U.S. Treasury Secretary Scott Bessent called on gasoline retailers to lower prices as the country marks its 250th anniversary, warning that “we’re watching.” President Donald Trump had earlier threatened “big problems” if prices do not fall to around $2.50 a gallon. The push follows a recent oil-price surge tied to U.S.-Israel strikes on Iran and Iran’s retaliation, before prices eased after an initial agreement was signed this month.

The U.S. Supreme Court, in a 5-4 decision, blocked President Donald Trump from removing Federal Reserve Governor Lisa Cook for now after finding she was not given the procedural protections required by statute. The ruling effectively preserves term protections rooted in the 1930s Humphrey’s Executor precedent for independent regulators, while a separate decision broadened presidential power to dismiss leaders of other federal agencies. The court explicitly carved out the Fed, reinforcing market confidence in the central bank’s policy independence and reducing near-term risks of political interference.

Donald Trump said on Truth Social that gasoline retailers should immediately lower pump prices to around $2.50 per gallon, warning of “big problems” if they do not. He previously instructed the Justice Department to examine oil companies for allegedly keeping pump prices high despite declining crude costs. The article also notes that oil prices rose earlier this year after U.S.-Israeli strikes on Iran and retaliatory attacks, with a ceasefire reached in April and later extended amid mutual accusations of violations.

A fragile ceasefire between the United States and Iran has led to a pause in most oil sanctions, and Iran is expected to sharply boost production and exports. Brent and WTI crude rose 1.6% and 2.2%, respectively, but markets are pricing in a potential supply glut as Middle East flows recover. Gold fell as renewed inflation and interest-rate hike concerns returned.

The dollar index edged down 0.28% to 101.08 on Monday but stayed near a 13-month high, and it is up 2.17% for the month. The yen weakened to 161.97 per dollar, its lowest level since 1986. Markets have leaned more hawkish since the Fed’s June meeting under new Chair Kevin Warsh, with fed funds futures pricing a 64% chance of a rate hike by September. Attention this week is on Thursday’s June jobs report, expected to show 110,000 jobs added and the unemployment rate steady at 4.3%.

On June 29, U.S. stocks rose after weekend hostilities between the United States and Iran eased, with technical teams from both sides set to hold talks in Doha on an interim peace deal. Tech shares rebounded sharply, lifting the Nasdaq 1.84%, the S&P 500 1.07% and the Dow 0.69%. Comcast, SpaceX and Alphabet were among the leading gainers. RBC raised its 12-month S&P 500 target to 8,150 points.

The United States and Iran said they will pause military action ahead of a new round of talks, easing tensions in the Middle East. Nasdaq 100 futures rose 1.02%, while S&P 500 futures gained 0.68% and Dow futures added 0.3%. Investors are also weighing concerns that higher AI chip costs could lift consumer electronics prices and curb demand, after Apple shares fell 4.8% last week. SpaceX rose 1.2% in premarket trading as it is set to be added to the Nasdaq 100 index.

The U.S. Supreme Court is expected to rule this week on President Donald Trump’s attempt to dismiss Federal Reserve Governor Lisa Cook, a case that for the first time tests the legal limits of the Federal Reserve Act’s “for cause” removal standard. Lower courts have already paused the dismissal, allowing Cook to remain in her role while the case proceeds. If the court upholds strong tenure protection for Fed governors, it would reinforce the Fed’s policy independence and reduce the risk of political pressure on rate decisions. With inflation running hotter than expected and markets weighing the possibility of rate hikes, the ruling could shape policy credibility and how investors price the interest-rate path.

SpaceX shares rose 0.15% on June 26 as the company prepared to be added to the Russell U.S. index lineup. Passive funds that track Russell benchmarks must buy more than $4 billion of the stock between Friday’s close and Monday’s open, according to Stephens analyst Melissa Roberts. SpaceX is also eligible for inclusion in the Nasdaq 100 on July 6, a move that could trigger purchases by index funds such as the Invesco QQQ ETF.