π Economic Releases
| Time (ET) | Event | Impact |
|---|---|---|
| 8:30 AM | Unemployment Claims | Medium |
π Earnings Today
π Premarket Gainers & Losers
π― Gamma Flip Point β $SPX (S&P 500 Index)
$SPX gamma flip point is 7539.04 |
π₯ Hot Market News
| Israel and Lebanon Agree to Renew Ceasefire and Establish Security Zones Israel and Lebanon have agreed to renew their ceasefire and establish 'pilot' security zones in Lebanon where Hezbollah operatives are banned. This agreement follows deadly exchanges, including Israeli strikes that killed civilians, and is contingent on Hezbollah ceasing attacks. Further talks are scheduled for June.
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| Trump Downplays Threats of Hormuz Mines, Touts Alternate Route President Donald Trump minimized the threat of Iranian sea mines in the Strait of Hormuz, as the United States continues efforts to reopen the essential waterway after a military conflict between the US, Israel, and Iran began in February. Meanwhile, the Republican-led House of Representatives voted to halt the war amid concerns over the conflict's economic toll, and Iran attacked American military bases in the region, causing casualties and damage.
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| Fed's Warsh Inherits Economy Increasingly Squeezed by Inflation Kevin Warsh takes over as the Federal Reserve grapples with an economy under significant pressure from rising inflation, challenging his efforts to maintain economic stability.
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| EU steel exports to US down 34% due to tariffs, says Eurofer report EU steel exports to the US have decreased by 34% as a result of tariffs, according to a report by Eurofer, highlighting the impact on transatlantic trade in the steel industry.
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| TSMC CEO Warns Chip Supply Wonβt Meet AI-Fueled Demand for Years TSMC CEO C.C. Wei stated that the company's chip supply will not satisfy the growing AI-driven demand for years, despite boosting manufacturing capacities in the US and forecasting over 30% sales growth. The company remains a pivotal semiconductor supplier in the AI industry, facing a shortfall due to significant spending by hyperscalers, while its stock declined 1% in Taipei after Broadcom's outlook.
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| Broadcom stock sinks in after hours as AI chip forecast disappoints Broadcom's stock declined 12% in after-hours trading following the announcement that its AI chip sales for the third quarter are projected at $16 billion, falling short of the $17.2 billion estimate. Despite reporting strong quarterly revenue and earnings, the company did not increase its AI semiconductor sales forecast for 2026.
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| Russia Gains Advantage in Drone Warfare, Poses Threat to Baltic Countries by 2028, Warns Latvian General Latvian Armed Forces Commander Kaspars PudΔns warns that Russia has gained a significant advantage in drone warfare due to its large-scale production capabilities, posing a potential threat to NATO's Baltic members by the end of 2028. Despite European rearmament efforts, many modernization programs will not yield results until 2029, and PudΔns highlights the risk of hybrid warfare tactics such as cyber attacks and disinformation campaigns in the interim.
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π± Forex & Commodities
| Dollar-Yen Hovers Near Intervention Threshold On Mideast Tensions The U.S. dollar held strong near a two-month high as hostilities in the Gulf region raised oil prices and reduced risk appetite, while the Japanese yen hovered near the critical 160-per-dollar level, raising prospects of potential intervention. Meanwhile, geopolitical tensions spurred demand for the dollar's safe haven status, with implications on oil prices and global market yields.
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| Oil Prices Face Third Panic Amid Market Concerns Over Inventory Drawdowns Despite market panics and concerns about supply shortages and inventory drawdowns, current oil prices reflect a well-assessed reality with no new information suggesting a need for higher prices. Importers have adjusted to changes since the Strait of Hormuz closure, indicating supply chain resilience.
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| Dollar Strengthened by Persistent U.S. Inflation and Hawkish Fed Signals The U.S. dollar has strengthened due to ongoing inflation concerns and signals from the Federal Reserve indicating a potential rise in interest rates to curb inflationary pressures.
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| U.S. Was Asked to Blacklist Colombian Cartel Gold. It Was Also Buying It. Colombia requested the U.S. government to impose financial sanctions on its illegal gold industry, linked to the Clan del Golfo drug cartel. However, the U.S. Treasury Department, which had been buying cartel-tainted gold for coins, has not acted on the sanctions request, illustrating the difficulties in separating legal and illegal gold in the global supply chain.
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πͺ Crypto News
| Bitcoin ETF Outflows Continue, Impacting Broader Crypto Market U.S. spot bitcoin funds experienced significant outflows, losing $396.60 million on Wednesday and totaling a $4.37 billion drain since mid-May, with BlackRock's IBIT facing substantial redemptions. Ether, solana, and XRP funds have also joined the outflow trend, while Hyperliquid's HYPE ETF remains an exception with positive inflows since its launch.
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| Bitcoin Dumps Below $65K, Spurring $1.8B Wipeout Before Recovery Bitcoin's price dropped below $65,000, which triggered significant market reactions and investor concerns about potential further declines in the cryptocurrency market.
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| Bitmine to launch STRC-style preferred stock offering amid $9.2 billion unrealized ETH losses Bitmine Technologies has initiated a preferred stock offering, seeking to raise capital to fund its expansion plans and enhance its operational capabilities in the cryptocurrency mining sector.
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π οΈ Free Market Tools
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