Markets
Closing summary for June 6th: U.S. stocks closed lower with the Nasdaq plunging approximately 1100 points, pressured by heightened expectations for Federal Reserve interest rate hikes.
Top 20 U.S. stock volume leaders for June 6th: Broadcom's disappointing guidance led to a third consecutive day of share price declines.
Popular U.S.-listed Chinese stocks mostly fell on June 6th, with Himax Technologies down 16.09% and Silicon Motion Technology down 12.21%.
Commodities summary: Oil prices declined, base metals fell broadly, and spot gold erased its gains for the year.
European markets closed lower for the week, with interest-rate-sensitive sectors under pressure.
Macro
As the Iran conflict nears its 100-day mark, peace talks between the U.S. and Iran remain at an impasse.
Donald Trump expressed a desire to see interest rates lowered but stated he would leave the decision-making authority to Fed Chair Wash.
Trump hinted that the U.S. government is considering taking equity stakes in leading artificial intelligence companies.
An advisor to Iran's Supreme Leader stated that U.S.-Iran negotiations are stalled over frozen assets and denied any potential meeting between the Supreme Leader and Trump.
White House National Economic Council Director Hassett commented that market expectations for Fed rate hikes are "way off base."
Vladimir Putin stated that a prerequisite for a meeting with Volodymyr Zelenskyy is finding a solution to the conflict.
The U.S., Mexico, and Canada are expected to miss the July deadline for renewing the USMCA trade pact, potentially escalating tensions.
A Hamas delegation arrived in Egypt to discuss implementing a Gaza ceasefire with mediators.
Companies
SpaceX signed a $30 billion computing services agreement with Google, agreeing to pay $920 million monthly to lease 110,000 Nvidia GPUs.
Marvell Technology and Flex are set to be added to the S&P 500 index later this month.
SpaceX's IPO is reportedly already oversubscribed shortly after its official roadshow launch.
Citi maintains its forecast for Fed rate cuts, increasingly standing alone on Wall Street with that view.
Meta Platforms shares fell following reports the company may raise tens of billions of dollars to fund its AI initiatives.
Shares of U.S. mortgage giants Fannie Mae and Freddie Mac retreated after an initial surge, following Trump's comment that their value could reach $1 trillion.
Duke Energy received a $61.8 million grant from the U.S. Department of Energy.
Amid inflation and tariff pressures, Quanex Building Products expects third-quarter revenue to be flat or up 1%.
The quantum computing sector slumped collectively on the second day of trading for Quantinuum.
Marvell Technology shares pulled back sharply after a six-day rally of over 50%.
Paramount and Skydance have established a game studio to focus on developing their own intellectual property.
Reports indicate Cargill is in talks to sell its metals business to Macquarie.
Attorneys general from multiple states are reportedly planning to sue to block Paramount's acquisition of Warner Bros., sending shares of both companies lower.
Boeing is considering increasing 737 production, but its CEO stated that 63 per month remains the current target.
Commentary
Is the bubble bursting? The U.S. chip sector has lost $1.3 trillion in value, with the Philadelphia Semiconductor Index posting its largest weekly drop in six years.
Despite a sell-off in U.S. stocks, Goldman Sachs notes it does not see signs of extreme crowding in market positioning.
The U.S. Energy Secretary stated the U.S. is in discussions regarding establishing an oil reserve in California.
U.S. consumer borrowing surged again strongly, marking the largest two-month increase since 2022.
U.S. Treasury Market: Short-dated Treasuries led declines as a strong jobs report boosted rate-hike expectations.
As risk-off sentiment intensified, Bitcoin fell below the $60,000 level.
BNP Paribas suggested that Oracle may further raise its capital expenditure guidance.
A robust non-farm payrolls report solidified rate-hike expectations, presenting a challenge for Fed Chair Wash's policy debut.
Spot gold erased its year-to-date gains as strong jobs data boosted expectations for Fed tightening.
Significantly better-than-expected U.S. jobs data led investors to increase bets on Fed rate hikes.
The Cleveland Fed President stated the jobs report indicates the labor market is moving towards better balance.
The U.S. oil industry warned that global energy prices could surge within the coming weeks.
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