Loading analysis...
Loading Truth Social...
Loading live updates...
Nasdaq slides after global chip rout deepens
US equities finished in a tech-led risk-off tape, though the worst pressure eased after the open and Asian chip shares later partially rebounded. Oil stayed soft as Hormuz traffic and Washington politics reduced the immediate geopolitical risk premium.• Tech/Semis: Nasdaq 100 futures fell about 3% before the open, the SOX lost 7.9% by the close, and Micron dropped 13% ahead of earnings. Korean chip shares then rebounded in late trading after the prior rout.• Oil/Iran: Brent settled at $77.08, its lowest since February, as tanker traffic through Hormuz continued and the Senate voted to direct Trump to end the Iran war or seek authorization.• Index/Single Stocks: S&P Dow Jones said Alphabet will replace Verizon in the DJIA on Monday, giving Alphabet a much larger index weight because of its above-$300 share price.• Credit/Deals: SpaceX drew about $89 billion of demand for a planned $20 billion-$25 billion investment-grade debut, while Walmart agreed to buy Vibe.co to expand connected-TV advertising.• Macro/Rates: The dollar reached its highest level since November as markets priced nearly two Fed hikes by early 2027, even as Treasuries rallied during the equity selloff.
Korean chip shares rebound as Nvidia black-market prices double
Asia trading showed a partial reversal in chip stress, while policy and regulatory news added discrete sector catalysts.• Tech/Semis: Korea’s Kospi rose as much as 4.2%; Samsung gained 10% on a buyback report and SK Hynix rose more than 5%.• Nvidia/China: FT said banned Nvidia AI chips more than doubled in China’s black market, with DGX B300 servers above Rmb8mn and RTX 6000 Pro chips as high as Rmb130,000.• Macro/Rates: Australia’s trimmed-mean inflation rose to 3.6%, above forecasts, lifting the Aussie dollar and three-year yields.• Housing: Congress passed a bipartisan housing bill aimed at easing manufactured-home, zoning and conversion rules; builders warned rates and costs may blunt impact.• Internet/China: Meta will invest $900mn for 20% of India’s Cred; Alibaba sued the Pentagon over its military-linked company designation.
Alphabet joins Dow as AI selloff deepens
After-hours index and earnings news joined a confirmed tech-led risk-off close, while oil kept sliding as Washington moved symbolically against the Iran war.• Index/Telecom: S&P Dow Jones said Alphabet will replace Verizon in the DJIA on Monday; Alphabet’s above-$300 stock price gives it a much larger index weight than Verizon.• Tech/Semis: The Nasdaq fell 2.2%, the S&P 500 1.4% and SOX 7.9%; Micron lost 13% and all 30 SOX members declined ahead of Micron’s Wednesday report.• Oil/Iran: The Senate voted 50-48 to direct Trump to end the Iran war or seek authorization; Brent settled at $77.08, the lowest since Feb. 27.• Earnings/AI: Cerebras fell about 8% after projecting 2026 revenue of $855mn-$865mn and full-year core operating margins of negative 28%-32%.• Transports/Retail: FedEx beat F4Q EPS and revenue estimates and guided 2026 EPS to $16.90-$18.10; Nike rose after naming Pfizer’s David Denton CFO.
Nasdaq steadies as SpaceX bond demand hits $89 billion
Risk remained tech-led, but the worst opening pressure eased by midday while credit demand for SpaceX contrasted with equity volatility.• Tech/Semis: The Nasdaq 100 fell more than 3% at the open before the Nasdaq composite narrowed losses to over 1%; the Philadelphia Semiconductor Index dropped as much as 7.7%, with Micron down about 10%.• Credit/SpaceX: SpaceX drew about $89 billion of demand for a planned $20 billion-$25 billion debut investment-grade bond sale; the stock dipped below $150, then rebounded above $163.• Macro/FX: The dollar hit its highest level since November as markets priced nearly two Fed hikes by early 2027, even as Treasuries rallied on the equity selloff.• Travel/Leisure: Carnival fell about 6%-7% after revenue missed and management cited Iran-war disruption to Mediterranean bookings and fuel costs.• Retail/Ads: Walmart agreed to buy Vibe.co, with WSJ reporting a $1.4 billion price, to expand connected-TV advertising.
Nasdaq futures slide further as crude spreads weaken
Risk stayed defensive before the open, with AI-linked shares under renewed pressure and oil fundamentals softening despite fresh political noise around Hormuz.• Tech/Volatility: Nasdaq 100 futures fell about 3%; Micron dropped 7% premarket, Intel and AMD 6%, and the VIX call/put ratio reached its highest this year.• Oil/Hormuz: Kpler counted 109 vessels through Hormuz from Saturday to Monday, but the IMO still saw a 500-600-ship backlog; North Sea and Dubai crude spreads weakened into contango.• Iran Diplomacy: Trump insisted Iran accepted the “highest level” inspections, while Tehran denied talks on the nuclear file and Iran-Oman working groups advanced Strait service-fee discussions.• Regulation/Meta: The EU is preparing DSA findings that Facebook and Instagram use addictive designs on children; fines could reach 6% of global sales.• Nuclear/Deals: Constellation will supply Walmart 176 MW from Dresden as Washington plans $17.5bn of low-cost loans for new Westinghouse reactors.
Nasdaq futures slide after Asia chip rout triggers Korea halt
Risk-off deepened as the AI unwind spread into Europe and U.S. futures, while softer oil and PMIs shifted focus back to growth risk.• Tech/AI: Nasdaq 100 futures fell as much as 2.6%; Korea’s Kospi dropped 10% after a trading halt, with Samsung and SK Hynix down over 12%, and ASML fell nearly 4%.• Oil/Iran: Brent traded below $77 as visible Hormuz crossings rose to seven tankers Tuesday morning and Iran courted Asian buyers for 68mn barrels of floating crude after the U.S. waiver.• Macro/Rates: Euro-zone PMI improved to 49.5 but stayed in contraction; Germany fell to 48, France stayed below 50 and the UK slipped to a 14-month-low 49.4.• Autos/Software: Tesla’s Europe registrations more than doubled in May; Oracle cut headcount 13% to 141,000 and booked $1.84bn of restructuring costs.
Oil risk premium fades after Washington waives Iranian crude sanctions
Oil de-escalation drove the day’s main macro impulse, with crude selling off as diplomacy, flows and a sanctions waiver reduced the perceived Hormuz tail risk. That relief was partly offset by a late wobble in risk appetite as hawkish Fed commentary, yen intervention risk and tech-specific stress weighed on growth equities into the close and after hours.• Oil/Iran: Brent and WTI fell through the US session after negotiators outlined a 60-day roadmap, tanker traffic improved and Treasury issued a 60-day license allowing Iranian crude sales, including dollar purchases. WTI later bounced modestly as Tehran disputed renewed inspection commitments and traders questioned Hormuz logistics.• Tech/AI: The Nasdaq lost more than 1.3% as SpaceX reportedly prepared a large bond sale and Alphabet fell after another DeepMind executive left for a rival AI lab. Korean chip stocks also sold off ahead of Micron results.• Rates/FX: Goolsbee said inflation remained well above target and was moving the wrong way, while Japan repeated that it could intervene at any time as dollar/yen hovered near 162.• Deals/Single names: AbbVie agreed to buy Apogee for $10.9bn, Getty surged on a ChatGPT image-licensing deal, and Avis jumped after a $650mn litigation settlement.
Avis jumps on $650mn settlement as yen intervention risk rises
Macro pressure broadened across FX, oil and Asia tech, while legal and labor rulings added idiosyncratic risk after hours.• FX/Rates: Japan confirmed Katayama-Bessent FX talks and repeated it could act “at any time” as dollar/yen hovered near 162; a five-year JGB auction drew the weakest bid-cover since February.• Oil/Iran: WTI rose 0.5% to $74.21 on doubts over inspector access and whether Iran’s insurance requirements will slow Hormuz tanker flows.• Autos/Legal: Avis rose more than 10% after Pentwater agreed to pay $650mn cash to settle short-swing-profit litigation tied to April volatility.• Chips/Asia: Korea’s Kospi fell as much as 4.6%; Samsung and SK Hynix lost over 5%, with Micron results looming.• Labor/Amazon: An NLRB judge ordered Amazon to bargain with Teamsters at a San Francisco delivery center; Amazon said it will appeal.
Goolsbee flags inflation as SpaceX tumbles
Tech tape stayed fragile while rates risk reappeared, with several single-name after-hours moves adding idiosyncratic pressure.• Markets/SpaceX: The Nasdaq lost more than 1.3% as SpaceX fell 16.4% to $154.60, wiping out about $400bn in market value; WSJ said it may price more than $20bn of bonds Tuesday.• Rates/Fed: Chicago Fed President Austan Goolsbee said inflation is “well above” target and “going the wrong way,” reinforcing the hawkish tilt in Fed pricing.• Autos/Safety: NHTSA opened a special probe into a fatal Texas crash involving a Tesla Model 3; police said the driver reported using driver assistance.• Chips/M&A: Qualcomm is in advanced talks to buy AI-chip startup Modular at about a $4bn valuation, Bloomberg reported.• Credit/Health: Apollo capped withdrawals from its $25bn retail private-credit fund after 16.8% redemption requests; Pfizer’s lung-cancer ADC missed its survival endpoint.
Oil falls after US waives Iranian crude sanctions
Oil supply risk eased further, but the Iran inspection track became less certain while tech weakness weighed on the Nasdaq.• Iran/Oil: Treasury issued a 60-day license allowing Iranian oil sales through Aug. 21, including dollar purchases and potentially U.S. buyers; Bloomberg said Iran shipped more than 30mn barrels to Asia in the past week.• Iran Diplomacy: Tehran said it made “no new commitments” on nuclear inspections, contradicting Vance and Trump, who presented renewed IAEA access as agreed.• Tech/AI: Alphabet fell as much as 7.2% after DeepMind’s John Jumper joined Anthropic, following Noam Shazeer’s move to OpenAI.• EVs: Lucid will cut about 18% of its U.S. workforce, eliminate its COO role and second production shift, targeting $158mn in annual savings.• Energy Policy: Interior proposed cutting federal drilling bond requirements 95% to $25,000, subject to comment.
Oil stays lower after Vance says Iran accepted nuclear inspectors
Risk appetite held firmer with oil below $80, though rates pressure persisted as hawkish calls and inflation data built.• Iran/Oil: Vance said Iran agreed to readmit IAEA inspectors and create mechanisms for Hormuz de-mining and Lebanon cease-fire oversight; Kpler counted 45 tanker crossings since Saturday, still below prewar rates.• Rates/Macro: BofA moved to three Fed hikes this year from no change; Canada CPI rose to 3.2% in May versus 3.0% forecast on gasoline.• Biopharma M&A: AbbVie agreed to buy Apogee for $10.9bn cash, or $135.11 a share, a 49% premium; Apogee was halted after rising about 52%.• AI/Power: Chevron signed a 20-year deal to supply Microsoft’s West Texas AI data center from a planned 2.7GW gas-fired project.• Media/AI: Getty Images surged about 200% premarket after licensing images for ChatGPT search and discovery; terms were undisclosed.
Oil falls after US-Iran talks produce 60-day roadmap
Oil risk eased further as talks ran longer and physical crude flows through Hormuz improved, while company news centered on easyJet and crypto rules.• Oil/Hormuz: Brent fell 2% to $78.94 and WTI slipped 0.9% to $75.19 as Iran moved about 6mn barrels from Kharg through Hormuz, the highest since the war began; Kuwait also offered naphtha requiring buyers to transit the strait.• Iran Talks: Switzerland said negotiators agreed on a roadmap aimed at a final agreement within 60 days; Iranian state media said its delegation left after 18 hours of talks.• Airlines/M&A: easyJet rejected Castlelake’s third proposal, a 625p-a-share bid valuing the carrier at about £4.7bn, ahead of a June 26 deadline.• Crypto/Policy: The Bank of England dropped proposed stablecoin user caps and instead proposed a temporary £40bn issuer limit, a softer stance for the sector.
Oil sinks as Warsh Fed signals hikes
Risk appetite finished firmer but less clean than the index moves suggested. The fading Gulf supply shock supported growth and AI-linked equities, while the new Fed regime and resilient data drove a sharp hawkish rates repricing that kept duration under pressure.• Oil/Hormuz: Brent and WTI gave back most of the war premium after the US-Iran framework, toll-free Hormuz reopening plans, Iranian waivers and recovering tanker traffic pointed to supply normalization. Weekend updates reinforced that the strait stayed open, although Iran’s fee authority and talks volatility kept tail risk alive.• Fed/Rates: Kevin Warsh’s first meeting delivered a hold at 3.5%-3.75%, but nine officials penciled in 2026 hikes. The two-year yield jumped, the dollar strengthened, swaps moved toward fully pricing a 25bp hike by September, and long-duration assets lagged.• Equities/AI: Lower energy risk helped the Nasdaq rally early and again Thursday, with chips and AI infrastructure in demand. Nvidia tapped the bond market, Intel gained on Trump’s Apple-related comments, and Micron benefited from AI-driven DRAM tightness.• Mega-cap/Deals: SpaceX’s debut and index inclusion dominated single-name liquidity, while Fox’s Roku deal, AbbVie’s Apogee talks and possible CRH-Arcosa M&A kept deal risk active. Apple lagged on memory-cost and price-increase concerns.
Oil falls after mediators cite progress in US-Iran talks
Geopolitical oil risk drove the day’s arc: early evidence of continued Hormuz traffic gave way to a mid-session risk flare when talks stalled, but crude reversed late after mediators described progress. Company news was secondary, led by China’s rare-earth retaliation, a potential building-products deal and a looming Coca-Cola tax fight.• Iran/Oil: Brent slipped 0.7% to around $80 after earlier touching $82.30, as Qatar, Pakistan and Iran cited progress in Swiss talks, including a Hormuz communication line and Lebanon de-confliction channel. That reversed the spike tied to reports that Iran halted talks after Trump threatened new strikes.• Hormuz/Oil: Ship-tracking and U.S. officials suggested the Strait remained open, with three India-linked supertankers reappearing and Energy Secretary Wright saying 67 ships used a U.S.-guided southern lane in 24 hours.• China/Materials: China placed MP Materials and USA Rare Earth on an export-control list and restricted dual-use exports to 10 U.S. defense contractors, adding supply-chain pressure to strategic materials.• Industrials/M&A: CRH was reported to be in advanced talks to buy Arcosa in a deal that could top $8bn including debt.• Companies/Rates: Coca-Cola faces a June 25 appeals hearing in an IRS case that could exceed $20bn, while investors warned Fed guidance changes could lift Treasury volatility.
Oil falls below $80 after mediators cite progress in US-Iran talks
Risk tone improved late as negotiators reported progress, reversing the earlier oil spike tied to Trump’s renewed Iran threat. China supply-chain retaliation and several company-specific stories added fresh single-name risk.• Iran/Oil: Qatar and Pakistan said the first Swiss session produced “encouraging progress,” including a Hormuz communication line and Lebanon de-confliction cell; Iran’s foreign minister cited “major progress.” Brent was later down 0.7% near $80 after earlier reaching $82.30.• China/Materials: China put MP Materials and USA Rare Earth on an export-control list and, per WSJ, restricted 10 U.S. defense contractors from dual-use exports while excluding 46 companies from procurement.• Industrials/M&A: CRH is in advanced talks to buy Arcosa in a deal that could exceed $8bn including debt, the FT said; no agreement is final.• Chips/EM: South Korea’s chip exports surged 188.4% in early June, helping EM stocks hit a record.• Qatar Gas: A Barzan gas-plant blast injured 54 and left 18 missing; LNG impact remains unclear.
Iran halts Swiss talks after Trump threatens new strikes
Geopolitical risk re-widened after the Swiss talks hit an abrupt snag, while non-energy flow added idiosyncratic tax, media and rates risks.• Iran Talks: Fars, citing an anonymous source, said Iran halted U.S. talks after Trump threatened new strikes over Hezbollah; Iranian state media said the first round lasted about 80 minutes, focused on Lebanon rather than nuclear issues, and entered a “difficult phase.”• Hormuz/Oil: Energy Secretary Wright said 67 ships passed through Hormuz in the last 24 hours via a U.S.-guided southern lane, up from CENTCOM’s 55 Saturday count; maritime analysts still saw limited data and uncertainty.• Rates/Fed: Investors told FT that Warsh’s push to cut Fed forward guidance, including possible dot-plot changes, could lift Treasury volatility and borrowing costs.• Companies: Coca-Cola faces a June 25 appeals hearing in an IRS case that could exceed $20bn; Disney’s “Toy Story 5” opened with $312mn globally.
Tankers reemerge near Hormuz while Iran rejects enrichment climbdown
Oil risk premium faced fresh relief from ship-tracking data, but nuclear rhetoric and Ukraine’s energy strikes kept geopolitical risk active.• Hormuz/Oil: Three India-linked supertankers carrying nearly 6mn barrels of Iraqi and Kuwaiti crude reappeared after attempting Hormuz crossings, pointing to continued two-way tanker traffic despite Iran’s closure claim.• Iran Talks: U.S., Iranian, Pakistani and Qatari delegations arrived at Bürgenstock, with talks set to begin Sunday morning; Iran’s president said Tehran would “never back down” from uranium enrichment.• Russia Energy: Russia-occupied Crimea halted retail fuel sales after Ukrainian attacks, limiting supplies to critical services; Kyiv also reported strikes on Kavkaz port, Kerch and the Tyumen refinery.• Biotech: Revolution Medicines’ CEO said a sale is not a priority despite reported large-pharma interest and a prior Merck bid near $32bn.