Economists expect the Personal Consumption Expenditures price index to show prices rose 4.1% in May, the highest level in three years, heightening worries the Federal Reserve could raise rates by year-end. Technology shares extended a third straight day of declines, with Nvidia, Micron and Microsoft all lower. Gold slid 3.8% to just below $4,000 an ounce, while the 10-year Treasury yield eased to 4.40% and the 2-year stayed elevated, reflecting tighter-policy expectations.

Treasury Secretary Scott Bessent said the U.S. economy can achieve 3% growth this year. Traders on the prediction-markets platform Kalshi assign 14.2% odds that GDP growth will land between 2.6% and 3.0%. The same contract implies a higher probability that growth will come in between 2.1% and 2.5%.

Donald Trump wrote on Truth Social that major oil companies have not lowered retail gasoline prices in step with falling crude costs, calling it “gouging,” and said he directed the Justice Department to investigate. Traffic through the Strait of Hormuz remains only a small fraction of pre-war levels, disrupting roughly one-fifth of global oil shipments. U.S. crude prices are still about 25% higher than at the start of the year, while the national average gasoline price stands at $3.92 a gallon, up 21.7% from a year earlier. The episode underscores how prolonged geopolitical tensions and escalating policy intervention are jointly pressuring energy supply stability.

U.S. crude oil futures fell 4.2% to $70.14 a barrel, the steepest decline among major commodities in the session. Gold, silver and copper also weakened. U.S. stock indexes were broadly higher, but the energy sector dropped 1.7%. Paychex reported better-than-expected Q4 results, though it was a single-stock move rather than a cross-asset driver.

The European Commission is expected to approve Paramount Global and Warner Bros. Discovery’s $110B merger by July 7 without opening an in-depth investigation, the Financial Times reported. The companies have met with Commission officials and are expected to offer limited remedies, which could include ending Paramount’s international distribution deal with Universal Pictures or divesting children’s TV assets. The development reduces the transaction’s perceived regulatory risk, while the UK continues a separate review.

India’s Directorate of Revenue Intelligence (DRI) said it has dismantled a gold-smuggling network operating through Mumbai’s Chhatrapati Shivaji Maharaj International Airport and arrested eight people, including an airport employee. Officials said nearly 6kg of 24-carat melted gold and gold dust valued at Rs 8.95 crore was seized and the accused could not produce documents showing lawful ownership or purchase. The agency said the operation involved airport insiders, a melting facility in Kalbadevi and subsequent sales in the grey market. The investigation is continuing into the source of the gold, money flows and additional suspects, the DRI said.

A Tesla Model 3 crashed into a home in Houston, killing 76-year-old Martha Avila, after the driver said Autopilot was enabled. Her family is suing Tesla for more than $1 million, alleging defects in Full Self-Driving including Sudden Unintended Acceleration and failed obstacle detection. The National Highway Traffic Safety Administration has opened a formal investigation. Tesla denies the technology was responsible, arguing the crash resulted from human actions at high speed.

Binance said it withdrew its MiCA license application from Greece’s Hellenic Capital Market Commission on Tuesday after the process failed to produce a formal decision before the MiCA deadline. The exchange said it will seek regulatory approval in a different EU member state. Binance said it reviewed the status and concluded the current timeline no longer served its users, according to a post on its official X account and a related blog post.