Good evening, you're tuned in to Markets Desk.
Apple is closing in on Nvidia in the race for the title of largest U.S. company by market capitalization. Nvidia's valuation has compressed to levels not seen since two thousand thirteen, a remarkable reversal for the stock that defined the AI trade, while Apple shares continue to push higher on renewed investor confidence.
Shifting to energy markets, oil futures climbed late Tuesday after the Treasury Department revoked a license it had granted on June twenty-first permitting the sale of Iranian crude. The move signals a tightening of sanctions enforcement and immediately tightened the perceived supply picture, giving traders enough reason to bid prices up heading into the close.
And over in fixed income, DoubleLine's Jeffrey Gundlach is raising a flag that investors may not want to ignore. His team argues that the AI boom has quietly crept into corporate bond portfolios well beyond Big Tech, concentrating risk in what many assume to be the safe part of their allocation. The warning is pointed — diversification may be more illusion than reality for some bondholders right now.
That's the tape. Markets Desk, signing off the floor.
