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1. U.S. initial jobless claims dropped significantly to 187,000, the lowest since September 2022, indicating a robust labor market.
2. Shares of major tech companies including Alphabet, Amazon, Microsoft, and Meta declined sharply due to concerns that high AI spending is leading to increased cash burn.
3. Brent crude futures rose to $100 a barrel, a level not seen since May 26, driven by persistent shipping disruptions in the Middle East.
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1. US ADP employment data for May exceeded expectations with 122,000 new jobs, leading to higher Treasury yields, while Fed President Williams indicated monetary policy is in "the right place" despite expected elevated inflation.
2. Brent crude and gasoline futures extended gains after EIA reported US crude stockpiles fell to their lowest since January 2024, supported by Vitol and PetroVietnam's crude supply agreement.
3. USA Rare Earth secured up to $1.6 billion in funding from the US Commerce Dept., planning to invest $1.2 billion and create 490 jobs for rare earth metal production in Texas by 2028.
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