Wall Street stocks rise as Big Tech gains offset Iran conflict risks

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Wall Street rises on Big Tech gains

Highlights

Wall Street closes higher as Big Tech gains and easing inflation, with U.S. wholesale prices down 0.3% in June, offset Iran conflict risks.
Stripe and Advent make a $53 billion cash takeover offer for PayPal at $60.50 per share, sending PayPal shares surging as the company has not responded.
Anthropic readies for a potential mega-IPO, holding investor meetings that could put it ahead of OpenAI in public markets and follow SpaceX’s June IPO momentum.

Market drivers and corporate moves

As reported by CNBC, Wall Street closes higher as investors look past rising geopolitical tensions and focus on Big Tech strength alongside signs that inflation is easing. U.S. wholesale prices unexpectedly fall 0.3% in June, helped by a sharp drop in gasoline prices, a development that gives the Federal Reserve more room to maneuver on interest rates.

On the corporate front, Stripe and Advent make a $53 billion takeover offer for PayPal, proposing $60.50 per share in cash for the payments company. PayPal has not responded to the bid, and its shares surge on the news.

Anthropic is also moving closer to a potential mega-IPO, with bankers arranging investor meetings for the artificial intelligence company. A listing would put Anthropic ahead of OpenAI in reaching public markets and extend momentum from SpaceX's June IPO.

Conflict, policy and investor caution

The market advance unfolds as hostilities in the Middle East intensify. The U.S. conducts several rounds of strikes on Iran on Wednesday, while President Donald Trump says the pressure is working and that Iran now wants to meet; analysts warn the escalation risks becoming a prolonged conflict, with oil trading higher during Asia hours.

Warren Buffett urges caution on the rally, criticizing a stock market he says is increasingly driven by speculation rather than long-term investing. In comments to CNBC, the Berkshire Hathaway chairman also says he initiated the conglomerate's recent major investment in Alphabet, not incoming chief executive Greg Abel.

Fed Chairman Kevin Warsh, testifying before the Senate banking committee, says he meets often with the Trump administration while maintaining that central bank decisions remain independent. Meanwhile, SpaceX shares fall below their $135 IPO price for the first time about a month after the company's market debut, as enthusiasm around the stock fades ahead of its 13th Starship test flight on Thursday.

Our earlier report on Kevin Warsh’s Senate Banking Committee testimony focused on questions over the Federal Reserve’s independence amid political pressure from President Donald Trump and scrutiny from Senator Elizabeth Warren. We also outlined how lawmakers tied the independence debate to the path of interest rates while inflation remained above target, alongside concerns about transparency, governance, and the broader implications for financial regulation and Fed services.

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