Tech shares pulled U.S. stocks lower on Monday after President Donald Trump announced that he would reinstate a blockade on Iranian ports, marking the latest escalation in U.S.-Iran hostilities. The move sent oil prices sharply higher and dampened overall risk appetite.

Investors are now bracing for a packed week of earnings, economic data and congressional testimony from U.S. Federal Reserve Chair Kevin Warsh. Among the three major indexes, the tech-heavy Nasdaq led losses, followed by the S&P 500, while the Dow’s decline was cushioned by gains in energy stocks tracking the surge in crude prices due to restricted traffic through the Strait of Hormuz.

“Stocks really reached a high at the very end of May, driven mainly by semiconductors,” said Thomas Martin, senior portfolio manager at GLOBALT in Atlanta. “When you move something this far, this fast, you invite the question of how sustainable it is. If the market were cheap, it would be one thing. Now there is less cushion and a lot of unknowns.”

Amid sustained AI-driven momentum in recent months, chip stocks have led both rallies and selloffs. The Philadelphia Semiconductor index underperformed sharply, with SanDisk, Marvell Technology and Western Digital posting steep losses. U.S.-listed shares of South Korean chipmaker SK Hynix also declined after rising more than 12% during their Nasdaq debut on Friday.

Over the weekend, the U.S. and Iran exchanged heavy airstrikes, significantly escalating tensions and prompting Trump to revive the blockade on Iranian ports. The development raised concerns over stalled peace negotiations and pushed crude prices up 9.4%, fuelling fears that supply disruptions could translate into persistent inflationary pressures.

Warsh is scheduled to deliver his first semiannual testimony before Congress on Tuesday and Wednesday, where he is expected to address the inflationary implications of the conflict and outline the Fed’s policy outlook. Markets are currently pricing in at least one 25 basis point rate hike by the end of the year, according to LSEG data.
Key economic data due this week includes the consumer price index and producer price index from the Labor Department, which will provide insight into inflation trends in June amid geopolitical volatility. The Commerce Department’s retail sales data will also offer clues on consumer resilience, given that consumption accounts for roughly 70% of the U.S. economy.According to preliminary data, the S&P 500 fell 60.21 points, or 0.79%, to close at 7,515.18. The Nasdaq Composite dropped 408.83 points, or 1.56%, to 25,872.77, while the Dow Jones Industrial Average declined 129.16 points, or 0.25%, to 52,507.85.

Major U.S. banks including Bank of America, Citigroup, Goldman Sachs, JPMorgan Chase and Wells Fargo are set to report quarterly earnings on Tuesday, marking the unofficial start of the second-quarter earnings season.

“I wonder if the market will start to push back against the surge in corporate issuance to fund AI capex, which has been under scrutiny for some time,” said Ross Mayfield, investment strategy analyst at Baird. “It will be important to see how banks position themselves in corporate bonds and fixed income.”

Analysts currently expect aggregate second-quarter earnings growth for the S&P 500 at 23.7% year-on-year, up from 19.2% estimated at the start of April, according to LSEG.

Chimera Investment Corporation (CIM) has three preferred shares we will be discussing. Instead of buying one preferred share and holding it indefinitely, we monitor relative valuations to identify opportunities to swap between preferred shares. We will be going over current valuations and then our trade history for a good example of how we implement that strategy in practice.

Preferred Shares

CIM-B (CIM.PR.B) is currently in the buy range and CIM-D (CIM.PR.D) is currently in our hold range. CIM-C (CIM.PR.C) is in our hold range and would only need to fall below $22.67 to be in our buy range.

One of the biggest advantages of investing in preferred shares is that investors don’t need to take on the risks from the common stock to get an attractive yield. Sometimes the best opportunities come from recognizing when a preferred share is trading at an attractive valuation.

For a long time now, Chimera’s preferred shares have provided an excellent opportunity and example of how we use relative valuations to trade in and out of positions. The chart below highlights those trades.

The following sections will walk readers through our decision-making process on these dates.

March 30, 2026, Buying CIM-C

Back in late March, we believe CIM-C became a great opportunity because it had materially underperformed most of the other mortgage REIT floating-rate preferred shares. That includes the other Chimera’s preferred shares as you can see in the chart above.

At the time, this was the difference in yield:

• CIM-C offered a stripped yield of just over 11%.
• CIM-B offered a stripped yield of 10.98%.
• CIM-D offered a stripped yield of 10.71%.

Looking at those prices, my thought was pretty simple: I bet other investors will bid more for these in the future. That doesn’t require Chimera to suddenly become a better company. It simply requires a valuation gap between very similar securities to shrink.

While we waited, investors were collecting an attractive dividend rate.

April 27, 2026, Harvesting The Gains

Over the following month, that trade worked extremely well.

CIM-C rallied sharply and thoroughly outperformed the comparable preferred shares. As the valuation gap narrowed, the original investment thesis played out.

We decided to harvest the gains.

We weren’t selling because we suddenly disliked Chimera. We weren’t reacting to negative news. We simply recognized that CIM-C had delivered the outperformance we expected.

One of the key values our service provides is the research to help investors find opportunities to swap between similar preferred shares. This was a great example of how we utilize our strategy focusing on relative valuations instead of becoming emotionally attached to a particular ticker.

June 12, 2026, Another Opportunity

Less than two months later, another opportunity developed. Chimera’s preferred shares sold off rapidly over the course of a week. They weren’t even on my radar as potential buys the week before because they had been performing quite well.

Then they tanked.

Whenever I see a move like that, the first thing I want to know is whether the fundamentals changed. I double-checked Chimera’s common stock to see if there had been a major negative shift in investor perception.

Nothing.

The common shares were actually trading higher than they had been a week earlier. The preferred share scenario looked like sellers simply outnumbered buyers and prices declined in response.

Great.

Those are exactly the kinds of situations we like to investigate. After reviewing the fundamentals, I was comfortable purchasing both CIM-B and CIM-C because they had fallen back into attractive valuation ranges. The opportunity wasn’t created by improving fundamentals. It was created by changing prices.

June 17, 2026, Swapping Shares

Only a few days later, another relative value opportunity developed. CIM-C recovered quickly while MFA-C offered a better risk/reward profile, so we made another trade. We sold CIM-C and purchased MFA-C.

• I’m not getting married to these shares.

• I’m not trying to hold them forever.

• I’m simply taking advantage of a more attractive risk/reward profile.

We collect a pretty nice yield while we wait. If prices go up materially, or better opportunities appear elsewhere, we simply swap into the better opportunity.

Final Thoughts

I think these trades demonstrate one of the biggest advantages of following relative valuations instead of simply buying a preferred share and forgetting about it. The goal isn’t to predict where preferred share prices will trade in isolation in the future. The goal is to consistently own the preferred share offering the best upside potential relative to its risk and relative to other preferred shares.

Sometimes that means buying a preferred share that has become cheap. Sometimes it means harvesting gains after relative gaps close. Other times it means swapping into another preferred share because the relative values have shifted.

Today’s ratings reflect the same process we continue to use. We believe CIM-B currently offers the most attractive valuation. CIM-D is approaching our buy range but remains closer to fair value today.

This is how we historically have looked at preferred shares. We expect relative valuations will continue to create opportunities for us in the future.

MINNEAPOLIS — LeBron James informed the Los Angeles Lakers in late June that he will not return for the 2026-27 season and will instead play his record-extending 24th NBA campaign elsewhere. The Minnesota Timberwolves have emerged as one of several teams aggressively pursuing the four-time MVP, though significant obstacles remain before any potential move to the Twin Cities materializes.

The 41-year-old James, who averaged 20.9 points, 7.2 assists and 6.1 rebounds in 60 games during the 2025-26 season with the Lakers, became an unrestricted free agent after declining to exercise his player option. His agent, Rich Paul of Klutch Sports, confirmed the decision to depart Los Angeles, allowing the franchise to plan without him.

Multiple reports indicate the Timberwolves reached out to James’ representatives shortly after free agency opened. Team officials have pitched James on joining a young, talented core that includes Anthony Edwards, recently acquired LaMelo Ball, Jaden McDaniels and Rudy Gobert. The Wolves believe this group could ease James’ offensive and defensive workload while positioning Minnesota for a deep playoff run and its first NBA championship.

Minnesota’s front office has emphasized the franchise’s championship drought as a unique selling point. Winning a title in a market without prior success could strengthen James’ case in the long-running debate over the greatest player of all time, sources familiar with the discussions told The Athletic. The Wolves have ramped up their efforts and view themselves as a legitimate option despite limited financial flexibility.

Cap space presents the primary hurdle for Minnesota. The team sits approximately $4.4 million below the NBA’s second apron and can offer only the $3.9 million veteran minimum exception. Other suitors, including the Cleveland Cavaliers, Miami Heat, Golden State Warriors and Philadelphia 76ers, face similar constraints in many cases, though some may have slightly more room depending on additional roster moves.

ESPN’s Brian Windhorst reported on July 10 that a credible source indicated James has reached a “done deal” with a team other than the Cavaliers, though the specific destination was not confirmed. Earlier reporting from The Athletic and others highlighted Cleveland, Miami and Golden State as teams generating significant momentum alongside Minnesota’s persistent interest.

James has long prioritized contending teams in free agency decisions. The Timberwolves’ roster construction aligns with that preference, offering defensive anchors in McDaniels and Gobert alongside dynamic scorers in Edwards and Ball. Pairing James with Edwards, with whom he won Olympic gold in 2024, has been highlighted as a natural fit.

Rich Paul discussed potential landing spots on his “Game Over” podcast with Max Kellerman, using a whiteboard to outline options. Minnesota appeared prominently in those discussions, reflecting the team’s active engagement. Paul has noted that 27 teams have inquired about James, underscoring widespread interest across the league.

The Wolves made roster adjustments this offseason to create opportunity at power forward, trading Julius Randle and Naz Reid while adding Ball. Those moves opened a starting lineup spot that fits James’ skill set as a versatile forward capable of facilitating and scoring in multiple ways.

Despite the intrigue, landing James remains a long shot for Minnesota according to some league sources. The team’s cold-weather market and lack of spending power place it behind more established contenders in James’ considerations. Still, the organization’s belief in its roster and championship window has fueled an aggressive approach.

James’ decision will likely hinge on a combination of roster fit, coaching stability, ownership commitment and personal factors. At 41, he continues to perform at an elite level and has expressed ongoing motivation to chase additional titles and individual milestones.

The Lakers expressed disappointment at his departure but issued statements thanking him for his contributions, including the 2020 NBA championship and his all-time scoring record achieved in a Lakers uniform. James spent eight seasons in Los Angeles after previous stints with Cleveland and Miami.

As free agency continues, James has shown no rush to finalize his destination. Reports suggest he could take additional time to evaluate options before committing, potentially extending the process into mid-July or beyond.

For the Timberwolves, the pursuit represents a high-risk, high-reward strategy. Adding James would instantly elevate expectations in a market hungry for success and could accelerate the development of young stars like Edwards and Ball through mentorship.

League insiders note that James values organizations willing to build around him and provide the infrastructure for contention. Minnesota’s recent investments in roster talent and front-office stability under president of basketball operations Tim Connelly align with those priorities.

Whether the Timberwolves can overcome financial limitations and outmaneuver other interested parties remains uncertain. James’ track record shows he weighs multiple factors carefully, often prioritizing winning above all else.

The coming days and weeks will clarify the landscape. Until James announces his decision, speculation about a potential move to Minnesota will continue alongside interest from other franchises seeking to bolster their championship aspirations with one of the game’s all-time greats.

For now, the Timberwolves have made their case clear: they believe their situation offers James the best opportunity to add to his legacy while helping deliver the franchise’s first title. The final chapter of this free agency saga will determine whether that vision becomes reality for the 2026-27 season.

Fitness YouTuber Connor Murphy was filming a documentary on looksmaxxing and biohacking in Thailand before his death on 8 July. He reportedly seemed happy beforehand. Police were called after unusual behavior; he later entered a lake. Investigation and toxicology results remain pending.

Documentary Focus on Biohacking and Looksmaxxing

Fitness influencer Connor Murphy was reportedly developing a documentary centered on looksmaxxing and biohacking in the weeks leading up to his death. According to TMZ, sources close to the project revealed that the film aimed to explore these popular online trends, which focus on enhancing physical appearance, health, and performance through fitness, grooming, diets, and supplements. Murphy and a friend based in Thailand had reportedly gained recognition within these communities, prompting the production team to follow them for the project. A crew had already traveled to Thailand for filming, with another trip planned before Murphy’s untimely death. He had told associates the documentary was intended for Hulu, though this remains unconfirmed.

---

Murphy’s State of Mind Before Death

In the months preceding his death, those who interacted with Murphy described him as seemingly stable and content. One source noted he appeared happy, spoke normally, and displayed no concerning behavior during a May conversation. While acknowledging Murphy hadn’t fully returned to his pre-pandemic self following earlier mental health struggles, the source emphasized he appeared to be in control of his actions at that time. This account paints a picture of someone managing well despite past challenges, adding complexity to the circumstances surrounding his sudden death in Thailand.

Death Circumstances and Personal Tributes

Connor Murphy died on 8 July following an incident at a luxury rental property in Bang Phli, Thailand. Thai authorities were called after reports of unusual behavior, and Murphy later entered a nearby lake. His death remains under investigation, with autopsy and toxicology results still pending. Close friend Austin Wayne offered a personal tribute, describing Murphy as fundamentally different from his online persona—“incredibly chill” and among the calmest people he’d known. Wayne explained that Murphy could adopt a more intense character for content creation but would quickly revert to his genuine, relaxed self afterward, highlighting the disconnect between his public image and private nature.

Source : Connor Murphy was making a documentary before Thailand death

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Meta is expanding its massive data center project in Richland Parish, Louisiana, to 5 gigawatts of compute capacity, making it one of the largest data centers in history, the company announced Monday. 

The expansion pushes Meta’s total investment in the region to more than $50 billion, marking one of the biggest AI infrastructure investments in the world, according to the company.

Once operational, the data center is expected to support more than 1,000 jobs. Meta said Louisiana businesses have already received more than $1.6 billion in contracts from the company since it broke ground on the site in December 2024.

META SHUTS DOWN AI TOOL AFTER BACKLASH OVER PUBLIC INSTAGRAM ACCOUNTS

The tech giant also plans to spend more than $1 billion on local infrastructure upgrades, including roads, water and wastewater systems.

Meta said the expansion includes an energy agreement expected to save Entergy Louisiana customers more than $2 billion over 20 years. 

The company said it will cover the data center’s energy, water and infrastructure costs.

META LAYS OFF NEARLY 1,400 WASHINGTON EMPLOYEES IN LATEST TECH WORKFORCE CUT

The project is already reshaping Richland Parish, a rural community of about 20,000 people. Teachers in the parish recently received annual bonuses of more than $50,000, up from $10,000 last year, thanks to increased tax revenue tied to the data center.

“It’s life-altering for our teachers and their families, and it’s transforming our schools,” Richland Parish School District Superintendent Sheldon Jones said in a statement.

Jones said Meta’s investment has also helped the district attract stronger teacher candidates.

Ticker	Security	Last	Change	Change %
META	META PLATFORMS INC.	657.67	-11.54	-1.72%

META ROLLS OUT PAID SUBSCRIPTION PLANS FOR FACEBOOK, INSTAGRAM AND WHATSAPP

CLICK HERE TO GET FOX BUSINESS ON THE GO

Meta is also donating $5 million to Louisiana Delta Community College to create scholarships for residents training for data center jobs. 

Beginning with the class of 2026, all Richland Parish high school graduates will be eligible for full scholarships for data center-related trade programs.

The scholarship effort comes after Meta announced in June that it is launching America’s Workforce Academy, a new skilled-trades training program with free tuition and guaranteed jobs for graduates.

FOX Business’ Eric Revell contributed to this report.

In Trump’s Truth Social post on Monday, he insisted the strait “will remain OPEN, with or without Iran”.

“The U.S.A. will be, from this point forward, known as “THE GUARDIAN OF THE HORMUZ STRAIT,” but as such, and as a matter of FAIRNESS, will be reimbursed, at the rate of 20% on all cargo shipped, for any and all costs necessary to do the job of providing safety and security to this very volatile section of the World,” he wrote.

The US president added that “the process and formation will begin immediately”.

His comments came shortly after he told Fox News the US would “probably run” the Strait of Hormuz, claiming that Iran “broke” a deal that was made with the US.

“We are taking over the strait,” he said.

Later on Monday, US Central Command (Centcom) said its forces “will resume blockading maritime traffic entering and exiting Iranian ports” on 14 July.

“The US military continues to support traffic flow through regional waters for all vessels not violating the blockade,” a Centcom statement said.

Responding to Trump’s announcement, Iranian Foreign Minister Abbas Araghchi wrote in a post on X: “POTUS is absolutely right. Whoever provides secure and safe passage of commercial vessels through the Strait of Hormuz should be compensated for this service.”

He continued: “Iran has always been the GUARDIAN of the Strait and will remain so FOREVER.”

“20% is of course too much. We will be fair,” Araghchi added.

Meanwhile, a spokesperson for the International Maritime Organization – the UN agency regulating global shipping – was quoted by Reuters news agency as saying that “IMO stands firmly against charging fees for passage through straits used for international navigation”.

“There is no legal basis through which to introduce mandatory tolls simply to transit through a strait,” the spokesperson added.

Before Trump’s announcement, Iran’s top military headquarters said it would not allow the US to “interfere in the management” of the Strait of Hormuz.

In a statement shared by Iranian media, Ebrahim Zolfaghari, spokesperson of Khatam al-Anbiya, said “repeated adventurism and malicious actions” from the US in the strait have “seriously endangered regional security, international trade and the passage of oil tankers and commercial vessels”.

Any cooperation with the US would be considered an act of “war” against Iran’s sovereignty, he added, warning that if the conflict spreads “the flames of war will engulf all the countries of the region”.