52% from January Highs
On June 24, spot silver fell by 5%, dropping over $3 during the day to approach $58 per ounce, marking a new low since December of last year and a 52% decline from the January peak. New York silver futures experienced a sharp drop of 6%, currently reported at $58.34 per ounce. -
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SpaceX (SPCX.US) Pre-Market Stock Price Drops 2.7% to Daily Low
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Meta and Microsoft Lead with Data Center Leasing Commitments Exceeding $850 Billion
On June 24, Bloomberg reported that Meta Platforms Inc. and Microsoft Corp. each committed billions of dollars in additional data center leasing expenditures during their most recent fiscal quarters, further increasing the overall investment in the AI sector. These commitments have pushed the total future data center leasing commitments of major cloud computing companies to over $850 billion. An analysis of regulatory filings shows that as tech giants compete to expand their server clusters, the amounts of these leasing commitments have continued to rise over the past year. These future leasing costs are additional to existing leasing contracts and will not appear on the balance sheet until the companies begin actual payments. While these leasing commitments typically pertain to data centers, they may also encompass facilities such as offices or warehouses. Some leasing contracts include specific clauses that allow companies to terminate future performance obligations under certain conditions.
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