Key Takeaways
- President Trump formally requested $88 billion from Congress to fund ongoing military operations in Iran and other supplemental programs, including $67.15 billion specifically for the Department of Defense.
- Qualcomm (QCOM) surged in post-market trading after setting an ambitious $15 billion AI data center revenue target by fiscal 2029 and raising its non-handset revenue goal to $40 billion.
- Morgan Stanley (MS) and BNY (BNY) announced significant capital return plans, with Morgan Stanley raising its dividend by 15% and reauthorizing a $20 billion share buyback program.
- The Justice Department has been instructed by President Trump to investigate major oil companies, including Chevron (CVX), BP (BP), and Exxon Mobil (XOM), for alleged price gouging at the pump.
- NATO Secretary-General Mark Rutte met with President Trump at the White House to discuss the Iran conflict and European defense contributions ahead of a pivotal alliance summit.
Trump Seeks $88B Supplemental as Iran Tensions Persist
President Trump has submitted a massive $88 billion supplemental funding request to Congress, framing it as essential for the "war with Iran" and various domestic initiatives. The package includes $67.15 billion for military operations, alongside targeted requests like $500 million for the renovation of New York’s Penn Station and $1 billion to restore retirement funds for former General Motors (GM) employees.
The President dismissed a recent Senate War Powers vote as "meaningless," asserting that diplomatic negotiations with Tehran are "doing great" despite the military escalation. Market analysts are closely watching defense contractors and energy sectors as the administration maintains a dual-track strategy of military pressure and high-stakes diplomacy.
Tech and Finance Giants Unveil Major Growth and Capital Plans
Qualcomm (QCOM) stole the spotlight at its 2026 Investor Day, unveiling a strategy to pivot from mobile chips to a "platform company" focused on AI data centers and automotive technology. The company projects its data center revenue will hit $5 billion by FY2027 and exceed $15 billion by FY2029. The pivot is aimed at reducing reliance on the smartphone market, which Qualcomm expects will represent only one-third of its QCT revenue by the end of the decade.
In the financial sector, major banks moved to reward shareholders following the 2026 CCAR stress test results. Morgan Stanley (MS) increased its quarterly dividend to $1.15 per share and launched a $20 billion multi-year buyback. Similarly, BNY (BNY) announced a 19% dividend hike to $0.63 per share, citing the "durability" of its business model. JPMorgan Chase (JPM) and Goldman Sachs (GS) also signaled intentions to raise payouts, reflecting a robust capital position across the banking industry.
Energy Scrutiny and Global Diplomacy
President Trump intensified pressure on the energy sector, identifying Chevron (CVX), BP (BP), and Exxon Mobil (XOM) as targets for a Department of Justice investigation into fuel pricing. The President alleged that retail gasoline prices, currently averaging $3.93 per gallon, are not falling fast enough despite a sharp decline in crude oil prices following an interim deal that eased transit through the Strait of Hormuz.
On the diplomatic front, the President commended leaders from Turkey and China for remaining "uninvolved" in the Iran conflict. Meanwhile, NATO's Mark Rutte visited Washington to "soothe" the administration's frustrations over European defense spending. The meeting is seen as a critical precursor to the upcoming NATO summit in Turkey, as the U.S. reviews its military footprint across Europe.
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.