Iran diplomacy moved markets Tuesday. President Trump said the two sides are "close to signing papers" on a nuclear deal. He also flagged interest in seizing Iran's enriched uranium stockpile. Oil-linked names reacted quickly as geopolitical risk faded somewhat from the equation.
The IPO pipeline surged into focus. Honeywell's quantum computing spinoff Quantinuum priced an upsized offering at $60 per share, raising $1.68 billion. Anthropic also filed for what could be a blockbuster IPO, setting up a three-way race with OpenAI and SpaceX for AI investor dollars. Convertible bond issuance is on pace for a record year as companies tap zero-interest debt to fund AI bets.
Estée Lauder expanded its restructuring charge estimate to $1.5–$1.7 billion. The beauty giant is cutting corporate functions and right-sizing its sales model across regions. This dovetails with analyst pressure on Ulta, where UBS slashed its target to $735.
Veeva Systems beat Q1 estimates but shares slipped anyway. guided Q2 sales slightly below forecasts at $1.493 billion. Bears already hold nearly 58% of 's free float short — the weakest guidance won't help.
Zillow authorized an additional $1.25 billion buyback. W.R. Berkley declared a $0.50 special dividend and raised its quarterly payout.
Gold has overtaken US Treasuries as the world's top reserve asset, the ECB confirmed. Central banks now hold 27% of reserves in bullion. The dollar's safe-haven status continues to erode quietly.
Eyes now turn to Wednesday's earnings slate. Ciena, PVH, and Brown-Forman all report. Oracle headlines Friday.
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