Guardian Weekly Market Report – Issue 174

Reports of Note Due This Week

Key takeaways this week have Fed Chair Powell testifying to House Financial Service Committee. The Personal Consumption Expenditures will give market watchers an indication on inflation. Also, S&P flash U.S. Services and Manufacturers PMI’S, Case-Shiller home price index, new home sales, Durable-goods and GDP.

• Monday, June 23 – 9:45 A.M. S&P flash U.S. services PMI and S&P flash U.S. manufacturing PMI. 10:00 A.M. Existing home sales.
• Tuesday June 24 – 9:00 A.M Case-Shiller home price index, 10:00 A.M. Consumer confidence. Fed Chair Powell testifies to House Financial Service Committee.
• Wednesday June 25 – 10:00 A.M. New home sales.
• Thursday June 26 –.  8:30 A.M. Weekly Initial Jobless Claims expected at 248,000 versus last weeks 245,000. Advanced U.S. trade balance in goods, Advanced retail and wholesale inventories, Durable -goods orders and GDP (second revision). 10:00 A.M. Pending home sales.
• Friday June 2 – 8:30 A.M. PCE index, Personal spending, Personal income. 10:00 A.M. Consumer sentiment (Final).

Geopolitics

The United States launched coordinated airstrikes on Iran’s key nuclear facilities-Fordo, Natanz, and Isfahan-marking its first direct military action against Iran. President Trump announced the operation, involving over 125 aircraft and naval-launched Tomahawks, as a decisive move to cripple Iran’s nuclear program. Iran has yet to confirm the extent of damage or the status of its enriched uranium stockpile. The strikes follow rising tensions between Iran and Israel and come amid U.S. warnings that further retaliation would be met with greater force. Trump described the strikes as a success and issued an ultimatum for peace, while U.S. forces prepare for potential Iranian retaliation via proxy groups or asymmetric tactics. The situation has raised concerns over regional escalation, oil transit disruptions in the Strait of Hormuz, and long-term geopolitical instability.

Japan’s Nippon Steel has officially completed its $14.9B acquisition of U.S. Steel, leading to the delisting of U.S. Steel shares from the NYSE. Despite prior opposition, President Trump approved the deal after securing a national security agreement that grants the U.S. government a “golden share.” This gives the president veto power over strategic decisions, including relocating operations or altering U.S. Steel’s identity. The company will retain its name, remain headquartered in Pittsburgh, and maintain a U.S.-majority board. Nippon has committed to investing $11 billion in domestic operations by 2028. While Trump has framed the deal as a “partnership,” filings confirm Nippon retains full ownership. The transaction underscores the growing role of national security in cross-border mergers and could influence future foreign investment in strategic U.S. industries. Market watchers may view the arrangement as a bellwether for industrial policy, resource security, and U.S.-Asia trade dynamics.