TL;DR

U.S. takes 10% Intel stake; Trump threatens 200% China magnet tariff; super-prime delinquencies rise.

Highlights

• U.S. government takes a 10% non-voting equity stake in Intel , converting $11B in subsidies; further state investments in major firms possible 13.
• Trump threatens 200% tariff on Chinese rare-earth magnets, escalating trade tensions in critical supply chains 2.
• WTI crude closes at $64.80 (+1.8%), Brent near $69, both at multi-week highs 4.
• VantageScore reports sharp rise in delinquencies among super-prime U.S. borrowers; early-stage defaults rising in auto and mortgage loans 5.
• Palantir shares extend six-day, $73B slide on profit-taking, short interest, and insider activity scrutiny 6.
• Keurig Dr Pepper to acquire JDE Peet’s for €15.7B; plans to split into separate coffee and soft drink companies 7.
• MicroStrategy adds $357M in Bitcoin , now holding 632,500 BTC; BlackRock’s Fink and Tim Draper publicly endorse Bitcoin as a hedge 913.
• U.S. banks lobby to amend GENIUS Act over stablecoin-related deposit outflow risk; Treasury and Fed begin regulatory steps 16.
• U.S. new home sales beat forecasts at 652,000 despite nearly 6% y/y price drop; builder incentives support demand 15.
• Crescent Energy to acquire Vital Energy in $3.1B all-stock deal, expanding Permian Basin presence 11.
• Argentina assets fall sharply as Milei administration faces bribery probe; equities down 5%, bonds off up to 3% 8.
• Global exchanges urge tighter regulation of tokenised stocks, citing investor and market integrity risks 10.

Commentary

The U.S. government’s direct 10% stake in Intel is a notable shift in industrial policy, signaling willingness to take equity positions in strategic sectors 13. While this provides Intel with needed capital for U.S. manufacturing expansion, it raises dilution concerns for shareholders and introduces new political and regulatory risks, especially for companies with significant overseas exposure 1. White House signals suggest this approach could extend to other industries, with the potential for broader market implications if replicated 3.

Trade risk is again in focus as Trump threatens a 200% tariff on Chinese rare-earth magnets, a move that could disrupt supply chains for EVs, renewables, and defense sectors 2. This comes as PDD ’s strong U.S.-listed share rebound contrasts with ongoing U.S.-China trade friction 18, and South Korea trade talks remain clouded by political uncertainty 1714. Energy markets remain firm, with WTI and Brent both closing at multi-week highs, supporting energy equities but keeping inflation risks on the radar 4.

Credit quality is deteriorating: VantageScore’s report of rising delinquencies among even the highest-rated U.S. borrowers signals mounting consumer stress, with early-stage defaults rising in autos and mortgages 5. This could pressure banks and consumer-sensitive stocks, especially as lending tightens. Meanwhile, U.S. housing data shows resilience, with new home sales beating forecasts thanks to builder incentives and price cuts, though the sector remains sensitive to rates 15.

Crypto and fintech regulation are active themes. MicroStrategy ’s continued Bitcoin accumulation and high-profile endorsements from BlackRock’s Fink and Tim Draper highlight ongoing institutional interest 913, while U.S. banks’ lobbying over the GENIUS Act underscores the competitive threat stablecoins pose to traditional deposits 16. Calls for tighter oversight of tokenised stocks add to the regulatory focus on digital assets 10.

Traders should monitor late-session moves in Intel , Palantir , and energy names, watch for regulatory headlines on crypto and fintech, and track consumer credit and trade policy developments for further signals on market direction.