Financial markets are navigating geopolitical tensions as falling oil prices reflect hopes for a U.S.-Iran deal, while the tech sector is shaken up by OpenAI's confidential IPO filing and investor disappointment in Apple's new AI strategy. Broader economic anxiety is mounting as Bank of America warns of a potential bear market and rising Treasury yields signal that the Federal Reserve may need to raise interest rates to curb inflation. The day's news is rounded out by major corporate moves, including GSK's $10.6 billion acquisition of Nuvalent, and key economic reports showing a narrowing trade deficit and a strong surge in May home sales.

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