Markets: U.S. stocks closed at new record highs on May 30, with the three major indices registering significant gains for the month of May. The top 20 U.S. stocks by trading volume on May 30: Dell's stock surged over 30% following a major U.S. military order. Popular Chinese concept stocks were mixed on May 30: MINISO Group rose 3.18%, while Li Auto fell 3.41%. European markets approached record highs, bolstered by improved prospects for a U.S.-Iran agreement. Commodities Summary: Oil prices fell to a six-week low, gold prices pared earlier gains, and LME aluminum advanced.
Macro: Reports indicate former President Trump delayed a final decision on an Iran-related agreement. Trump reiterated his stance on Iran and stated he would "make a final decision." The White House sent mixed signals regarding the prospects of a U.S.-Iran agreement, with markets focused on Trump's potential actions over the weekend. The U.S. government will appeal a judge's ruling ordering widespread tariff refunds. U.S. Treasury Secretary Besant stated that Federal Reserve Chair Kevin Walsh faces no pressure to cut interest rates. The commander of U.S. Southern Command met with senior Cuban military leaders. The U.S. military announced it will conduct operations near the Strait of Hormuz. Putin stated there is reason to believe the Russia-Ukraine conflict is nearing its conclusion. The EU will unfreeze 16.4 billion euros in funds for Hungary. The Iranian military downed a hostile small drone near Qeshm Island. The Iranian Foreign Ministry stated that Iran-U.S. exchanges are continuing, with no final consensus reached yet.
Companies: Dell's stock skyrocketed 32%, marking its best single-day performance on record, driven by a surge in AI server revenue. Citadel Securities reportedly achieved record trading revenue in the first quarter, boosted by volatile market conditions. Yum! Brands is reportedly in exclusive talks with LongRange regarding the sale of Pizza Hut. Musk's Starship roars on Wall Street: SpaceX's potential trillion-dollar IPO ignites market frenzy. BlackRock reduced equity holdings in its model portfolios, expressing a cautious view on market excess returns. A Danish pension fund blacklisted SpaceX, criticizing its "catastrophic" corporate governance structure. SpaceX is reportedly lowering its IPO valuation target to at least $1.8 trillion.
Commentary: Rising inflation risks have more Fed policymakers considering the possibility of interest rate hikes. U.S. Treasury Secretary Besant hinted that sanctions on Iran could be adjusted depending on negotiation progress. U.S. Treasury Market: Short-term Treasuries gave up gains late in the session as Trump was reported not to have made a decision on Iran. With inventories dwindling and spot premiums soaring, the aluminum market's supply shortage is intensifying. JPMorgan Chase CEO Jamie Dimon stated that market exuberance isn't necessarily bad, but risks should not be ignored. The average age of vehicles on U.S. roads has risen to a record 12.8 years, with more drivers joining the "high-mileage club." The Nasdaq is on track for its best two-month performance since 2004, with the rally continuing despite "poor breadth." Deutsche Bank raised its forecast for the 10-year U.S. Treasury yield, believing the Fed has finished its rate-cutting cycle. U.S. money market fund assets hit a record high, reflecting strong demand for cash-like assets. Inflation in the eurozone's four largest economies exceeded comfort zones, providing data support for potential ECB rate hikes.
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