Soaring energy prices from the Iran war have pushed U.S. inflation to its highest level since 2022, prompting the European Central Bank to raise interest rates and increasing pressure on the Federal Reserve to follow suit. This expectation of higher rates is causing investors to dump gold, sending it to a six-month low, while in corporate news, Oracle's stock is sliding on weak software sales as Intel and pre-IPO SpaceX receive bullish analyst ratings. The difficult economic climate is also dampening consumer activity, with the 2026 World Cup failing to generate its expected travel and tourism windfall due to high costs for fans.

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