THE NEWS

The federal prosecutor handling the Justice Department’s criminal case against former FBI Director James Comey over his “86 47” seashell Instagram post has stepped down, according to a new court filing.A notice of substitution filed Friday in the Eastern District of North Carolina says Assistant U.S. Attorney Timothy Severo will replace Matthew Petracca “as counsel for the government.”The filing from U.S. Attorney for the Eastern District of North Carolina Ellis Boyle requested that Petracca be removed from the court docket but did not explain the change. Boyle had hired the rookie prosecutor for the case months ago.Comey is facing two federal charges and up to 10 years in prison for his sharing the Instagram post showing seashells arranged to read “86 47,” potentially signaling would-be political assassins. Prosecutors have alleged the post amounted to “a serious expression of an intent to do harm” to President Donald Trump, the 47th president.JAMES COMEY TELLS COLBERT WHAT LED TO HIM POSTING CONTROVERSIAL ’86 47′ INSTAGRAM POSTThe number “86” is a common restaurant term for getting rid of or stopping service of an item, but Trump and his prosecutors argue it is also well known to law enforcement as a mob term for assassination.”Threatening the life of the President of the United States is a grave violation of our nation’s laws,” acting Attorney General Todd Blanche said in an April 28 statement at the time the two-count indictment for threatening the president and transmitting a threat in interstate commerce was announced.”The grand jury returned an indictment alleging James Comey did just that, at a time when this country has witnessed violent incitement followed by deadly actions against President Trump and other elected officials,” he added. “The temperature needs to be turned down, and anyone who dials it up and threatens the life of the President will be held accountable.”LEGAL EXPERTS WARN COMEY ‘8647’ INDICTMENT FACES FIRST AMENDMENT HURDLESComey has denied any threatening intent, saying he viewed the image as a political statement and not a dog whistle for assassins.”James Comey disgracefully encouraged a threat on President Trump’s life and posted it on Instagram for the world to see,” FBI Director Kash Patel added in a statement. “As the former Director of the FBI, he knew full well the attention and consequences of making such a post. This FBI and our DOJ partners pursued a rigorous investigation that followed the facts – and now Mr. Comey will be held fully accountable for his actions.”FEDERAL JUDGE DISMISSES JAMES COMEY, LETITIA JAMES INDICTMENTSThe case is being prosecuted in North Carolina, the location where the infamous seashells were photographed.”No one is above the law in the Eastern District of North Carolina,” Boyle wrote in a statement. “Our office regularly pursues threat cases including those against public officials. The Grand Jury examined the evidence in this case and found probable cause to indict Mr. Comey.”The change comes as the case heads toward an October trial after U.S. District Judge Louise Wood Flanagan granted Comey’s request for a delay.NBC News first reported Petracca’s departure from the Comey case and said he has also recently come off other criminal cases in the district. The network reported that Petracca had considered leaving the Justice Department altogether but decided against it after taking a week off, according to sources.”If Comey is charged for the shell picture, it would face a monumental challenge under the First Amendment,” constitutional law expert Jonathan Turley told Fox News in April. “In my view, the image itself is clearly protected speech. Absent some other unknown facts or elements, it would be unlikely to survive a threshold constitutional challenge.”Comey has portrayed the prosecution as politically motivated, and has said he will continue speaking out about what he views as threats to the rule of law.

Screenshot: Hannity / Fox News
Is it finally time to outlaw the Democrat Party?
This is the party that was pro-slavery, Lincoln-haters, founders of the KKK and Jim Crow laws. It’s past time this corrupt and wicked political party is abolished, once and for all.
Now this…
Top Trump official Stephen Miller, the White House Deputy Chief of Staff, announced on Friday that Democrats were taking billions and ultimately trillions away from American families and redirected it migrants who are not US citizens.
According to Grok, undocumented migrants (also called unauthorized or illegal immigrants) are generally not eligible for most US federal welfare programs. Legal immigrants face significant restrictions, with limited exceptions for certain humanitarian categories.
This is shocking revelation! Democrats are raping the American taxpayers – and once again the current crop of weak Republicans are just finding this out.
Stephen Miller: What we found since President Trump came into office is that the Democrats have set up a system to funnel hundreds of billions and ultimately trillions of dollars to migrants that are in our country, oftentimes from places like Somalia.
So as an example, ICE recently asked a group of illegal immigrants that were in detention whether or not they were receiving Medicaid. Half of them raised their hands and volunteered that they were on Medicaid. Just volunteered that. These aren’t the ones who are hiding it, right? They also asked illegal aliens how they paid their medical bills, and they said that if they don’t have Medicaid, they go to hospitals, they get free care there, and they bill it to the taxpayers. So they aren’t paying for any of their own healthcare in this country.
This is one example. And we’ve seen this over and over and over again. So under President Trump’s leadership, and then of course with JD and the head of the FTC, Andrew Ferguson, we are going to see the first ever effort in American history to reclaim the ultimately trillions of dollars that were stolen from taxpayers.
Video via Margo Martin.

“What we’ve found, since President Trump took office, is that the Democrats have set up a system to funnel hundreds of billions and ultimately trillions of dollars to migrants that are in our country.” @StephenM pic.twitter.com/3THZajQfr7
— Margo Martin (@MargoMartin47) March 16, 2026

More from Grok:
Undocumented MigrantsUndocumented immigrants are classified as “not qualified” aliens under PRWORA and are barred from nearly all federal means-tested public benefits. This includes:

SNAP (food stamps)
TANF (cash assistance to families)
SSI (Supplemental Security Income for the disabled/elderly)
Non-emergency Medicaid and CHIP
Most other federal welfare programs

Exceptions (limited and not considered “welfare” in the typical sense):

Emergency Medicaid (only for life-threatening conditions to stabilize the patient; hospitals get reimbursed, not the individual directly).

americanimmigrationcouncil.org

WIC (nutrition for women, infants, and children)
School breakfast/lunch programs
Some public health services or short-term emergency shelter

They cannot receive these benefits for themselves. However, U.S.-citizen children (born in the U.S. to undocumented parents) are eligible as citizens, and eligible household members can still apply—benefits are prorated to exclude ineligible adults.

americanimmigrationcouncil.org

Recent 2025-2026 policy actions (e.g., DOJ Office of Legal Counsel opinions and the One Big Beautiful Bill Act) have reinforced and tightened these restrictions, applying PRWORA more strictly to programs like Lifeline (phone/internet subsidies) and public housing.

justice.gov

Legal Immigrants (“Qualified Aliens”)This group includes lawful permanent residents (green card holders), refugees, asylees, certain parolees (paroled for 1+ year), Cuban/Haitian entrants, and some trafficking victims or battered spouses.

5-year bar: Most post-1996 arrivals in qualified status are ineligible for SNAP, TANF, non-emergency Medicaid, SSI, etc., for their first 5 years after gaining status.

aspe.hhs.gov

Exceptions to the 5-year bar:

Refugees, asylees, and some humanitarian parolees often qualify immediately or sooner for refugee-specific aid (e.g., Office of Refugee Resettlement cash/medical assistance) and have exemptions for certain programs.
Military/veterans and their families.
After 5 years (or 40 quarters of work in some cases), they become eligible if they meet income rules.

nilc.org

Pending asylum seekers or temporary visa holders (e.g., students, tourists) are generally treated like “not qualified” and ineligible.

The post Top Trump Official: Democrats Set Up System to Funnel HUNDREDS OF BILLIONS – Ultimately TRILLIONS – to Migrants in the US appeared first on The Gateway Pundit.

Futures Rise Despite Oil Bounce, As Nvidia Keeps AI Euphoria Going

Futures are positive and at session highs even as the a lack of a US / Iran deal pushes oil prices, bond yields, and volatility higher. As of 8:00am ET, S&P futures are up 0.3% to a new all time high of 7620; Nasdaq futures rise 0.2%: the Computex AI Conference kicked off; biggest news is NVDA to enter PC space with a new chip challenging AMD / INTC, helping send its stock up 2.3%. Microsoft shares gain 3.1% after Jensen Huang dismissed concerns over disruption from artificial intelligence. Geopolitics was in focus: in addition to a lack of a deal, there were renewed “kinetic skirmishes” that made headlines. Aside from Tech, Energy is the only sector seeing a uniform bid with elements of both Cyclicals and Defensives weaker highlighting concentration risk. WTI is above $91 as the Energy complex is rallying with Ags catching a bid and Metals mixed as Copper / Silver lead. USD is higher after 2 weeks of losses with bond yields 2 – 3bps. In equities, tech is leading with strength in Mag7 and Semis. Today’s macro data focus is on ISM-Mfg with ISM-Srvcs on Weds and NFP on Friday.

In premarket trading, Nvidia (NVDA) is up 2.3% after the leader in AI chips said it was entering the PC market with a new chip. The news is supporting chip-design company Arm, whose ADRs (ARM) are up 13%, while weighing on chipmakers in the CPU space, with Intel (INTC) down 6%, Qualcomm (QCOM) sinking 9.7%, and AMD (AMD) down 4.3%. Other Mag 7 names are mixed (Meta Platforms +0.3%, Amazon -0.5%, Apple -0.7%, Alphabet -0.8%, Tesla -1.5%). 

Software stocks rally, with Microsoft (MSFT) up 4.1%, after Nvidia CEO Jensen Huang rebuffed concerns that the industry is at risk of being disrupted by more advanced AI tools.
IBM jumps 14% after a video of President Donald Trump praising the company’s CEO and discussing the stock at a December event recirculated on social media over the weekend.
Oculis sinks 32% after the biopharmaceutical firm said studies of its OCS-01 eye drops in patients with diabetic macular edema missed primary endpoint.
Redwire is down 7.1% after Jefferies downgraded the defense company to hold from buy.
Strategy is down 2.7% as Mizuho Securities cut its the price target on the Bitcoin treasury company to $265 from $320 on lower crypto prices.
Taylor Morrison Home Corporation is up 23% after Berkshire Hathaway agreed to acquire the company for a total enterprise value of approximately $8.5b.
In other corporate news, Revolution Medicines’s experimental pancreatic cancer drug daraxonrasib delayed painful symptoms for months, in addition to nearly doubling survival. 

Traders are waiting for signs that a deal that would reopen the Strait of Hormuz remains on track after Israel stepped up its offensive against Iran-backed Hezbollah in Lebanon over the weekend. Tehran struck a Kuwaiti air base, while the US conducted “self-defense strikes” on Iranian radar and command-and-control sites. Lack of resolution pushed Brent 2.8% higher to nearly $94 a barrel, snapping a three-day run of losses. 

The two sides also exchanged messages seeking amendments to a draft agreement. President Donald Trump urged calm, saying the situation will work out well. Iran said Israel’s attacks on Lebanon were preventing a deal.

“Markets need an agreement to open the Strait of Hormuz, to provide the next leg higher in equities and lower in rates,” Jefferies strategist Mohit Kumar told clients. “We still believe that we should get a leg higher when a deal is finally agreed upon.”

Overnight, Nvidia kept the AI trade alive as a stream of headlines emerge from Taiwan’s Computex event. Nvidia has entered the PC market with a new chip, RTX Spark Superchip, aimed at loosening the stranglehold of Intel technology in that arena. Nvidia also said Anthropic, OpenAI and SpaceX are among the first big users of its upcoming microprocessor Vera.  The news is supporting chip-design company Arm, whose ADRs (ARM) are up 13%, while weighing on chipmakers in the CPU space, with Intel (INTC) down 6%, Qualcomm (QCOM) sinking 9.7%, and AMD (AMD) down 4.3%. Other Mag 7 names are mixed (Meta Platforms +0.3%, Amazon -0.5%, Apple -0.7%, Alphabet -0.8%, Tesla -1.5%). 

“The rally in tech stocks is coherent when one looks at the earnings and profits of both the supplier of AI infrastructure and the hyperscalers,” said Mabrouk Chetouane, head of global market strategy at Natixis Global Asset Management. “There are those who claim there’s a bubble, but I simply see rising profits and a super cycle.”

Meanwhile, the benchmark SOX Index is set for its best quarter ever, soaring 69% in the past two months.  Hedge funds have been leaning into market momentum — the cohort was a net buyer of US stocks for a second consecutive week, with purchases reaching their fastest pace in six months, according to Goldman Sachs’ Prime desk.

It is a quiet week on the earnings front, and traders’ focus will shift to a busy macro slate. Today’s manufacturing PMI from S&P Global and ISM might reflect a rush to stockpile goods ahead of potential price increases sparked by the Iran war, while April figures for construction spending could offer a read on the pace of AI data center buildout. Jobs week is coming up, with a slate of indicators on the labor market culminating on Friday with the government’s official report on employment for May, for which Bloomberg survey estimates payrolls to rise by 89,000.

“We believe net hiring troughed early last fall and has been improving gradually ever since. May’s job report should provide more evidence that hiring has picked up, while the unemployment rate is steady. Job openings also likely accelerated, despite persistent fears that AI is reducing demand for workers.”

“The US macro backdrop of a stabilizing labor market, sticky underlying inflation, and resilient economic activity back a more restrictive Fed,” wrote Elias Haddad at Brown Brothers Harriman & Co. Money markets continue to price around a 70% chance of a Federal Reserve interest rate hike by December.

Discretionary goods, transportation and financial stocks are cyclical pockets that stand to benefit from accelerating earnings momentum as well as the recent drop in oil prices, according to Morgan Stanley strategist Mike Wilson. Meanwhile, cross-asset strategists at Goldman Sachs flag global technology stocks as the focus of an unusually fast and narrow re-risking in financial markets.

Elsewhere, former Fed Chair Powell said the US central bank would lose credibility if any president were free to dismiss Fed officials over policy disagreements. At a security forum in Singapore, Defense Secretary Pete Hegseth sought to convince US allies that staying quiet on Taiwan is the best way to project American strength.

European stocks started June lower as investors favored AI-linked shares, leaving the region’s less tech-heavy benchmark at a disadvantage. Oil and gas stocks outperformed as commodity prices edged higher amid continued uncertainty over a peace deal between the US and Iran. Here are the biggest movers Monday:

EasyJet shares jumped as much as 13% to the highest in three months after Castlelake said late Friday that it is considering an offer for the UK budget carrier
Applied Nutrition gains as much as 15%, climbing to a record high, after the nutritional product company lifted its revenue expectations for the full year, and announced a strategic US addition, alongside a new North American flavor collaboration agreement with Mondelez
Vusion shares rose as much as 10%, to the highest since Feb. 18, as BNP Paribas hikes its recommendation to outperform from neutral on order intake
Polar Capital rose as much as 6.6% to its highest level since September 2021 after Deutsche Bank set a new Street-high price target for the UK asset manager
Momentum Group is the best-performing stock on the Johannesburg bourse, gaining as much as 4.9%, the most in almost three months, after the insurer projected normalized headline earnings per share to have increased by 20% over the nine-month period ending March 2026
Earlier, Asian stocks climbed, extending a record-beating rally for a second session, as enthusiasm for the artificial intelligence trade outweighed caution over mixed signals surrounding the US-Iran peace deal. The MSCI Asia Pacific Index rose as much as 1.4% before paring some of the advance but still headed for a fresh record, with South Korea and Taiwan’s tech-heavy markets leading gains in the region. Benchmarks in Japan, Hong Kong and mainland China also advanced, while Australia declined. Markets are shut in Singapore, Indonesia, Malaysia and Thailand for public holidays.

Investors are buying into AI-related names after positive developments that are expected to support the region’s technology industry. Expectations of closer collaboration with Nvidia ahead of CEO Jensen Huang’s visit to South Korea spurred a jump in several chip-makers and physical AI firms. Software stocks, a sector that has suffered from AI disruption fears, also got a boost after Workday unveiled a partnership to integrate AI agents into HR and finance operations.

“The stock market has largely ignored lack of clarity on truce extension and kept its focus on the AI rally,” said Fabien Yip, market analyst at IG International. “We expect sentiments to be mildly positive this week ahead of Broadcom’s earnings and the US job report later this week.”

In FX, the greenback is mixed versus peers. Most Group-of-10 currencies traded in tight ranges with markets in Singapore and New Zealand shut for a local holiday

In rates, treasury futures hold small losses in early US session amid more pronounced bear-flattening in bunds. Brent crude higher by 3.4% and back towards $95/bbl. Higher energy prices have boosted yields, with the US 10yr borrowing cost up 3bps to 4.47%. US front-end and belly yields are about 3bp cheaper on the day, leading losses and flattening 5s30s spread by around 1.5bp. German front-end yields are up about 6bp, flattening German 2s10s spread by 2bp. German front-end bonds are lagging US and UK counterparts with ECB’s Schnabel cautioning over the risk of unanchored inflation expectations. IG dollar issuance slate includes several offerings already. Dealers expect a weekly total of around $35 billion and a monthly haul in the $130 billion-$135 billion range, versus $109 billion in June 2025. No Treasury coupon supply expected this week, with 3-year new issue and 10- and 30-year reopenings due next week

In commodities, Oil prices are higher in absence of a peace agreement between US and Iran. WTI crude oil futures are up 3.6% near session highs as Washington and Tehran trade messages seeking changes to a draft agreement to extend a ceasefire and reopen the Strait of Hormuz. Spot gold and silver are diverging, with the latter shedding 0.9% and former gaining 0.7%.

US Economic data slate includes May final S&P Global US manufacturing PMI (9:45am), May ISM manufacturing and April construction spending (10am). Fed speaker slate is blank for Monday.

Market Snapshot

Top Overnight News

Donald Trump said talks with Iran over an interim peace deal will “work out well.” But oil bounced from a six-week low as clashes continued near the Strait of Hormuz. The US said it struck Iranian air defense facilities in response to the shooting down of an American drone. BBG
Nvidia will debut a new chip for laptop and desktop computers to challenge Intel and AMD, whose shares were down premarket. BBG
Anthropic cut its list of unauthorized secondary-market platforms to four from eight following pushback from investors. BBG
Jay Powell has said the US Federal Reserve is in the throes of a “stress test” that threatens the strength and stability of the world’s largest economy, claiming Donald Trump’s attempts to fire central bankers undermine the rule of law. FT
Tech giant SoftBank has become Japan’s biggest company by market value, as AI demand powers the country’s stocks to an all-time high and helps Masayoshi Son’s group overtake Toyota. The car manufacturer and industrial giant has been Japan’s biggest company by market capitalization for more than 20 years, and its ousting from the top slot reflects rising global investor interest in AI and semiconductor companies. FT
China’s factory activity slowed in May, with the official manufacturing PMI edging down to 50, as expected, from 50.3 in April. BBG
China issued sweeping new rules on Monday tightening control of overseas deals that involve Chinese investors, technology, data and national security, a month after Beijing ordered Meta to unwind its acquisition of AI startup Manus. RTRS
Chinese mainland investors turned net sellers of Hong Kong stocks for the first time in nearly three years in May. BBG
Eurozone inflation expectations weren’t as bad as feared, with 1-year unchanged at 4% while 3-year ticked down from 3% to 2.9% and 5-year held steady at 2.4%. ECB
US IPO activity has recently accelerated following four consecutive years of muted issuance. 24 US companies have come to market so far in Q2 2026, bringing the YTD total to 40. This represents more than double the number of IPOs at this point in 2025 and the largest total through May since the 95 IPOs launched in the first five months of 2021. Nonetheless, despite the recent pickup in activity, the number of deals so far this year has lagged the average total of 50 IPOs through May since 1995: Goldman
Iran War 

Iran Commentary

Iran may propose changes to the US peace draft memorandum of understanding, according to Tasnim. This follows a report that President Trump proposed further changes to the existing text, while a source stated that text exchanges continue and that Iran may submit its own edits.
Iranian Foreign Minister Araghchi told state media that talks and message exchanges with the US are ongoing, and that the talks cannot be judged until a clear result is reached.
Iranian Foreign Ministry Spokesperson said the negotiation team’s visit to Qatar was positive.
Iranian Foreign Ministry spokesperson said that they have a legal obligation to prevent aggressors from using their territory and facilities to attack another country.
Iran’s Presidential Office denied reports that Iranian President Pezeshkian submitted his resignation to the Supreme Leader, and stated that the stories were spread by some foreign media.
Iranian Supreme Leader’s military adviser Mohsen Rezaei said Iran has no intention of yielding or compromising with the US and will not place itself in a weak position, while he also stated that US President Trump is betraying diplomacy for the third time by continuing a naval blockade on Iran and making excessive demands.
IRGC said following aggression of US Army on a communication tower on Sirik Island, located in the Homozgan province an hour ago, fighters of the IRGC Aerospace Force targeted airbase where aggression originated and predicted targets were destroyed.
Iran’s top negotiator said “The naval blockade and escalation of war crimes in Lebanon by the genocidal Zionist regime are clear evidence of US noncompliance with the ceasefire”.
Iranian Foreign Ministry Spokesperson said at this moment they do not believe that the US has good intentions towards Iran.
Iran’s FM Baghaei said “No negotiations have taken place on the details of the nuclear issue at this stage”. One point being discussed is the allocation of funds for reconstruction. We are considering options for responding to the escalation of Israeli attacks in Lebanon.
Iran’s Baghaei said a ceasefire in Lebanon is an integral part of any agreement and end to the war; lack of trust and constant change in US and Israeli positions in Lebanon are causing a delay on the diplomatic process. The continuation of maritime piracy and attacks on Iranian shipping is an example of a violation of the ceasefire. The diplomatic apparatus is closely following developments and we will take every measure to defend Iran’s sovereignty. The exchange of messages is still ongoing.
Iran’s Deputy Foreign Minister Gharibabadi said Iran’s goal is not to hold ships in the Strait, but to declare a procedure that is not contrary to international law; these arrangements are not temporary and Iran will not back down. Stopping ships behind the Strait of Hormuz incurs storage and delay costs, and war insurance has increased by up to 500%. Accompanying Iranian forces costs less than war insurance and eliminates the risk of stoppage, inspection, and seizure. Iran’s goal is not to hold the ships, but to declare a procedure that is not contrary to international law; these arrangements are not temporary and Iran will not back down.
“Three consecutive explosions were heard in Bandar Abbas”, Iran International reported.
US President Trump reportedly sent tougher terms to Iran regarding the peace framework, according to officials cited by The New York Times.
US Commentary

US President Trump posted “Iran really wants to make a deal, and it will be a good one for the U.S.A. and those that are with us”. Full post “Iran really wants to make a deal, and it will be a good one for the U.S.A. and those that are with us. But don’t the Dumocrats, and various seemingly unpatriotic Republicans, understand that it is MUCH tougher for me to properly do my job and negotiate, when political hacks keep negatively “chirping,” at levels never seen before, over and over again, that I should move faster, or move slower, or go to war, or not go to war, or whatever. Just sit back and relax, it will all work out well in the end – It always does! President DJT”.
US President Trump posted “Fake News CNN said today, routinely, that my Iran Nuclear Deal doesn’t talk about Nuclear, when actually it states, very clearly, that Iran will not have a Nuclear Weapon”. Full post “ScraperFake News CNN said today, routinely, that my Iran Nuclear Deal doesn’t talk about Nuclear, when actually it states, very clearly, that Iran will not have a Nuclear Weapon. It then goes on, in very strong and lengthy detail, to discuss various other aspects of Nuclear. In fact, that’s what most of the agreement is about. CNN, and so many others in the Fake News Media, is a Low Ratings disaster. Even with new ownership, it is unlikely to ever get better!!! President DJT”.
US Secretary of State Rubio spoke in the last 48 hours with Lebanon’s President and Israel’s PM to try and promote a new ceasefire initiative, according to a senior US official cited by Axios’s Ravid. said:. US senior official said that the new initiative was proposed as part of the negotiations taking place between Israel and Lebanon, as another round of talks between diplomats from both sides is scheduled to take place this week in Washington. In order to advance the talks, US proposed that as a first step, Hezbollah stop all attacks on Israel, and in return, Israel will refrain from escalation in Beirut.
US Central Command confirmed military forces conducted strikes against Iranian radar at command and control sites located in Goruk and Qeshm Island over the weekend.
Kuwait Army said air defences are intercepting hostile missile and drone attacks.
Lebanon

Israeli PM Netanyahu said they will attack targets in the southern suburbs of Beirut, in response to Hezbollah violating the ceasefire agreement.
“Walla News, citing a source: Washington is open to Israel’s request to expand its military operation in Lebanon”, Al Araby reported.
Israeli jets hit Al-Qatrani, Al-Mawahani and Bin Jabal in Lebanon, according to IRIB.
Sirens sounded in Tiberias and surrounding areas after rockets were launched from Lebanon.
Lebanon is intensifying its efforts to solidify the ceasefire and is conducting international contacts, particularly with the Americans, in light of Israeli threats, Al-Araby reported citing sources. Talks with the US are still scheduled for tomorrow.
A more detailed look at global markets courtesy of Newsquawk

APAC stocks began the new month predominantly in the green with the Nikkei 225 and KOSPI extending on fresh record highs amid tech-related strength and following a lack of any major geopolitical developments over the weekend, with a US-Iran peace agreement remaining elusive, while participants also got to digest mixed Chinese PMI data. ASX 200 traded rangebound with demand constrained as the strength in tech and miners is offset by underperformance in defensives, telecoms and real estate. Nikkei 225 rose to a fresh record high and briefly surpassed the 67,000 level for the first time amid tech strength, which saw SoftBank overtake Toyota as the largest Japanese company by market cap. KOSPI outperformed with index heavyweight Samsung Electronics rallying around 10% amid the tech momentum, while an industry report noted that the Co. surpassed Micron to become the world’s leading supplier of automotive memory chips last year. Hang Seng and Shanghai Comp were varied, with the mainland indecisive following mixed Chinese PMI data in which official Manufacturing PMI missed forecasts, but Non-Manufacturing PMI showed a surprise return to expansion territory, while RatingDog Manufacturing PMI topped forecasts. In addition, trade frictions linger as China vowed to resolutely retaliate if the EU proceeds with new restrictive trade measures, while the State Council announced that new rules tightening the oversight of outbound investments in selected technologies will take effect on July 1st.

Top Asian News

Japanese S&P Global Manufacturing PMI Final (May) 54.5 vs. Exp. 54.5 (Prev. 55.1).
Australian S&P Global Manufacturing PMI Final (May) 50.7 vs. Exp. 50.2 (Prev. 51.3).
European bourses are broadly lower this morning, as markets digest another flare-up between the US and Iran, with Israel also seemingly upping its presence in southern Lebanon once again. From an index perspective, the AEX (-0.4%) mildly underperforms whilst the DAX 40 (+0.2%) holds afloat. European sectors are mixed. Energy unsurprisingly tops the pile, given the gains in underlying oil prices; Tech and Basic Resources complete the top three. To the downside reside Media and then Healthcare; the former has been weighed by losses in UMG (-2%), after it rejected Pershing Square’s unsolicited offer.

Top European News

Hungarian PM Magyar said will amend constitution to oust Hungarian President.
Morningstar DBRS confirms Spain at A (high), Stable Trend.
S&P affirms Hungary at BBB-; Outlook negative.
Former UK Health Secretary and potential leadership contender Wes Streeting flagged the idea of lowering employers’ national insurance and favours new North Sea oil drilling.
S&P confirmed France’s sovereign rating at A+; Outlook Stable, according to French Finance Minister Lescure.
SoftBank pledged to spend at least USD 52bln on building a network of data centres in France as it seeks to deliver as much as 3.1 gigawatts of computing capacity in the country by 2031, according to WSJ.
FX

Mixed performance across G10s with most currencies lower against the Greenback (ex. GBP/NOK given oil/yield moves.)
GBP is the mild outperformer after reporting over the weekend suggested unofficial UK PM candidate Burnham was eyeing right-leaning Home Secretary Shabana Mahmood as potential Chancellor. The Sun reported Mahmood “is meant to have done a deal with Burnham”. Mahmood has previously defended efforts to reduce the amount spent on welfare, and is known for a right-leaning stance on immigration. Though these updates are speculative at the moment, Sterling has attracted buyers and is one of the only G10 currencies positive against the Buck. GBP/USD +0.1%, EUR/GBP -0.1%.
USD is unchanged/modestly firmer and either side of the 99.00 mark. No US-specific newsflow over the weekend, just Geopolitics as explained below. Set to be a busy week of Labour market data, today sees the release of S&P/ISM manufacturing PMIs, Tuesday sees JOLTs Job Openings, ADP weekly payrolls on Wednesday, Challenger layoffs on Thursday, and then NFP on Friday. ING writes, “Should the jobs data stay supportive and price pressures through the ISM surveys remain intense, markets can probably shift towards pricing one full 25bp Fed rate hike this year. That compares to +17bp of tightening priced currently.”
NOK is being helped by energy benchmarks with Brent Aug’26 +3% after NYT reported Trump sent tougher terms to Iran regarding the peace framework, Tasnim outlined that Iran could propose changes to the MoU, while both sides exchanged fire over the weekend. USD/NOK -0.2%, NOK/SEK +0.5%.
Aussie lacks direction after mixed Chinese PMI data overnight, while Kiwi lacks demand with domestic participants absent amid a market holiday. AUD/NZD +0.4%, AUD/USD U/C, NZD/USD -0.5%.
Fixed Income

A softer start for fixed income as the energy space climbed in APAC hours, given a handful of detrimental updates on the US-Iran situation. Since, the press conference from Iran’s spokesperson has provided further support to energy, with Araghchi noting that no negotiations have taken place on the details of the nuclear issue.
USTs and Bunds lower overnight, in proximity to the troughs from Friday. Gilts opened lower by around 35 ticks and then slipped a handful more to a 88.31 trough, pressured but comfortably clear of levels below 88.00 at 87.94 and 87.86 from last week.
USTs and Bunds are similarly at lows, down by five and 50 ticks respectively. Specifics for the US and Europe are a little light aside from a few Central Bank speakers, with the focus firmly on any geopolitical update(s) or a significant change to the equity space. On the latter, the focus has been firmly on South Korea given the stellar gains in the market YTD and the ongoing marked strength seen today, i.e. Samsung Electronics +10%.
No move to the final PMIs for the EZ and UK thus far. Ahead, we get the US ISM Manufacturing PMI before the latest Atlanta Fed.
Commodities

The geopolitical environment is clouded by uncertainty, with a recent flare-up between the US and Iran once again leading to firmer trade in crude benchmarks. In brief, the US Central Command said that military forces conducted strikes against Iranian radar at command and control sites located in Goruk and Qeshm Island – this was then met with IRGC retaliation. Outside of Iran, Kuwait said air defences were intercepting hostile missile and drone attacks.
As for the journey to negotiations, the US and Iran are both reportedly altering the draft MoU. President Trump reportedly sent “tougher terms” regarding the framework, NYT reported. In response, Tasnim suggested that Iran may propose its own changes.
As for the European day, there have been a few appearances from Iranian officials; Deputy FM for Legal Affairs Gharibabadi noted that Iran’s goal is to accompany ships through the Strait, and “these arrangements are not temporary and Iran will not back down”. Elsewhere, Iran’s FM Baghaei said, “no negotiations have taken place on the details of the nuclear issue at this stage”. Comments which helped the upward bias in oil benchmarks.
WTI and Brent are stronger this morning by c. 4.1% and 3.1% respectively. Prices gapped up at the open, and gradually moved higher as the session progressed; as it stands, the complex resides towards highs. WTI trades within a USD 88.45-91.26/bbl range, whilst Brent holds at the upper end of a USD 90.05-92.11/bbl range.
Spot gold is lower by around a per cent and currently resides within a USD 4,490-4,546/oz range, and towards the bottom end of Friday’s range. Ultimately, action is dictated by the inflationary implications of heightened geopolitical risk. Elsewhere, base metals are broadly firmer, following on from a positive APAC session overnight. 3M LME copper posts gains of c. 1.4% and currently trades towards the day’s peaks, within a USD 13,635.4-13,814/t range.
Russia to ban jet fuel exports until the end of November, Ifx reported.
Citigroup raises its near-term copper price forecast to USD 14,500 per metric tonne and set a 6-12 month target of USD 15,000 per metric tonne.
Trade/Tariffs

UK Business Secretary Kyle set to travel to India this week for talks about the recent trade deal as well as steel tariff measures announced by the government in March, SKY news reported.
China’s State Council said new rules regarding China tightening oversight of outbound investments in selected technologies take effect July 1st.
China vowed to resolutely retaliate if the EU proceeds with new restrictive trade measures, following a European Commission discussion on China policy last Friday.
Central Banks

Fed’s Powell (voter) said Fed will lose credibility if the President removes officials over policy, while he remain on the board according to Barron’s.
Fed’s Waller (voter) said the spread of stablecoins globally could broaden the reach of US monetary policy.
BoJ’s Koeda said oil is a negative supply shock for Japan.
EU ECB Consumer Inflation Expectations (Apr) 1yr ahead 4% (prev. 4%); 3yr ahead 2.9% (prev. 3%).
ECB’s Villeroy said Bank of France estimates for French Economic growth in 2026 will be revised down, in view of bad Q1 surprise. Growth estimates should remain positive in most scenarios.
ECB Schnabel said supply shock is seen as large and highly persistent, adds that oil prices are expected to stay elevated for some time.
BoE’s Mann said the long run of good luck central bankers experienced in containing inflation has run out with a more shock-prone era setting in.
ECB’s Pereira said the central bank shouldn’t hesitate to act and thinks that it is better to act sooner rather than later, so that they don’t have much greater second-order effects later on.
ECB’s Vujcic said Croatia’s inflation is likely to ease in May after accelerating to the fastest annual pace in the euro area of 5.8% in April.
PBoC set USD/CNY mid-point at 6.8167 vs exp. 6.7645 (prev. 6.8176).
Geopolitics

Russia to ban jet fuel exports until the end of November, Ifx reported.
Ukraine’s Air Force said Russian guided bombs strike the Donetsk region and drones are heading from Kharkiv to the Poltava region.
Ukraine Air Force said enemy drones were detected over northwestern Kharkiv region.
US Event Calendar

9:45 am: May F S&P Global US Manufacturing PMI, est. 55.3, prior 55.3
10:00 am: May ISM Manufacturing, est. 53, prior 52.7
10:00 am: May ISM Prices Paid, est. 85, prior 84.6
10:00 am: Apr Construction Spending MoM, est. 0.25%, prior 0.6%
DB’s Jim Reid concludes the overnight wrap

As it’s unbelievably the start of June already, Henry will shortly release our regular performance review for May. It was another eventful month, as hopes for a US-Iran deal meant Brent crude (-19.3%) saw its biggest decline since March 2020 when the pandemic lockdowns began. So stagflation fears eased dramatically, and the S&P 500 hit fresh records. Otherwise, chip stocks were the big outperformer as excitement around AI returned, with the Philly semiconductor index up another +22.2% in total return terms in May. Moreover, South Korea’s KOSPI was up +28.5%, taking its YTD gains to an astonishing +102.4% in just five months. See the full review in your inboxes shortly.

Whether June continues the positivity of May will surely depend on whether the hopes of a US-Iran deal turn into reality. It’s been 93 days now since the strikes began and 54 since the truce that later became a ceasefire started. We’ve never felt closer to a deal but potentially never felt closer to it all falling apart with isolated strikes becoming more frequent including some again over the weekend. It’s hard to imagine remaining in limbo for much longer given that if the Strait of Hormuz remains closed into mid-summer it will at some point likely lead to a non-linear tipping point of economic stress. For now, it seems Mr Trump is still deciding on whether the current negotiations between the two nations satisfy his demands. He has been surprisingly quiet over the weekend which indicates things perhaps coming close to a head. Meanwhile Israel and Hezbollah are trading attacks again which complicates matters even if fresh ceasefire proposals are being worked on. We could have said this a week ago, but it really feels like the next few hours and days will be critical. 

Brent is up +2.4% this morning but it hasn’t impacted equities much with S&P (+0.25%) and Nasdaq (+0.52%) futures higher again and Asia again strong, mostly on the AI trade. Indeed the KOSPI (+4.45%) is again the standout performer. Elsewhere the Nikkei (+0.85%) and Hang Seng (+0.88%) are the other main gainers with mainland Chinese markets slightly lower, perhaps on fairly flat PMI data this morning and over the weekend. 10yr UST are back up +3bps at 4.465% given the higher oil this morning. 

Over the weekend China’s official manufacturing and non-manufacturing PMI came in at 50.0 (in-line with consensus, 50.3 last month) and 50.1 respectively (consensus 49.5, 49.4 last month). The private sector manufacturing PMI came in at 50.1, four tenths of a percent higher than last month. You can see our economists’ review of the PMIs here. He believes you are seeing the impact of higher oil prices in the activity data.

Looking ahead to the coming week, the key event for markets outside of Iran will be Friday’s US May employment report. Our economists forecast a notable moderation in payroll growth compared with the relatively strong pace seen earlier in the spring. Headline nonfarm payrolls are expected to rise by around 50k (consensus 89k), down from 115k in April, while private payrolls are forecast at roughly 60k (consensus 89k) after 123k previously. This slowing partly reflects their expectation that hiring in sectors that have been particularly strong in recent months – notably transportation and warehousing, as well as retail trade – begins to cool. Unemployment is expected to remain steady at 4.3% (consensus also 4.3%). 

Ahead of Friday’s jobs report, the rest of the US labour market data flow should reinforce the Federal Reserve’s growing confidence that labour market conditions are stabilising. Tomorrow, the April JOLTS report will shed light on the gross hiring and separation flows that underpinned last month’s solid net job gains. On Wednesday, the ADP private payrolls report is forecast by our economists to show a gain of around 130k, up from 109k previously, consistent with the strength seen in ADP’s high-frequency indicators. On Thursday, weekly initial jobless claims are expected to remain relatively low, although our economists see scope for a temporary uptick to around 220k, partly reflecting seasonal distortions associated with the Memorial Day holiday period. 

Beyond the labour market, the focus will also be on whether recent resilience in US economic activity is sustained. Today, the May manufacturing ISM survey is forecast by our economists to rise to around 54.0 from 52.7 in April, supported by encouraging signals from regional Fed surveys. Later in the week, Thursday’s services ISM is expected to edge higher to roughly 53.9 from 53.6. That said, the backdrop for consumer spending remains mixed. Elevated petrol prices and tariff-related increases in core goods inflation are emerging headwinds, and our economists therefore expect tomorrow’s unit motor vehicle sales to remain broadly flat at around 16.0 million annualised.
Alongside the data, Federal Reserve communication will be closely watched. On Wednesday, the Fed will publish its Beige Book, offering anecdotal evidence on economic conditions across districts. Fed speak is scattered through the week but it’s mostly from officials who have spoken recently so it shouldn’t break new ground. 

Outside the US, Europe will see several important inflation releases. Today, the ECB publishes its consumer expectations survey, providing an update on household inflation views. Tomorrow, the Eurozone releases its flash CPI estimate for May, following national releases over recent days and today. Further inflation data are due on Thursday from Switzerland and Sweden, adding to the regional picture ahead of upcoming central bank meetings.

Central bank speakers are also in focus outside of the Fed. ECB President Lagarde is scheduled to speak on Thursday, while Bank of England Governor Bailey appears multiple times through the week, including tomorrow, Thursday and Friday. In Asia, Bank of Japan Governor Ueda is due to speak on Wednesday.

In China we’ve already had most of the PMIs over the weekend and this morning (see more above) but the private sector services PMI is out on Wednesday. In Japan, Friday brings labour cash earnings data. Our Chief Japan economist expects wage growth to slow to around 2.5% year on year, from 2.8% previously. Elsewhere in the region, Australia releases its Q1 GDP figures on Wednesday.

Finally, the corporate earnings calendar is also busy, with several high-profile releases. In the technology sector, results are due from Broadcom, Palo Alto Networks and CrowdStrike during the week, while consumer-focused names reporting include Inditex, Dollar General and Lululemon Athletica. See the day-by-day calendar at the end as usual for a fuller week ahead preview. 

Recapping last week now and markets put in a strong performance overall, driven by mounting hopes for some kind of peace deal between the US and Iran. Several headlines pointed in that direction, with multiple outlets reporting that the two sides would agree a 60-day ceasefire extension. So that led to a sharp decline in oil prices, with Brent crude down -11.10% last week (-1.77% Friday) to $92.05/bbl. And investors moved to price out the chance of a protracted conflict as well, with the 6-month Brent future also down -4.64% to $84.18/bbl. 

That decline in oil prices meant fears about inflation continued to ease last week. For instance, the Euro 1yr inflation swap fell -38.1bps to 3.24%, and the US 1yr inflation swap fell -10.2bps to 3.01%. So investors also dialled back their expectations for rate hikes too, with a Fed hike by December down to 57% by the close on Friday, having been at 95% the previous week. Similarly at the ECB, the number of hikes priced by December fell from 65bps to 53bps by Friday’s close. And in turn, sovereign bonds rallied around the world, with the 10yr Treasury yield falling -12.2bps last week (-1.1bps Friday) to 4.44%, whilst the 10yr bund yield fell -10.0bps (-2.4bps Friday) to 2.94%. 

With optimism rising on the geopolitical situation, equities also put in a strong performance around the world. For instance, the S&P 500 rose +1.43% (+0.22% Friday), marking a 9th consecutive weekly gain for the index, which is the first time that’s happened since 2023. Tech stocks did particularly well, with the NASDAQ up +2.39% (+0.20% Friday). And the rally extended globally, with Japan’s Nikkei up +4.72% (+2.53% Friday), whilst Europe’s STOXX 600 saw a modest +0.14% gain last week (+0.14% Friday).  Finally in credit, spreads tightened a bit last week, with Euro IG tightening -1bps, and Euro HY tightening -10bps. In the US, IG spreads were steady, while HY tightened by -3bps.

Tyler Durden
Mon, 06/01/2026 – 08:25

If you have ever waited for a login code that never showed up, you already know the pain. You type in your password. Microsoft asks for a code. Then you stare at your phone like it owes you money. Now Microsoft wants to move even further away from that routine.The company says it will phase out SMS codes as a sign-in and account recovery method for personal Microsoft accounts. Instead, Microsoft wants more people to use passkeys and verified email. This affects anyone who uses a personal Microsoft account. That can include Outlook, OneDrive, Windows, Xbox or Microsoft 365 users.That may sound like another tech company forcing you to change your habits. In this case, though, there is a real security reason behind it. Text-message codes helped make account logins safer for years. They were never built, however, to protect your digital life. Crooks have learned how to abuse them, steal them and trick people into handing them over.SIM SWAP SCAM DRAINED FLORIDA WOMAN’S BANK ACCOUNT IN MINUTESYour phone holds your email, passwords, photos, banking apps and personal data. In this free, live online class, Kurt the CyberGuy will walk you step by step through simple phone security fixes you can do in real time. You’ll learn how to improve your privacy settings, spot the latest phone scams, use trusted security tools and walk away with a simple checklist to stay protected. Register here: CyberGuyLive.com.Microsoft says SMS authentication has become a major source of fraud. Text messages can be intercepted, stolen through SIM-swap scams or captured through phishing attacks. That creates a real problem because your Microsoft account can unlock a lot. It may connect to Outlook, OneDrive, Xbox, Windows, Microsoft 365 and saved payment details.Once a criminal gets into that account, the damage can spread fast. They may read your email, reset other passwords or look for private files stored in the cloud. SMS codes once felt like a strong extra layer. Today, they can give people a false sense of security.A scammer may call your phone carrier and try to move your number to another SIM card. They may also send a fake Microsoft login page that asks for your code. If you type it in, the scammer can use it right away. That is why Microsoft wants users to move toward passkeys. Microsoft has not listed a universal cutoff date for every personal account. However, it says users who still rely on SMS will be guided to add a verified email and set up a passkey.HOW SIM SWAPPING LED TO A $1.8M CYBER FRAUD CASEA passkey lets you sign in without typing a traditional password. Instead, you use something already tied to your device. That may be your face, fingerprint, device PIN or a physical security key.Here is the key difference. A passkey uses cryptography behind the scenes. One part stays with Microsoft. The private part stays on your device or inside your password manager. A scammer cannot simply trick you into reading a passkey over the phone.That makes passkeys much harder to steal than SMS codes. They can also feel easier once you set them up. You may be able to sign in with your fingerprint or face instead of waiting for a text that may never arrive.MICROSOFT CROSSES PRIVACY LINE FEW EXPECTEDSecurity upgrades can be annoying. SMS codes are familiar. Most people know how they work. Even when they are clunky, they feel simple. Passkeys can feel confusing at first. You may wonder where the passkey lives. You may also wonder what happens if you lose your phone or whether you need one for every device.That confusion is real. It can get worse if you set up a new Windows PC, use a shared computer or switch devices often. The good news is that Microsoft says verified email will remain part of the account recovery process. So you should make sure your backup email address is current before you run into a lockout.Before you start, use a device you trust. Also, make sure your browser and operating system are updated.Note: Microsoft’s support pages may say Advanced Security Options, or Add a new way to sign in or verify. However, in the current Microsoft account dashboard, many users may see Manage how I sign in and then Add another way to sign in to your account instead.AMERICA’S MOST-USED PASSWORD IN 2025 REVEALEDDo not rush through this change. A few minutes of cleanup can save you a big headache later.Your recovery email should be an account you can access today. If it points to an old work email or a forgotten inbox, update it.2) Remove old phone numbersCheck whether your Microsoft account still lists an old number. If it does, remove it or replace it with your current number.Microsoft Authenticator can give you another secure way to verify your identity. It can also help if you have trouble with SMS or email.If Microsoft offers backup codes, store them somewhere secure. Do not keep them in a plain note called “Microsoft password.”Even if you move to passkeys, a password manager still helps. It can store strong passwords, flag reused logins and help you avoid fake sign-in pages. Check out the best expert-reviewed password managers of 2026 at CyberGuy.com.IF SOMEONE GETS INTO YOUR EMAIL, THEY OWN EVERY ACCOUNT YOU HAVE. THESE 3 MOVES LOCK THEM OUT FOR GOODMicrosoft’s move away from SMS codes may feel inconvenient at first. However, the old text-code system has too many weak spots. A passkey will not make you invincible. No security tool can promise that. Still, it can make account theft much harder for scammers who rely on fake login pages, stolen codes and SIM-swap tricks. If your Microsoft account holds years of email, family photos or work files, this change deserves your attention. Set up a passkey, verify your backup email and remove old recovery options.Would you trust a text message to protect your most important account, or has that comfort become the risk? Let us know by writing to us at CyberGuy.com.Sign up for my FREE CyberGuy ReportCopyright 2026 CyberGuy.com. All rights reserved.

White House Ballroom DronePort via President Donald Trump’s Truth Social Account
President Trump on Sunday afternoon released two concept images of the rooftop of his proposed White House Ballroom, which features a “DronePort.”
In a post on Truth Social, Trump wrote, “The DronePort at the White House Ballroom will be, perhaps, the most sophisticated anywhere in the World!”
“It will safeguard our Nation’s Capital, Washington, D.C., long into the future,” added Trump.
The 47th President later called out Judge Richard Leon, who previously ruled that President Trump lacked the legal authority to construct the new 90,000-square-foot ballroom.
Trump wrote, “Judge Richard Leon should stop playing games with America’s Security!”
LOOK:

TRUMP: Says White House Ballroom drone port will safeguard Washington, D.C., warns Judge Richard Leon to dismiss lawsuit immediately pic.twitter.com/wqAt0t1fpu
— Trump Truths (@trumptruthsbot) May 31, 2026

Per USA Today:
President Donald Trump unveiled yet another purported justification for his controversial plan to build a massive new ballroom and bunker under the East Wing of the White House he demolished: a rooftop “DronePort” that he says is needed to defend the nation’s capital from modern threats.
In a lengthy Truth Social post on Sunday, May 31, Trump claimed the proposed drone facility would be “perhaps, the most sophisticated anywhere in the World” that’s needed to safeguard Washington, DC, “long into the future.”
Trump also accused a federal judge, who put the brakes on the project on Friday, of undermining U.S. national security by allowing a lawsuit challenging the project to move forward.
“Judge Richard Leon should stop playing games with America’s Security!” Trump wrote. “If anything happens, he will be held responsible for the Death and Destruction caused to our Country.”
Trump last week noted that the new ballroom roof will also be constructed with “impentratable steel” that can withstand a direct attack.
As The Gateway Pundit previously reported, President Trump is also planning to construct a massive underground military complex under the new ballroom.
READ:
President Trump Reveals Military Building “Massive Complex” Under Ballroom

The post President Trump Reveals New Concept Designs for White House Ballroom “DronePort” appeared first on The Gateway Pundit.

IRGC Launches New Strikes On Kuwait After US Attacks: “Until The Last American Soldier Leaves”

Summary

Iran overnight initiated fresh attacks on neighboring Kuwait and even released video showing footage of a ballistic missile launch.
The US bombed radar & drone sites in Iran in response to the Iranians having shot down a US drone over the weekend. Reports of foreign jets over Iranian airspace.
Iran negotiator Ghalibaf charges US with breaking the ceasefire: “the naval blockade and escalation of war crimes in Lebanon” were “clear evidence of US noncompliance with the ceasefire.”
Yemen’s Houthis warn they are ready to join Hezbollah’s military efforts against Israel.
Trump Truth Social: “Just sit back and relax, it will all work out well in the end – it always does!”

US x Iran permanent peace deal by July 31, 2026?
Yes 39% · No 62%View full market & trade on Polymarket *  *  *

Fresh Missiles on Kuwait

The extended US-Iran ceasefire is once again being severely tested, after Iran earlier in the daylight hours of Monday initiated fresh attacks on neighboring Kuwait and even released video showing footage of a ballistic missile launch. Kuwait in turn confirmed that has been intercepting inbound drone and missile fire.

It hosts a major American base, which is again being targeted, though it’s unclear if anything has been hit. The IRGC subsequently identified that it targeted the US base in response to weekend US strikes on Iranian sites. According to a description of the released propaganda video:

The start of the video includes a close-up of what looks to be a sticker on the body of a missile depicting a bruised US president Donald Trump, on the phone asking for help, and overlaid on a “closed” Strait of Hormuz. The caption reads: “Until the last American soldier leaves the region.”

Iran’s IRGC released footage showing the moment it launched missile attacks on what it claimed to be US airbases in Kuwait early Monday.
READ MORE: https://t.co/yRpPilUQ9S pic.twitter.com/f1Q2l5OnMu
— Rudaw English (@RudawEnglish) June 1, 2026
All sides, including the Iranians and Kuwaitis, are saying they have a right to defend themselves. The United States, for its part, has said that it bombed radar and drone sites in Iran in response to the Iranians having shot down a US drone over the weekend.

Kuwait, GCC Condemnation

After the US base in Kuwait was freshly targeted, Kuwait’s Ministry of Foreign Affairs issued the following: “The Ministry of Foreign Affairs reiterates the State of Kuwait’s condemnation and denunciation, in the strongest terms, of the heinous and repeated Iranian attacks, which represent a dangerous escalation and a direct assault on the security and stability of the State of Kuwait, as well as a flagrant violation of the rules of international law, the United Nations Charter, and Security Council Resolution 2817 of 2026, not to mention the grave threat they pose to the safety of civilians and vital facilities in the country,” it said in a post on X.

“The continuation and repetition of these aggressions undermine efforts aimed at de-escalating tensions and threaten security and stability in the region, emphasizing the State of Kuwait’s categorical rejection of these aggressive practices,” it added.

Also, a swift reaction was issued by the Gulf Cooperation Council (GCC). It expressed its “strongest condemnation” of Iran for its attack on Kuwait, blasting it as a “dangerous and irresponsible escalation”. Saying Kuwait remains a crucial part of the GCC, the bloc stated it stands “united and firm” and they fully support “all the measures and procedures it [Kuwait] takes to protect its security, preserve its sovereignty and territorial integrity, and maintain the security of its citizens and residents.”

IRGC Navy seeks to flex with increasing fast boat patrols of Strait of Hormuz:

IRGC fast boats running 24/7 patrols in the Strait of Hormuz, per new footage from Iran’s navy. The boats are steering commercial vessels through the waterway and intercepting any that don’t follow orders. pic.twitter.com/tG5Vh71DMK
— Open Source Intel (@Osint613) June 1, 2026
Iran Latest Warnings: “The Bill Comes Due”; Ceasefire Breached

Top Iranian negotiator and parliament speaker Mohammad Bagher Ghalibaf has said that the continued American naval blockade of Iran’s ports and Israel’s intensifying offensive against Hezbollah in Lebanon illustrate that the US is not truly complying with the ceasefire.

He wrote on X that “the naval blockade and escalation of war crimes in Lebanon” were “clear evidence of US noncompliance with the ceasefire.” He stressed by way of warning: “Every choice has a price, and the bill comes due. It will all fall into place.”

As things in Lebanon intensify, given the IDF has plunged past the Litani River and plans to expand its ground force occupation. Yemen’s Houthis say they are ready to join Hezbollah’s efforts against Israel, per Tasnim. Iran’s Foreign Ministry has also freshly addressed the Lebanon crisis:

For immediate attention:
The ceasefire between Iran and the US is unequivocally a ceasefire on all fronts, including in Lebanon.
Its violation on one front is a violation of the ceasefire on all fronts.
The US and Israel are responsible for the consequences of any violation.
— Seyed Abbas Araghchi (@araghchi) June 1, 2026
More…

Iran’s FM Spokesperson Baghaei: The other side keeps shifting its demands and sending contradictory messages, which is dragging out negotiations. Israel’s escalation in Lebanon is aimed at destroying any chance diplomacy could work. The U.S. and Israel cannot be seen as separate.… pic.twitter.com/VFbOUwX9V2
— Open Source Intel (@Osint613) June 1, 2026
Trump: “Sit Back & Relax”

Trump’s latest Truth Social: “Just sit back and relax, it will all work out well in the end – it always does!”

And here’s pushback from Stephen Walt in Foreign Policy magazine:

Although we don’t know the details of the rumored agreement between the United States and Iran—or even if one will eventually be reached—anyone with a triple-digit IQ understands that Israel and the United States made a colossal blunder when they started the war. None of their stated goals have been achieved: The Iranian regime did not collapse, it did not surrender its nuclear stockpile, and its missile and drone capabilities are intact. It has demonstrated that it can shut down the Strait of Hormuz anytime it wants to inflict significant damage on its neighbors. All of U.S. President Donald Trump’s and U.S. Defense Secretary Pete Hegseth’s bragging and bluster over the past three months has been exposed as a lot of hot air.

Iran Touts More Breaches of US Blockade

A total of 15 vessels, including four oil tankers, have successfully transited the Strait of Hormuz over the last 24 hours, according to the Islamic Revolutionary Guards Corps (IRGC).

The IRGC navy confirmed that the ships only completed their passage after receiving explicit permission and coordinating directly with its command structure. Washington and its Gulf allies (with the exception of Oman) have repeatedly condemned any attempt to impose an ‘Iranian protocol’ involving the extraction of tolls.

In an official statement carried by Fars News, the IRGC issued a stark warning to the region, declaring that any cooperation with “hostile forces” would be viewed by Tehran as an “imminent security threat” that will be “dealt with accordingly”. This is tantamount to warning foreign vessels they could come under direct attack if they don’t comply.

Tyler Durden
Mon, 06/01/2026 – 08:05

A new report argues that speeding up Food and Drug Administration reviews could unlock trillions of dollars in economic value and get lifesaving treatments to patients faster.”It takes about a decade from start to finish to come through FDA,” economist and former acting chairman of the White House Council of Economic Advisers Tomas Philipson told Fox News Digital in an interview. “Most of that time is not spent on safety. Most of it time is spent on effectiveness trials.”The paper, titled “The Multi-Trillion Dollar Opportunity in Reforming the FDA,” estimates that cutting FDA effectiveness-review timelines by one year could generate more than $10 trillion in economic value by getting new treatments to patients sooner and encouraging additional medical innovation.19 DRUG APPROVALS IN 2024 THAT HAD ‘BIG CLINICAL IMPACT,’ ACCORDING TO GOODRXPhilipson argued that most delays in the drug approval process stem from determining effectiveness rather than safety.”FDA is charged by Congress to enhance both safety and effectiveness of new drugs,” Philipson said. “People recognize the role of the government potentially ensuring safety and consumer protection, but it’s a unique role that FDA has of ensuring effectiveness.”He also argued that faster approvals could help lower prescription drug costs by increasing competition among manufacturers.”Reforming FDA would have a big impact on drug affordability for patients because it would allow for far more competition between drugs that come out faster,” he said.OPERATION WARP SPEED WAS MIRACULOUS. TRUMP ADMIN SHOULD NOT ABANDON TECHNOLOGY THAT MADE IT POSSIBLEThe report estimates that accelerating approvals by one to six years could generate trillions in economic value through earlier access to drugs, biologics and medical devices, as well as stronger incentives for innovation.The authors also warn that China’s faster, lower-cost clinical trial system could lure investment and drug development activity away from the United States.Philipson said the competitive challenge from China underscores the need for policymakers to rethink the pace of FDA approvals.”I think there’s a huge role for the president here to push an analogous effort to what he did with Operation Warp Speed during COVID,” Philipson said. “It’s equally urgent for other patient groups who don’t have COVID but other diseases.”The authors propose reforms including greater use of artificial intelligence in drug reviews, faster clinical trial designs and broader access to “right to try” programs.

Excavators recently uncovered a “mysterious and impressive” ancient tunnel in Jerusalem, not far from archaeological sites tied to the biblical Kingdom of Judah.The discovery was announced by the Israel Antiquities Authority (IAA) in a May 14 statement.The tunnel was found near Kibbutz Ramat Rachel, an archaeological site tied to the biblical-era Kingdom of Judah, according to previous IAA excavations.TOURISTS WALK PILGRIMAGE ROAD FROM JESUS’ ERA FOR FIRST TIME IN 2,000 YEARS: ‘DEEPLY SIGNIFICANT’The rock-hewn tunnel is about 164 feet long and was found ahead of construction on a new residential neighborhood north of Ramat Rachel.The tunnel is around 16 feet tall and roughly 10 feet wide — and officials note that the rock-cutting “was executed meticulously.””The tunnel itself was discovered filled with layers of soil that had accumulated over hundreds, perhaps even thousands, of years,” the IAA said.”It is clear that whoever carved this tunnel invested tremendous effort [and] careful planning, and possessed the capabilities and resources necessary to achieve this goal.”FORBIDDEN PASSAGE? SECRET MEDIEVAL TUNNEL FOUND BENEATH ANCIENT PAGAN GRAVES, ARCHAEOLOGISTS SAYExcavation directors Sivan Mizrahi and Zinovi Matskevich told the IAA the discovery was unexpected.”We were excavating in relatively rocky and exposed terrain when suddenly we discovered a natural karstic cavity,” the pair said in a joint statement.”To our amazement, as the excavation progressed, this cavity developed into a long tunnel. Parts of it are still collapsed, so the tunnel has not yet revealed all of its secrets.”In 2020, IAA excavations near Ramat Rachel revealed seal impressions and structures tied to the Kingdom of Judah, indicating that “governmental activity took place in the area,” the organization said at the time.CLICK HERE TO SIGN UP FOR OUR LIFESTYLE NEWSLETTERNo evidence that’s been uncovered so far, however, directly connects the newly discovered tunnel to the Kingdom of Judah or the biblical era — and the age of the tunnel is unknown.”The tunnel lies only a few hundred meters, as the crow flies, from two significant ancient sites — a public building from the Iron Age (First Temple period) in the Arnona neighborhood, and Tel Ramat Rachel, where settlement remains dating from the Iron Age through the Islamic period have been documented,” Mizrahi and Matskevich said.Though the purpose of the tunnel remains unclear, researchers theorize it may have been carved to reach a chalk layer used for quarrying building stones or producing lime.”Possible evidence supporting this interpretation includes a shaft carved into the tunnel’s ceiling, which may have been used for ventilation, as well as quarrying debris discovered on the tunnel floor — although this interpretation, too, remains uncertain,” the IAA said.CLICK HERE FOR MORE LIFESTYLE STORIESExperts have ruled out the possibility that the tunnel was part of an ancient water system, and some posit the site may have been abandoned before construction was completed.”Alternatively, the findings may indicate that the quarrying and construction of the tunnel were never completed, and therefore its intended purpose and nature remain unknown,” the IAA says.Amit Re’em, a Jerusalem district archaeologist at the IAA, said the find “joins many others being uncovered every day, hour by hour, throughout the city.””The archaeologists and researchers of the Israel Antiquities Authority are constantly at work, because this city never ceases to surprise,” said Re’em.”Usually we have explanations for the discoveries we uncover, but sometimes, as in this case, we stand astonished and amazed.”TEST YOURSELF WITH OUR LATEST LIFESTYLE QUIZFox News Digital reached out to the IAA for comment.

In the seminal 2002 horror film “28 Days Later,” an apocalyptic zombie plague devastates the world — and it all began with a batch of sickly monkeys in a lab.
While zombies (likely) aren’t real, that hasn’t stopped at least one lawmaker from sounding the alarm about what just happened in sleepy Montana.
According to Politico, “a renowned federal research lab” in Big Sky Country saw a situation where an infected lab monkey bit an employee.
The incident occurred in November at a National Institutes of Health facility, and the culprit was a monkey infected with Crimean-Congo hemorrhagic fever.
Thankfully, the worker was promptly treated for the bite, and never picked up the lethal tick-borne illness. The employee was soon able to return to work.
While the story may have ultimately had a happy ending, the circumstances surrounding it require much deeper investigation, according to Montana Republican Sen. Tim Sheehy:

We don’t want Montana to be the next Wuhan. Montanans and Americans deserve answers over concerning reports out of Rocky Mountain Laboratories.
Read my letter to the HHS Inspector General https://t.co/nWebJE3k02
— Tim Sheehy (@TimSheehyMT) May 26, 2026

Sharing a post from Trump ally Laura Loomer, Sheehy revealed that he had sent a letter to the Department of Health and Human Services about the matter.
He included a straightforward — if not ominous — caption: “We don’t want Montana to be the next Wuhan. Montanans and Americans deserve answers over concerning reports out of Rocky Mountain Laboratories.”
Sheehy further elaborated on his concerns in the letter.
“Rocky Mountain Laboratories (RML) is a federal National Institutes of Health (NIH) research facility in Hamilton, Montana, that conducts studies on some of the world’s most dangerous infectious diseases,” Sheehy wrote. “The seriousness of the work conducted at RML means that even small lapses can carry real risks for the staff and surrounding community.”
Indeed, warnings about “real risks” carry quite a bit of weight, especially given that, per Loomer, the RML facility had been doing work with the Ebola virus.
Given the seriousness of Ebola, Sheehy’s letter to HHS included a four-pronged request.
First, Sheehy wanted a thorough investigation into the basics, including what happened, what pathogens are being used, and biosafety regulations.
Second, Sheehy also wanted a thorough analysis of RML’s safety procedures, and how they can be improved.
Third, Sheehy wanted HHS to dig deeper into RML’s “personnel management practices, including background checks, oversight, and clearance processes for staff.”
Finally, Sheehy wanted a further debrief on NIH’s protocols for employees who are under investigation for whatever reason, including what sort of facility access they have.
(One of the figures at the center of this controversy appears to be Dr. Vincent Munster, who allegedly brought unmarked vials back from a study trip to Africa.)
Sheehy, for his part, appears to already have quite a bit of support in this endeavor.
Iowa Republican Sen. Joni Ernst, for instance, told Politico that this facility had been on her radar for some time now.
“I have been asking about this NIH lab and the research that happens there for years and years,” Ernst said. “We can never allow another Wuhan to occur, especially within our own borders.”
This article appeared originally on The Western Journal.
The post Infected Lab Monkey Bites Government Employee in the US, GOP Senator Demands Investigation appeared first on The Gateway Pundit.

The New York Yankees’ bats came alive in an historic inning against the Athletics on Sunday.The Yankees piled on 13 runs in the third, following a rousing pep talk from Aaron Judge. The three-time American League MVP told his teammates that they needed to wake up after Athletics starter Jacob Lopez retired the first six batters he faced.”I just felt like we were a little asleep there that first two innings. I expect more out of the guys and I know they expect more of themselves. A couple of choice words there just to get it going. The boys responded,” Judge said in what could have been the understatement of the year.ZERO BS. JUST DAKICH. TAKE THE DON’T @ ME PODCAST ON THE ROAD. DOWNLOAD NOW!It started with a calamity of errors for the A’s.Lopez walked two batters after Anthony Volpe reached on a hit. He failed to cover first base when Paul Goldschmidt hit a grounder to the right side. Ben Rice, then, followed with a two-run double, followed by a Judge blooper and a Cody Bellinger RBI singleLopez was removed from the game after Bellinger’s at bat. Reliever Michael Kelly allowed five batters to reach safely afterward.The Yankees scored 10 runs before the first out was recorded in the inning. Goldschmidt came back around and struck out. Rice followed up with a two-run triple.CLICK HERE FOR MORE SPORTS COVERAGE ON FOXNEWS.COM”To bat around with no outs, it’s incredible,” Judge said. “That’s what this team is capable of doing. We got our backs up against the wall, find a way to dig ourselves out of it and to continue to keep the pressure on them. We needed all 13 of those runs.”New York had 11 hits, four walks and four stolen bases in the inning. The 13 runs the Yankees scored was the most since doing it against the Tampa Bay Rays on June 21, 2005. It was one behind the franchise record for an inning, which was set July 6, 1920, against the Washington Senators.It was the first time 12 consecutive batters reached safely in an inning since doing it against the Senators on Sept. 11, 1949, in the first game of a double header. It was just two batters away from an MLB record, which the Detroit Tigers set with 14 in the sixth inning on June 17, 1925.”Remarkable,” Yankees manager Aaron Boone said. “Glad we were able to make it stand up. Obviously, a lot of really good things offensively. … I don’t think the prettiest game on either side, necessarily. But we were able to make a really outstanding inning stand up.”While a boon for the Yankees, it was a nightmare for A’s manager Mark Kotsay.”I really don’t know how to describe that inning,” Kotsay said. “Obviously, the two walks became an issue right away. Hit after hit, really. At some point you figure the ball’s going to go at someone, and it never did.”New York won the game, 13-8.The Associated Press contributed to this report.