📅 Economic Releases
| Time (ET) | Event | Impact |
|---|---|---|
| 10:00 AM | Revised UoM Consumer Sentiment | Medium |
| 10:00 AM | Revised UoM Inflation Expectations | Medium |
📊 Earnings Today
📈 Premarket Gainers & Losers
🎯 Gamma Flip Point — $SPX (S&P 500 Index)
$SPX gamma flip point is 7404.94 |
🔥 Hot Market News
| Crude oil price spikes after Iran drone strike on Singapore-flagged container ship in Hormuz A drone strike by the IRGC on a Singapore-flagged container ship in the Strait of Hormuz has renewed supply concerns, causing oil prices to rise sharply and highlighting ongoing risks in the vital shipping route. The vessel was damaged but continued its voyage without injuries, while the UN paused evacuation efforts, emphasizing the precarious situation despite recent US-Iran agreements.
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| Korean Stocks Tumble 9% on Chip Selloff, Triggers Trading Halt The Kospi index in South Korea plunged up to 9% following a 20-minute trading halt, driven by significant declines in Samsung and SK Hynix shares, both falling over 10%. The market experienced extreme volatility due to shifts in AI sentiment and uncertainty over semiconductor supply amid aggressive selling by foreign investors.
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| Indonesia opens door to dirty money to fund Prabowo’s plans Indonesia's new financial-sector law provides legal immunity for investments in President Prabowo's sovereign wealth fund, Danantara, shielding bond purchases from criminal, civil, or tax investigations. This unprecedented move aims to attract hidden capital but raises concerns about attracting questionable money and undermining efforts to combat corruption.
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| Chinese Tech Stocks Soar on AI Spending, Earnings Season to Test Valuations The STAR 50 Index surged 64% this quarter due to increased AI infrastructure spending and Beijing's support for domestic tech firms, but concerns are rising that current share prices and sentiment may exceed fundamental earnings growth.
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| Samsung and SK Hynix Announce $646 Billion Investment in Semiconductor Expansion Samsung Electronics and SK Hynix plan a $646 billion investment to enhance semiconductor production in South Korea, focusing on a second major chip cluster to meet surging AI demand. SK Hynix, now South Korea’s most valuable listed company due to its HBM dominance, aims for completion of new facilities by 2034-2035, accelerating from previous projections.
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| King Charles Becomes First British Monarch to Reveal Tax Bill King Charles has disclosed that he paid £12.9 million in tax for 2024-2025, marking the first time a British monarch has revealed their tax details. The annual royal accounts also show that the Sovereign Grant, the main source of public funding for the Royal Household, will rise to just under £100 million by 2027-28.
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| FedEx Freight Targets Gains in Data Centers, Health After Spin-off FedEx Freight is focusing on expanding its presence in data centers and the health sector following its spin-off, aiming to leverage these growing industries to boost revenue and operational efficiency.
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| US airline stocks erase pandemic-era losses as oil prices ease The US Global Jets ETF, an indicator of major airline stocks, rose 4.2% to its highest point since December 2018, benefiting from falling oil prices amid US-Iran peace progress. Despite its recent gain, the ETF's growth has lagged behind the S&P 500 since 2019, highlighting ongoing challenges faced by the airline industry during its pandemic recovery.
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| BlackBerry Pivots to 'Uncrashable' AI and Robotics Software Layer as Shares Surge BlackBerry has shifted its focus to developing uncrashable AI and robotics software, leading to a surge in its share prices. This strategic pivot marks a significant move for the company, aiming to solidify its position in these emerging technology markets.
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💱 Forex & Commodities
| Empty LNG Tankers Mass Outside Qatar as Exports Tick Higher At least eight empty vessels have congregated off the Ras Laffan facility after most transited through the Strait of Hormuz over the past week, according to ship-tracking data compiled by Bloomberg. Another tanker in the Gulf is on its way to the plant, while two other Qatar-linked ships are approaching the eastern entrance of Hormuz, the data shows.
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| China’s Crude Imports Plunge To Lowest Level Since 2018 Chinese crude imports fell to their lowest level since 2018 as the country relied more heavily on strategic reserves and reduced purchases from major Middle Eastern suppliers, creating a bearish outlook for oil demand.
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| Gold Steadies Near $4,000 as Inflation Gauge Tempers Rate-Hike Expectations Gold prices stabilized near $4,000 an ounce as the US personal consumption expenditures price index rose by only 0.4% in May, easing pressures for an interest-rate hike and impacting bond trader expectations for future rate increases.
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| Aluminum Heads for Fourth Weekly Drop on Mideast Supply Return Aluminum prices declined by 0.2% to $2,228 a ton as of mid-morning in Shanghai, heading for a fourth consecutive weekly drop due to the return of Middle East supplies to the market.
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🪙 Crypto News
| Invesco Targets Stablecoin Reserves With New Tokenized Money Market Fund Invesco has filed an amended registration statement with the SEC to introduce the Invesco Stablecoin Reserves Onchain Fund, a tokenized money market fund for stablecoin issuers to manage cash reserves compliantly. The fund will invest in U.S. dollar-denominated assets and use blockchain technology for record-keeping without directly investing in stablecoins or issuers.
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| Strategy MSTR dividend risk: 10 months of cash, zero confidence Strategy's MSTR stock fell 8% to $86 and its STRC preferred shares dropped to $75, highlighting a confidence crisis as investor trust erodes due to repeated strategic changes by Michael Saylor. Despite holding sufficient reserves for STRC dividend payments, the company faces challenges in raising capital and funding future bitcoin purchases due to the STRC shares trading below par value.
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| Bitcoin likely to fall another 30% to $44,000 by year-end, prominent BTC miner says Jiang Zhuoer, founder of LeBit mining pool, forecasts that bitcoin will bottom between $42,000 and $44,000 in the fourth quarter of 2026, influenced by the market sentiment towards Strategy's mNAV, which has dropped to 0.72, indicating a pessimistic outlook.
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| Circle Plans Partnership with Nomura to Enable Instant Foreign Currency Settlement for Japanese Firms by 2027 Circle is planning to partner with Nomura to offer instant foreign currency settlement services for Japanese companies, with the goal of implementing these services by 2027.
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