{"id":63695,"date":"2026-06-24T17:08:17","date_gmt":"2026-06-24T21:08:17","guid":{"rendered":"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/trump-requests-88b-for-iran-conflict-qualcomm-and-major-banks-unveil-bold-growth-plans\/63695\/"},"modified":"2026-06-24T17:08:17","modified_gmt":"2026-06-24T21:08:17","slug":"trump-requests-88b-for-iran-conflict-qualcomm-and-major-banks-unveil-bold-growth-plans","status":"publish","type":"post","link":"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/trump-requests-88b-for-iran-conflict-qualcomm-and-major-banks-unveil-bold-growth-plans\/63695\/","title":{"rendered":"Trump Requests $88B for Iran Conflict; Qualcomm and Major Banks Unveil Bold Growth Plans"},"content":{"rendered":"<h2>Key Takeaways<\/h2>\n<ul>\n<li><strong>President Trump formally requested $88 billion<\/strong> from Congress to fund ongoing military operations in <strong>Iran<\/strong> and other supplemental programs, including <strong>$67.15 billion<\/strong> specifically for the <strong>Department of Defense<\/strong>.<\/li>\n<li><strong>Qualcomm (<a href=\"\/stock\/QCOM\">QCOM<\/a>)<\/strong> surged in post-market trading after setting an ambitious <strong>$15 billion AI data center revenue target<\/strong> by fiscal 2029 and raising its non-handset revenue goal to <strong>$40 billion<\/strong>.<\/li>\n<li><strong>Morgan Stanley (<a href=\"\/stock\/MS\">MS<\/a>)<\/strong> and <strong>BNY (<a href=\"\/stock\/BNY\">BNY<\/a>)<\/strong> announced significant capital return plans, with Morgan Stanley raising its dividend by <strong>15%<\/strong> and reauthorizing a <strong>$20 billion<\/strong> share buyback program.<\/li>\n<li><strong>The Justice Department<\/strong> has been instructed by President Trump to investigate major oil companies, including <strong>Chevron (<a href=\"\/stock\/CVX\">CVX<\/a>)<\/strong>, <strong>BP (<a href=\"\/stock\/BP\">BP<\/a>)<\/strong>, and <strong>Exxon Mobil (<a href=\"\/stock\/XOM\">XOM<\/a>)<\/strong>, for alleged price gouging at the pump.<\/li>\n<li><strong>NATO Secretary-General Mark Rutte<\/strong> met with President Trump at the White House to discuss the <strong>Iran conflict<\/strong> and European defense contributions ahead of a pivotal alliance summit.<\/li>\n<\/ul>\n<h2>Trump Seeks $88B Supplemental as Iran Tensions Persist<\/h2>\n<p>President Trump has submitted a massive <strong>$88 billion<\/strong> supplemental funding request to Congress, framing it as essential for the &quot;war with Iran&quot; and various domestic initiatives. The package includes <strong>$67.15 billion<\/strong> for military operations, alongside targeted requests like <strong>$500 million<\/strong> for the renovation of <strong>New York\u2019s Penn Station<\/strong> and <strong>$1 billion<\/strong> to restore retirement funds for former <strong>General Motors (<a href=\"\/stock\/GM\">GM<\/a>)<\/strong> employees.<\/p>\n<p>The President dismissed a recent <strong>Senate War Powers vote<\/strong> as &quot;meaningless,&quot; asserting that diplomatic negotiations with Tehran are &quot;doing great&quot; despite the military escalation. <em>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.<\/em><\/p>\n<h2>Tech and Finance Giants Unveil Major Growth and Capital Plans<\/h2>\n<p><strong>Qualcomm (<a href=\"\/stock\/QCOM\">QCOM<\/a>)<\/strong> stole the spotlight at its 2026 Investor Day, unveiling a strategy to pivot from mobile chips to a &quot;platform company&quot; focused on <strong>AI data centers<\/strong> and <strong>automotive technology<\/strong>. The company projects its data center revenue will hit <strong>$5 billion by FY2027<\/strong> and exceed <strong>$15 billion by FY2029<\/strong>. <em>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.<\/em><\/p>\n<p>In the financial sector, major banks moved to reward shareholders following the <strong>2026 CCAR stress test<\/strong> results. <strong>Morgan Stanley (<a href=\"\/stock\/MS\">MS<\/a>)<\/strong> increased its quarterly dividend to <strong>$1.15 per share<\/strong> and launched a <strong>$20 billion<\/strong> multi-year buyback. Similarly, <strong>BNY (<a href=\"\/stock\/BNY\">BNY<\/a>)<\/strong> announced a <strong>19%<\/strong> dividend hike to <strong>$0.63 per share<\/strong>, citing the &quot;durability&quot; of its business model. <strong>JPMorgan Chase (<a href=\"\/stock\/JPM\">JPM<\/a>)<\/strong> and <strong>Goldman Sachs (<a href=\"\/stock\/GS\">GS<\/a>)<\/strong> also signaled intentions to raise payouts, reflecting a robust capital position across the banking industry.<\/p>\n<h2>Energy Scrutiny and Global Diplomacy<\/h2>\n<p>President Trump intensified pressure on the energy sector, identifying <strong>Chevron (<a href=\"\/stock\/CVX\">CVX<\/a>)<\/strong>, <strong>BP (<a href=\"\/stock\/BP\">BP<\/a>)<\/strong>, and <strong>Exxon Mobil (<a href=\"\/stock\/XOM\">XOM<\/a>)<\/strong> as targets for a <strong>Department of Justice<\/strong> investigation into fuel pricing. The President alleged that retail gasoline prices, currently averaging <strong>$3.93 per gallon<\/strong>, are not falling fast enough despite a sharp decline in crude <a href=\"https:\/\/stockmarketwatch.com\/energy\/crude-oil\" data-internallinksmanager029f6b8e52c=\"12\" title=\"Crude oil\">oil prices<\/a> following an interim deal that eased transit through the <strong>Strait of Hormuz<\/strong>.<\/p>\n<p>On the diplomatic front, the President commended leaders from <strong>Turkey<\/strong> and <strong>China<\/strong> for remaining &quot;uninvolved&quot; in the Iran conflict. Meanwhile, <strong>NATO&#39;s Mark Rutte<\/strong> visited Washington to &quot;soothe&quot; the administration&#39;s frustrations over European defense spending. <em>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.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Key Takeaways President Trump formally requested $88 billion from Congress to fund ongoing military operations in Iran and other supplemental 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