Wheat futures were volatile, with hard red winter wheat rising as much as 2.7% to $7.505 a bushel. Soft red winter wheat could see a larger move if prices hold above $7 a bushel. Ukraine warned that its agricultural exports for the 2026-27 season could be halved due to Russian attacks. A UN-tracked global food price index climbed to a three-year high in July.

Western Union confirmed on its Q2 2026 earnings call that U.S.-to-Mexico remittance transaction volume fell more than 3% year over year due to the Trump administration’s tighter U.S.-Mexico border policies, according to the call transcript. It also said that corridor’s remittances declined by nearly 5% for full-year 2025. The company has relied on lobbying to defend market share and charges fees of up to 40% on some cross-border transfers. After the disclosure, the stock fell 15% in a single session.

Apple reported earnings that beat expectations on overall revenue and EPS, but iPad revenue fell 5.9% year over year and came in below forecasts. iPhone revenue rose 22%, helping lift products revenue, while services revenue increased 12% but missed estimates. The market’s focus shifted to softer-than-expected performance in Greater China and a services shortfall, raising questions about the durability of Apple’s growth trajectory.

Tesla reported 2026 second-quarter EPS of 33 cents, down 18% year over year and well below expectations of 51 cents, even as revenue rose 28% to $28.2 billion and topped forecasts. Automotive gross margin came in at 16.3% and declined from the prior quarter. The company’s capital spending pace was not tracking its full-year target, and the stock fell sharply in after-hours trading, testing a three-month low.

The US-Iran conflict intensified after CENTCOM said it completed a new wave of strikes, while President Trump warned the US could expand attacks to include bridges and power plants. WTI settled up USD 0.26 at 79.60/bbl and Brent rose USD 0.22 to USD 84.95/bbl. ASML posted results that beat expectations, but its EUV equipment sales outlook came in slightly below consensus, weighing on semiconductor shares. US June PPI fell 0.3% month-on-month, far below expectations, reinforcing signs of easing inflation.

Veteran natural resource investor Rick Rule said surging demand from AI, data centers, electric vehicles and defense is colliding with a slow-moving copper supply pipeline, as new mines can take about 18 years to reach production. He cited the U.S. Resolution Copper project, which has spent more than a decade in permitting, as an example of how delays can constrain supply. International forecasts cited in the report point to a potential 10 million metric-ton copper shortfall by 2040, requiring about $325 billion in additional investment. Copper prices have climbed from $3.23 per pound in July 2022 to $6.20 per pound as of June 28.

The United States and Iran signed a ceasefire memorandum on June 17, agreeing to reopen shipping through the Strait of Hormuz and easing concerns over Middle East supply disruptions. Brent and WTI futures have since pulled back sharply from recent highs, and institutions have cut 2026 price forecasts, including Brent to $84.50 per barrel from $90.44. The national average gasoline price has fallen for five straight weeks to $3.91 per gallon on June 29. Trump has publicly pressed gas stations to cut prices, while the industry says refining and logistics can delay how quickly lower crude prices reach the pump.

A reported delay of OpenAI’s IPO until 2027 and Apple’s price increases tied to memory chip shortages helped trigger a global selloff in semiconductor shares. Nasdaq 100 futures fell 1.1% and S&P 500 futures dropped 0.4% as of 8:00 a.m. ET. In South Korea, Samsung Electronics and SK Hynix hit circuit breakers amid heavy losses.

Retail investors piled into SpaceX in the first week after its June 12 IPO, but the stock sank 16.4% on June 17, erasing a record $600 billion in market value. The selloff was driven by a rush to tap a narrowing bond-financing window and by looming lockup expirations, with 8–9月 potentially releasing 44% of shares, reversing retail sentiment. The report said the pressure has weighed on the broader market and warned that risk aversion could spread from SpaceX to the Memory ETF and to semiconductor and AI-linked stocks.