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Europe Rejects U.S. Peace Framework Demanding Ukrainian Concessions

Ukraine suffered one of the worst Russian attacks in months when drones and missiles hit Ternopil.  European leaders have firmly rejected a U.S.-backed peace proposal that would require Ukraine to surrender territory and scale back its military capabilities. The plan, reportedly drafted by Washington and discussed with President Volodymyr Zelenskyy, has been described by European officials as tantamount to forcing Kyiv into capitulation. According to reports, the framework envisions Ukraine giving up land to Russia and partially disarming its armed forces. This approach has sparked alarm across Europe, where officials insist that any peace plan must respect Ukraine’s sovereignty and involve both Kyiv and European partners in negotiations. EU foreign policy chief Kaja Kallas emphasized that “for any plan to work, it needs Ukrainians and Europeans on board,” underscoring the bloc’s position that decisions about Ukraine’s future cannot be made without its direct involvement. German...
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US Futures Tread Water After S&P 500’s Record Close

                                        

US stock futures held steady on Wednesday following a record close for the S&P 500. Investors are closely watching fresh economic data and Federal Reserve minutes for hints on potential rate cuts in this holiday-shortened session.

  • S&P 500 Futures (ES=F) traded flat after the benchmark index ended Tuesday above 5,500 for the first time.
  • Nasdaq 100 Futures (NQ=F) remained little changed.
  • Dow Jones Industrial Average Futures (YM=F) edged up 0.1%.

The stock market is preparing for an early close (1 p.m. ET) on Wednesday ahead of the Independence Day holiday. Jerome Powell’s remarks on cooling inflation have fueled hopes for an interest-rate cut, even as he signaled no immediate urgency to act. Traders are currently pricing in 65% odds of a rate decrease in September, according to CME’s FedWatch tool.

Eyes are now on updates regarding private payrolls and jobless claims, providing insight into the labor market before the key June jobs report release on Friday. Additionally, data on services activity and factory orders will be closely watched for signs of further economic slowing that could prompt policy adjustments.

In corporate news:

  • Paramount Global (PARA) shares climbed over 12% due to reports that Skydance Media has acquired a controlling stake in the entertainment giant.
  • Tesla (TSLA) shares rose almost 3% in pre-market trading following a 10% surge on Tuesday after the EV maker exceeded Wall Street delivery estimates.

Investors are bracing for the July 4th closure, keeping a keen eye on economic data as they assess the path forward. 


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