Good evening, you're tuned in to Markets Desk.
The White House made a significant geopolitical move today as President Trump waived broad sanctions and tariffs against Russia under the Graham Act, citing national interest. The legislation, signed into law just months ago in response to Russia's invasion of Ukraine, had represented one of the more aggressive congressional pushes toward economic pressure on Moscow. The waiver signals a deliberate pivot in foreign policy posture with real consequences for energy markets and European allies watching Washington closely.
On the energy front, oil prices have climbed back above one hundred dollars a barrel, and history offers an interesting lens here. Energy has been the standout sector winner this year, riding that price surge hard. But analysts are now pointing to last year's biggest equity laggards as potential outperformers, the logic being that stretched valuations in energy leave room for beaten-down sectors to rotate back into favor as the cycle matures.
Closer to the retail landscape, Walmart is sharpening its competitive edge against Costco with a new Express Pickup service, designed to pull more spending into its stores. This is a deliberate membership-and-convenience play, and given Walmart's scale, even marginal gains in basket size translate into meaningful top-line impact heading into the back half of the year.
That's the tape. Markets Desk, signing off the floor.
