Doug Krisner

However, Tehran says it has the sovereign right to determine how ships transit the strait.

And today, Secretary of State Marco Rubio was in Bahrain seeking Gulf backing for an Iran deal.

And he said, again, tolls are unacceptable.

Rubio also said the U.S.

wants to reach a deal with Iran to end the war, but it will not do so at any price.

Pakistani officials say further peace talks are set to take place next week in Switzerland.

The U.S.

Supreme Court has expanded the president's power over immigration.

Today, the high court ruled President Trump has broad authority to end legal protection for people from crisis-ridden countries.

Now, this decision opens the prospect of deportation for some 350,000 Haitians and 7,000 Syrians.

Voting 6-3, the court rejected the argument that the Trump administration engaged in unconstitutional racial discrimination by stripping Haitian and Syrian migrants of their so-called temporary protected status.

At the same time, the high court threw out a jury verdict won by a Missouri man who blamed the Roundup weed killer for his non-Hodgkin lymphoma.

It was a victory for chemical giant Bayer, which had appealed that jury verdict.

The High Court said consumers cannot sue Bayer for the absence of a cancer warning on the product's label since federal regulators concluded a cautionary statement was not necessary.

Shares in Bayer jumped 16 percent in trading in Germany.

The Fed's preferred measure of inflation came in hot for the month of May.

Core PCE, which does not include energy prices, rose last month at an annual rate of 3.4%.

Joe Livornia is the chief economist at SMBC Nikko Securities.

He says no matter where you look, inflation is an issue.

Livonia also mentioned that the Fed's next move may be a rate hike rather than a cut.