Big Balance Sheet Strains Emerge in Big Tech

You call this a truce?

Key Takeaways

• New Challenges from Conflict and Tariffs: The truce between the U.S. and Iran has been further tested overnight with some flare-ups, including American forces intercepting missiles and drones that were aimed at neighboring Gulf countries. This has sent oil back up +2.0% to nearly $98 per barrel. Making matters worse, President Trump just announced a blanket 10%-12.5% tariff on sixty countries via Section 301, invoking unfair labor laws as the rationale. Curiously enough, these tariffs are timed to come into effect just as the 10% tariffs under Section 122 are due to expire in July.