Supreme Court blocks Trump from removing Lisa Cook from the Federal ReserveTrump says he will "take appropriate action immediately" on CookSMCI offices raided in Taiwan on chip smuggling probeThe US strategic petroleum reserve (SPR) falls to the lowest level since 1983The US freight market has suddenly gone into high gearMarkets:Gold down $72 to $4014US 10-year yields flat at 4.37%WTI crude oil up $1.31 to $70.54S&P 500 up 1.3%Nasdaq up 2.0%GBP leads, JPY lagsThe yen hit a 40-year low on Monday, just as its team was being eliminated in the World Cup after blowing a 1-0 lead to Brazil. The yen was the FX laggard once again and USD/JPY came a tick away from hitting 162.00. The loud talk of intervention has stalled the pair but hasn't reversed it and we continue to probe.Aside from that, the US dollar was generally sold on the day and sagged lower with the euro and pound making more-notable gains than the commodity currencies despite a bounce in oil. Economic news was light but the Cook news did lead to some momentary selling in gold as the Supreme Court made a special independence carve-out for the Federal Reserve in a close decision that allowed her to keep her job, at least for now. Stock markets made some big moves led by Tesla, Alphabet and Amazon, all with large gains. The chip names were choppy but ultimately finished higher while Microsoft and Apple sagged. We started the day strong, gave it all back and then rallied again in the afternoon and finished near the highs. I see signs that quarter-end is driving flows rather than fundamentals, and just as well as the news flow today was very light. This article was written by Adam Button at investinglive.com.