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Friday, June 20, 2025

'Wall Street’s First-Half Whiplash Rewards All-Weather Portfolios'

 


Somehow, for all its drama — tariffs, fiscal brinkmanship, inflation fears, and geopolitical flare-ups — the first half of 2025 may be remembered by diversified investors for something else entirely: the strongest stretch of synchronized market gains in years.

Rather than spelling a slow-motion disaster for bulls, months of whiplash across equities, fixed income and commodities have rewarded strategic indifference and punished overconfidence. Strategies that spread risk across assets are outperforming by near-historic margins, a shift from the concentrated bets that favored the likes of Big Tech stocks in recent years.

https://www.bloomberg.com/news/articles/2025-06-20/wall-street-s-first-half-whiplash-rewards-all-weather-portfolios

S&P 500 Trading Volume Spikes at Wall Street Close

 


A jittery week ended with losses in stocks as investors weighed geopolitical and trade developments, chipmakers sank while a $6.5 trillion options expiration spurred a surge in volume. Treasuries bounced as Federal Reserve Governor Christopher Waller said rates could drop as early as July.

Not even signs President Donald Trump is giving a chance to diplomacy in de-escalating the war between Israel and Iran were able to soothe nerves. A closely watched gauge of chipmakers slid almost 1% on a Wall Street Journal report the US may revoke waivers for allies with semiconductor plants in China. Yields on two-year notes — most sensitive to Fed policy — slipped to 3.9%.

https://www.bloomberg.com/news/articles/2025-06-19/us-futures-slide-as-trump-considers-iran-strikes-markets-wrap

FDA Update: Larimar Breakthrough Friedreich's Ataxia Drug Faces Regulatory Milestone

Larimar Therapeutics (NASDAQ: LRMR), a clinical-stage biotech company specializing in rare disease treatments, has scheduled a conference call and webcast for June 23, 2025, at 8:00 am EDT. The purpose of the call is to provide regulatory updates regarding their nomlabofusp clinical development program for Friedreich's Ataxia treatment. Participants can join via webcast or by dialing 1-877-407-9716 (domestic) or 1-201-493-6779 (international) with conference ID 13754491. An archived version of the webcast will be available on Larimar's website after the live event.

Former Haitian Mayor and Human Rights Violator Sentenced to Nine Years

 Note: See indictment here.

Jean Morose Viliena, the former Mayor of Les Irois, Haiti, was sentenced today to nine years in prison followed by three years of supervised release by Chief Judge F. Dennis Saylor IV for the District of Massachusetts for possessing and using a Permanent Resident Card he had fraudulently obtained by falsely stating that he had not ordered, carried out, or materially assisted in extrajudicial and political killings and other acts of violence against the Haitian people. A federal jury convicted Viliena in March 2025 of three counts of visa fraud.

“In Haiti, Jean Morose Viliena was involved in the violent killings, beatings, and assaults of whomever he believed threatened his power as mayor,” said Matthew R. Galeotti, Head of the Justice Department’s Criminal Division. “His lies to U.S. immigration authorities allowed him to unlawfully enter this country and obtain lawful permanent resident status. Individuals who commit violent crimes in their home countries should take note: we do not tolerate human rights abusers who lie to take refuge here. We will find you, investigate you, and prosecute you to ensure that you are held accountable to the maximum extent of U.S. law for your heinous criminal conduct.”

“Jean Morose Viliena built a life in the United States by burying the truth about his violent past – a past marked by political persecution, bloodshed and the silencing of dissent in Haiti,” said U.S. Attorney Leah B. Foley for the District of Massachusetts. “For more than a decade, he lived freely and comfortably in this country while the victims of his brutality lived in fear, exile and pain. Today’s sentence brings a measure of justice for the lives he shattered and sends a clear message: the United States will not be a safe haven for human rights abusers. Lying to gain entry into this country and then lying again under oath to avoid accountability strikes at the heart of our immigration and legal systems. I commend the tremendous courage of the victims and witnesses who stood up and spoke the truth despite the risks and made this outcome possible.”

“Today's sentencing underscores the commitment of Homeland Security Investigations to ensuring that individuals who commit heinous acts of violence and fraud are held accountable, regardless of where those crimes were committed,” said Special Agent in Charge Michael J. Krol of U.S. Immigration and Customs Enforcement Homeland Security Investigations (HSI) New England. “Jean Morose Viliena's actions were not only a gross violation of human rights but also a betrayal of the trust placed in him by his community. HSI will continue to work tirelessly with our partners to bring justice to victims and protect the American people from foreign criminals seeking to escape justice in their home countries.”

Viliena, 53, was the Mayor of Les Irois, Haiti, from December 2006 until February 2010. As a candidate and as mayor, Viliena was backed by Korega, a political machine that used armed violence to exert power throughout the southwestern region of Haiti. Viliena personally supervised his mayoral staff and other armed supporters aligned with Korega and directed them to engage in armed violence to quash opposition to his authority.

According to evidence presented at trial, on July 27, 2007, Viliena violently retaliated against an activist who had previously spoken at a judicial proceeding on behalf of a neighbor whom Viliena had assaulted. In a brutal act of reprisal, that evening, Viliena led an armed group to the activist’s home, where Viliena and his associates shot and killed the activist’s younger brother and then smashed the brother’s skull with a large rock before a crowd of bystanders.

Viliena committed another act of violent retribution in April 2008, when he and his associates attacked community members who had founded a radio station that Viliena opposed. According to multiple witnesses’ testimony, Viliena mobilized armed members of his staff and supporters to forcibly shut down the radio station and seize its broadcasting equipment. Viliena distributed firearms to his men, some of whom also carried machetes and picks. According to the evidence presented at trial, during this incident, Viliena beat one man and ordered an associate to shoot him when he tried to flee. As a result, the man’s leg was later amputated above the knee. Viliena also beat a student who was at the radio station; when the student tried to flee, a bullet struck his face, leaving him permanently blind in one eye.

Less than two months after the radio station attack, Viliena presented himself at the U.S. Embassy Consular Office in Port au Prince, Haiti, where he applied for a visa to enter the United States. The visa application specifically requires an applicant to state whether they are a member of any class of individuals excluded from admission into the United States, including those who have “ordered, carried out or materially assisted in extrajudicial and political killings and other acts of violence against the Haitian people.” Viliena falsely responded “no,” indicating that this category did not apply to him. Viliena thereafter swore to and affirmed before a U.S. Consular Officer that the contents of the application were true and signed the application.

Based on Viliena’s false representations, the United States approved his visa application and permitted him to enter the country. The United States later granted Viliena lawful permanent resident status and a Permanent Resident Card, also known as a “Green Card.” For years, through the use of his fraudulently obtained Green Card, Viliena enjoyed a job; sufficient income; a comfortable home; a safe community; the ability to visit his family in Les Irois at any time; and the privilege of raising and educating a son who is now a U.S. citizen by birth.

The HSI Boston Field Office investigated the case, with coordination provided by the Human Rights Violators and War Crimes Center (HRVWCC). Established in 2009, the HRVWCC furthers the government’s efforts to identify, locate, and prosecute human rights abusers in the United States, including those who are known or suspected to have participated in persecution, war crimes, genocide, torture, extrajudicial killings, female mutilation, and the use or recruitment of child soldiers. Invaluable assistance was also provided by U.S. Customs and Border Protection from Boston Logan Airport.

Trial Attorney Alexandra Skinnion of the Criminal Division’s Human Rights and Special Prosecutions Section (HRSP) and Assistant U.S. Attorney Laura J. Kaplan for the District of Massachusetts prosecuted the case, with assistance from HRSP Historian/Analyst Dr. Christopher Hayden.

Members of the public who have information about former human rights violators in the United States are urged to contact U.S. law enforcement through the HSI tip line at 1-866-DHS-2-ICE or its online tip form at www.ice.gov/exec/forms/hsi-tips/tips.asp

https://www.justice.gov/opa/pr/former-haitian-mayor-and-human-rights-violator-sentenced-nine-years-prison-lying-about-past

Next-Generation Obesity Treatments Take Center Stage at ADA

 The upcoming American Diabetes Association (ADA) 85th Scientific Sessions will focus on new and evolving weight-loss treatments for people with and without diabetes, along with new biological and technological approaches for managing type 1 diabetes (T1D).

Late-breaking symposia will include data from trials of a once-monthly injectable for obesity treatment, a nonpeptide oral GLP-1 receptor agonist (RA), and a medication combining a GLP-1 RA with another drug designed to augment fat loss while preserving lean mass. Other new findings at the meeting include the use of a GLP-1 RA in T1D and the latest data on stem cell-derived islet cell transplantation in T1D. And always, there’s much more.

The meeting will take place from June 20 to 24, 2025, in Chicago. “This year again, it will be heavily focused on obesity but more on the next generation of obesity drugs. We’re progressing to therapy that may be more amenable to the patient, with less frequent dosing and greater convenience,” Marlon Pragnell, PhD, ADA’s vice president of research and science, told Medscape Medical News.

A major theme of the meeting, said Conference Planning Committee Chair Mark A. Atkinson, PhD, director of the University of Florida Diabetes Institute, Gainesville, Florida, will be “after decades of making moderate impacts on both type 1 and type 2 diabetes, we are now in a position where we’re moving from baby steps to big leaps, be it through technology, as well as new drugs for type 2 diabetes (T2D) and obesity. There’s a very positive evolution here, but now that we have all these new tools, how do we most effectively use them?”

And of course, the “elephant in the room,” Atkinson noted, is the cost of the new approaches and access, another topic that will be addressed in several sessions. “Cost is also a huge factor. There will be discussions about cost and cost effectiveness.” 

Late-breaking symposia topics include the following: 

  • Once-monthly maridebart cafraglutide (MariTide, Amgen) for the treatment of obesity in people with or without T2D — a 52-week phase 2 study: Although Amgen’s top-line results didn’t quite meet expectations for weight loss, Pragnell sees the once-monthly dosing as a potential major advantage. “I think the key thing here is going to be on just the convenience of dosing and that obviously factors into adherence,” he noted.
  • First report of a phase 3 radomized controlled trial of orforglipron, a small nonpeptide GLP-1 RA, as monotherapy in drug-naïve T2D with inadequate glycemic control — the ACHIEVE-1 trial: These will be the full data for Eli Lilly’s investigational product, following the release of top-line results in April 2025.

    The potential advantages here are not just that it would be an oral GLP-1 RA but because it’s a nonpeptide small molecule it could be taken regardless of food or liquid intake, it wouldn’t require refrigeration, and could potentially be manufactured more cheaply than injected GLP-1 RAs. “This is actually very exciting,” Pragnell commented.

  • Can we improve the quality of weight loss by augmenting fat mass loss while preserving lean mass? The BELIEVE study of bimagrumab plus semaglutide: The loss of lean muscle along with fat mass with GLP-1 RAs has been an ongoing concern. This phase 2 study in people with obesity but not diabetes examines the effect of combining bimagrumab, a monoclonal antibody that blocks activin type II receptors and stimulates skeletal muscle growth, with the GLP-1 RA semaglutide. Eli Lilly acquired Versanis Bio, which held the rights to bimagrumab, in 2023.
  • Efficacy and safety of CagriSema 2.4 mg/2.4 mg in adults with overweight/obesity — the REDEFINE 1 and REDEFINE 2 clinical trials: Novo Nordisk’s CagriSema combines the GLP-1 RA semaglutide with cagrilintide, a dual amylin and calcitonin RA. “The idea behind the amylin analog is to come to the weight loss at multiple angles. I think it’s going to be very interesting. It’s clearly a next-generation approach,” Pragnell said.
  • ADJUnct semaglutide treatment in T1D (ADJUST-T1D) trial outcomes: With obesity increasingly recognized as an issue in T1D, the ADJUnct study examined the impact of adding semaglutide to automated insulin delivery. This symposium will include new trial outcomes.

Other late-breaking symposia will cover results of the CATALYST trial of treatment of hypercortisolism in difficult to control T2D, new data from the STRIDE trial of semaglutide in peripheral artery disease, and the full data for the SOUL trial of oral semaglutide (Rybelsus) on cardiovascular and other outcomes in people with T2D at high cardiovascular risk.

And there’s much more, including results from a trial called PATHWEIGH, focusing on weight management in primary care, updates on inhaled insulin, new data on Vertex’s stem cell-derived transplanted islets in T1D, and the use of artificial intelligence in diabetes management.

According to Atkinson, “This year’s scientific sessions will showcase cutting-edge advancements in diabetes research through a robust, data-focused program. Whether attending in person or watching on-demand, participants will have the chance to connect with top experts, take part in engaging discussions, and gain critical insights that will help shape the future of diabetes care.”

Pregnall and Atkinson had no disclosures.

https://www.medscape.com/viewarticle/next-generation-obesity-treatments-take-center-stage-ada-2025a1000g7u

Apple shareholders file lawsuit over AI integration claims

 Apple (NASDAQ:AAPL) was sued by shareholders in a proposed class action on Friday. The lawsuit accuses the tech giant of downplaying the time required to integrate advanced artificial intelligence features into its Siri assistant.

Filed in San Francisco federal court, the complaint alleges that this misrepresentation hurt iPhone sales and negatively impacted Apple’s stock price.

The shareholders are seeking unspecified damages for investors who lost money in the year ending June 9.

The proposed class action represents shareholders who claim they suffered financial losses due to Apple’s statements regarding the timeline for AI integration in its voice assistant technology.

https://www.investing.com/news/stock-market-news/apple-shareholders-file-lawsuit-over-ai-integration-claims-93CH-4104340

'IAEA Chief Warns UN Sec Council Strike On Iran's Bushehr Plant Would Create Nuclear Disaster'

 Update(1118ET)The head of the UN nuclear watchdog IAEA, Rafael Mariano Grossi, has issued fresh remarks before the Security Council on Friday, warning that Israeli strikes on Iran's Bushehr nuclear power plant is where the consequences of an attack could be most serious. The active and operating nuclear power plant currently hosts thousands of kilograms of nuclear material. He warns of potential nuclear disaster:

"Countries of the region have reached out directly to me over the past few hours to express their concerns, and I want to make it absolutely and completely clear — in case of an attack on the Bushehr nuclear power plant, a direct hit would result in a very high release of radioactivity," Grossi tells the UN Security Council.

More highlights from Grossi's UN address via Al Jazeera:

Countries of the region have reached out directly to me over the past few hours to express their concerns, and I want to make it absolutely and completely clear that, in case of an attack on the Bushehr nuclear power plant, a direct hit would result in a very high release of radioactivity to the environment.

  • Similarly, a hit that disables the only two lines supplying electrical power to the plant could cause its reactor core to melt, which could result in a high release of radioactivity to the environment.
  • In their worst case, both scenarios would necessitate protective actions, such as evacuations and sheltering of the population, or the need to take stable iodine with a reach extending to distances from a few to several hundred kilometres. Radiation monitoring would need to cover distances of several hundred kilometres, and food restrictions may need to be implemented.
  • Any action against the Tehran nuclear research reactor could also have severe consequences, potentially for large areas of the city of Tehran and its inhabitants.
  • Armed attack on nuclear facilities should never take place and could result in radioactive releases with great consequences within and beyond the boundaries of the state which has been attacked. I, therefore, again call for maximum restraint.

Oil facilities are still getting hit by Israeli warplanes into Friday:

* * *

A series of headlines, some contradictory, on where things stand with Iran nuclear negotiations with the US, sent oil sliding, then pumping, then extending losses again.

One senior Iranian official told Reuters that Iran is 'ready' to discuss limitations on its uranium enrichment, while a quick follow-up headline said "zero enrichment will undoubtedly be rejected" by Iran "especially now, under Israel's strikes."

The official said "the role of European powers is now more prominent, as Tehran is unwilling to engage with US amid Israeli attacks. After that glimmer of hope offered for negotiations, the clarification that nothing has in fact change, sent oil dropping further Friday morning.

Oil prices declined on Friday but stayed on track for a third straight weekly increase, following the White House’s postponement of a decision regarding US participation in the Israel-Iran conflict:

Brent crude futures were down $2.57, or around 3.3%, to $76.28 a barrel by 1204 GMT but still set to gain nearly 3% on the week.

According to the latest from Bloomberg:

Israel will complete the task of preventing Iran from gaining nuclear weapons whether or not the US joins the operation, its energy minister said. Iranian President Masoud Pezeshkian said the only way to end the war is to “unconditionally” stop Israel.

And Foreign Minister Abbas Araghchi has clarified just before meeting European officials in Geneva related to EU efforts at mediate that "Iran is not prepared for negotiations with anyone while Israel continues its attacks."

More Friday and overnight headlines...

* * *

Geopolitics: Middle East War

  • Israel will complete the task of preventing Iran from gaining nuclear weapons whether or not the US joins the operation, its energy minister said. Iranian President Masoud Pezeshkian said the only way to end the war is to “unconditionally” stop Israel, according to Bloomberg
  • E3/EU-Iran meeting in Geneva expected to occur "this afternoon", via WSJ's Norman.
  • Israeli Defence Minister Katz has ordered the military to increase attacks on Iranian regime targets within Tehran.
  • Iran's Foreign Minister says they will only hold nuclear talks in the E3 meeting.
  • Russia's Kremlin says dialogue with Ukraine continues expect to agree next week on a date for the next round of talks Ukraine is unpredictable, continue "special military operation", though would prefer to reach goals by diplomatic needs.

US Involvement

  • The White House said, “message directly from the President – based on the fact that there is a significant chance of negotiations with Iran in the near future – I will make a decision on whether to launch [an attack] in the next two weeks.”
  • US President Trump had been briefed on both the risks and benefits of bombing Fordow and his mindset was that disabling it was necessary due to the risk of weapons being produced in a relatively short period of time, according to CBS.
  • Broadcasting Authority, citing an Israeli source, reported that the US had asked Israel to defer its attack on the Fordow nuclear facility.
  • Kann News reported that there was a "possible attack at Fordow": according to sources, the US had asked Israel to wait until negotiations with Iran had been exhausted.
  • US President Trump is to attend a National Security Meeting at 11:00 EDT on Friday.
  • US law enforcement officials had stepped up surveillance of Iran-backed operatives in the US, according to CBS sources.
  • The White House said Iran was able to produce a nuclear bomb within "a couple of weeks".
  • A White House official told Fox's Heinrich that the US military had no doubt about the efficacy of bunker busters in eliminating the site at Fordow, and also denied that any options—including tactical nuclear weapons—had been taken off the table.
  • The White House Press Secretary said there were no signs that China was getting involved militarily in Iran, according to Reuters.
  • The US reportedly believed Iran would build a nuclear bomb if Supreme Leader Khamenei were assassinated and the Fordow facility was attacked, according to The New York Times.

Strikes

  • There were reports of Israeli strikes in the Lavizan area of Tehran, where Iranian Supreme Leader Khamenei was reportedly hiding in a bunker, according to i24 journalist Stein.
  • An Israeli military spokesman said Israel had attacked the special forces headquarters of the internal security apparatus in Tehran within the last 24 hours, according to Reuters.
  • Journalist Horowitz said on X that opposition sources were circulating "unconfirmed" reports claiming that the head of Iran's military, Abdolrahim Mousavi, had been killed in an Israeli strike.
  • The Fars News Agency said Iran had used a new generation of precision missiles in its attack on Israel on Thursday morning, according to Fars.
  • The Norwegian Foreign Ministry said an explosion had occurred on Thursday evening in Tel Aviv at the residence of the Norwegian ambassador to Israel, according to Reuters.
  • The Jordanian army said an explosives-laden drone had fallen in the Azraq area after it “fell short of its range,” according to Al Hadath.
  • Iranian media reported that air defences were activated in Isfahan, according to Al Arabiya.

Diplomacy

  • Britain, France, and Germany are to hold talks with Iran’s Foreign Minister on Friday in a last-ditch effort to avert an escalation of conflict in the Middle East and a possible US intervention, according to FT.
  • Iran's Foreign Minister had reached out to European foreign ministers, requesting a meeting with them on Friday, Jerusalem Post reported.
  • Trump administration officials are pitching the president’s two-week timeline as an opportunity to allow diplomacy to play out. Special Envoy Witkoff and Iran’s Foreign Minister Araghchi had been in communication in recent days, though there were no plans for the two to meet yet, according to ABC.
  • Trump's special envoy to the Middle East Witkoff will not attend the UK/France/Germany talks with Iran in Geneva on Friday, according to White House officials cited by NBC.
  • An Iranian source denied reports of a phone call between Iranian Foreign Minister Araghchi and US presidential envoy Witkoff following Israel’s aggression, according to Iran Nuances.
  • The White House Press Secretary said they would see how the EU meeting with the Iranians went tomorrow, according to Reuters.
  • US officials said no date had been set for a meeting between US and Iranian officials yet, according to Axios.

US Military and Deployment

  • Over the next 10 to 14 days, there were expected to be two aircraft carriers in the Middle East and a third operating in the Mediterranean Sea, according to ABC.

Iranian Actions

  • A senior IRGC official said that before the Israeli airstrikes, all enriched uranium had been transferred from the nuclear sites to secret hiding locations, according to i24 journalist Stein.
  • Iran’s Tasnim News Agency, quoting an Iranian official, said intelligence had thwarted a major Israeli plot against Iranian Foreign Minister Araqchi in Tehran, according to Sky News Arabia.
  • Iraq’s Hezbollah threatened to target US bases and close the Strait of Hormuz if Washington joined strikes on Iran, according to Al Hadath.
  • An Israeli official said Iran could likely sustain the current rate of missile fire at Israel for up to five months, provided their missile launchers were not destroyed, according to NBC.
  • Israel anticipated attacks from Iran’s proxies across the Middle East, according to Israel Channel 14.
  • An Israeli intelligence official said the imminent collapse of the Iranian regime was far from the truth, according to NBC.

Geopolitics: Other

  • A Japanese destroyer sailed through the Taiwan Strait after a Chinese jet approached it, according to Nikkei.
  • China President Xi met with New Zealand PM Luxon in Beijing, according to CCTV.