President Trump's White House Remarks & Geopolitics

White House Event & Iran: President Trump wrapped up a White House event, noting that any potential U.S. strikes on Iran would be limited, while mentioning he has respect for Kevin Warsh and reiterating his belief that interest rates are too high.
Strait of Hormuz & Shipping: Stated that the Strait of Hormuz is in "extremely good shape," with an average of 30 ships per night moving out of the route with U.S. Navy assistance.
Venezuela & OPEC: Commented on Venezuela potentially leaving OPEC, stating, "That's up to them".

Pharma & Energy Policy

Drug Pricing Deals: U.S. Health Secretary Kennedy and President Trump announced expanded drug pricing agreements involving 26 companies (representing 90% of the pharmaceutical market), which include $19.6 billion to reshore manufacturing.
Biofuel Waivers: The EPA granted small refinery exemptions totaling 1.76 billion biofuel credits for the 2025 compliance year, marking the highest level of biofuel waivers since 2017.

Energy Settlements: WTI crude futures settled up 2.83% at $85.76/bbl, Brent crude settled up 2.71% at $90.49/bbl, and September Gasoline settled at $3.4820/gallon.
Market Imbalances: Closing Market-on-Close (MOC) imbalances were heavily buy-side slanted: S&P 500 (+$1.107B), Nasdaq 100 (+$3.322B), Dow 30 (+$882M), and Magnificent 7 (+$1.854B).
Tech Partnership: Amazon Web Services and Microsoft Azure announced a partnership preview for multicloud interconnectivity across several global regions.