🇺🇸 Wall Street (Thu close) Dow 🟢 +1.73% → 51,562 (new all-time record) | S&P 500 🟢 +0.41% → 7,584 | Nasdaq 🔴 -0.09% → 26,831
A sharp rotation out of AI/chip stocks into healthcare and financials. Broadcom crashed 15% after missing its AI revenue target, dragging Nvidia and the broader tech sector lower. On the winning side: UnitedHealth +5%, Goldman Sachs +5%, JPMorgan +3%, Eli Lilly +4%. Quantum computing company Quantinuum made its Nasdaq debut, raising $1.68B at $68/share.
🌏 Asia (Fri, June 5) Nikkei 225 🔴 -1.5% → below 66,500 | Hang Seng 🔴 -1.5% → ~25,253 | CSI 300 ≈ flat
Tech selling continues across the region. Tokyo is hit hard - Tokyo Electron -5.6%, Advantest -4.4%, SoftBank -1%. On the macro front, Japan's real wages rose for a 4th straight month, strengthening the case for a BoJ rate hike later this month. In Hong Kong, Tencent, Meituan, and Xiaomi all traded lower.
🛢️ Oil WTI ~$93 | Brent ~$95-97
Eased on Israel-Lebanon ceasefire hopes and cautious optimism around US-Iran talks. However, the Strait of Hormuz situation remains a wildcard. US crude inventories fell for a 6th consecutive week.
🥇 Gold | XAU/USD ~$4,440-4,480 Under pressure from ceasefire optimism and rate-hike expectations. Down ~16% since the Iran war began in late February. The ECB is widely expected to hike +25 bps on June 11, while the FOMC meets June 16-17 - both events weigh on the non-yielding metal.
💶 EUR/USD ~1.161 Holding above 1.16 as Eurozone May CPI hit a 2.5-year high of 3.2%, sealing expectations for an ECB rate hike next week. Core inflation also surprised to the upside at 2.5%.
₿ Crypto Bitcoin 🔴 ~$63,200 (-14% in 7 days) | Ethereum 🔴 ~$1,760 (-1.7%) Crypto is firmly in risk-off mode. BTC has erased all gains made since the start of the US-Iran war and hit a 4-month low this week amid massive ETF outflows. Fear & Greed Index sits in Extreme Fear territory. Standard Chartered says the bottom may be "almost in."
📅 Key today 🔔 US Non-Farm Payrolls (May) - consensus: ~85,000 jobs. A major market mover for USD, gold, and equities heading into next week's central bank decisions.
⚠️ Not investment advice. Trading carries risk.
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