Key Takeaways
- Kevin Warsh was sworn in as Federal Reserve Chairman, succeeding Jerome Powell and vowing to lead a "reform-oriented" central bank as inflation sits at 3.8%.
- Uber (UBER) is reportedly exploring a full takeover of Delivery Hero (DHER), a move that would consolidate the global delivery market and intensify competition with DoorDash (DASH).
- Trafigura secured the largest copper withdrawal from the LME since 2013, moving over 51,000 tons to capitalize on US arbitrage and upcoming tariff rulings.
- Tulsi Gabbard resigned as Director of National Intelligence, citing her husband’s health, though reports suggest underlying friction within the administration.
- US Oil Rig counts jumped by 10 to 425, according to Baker Hughes (BKR), even as gas rigs fell to 125.
Warsh Takes the Helm at the Federal Reserve
Kevin Warsh officially entered public service today as the new Chairman of the Federal Reserve, describing the appointment as the "honor of a lifetime." During the swearing-in ceremony, Treasury Secretary Scott Bessent emphasized that Warsh is expected to act responsibly to balance inflation and growth, signaling a shift toward more "reform-oriented" monetary policy.
Warsh inherits an economy facing 3.8% inflation and significant political pressure from the White House to consider interest rate cuts. Market analysts are closely watching his first moves, as his leadership comes at a pivotal moment marked by high energy prices and regional conflicts.
Uber Targets Global Dominance with Delivery Hero Bid
Uber Technologies Inc. (UBER) is working with financial advisers to potentially launch a complete takeover of Delivery Hero (DHER). Uber already holds a 19.5% stake in the Frankfurt-listed firm and has been in discussions with other major investors to increase its influence.
The potential acquisition, valued at approximately €10.2 billion ($11.8 billion), would significantly expand Uber’s footprint in over 60 countries. This consolidation effort is viewed as a strategic counter to DoorDash (DASH), which has been aggressively expanding its international presence.
Commodities and Energy: Copper and Rig Counts Surge
Commodity giant Trafigura has placed the largest copper order on the London Metal Exchange (LME) in over a decade, earmarking 51,000 metric tons for withdrawal. The move is driven by a price premium on the New York Comex and anticipation of US tariff decisions on copper imports expected in late June.
In the energy sector, Baker Hughes (BKR) reported that the US Oil Rig count rose by 10 to 425, the highest weekly increase in months. Conversely, gas rigs fell by 3 to 125, bringing the total rotary rig count to 558 as producers shift focus toward oil-heavy basins.
Geopolitical Shifts and Intelligence Resignations
Tulsi Gabbard has resigned from her post as Director of National Intelligence (DNI), effective June 30, 2026. While her official resignation letter cited her husband's recent cancer diagnosis, political observers noted recent reports of tension between Gabbard and the White House regarding regional military strategies.
Simultaneously, Pakistan’s Army Chief Asim Munir arrived in Tehran to lead mediation efforts between the US and Iran. This diplomatic push follows a ceasefire secured in April and aims to prevent further escalation of the conflict that began earlier this year.
Tech Policy: Trump Pauses AI Executive Order
President Trump has reportedly hit the brakes on a highly anticipated Executive Order on Artificial Intelligence. According to a leaked draft obtained by Politico, the order would have established a voluntary oversight system for advanced AI models developed by companies like Anthropic and OpenAI.
Trump postponed the signing ceremony due to concerns that the regulations might stifle American innovation and allow China to gain a competitive edge. The administration remains divided on whether to prioritize safety frameworks or unrestricted growth in the race for AI dominance.
Ed Liston is a senior contributing editor at TheStockMarketWatch.com. An active market watcher and investor, Ed guides an independent team of experienced analysts and writes for multiple stock trader publications.