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Wall Street’s major averages rebounded on Thursday after investors moved on from the selloff led by the Federal Reserve’s new hawkish policy. The FOMC held the federal funds rate target unchanged at 3.50%-3.75% on Wednesday, as widely expected. In tech news, President Donald Trump announced Intel (INTC) will partner with Apple (AAPL) to design chips in the U.S. Shares of the semiconductor giant were +8.5%. Other chip names were also higher.

On the economic front, the coming week has a light schedule with no major data expected on Monday and Friday. On Tuesday, S&P Global PMI numbers for June will be released. New home sales data for May, crude oil inventories numbers are due on Wednesday. A series of data, including the PCE price index for May, quarterly GDP numbers, and jobless claims data, is scheduled for Thursday.

FedEx (FDX) and Micron (MU) are the only major companies reporting next week.

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Earnings spotlight: Tuesday: FedEx, Carnival Corp (CCL). See the full earnings calendar.

Earnings spotlight: Wednesday: Micron. See the full earnings calendar.

Volatility watch: Micron and Cboe Global Markets (CBOE) have seen options volatility increase over the last week. The most overbought stocks per their 14-day relative strength index include Outlook Therapeutics (OTLK), CoreCivic (CXW), and Jerash Holdings (JRSH). The most oversold stocks per their 14-day Relative Strength Index include Avalanche Treasury (AVAT) and Context Therapeutics (CNTX). Short interest is elevated once again on Lucid Group (LCID) and Sphere

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Three Democratic senators have urged the Federal Communications Commission (FCC) to put the Paramount-Warner Bros. Discovery merger on pause over concerns about foreign investors controlling what would be one of the largest media companies in the United States.

In a joint letter to FCC Chairman Brendan Carr, Sens. Cory Booker, D- N.J., Adam Schiff, D-Calif., and Elizabeth Warren, D-Mass., demanded he “must foreclose any attempt by Paramount to close this transaction” before an adequate review of the involved foreign investors is completed.

The lawmakers said the FCC must conduct this review to evaluate possible “national security threats posed by foreign government investment” in the $110 billion entity. If approved, the merger would bring CNN and CBS News under one corporate owner, further consolidating the news media landscape.

Paramount, led by CEO David Ellison, acknowledged in an April financial disclosure cited by the senators that foreign ownership in the new corporation will rise to “approximately 49.5 percent.” In that document, Paramount also said that all voting rights will be “controlled by the Ellison family through U.S. entities.”

WARNER BROS DISCOVERY SHAREHOLDERS APPROVE PARAMOUNT SKYDANCE DEAL

The document revealed that Saudi Arabia’s public investment fund and various entities based in the United Arab Emirates and Qatar would be equity holders.

Paramount told the FCC in April that this arrangement would not present “any national security, law enforcement, or foreign or trade policy concerns.”

The senators want a more rigorous check of what this level of foreign ownership would mean, telling Carr in their letter that he should not take the Ellison family’s statements “at face value.”

They argued that the FCC should reject Paramount’s petition for preemptive approval. Under Section 310 of the 1934 Communications Act, foreign individuals, companies and governments are generally prohibited from owning more than 25% of a U.S.-based firm that has an FCC-issued broadcast license.

CHRISTIANE AMANPOUR POINTS TO ‘HEMORRHAGING’ AT CBS TO WARN OF DAVID ELLISON’S POTENTIAL TAKEOVER AT CNN

Booker, Schiff and Warren gave Carr a July 1 deadline to notify Paramount that the deal cannot close until the foreign investment review is completed.

The FCC’s pending approval is the largest regulatory hurdle in the way of the merger. The Department of Justice signaled last week it would not challenge Paramount’s bid to acquire Warner Bros.

The DOJ’s antitrust division concluded after an eight-month review that “the transaction is not likely to result in harm to competition or American consumers” with regard to on-demand streaming, linear television and studio development, and the production and distribution of films.

Warren criticized this decision by the DOJ and urged state attorneys general to continue fighting the transaction. California Attorney General Rob Bonta was already leading a coalition of states in preparing a lawsuit to block Paramount from adding Warner Bros. to its growing portfolio.

GET FOX BUSINESS ON THE GO

More than 5,000 filmmakers and actors working in Hollywood signed an open letter in April furiously demanding that the merger be stopped. They argued that it would stifle competition and reduce job opportunities.

“Our industry is already under severe strain, in large part due to prior waves of consolidation. We have witnessed a steep decline in the number of films produced and released,” according to the petition. “We are deeply concerned by indications of support for this merger that prioritize the interests of a small group of powerful stakeholders over the broader public good.”

Companies making announcements this week include: Dome, RWO, The Solan Connor Fawcett Family Cancer Trust and Stelrad Group

Newcastle project and cost management consultancy Dome has made two senior appointments.

Tom Borsoi has become associate director and Jenny Robertson has become senior project manager, bringing additional leadership, technical expertise and sector knowledge to support Dome’s growing portfolio of projects and clients. Mr Borsoi brings more than 15 years’ experience having worked on major infrastructure and regeneration projects such as the refurbishment of the Tyne Bridge and regeneration of Northumberland.

Meanwhile Ms Robertson has seven years of project management experience, most recently from Northumberland County Council, where she played a key role in the regeneration of Blyth town centre and the delivery of a range of strategic capital projects.

Andy Horsman, a co-founder and director of Dome, said: “We are delighted to welcome Tom and Jenny to the team. Both bring a wealth of experience and expertise that will further strengthen our core service offering and support our continued growth.”

Engineering specialist RWO has appointment of Domenico Venuti as technical director.

Mr Venuti will support the development and delivery of the Seaton Burn-based company’s technical strategy while leading the commercial civils team. His responsibilities will include team development, growing the civils operation, and providing engineering leadership across complex design projects.

Mr Venuti brings more than 30 years of consultancy experience across South Africa, the Middle East, Canada, Europe and the UK, including expertise in major data centres, infrastructure, logistics, sports and residential developments.

Mr Venuti said: “I’ve worked across a wide range of complex infrastructure and development projects throughout my career, delivering solutions in a variety of international markets. RWO’s collaborative culture, ambitious plans and growing multi-disciplinary capability made it an exciting opportunity for me. I’m looking forward to supporting the team’s continued development, sharing knowledge and contributing to the delivery of high-profile projects across multiple sectors.”

The Solan Connor Fawcett Family Cancer Trust , known as Team Solan, has appointed two new trustees.

Ryan Hudson, founder of RGH Group, multi-business owner, investor and solutions coach, and Simon Davies, a senior finance professional who has played a key role in the growth of Crafter’s Companion, the international craft business founded by entrepreneur Sara Davies, have both joined the charity.

Their appointments, alongside the imminent arrival of Kim Nielson from Hewitt’s Solicitors as a further trustee, and the recent appointment of Michelle Atkinson as fundraising and development lead, come at a time of growing demand for the charity’s services and signal a confident step forward for an organisation that has raised more than £2m and regularly supported around 500 cancer warriors since its founding in 2015.

Mark Solar, the founder of the charity, said: “When I started Team Solan 10 years ago, it was just me, a cause I believed in and a community that got behind us. Since then, we’ve raised more than £2m and changed thousands of lives, but the job is nowhere near done. To reach more people affected by cancer, we need to be smarter and stronger as an organisation. Ryan, Simon, Kim and Michelle all bring fresh expertise that will help us do exactly that and I’m genuinely excited about what we’re going to achieve together.”

Radiators maker Stelrad Group plc has appointed Stuart Watson as independent non-executive director and audit and risk committee chair.

Mr Watson will also be appointed as a member of the Newcastle-based firm’s remuneration committee and nomination committee. He has extensive board experience across a range of sectors, including manufacturing, transport, software and logistics.

He is currently non executive director and audit committee chair of Vp plc, and non executive director and audit committee chair of Flowtech Fluidpower plc. Mr Watson is a chartered accountant and was previously a senior partner at Ernst & Young LLP, specialising in audit.

Martyn Coffey, chair of Stelrad said: “I am delighted to welcome Stuart to the board and look forward to his contribution to support the delivery of the group’s strategy. Stuart brings significant financial and accounting experience, and the Board is confident that he will provide strong leadership of the audit and risk committee.”

As Jio Platforms marches towards what is expected to be one of India’s biggest stock market debuts, the company’s draft red herring prospectus (DRHP) has offered a glimpse into the roster of global investors that backed billionaire Mukesh Ambani‘s digital ambitions years before the IPO.

While Reliance Industries remains firmly in control with a 66.43% stake, the shareholder register reads like a who’s who of global technology, private equity and sovereign wealth investors, including Meta, Google, Saudi Arabia’s Public Investment Fund, KKR, Vista Equity Partners, Mubadala, General Atlantic, ADIA and TPG.

What makes the IPO particularly noteworthy is that none of these investors are selling shares in the offering. Jio’s proposed IPO consists entirely of a fresh issue of 27 crore shares, meaning the proceeds will flow directly to the company rather than existing shareholders.

Also read: Jio IPO: Spectrum acquisition, among 7 risks investors need to know about India’s largest offer

Among external investors, Meta affiliate Jaadhu Holdings is the largest shareholder with a 9.98% stake, owning 892.3 million shares. Google International LLC follows with a 7.73% holding comprising 690.9 million shares.

The next tier of investors includes Saudi Arabia’s Public Investment Fund, KKR-backed Omicron Asia Holdings II and Vista Equity Partners-backed VEPF VII AIV I, each holding 2.31% stake in the company.
Singapore-based SLP Redwood Holdings owns 1.88%, while Mubadala’s MIC Redwood 1 RSC holds 1.85%. General Atlantic Singapore JP owns 1.34%, followed by Abu Dhabi Investment Authority-backed Platinum Jasmine A 2018 Trust with 1.16%. TPG-managed India Markets Pte. Ltd. rounds out the top shareholder list with a 0.93% stake.The absence of an offer-for-sale means these investors are choosing to remain invested even as Jio enters the public markets. Instead of providing an exit to existing shareholders, the IPO is aimed at strengthening the company’s balance sheet and funding future growth.

What will Jio do with IPO proceeds?

According to the DRHP, Jio plans to use Rs 27,500 crore from the issue proceeds to prepay borrowings at Reliance Jio Infocomm, its key telecom subsidiary, with the balance earmarked for general corporate purposes.

The filing marks a significant milestone for Reliance Industries, nearly six years after Jio Platforms attracted more than Rs 1.5 lakh crore from global strategic and financial investors. Those backers are now set to become shareholders in a publicly listed company without reducing their stakes through the IPO.

Read more: RIL AGM: Jio listing soon, but anybody’s guess on Reliance Retail IPO. Here’s what Mukesh Ambani said

Jio in numbers

The listing comes at a time when Jio’s operating performance remains strong. For FY26, Jio Platforms reported a consolidated net profit of Rs 30,064 crore on revenue from operations of nearly Rs 1.47 lakh crore. In wireless broadband, the company held a 49.95% market share as of March 31, according to the DRHP.

Jio continued to dominate India’s wireless broadband market with a 49.95% share as of March 31, according to its DRHP. Bharti Airtel followed with 35.13%, while Vodafone Idea and BSNL held 12.65% and 2.24%, respectively. The company said it serves 1.4 times more 4G and 5G subscribers than its nearest rival and added about 27 million net active mobility customers in FY26, nearly three times the additions recorded by the second-largest player.

Reliance Industries Chairman Mukesh Ambani said Jio’s proposed IPO would unlock significant value for existing shareholders while offering a compelling investment opportunity to new investors. The issue comprises a fresh issue of up to 27 crore shares.

Speaking at Reliance’s 49th Annual General Meeting, Ambani described the listing as an emotional milestone for the group and its shareholders. “The relationship Reliance shares with its shareholders is founded on pride, trust, respect and shared growth,” he said, adding that the IPO would demonstrate India’s ability to build technology companies with global scale, capabilities and value.

Ambani also highlighted Jio’s evolution from a telecom operator into a technology creator. “Before Jio, many believed that India could only import technology from the world. Our engineers proved otherwise. Today, Jio is not merely integrating technology. It is creating original technology,” he said, crediting thousands of Indian engineers for driving the company’s growth.

He further said that Reliance Jio Infocomm Chairman Akash Ambani, Reliance Retail Ventures Executive Director Isha Ambani Piramal and Reliance Industries Executive Director Anant Ambani will lead the IPO process.

(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)

SOUTHAMPTON, England — Beth Mooney smashed a half-century but retired hurt as Australia completed a comfortable 98-run victory over the Netherlands to maintain their unbeaten start to the Women’s T20 World Cup.

The Scorecard

Mooney top-scored with 74 off 42 balls while Ash Gardner struck 58 off 32 and Georgia Wareham crashed an 18-ball 41 as Australia piled on 219-6, equaling the highest total at a Women’s T20 World Cup — a mark set by England against Sri Lanka earlier in the tournament. The Netherlands fell well short in reply, finishing at 121-3 after their 20 overs, as Australia secured the comprehensive win.

Mooney’s Injury Scare

Mooney’s afternoon ended prematurely after she pulled up while running between the wickets late in her innings. She pulled up after running two at the end of the 14th over and immediately left the field. She did not return to keep wicket due to back stiffness, adding a fresh injury concern for Australia just as the tournament reaches its business end.

With emergency wicketkeeper Phoebe Litchfield also absent due to a quad injury, Georgia Voll took the gloves in Mooney’s place. The 22-year-old was quickly involved, moving sharply across first slip to remove Phebe Molkenboer in the second over of the Netherlands innings, as Kim Garth struck twice in the powerplay to restrict the Netherlands to 27-2 after six overs.

An Already Stretched Australian Squad

Mooney’s injury adds to a growing list of fitness concerns that had already complicated Australia’s planning heading into the match. Litchfield’s injury was a curveball for Australia’s back-up wicketkeeper plans for the tournament, after they opted against naming a second full-time keeper in their 15-player squad alongside Mooney. NSW’s Tahlia Wilson is traveling with the squad as a reserve but could only be called in if another player was ruled out of the tournament entirely.

Gardner herself had only just returned to the side after missing the previous match against Bangladesh with a sprained ankle. Australia are waiting to make a call on Ashleigh Gardner’s availability for Saturday’s match after the all-rounder made a promising return to training on the eve of the fixture, training strongly at The Rose Bowl’s nursery ground on Friday. Ellyse Perry, discussing Gardner’s chances of playing, said before the match: “I think Ash is tracking really well. I think she got through what she needed to today. So, yeah, at this stage it looks good, but I’m sure there’ll be a few more things to assess before tomorrow’s match.”

A Dutch Fight That Fell Short

Despite the lopsided final margin, the Netherlands did not go down without a fight, with their captain delivering a milestone individual performance even in defeat. Netherlands captain Babette de Leede scored an unbeaten half-century of 56 off 57 balls in her 100th T20I appearance and shared a determined 96-run partnership with Sterre Kalis, who made 44 off 43 balls. Despite that resistance, Australia’s total was always out of reach for the Dutch side.

How Australia’s Innings Unfolded

Australia’s batting effort was built on a rapid start and several key partnerships throughout the innings. Mooney and Voll flew out of the blocks to bring up Australia’s 50 inside five overs before Iris Zwilling and Heather Siegers struck in quick succession to remove Voll and Ellyse Perry before the end of the powerplay.

The recovery and acceleration that followed came largely through the middle order. Mooney combined with Gardner, returning from her sprained ankle, for a 101-run third-wicket stand off 55 balls. Gardner departed two balls after Mooney, holing out to Kalis in the deep, but although wickets fell regularly in the final five overs, Wareham’s 41-run cameo, which included eight fours, powered Australia beyond 200.

Where Australia Stands in the Tournament

The victory keeps Australia firmly in contention near the top of their group as the tournament progresses. Heading into the match, Australia Women sat comfortably in second place in the Group 1 standings with a perfect record of two wins from two games, boasting a massive net run rate of plus 3.875 — a record they extended further with Saturday’s dominant performance.

A Difficult History With Injuries

Mooney’s latest fitness scare continues what has been a recurring theme throughout her career, with the wicketkeeper-batter having previously dealt with more serious injuries that sidelined her for extended stretches. Mooney has previously missed a Women’s Ashes series after sustaining a fractured jaw during a training session, an injury that required surgery and also threatened her availability for a subsequent 50-over World Cup. She has also been forced off the field with a knee injury during a Women’s Premier League debut in India.

Given that history, Australia’s medical staff will likely monitor her back stiffness closely in the coming days as the tournament moves toward its knockout stages, particularly given the absence of a true like-for-like backup wicketkeeper currently available within the touring squad beyond the injured Litchfield.

What Comes Next

With Australia having now further stretched their unbeaten run in the tournament, attention turns to the severity of Mooney’s back issue and whether she will be fit to keep wicket in the team’s upcoming fixtures. Given that Australia chose not to carry a second specialist wicketkeeper in their 15-player squad, any extended absence for Mooney would force the team to continue relying on makeshift solutions behind the stumps, as it did Saturday when Georgia Voll stepped in and immediately made an impact with the early wicket of Molkenboer.