01 Stock Market
The U.S. major indexes closed as follows: Dow Jones declined 1.21% at 50,687.07; S&P 500 declined 0.74% at 7,553.68; NASDAQ declined 0.89% at 26,853.98. Lingering concerns over fresh tariff proposals and mixed signals from the technology sector weighed on sentiment, keeping all three benchmarks in the red by the closing bell.
Semiconductor names dominated the day’s unusual moves. Stand-out gainer Navitas Semiconductor (NVTS) jumped 19.26% at $30.84 after unveiling new high-voltage solutions for AI data centers. Direxion Daily Semiconductors Bull 3x Shares (SOXL) climbed 5.34% at $280.54, while leveraged peer GraniteShares 2X Long MRVL ETF (MVLL) advanced 7.14% at $202.93. Core chipmakers showed wide dispersion: Intel (INTC) gained 4.43% at $112.71, Marvell Technology (MRVL) added 3.73% at $301.65, and Advanced Micro Devices (AMD) rose 4.02% at $542.52, whereas industry bellwether Nvidia (NVDA) fell 3.62% at $214.75.
Megacap technology and related plays saw sharp two-way action. Social-media giant Meta Platforms (META) climbed 4.24% at $622.98 following the launch of a new enterprise AI tool. Conversely, software heavyweight Oracle (ORCL) declined 5.83% at $230.33, and cloud titan Microsoft (MSFT) fell 3.17% at $427.34. Elsewhere, consumer-hardware leader Apple (AAPL) slipped 1.57% at $310.26, while U.S. electric-vehicle bellwether Tesla (TSLA) was broadly flat, down 0.01% at $423.70. The mixed performance across influential names contributed to the market’s lacklustre tone.
02 Other Markets
U.S. 10-year Treasury yield rose by 0.00%, latest at 4.49%.
USD/CNH fell 0.10%, at 6.82; USD/HKD fell 0.00%, at 7.84.
U.S. Dollar Index fell 0.05%, at 99.48.
WTI crude futures fell 0.75%, at 95.30 USD/bbl; COMEX gold futures rose 0.19%, at 4,475.60 USD/oz.
03 Top News
1. SpaceX Publishes $135 Share Price for Its IPO, Targeting a Record $75 Billion Raise. The company will begin its roadshow in the coming days, aiming for a valuation near $1.75 trillion. The bold disclosure sidesteps traditional price-discovery norms and signals high confidence in investor demand.
2. U.S. Trade Representative Proposes 10%–12.5% Tariffs on Dozens of Countries. The Section 301 action cites forced-labor concerns and could intensify global trade tensions. An appeals process is under way as Washington also challenges a court order to refund previously collected duties.
3. Meta Launches “Business Agent” AI Assistant to Automate Corporate Tasks. Debuted at a London conference, the tool can book appointments, answer queries and close sales across WhatsApp, Instagram and Messenger. More than one million firms already use earlier versions, with subscription tiers set to roll out later.
4. Navitas Partners With Nvidia’s MGX Ecosystem to Power Next-Gen AI Data Centers. The GaN-specialist unveiled an 800 V-to-6 V DC-DC board boasting 97.5% efficiency, propelling its shares sharply higher. The collaboration targets megawatt-scale rack architectures for advanced AI workloads.
5. USA Rare Earth Secures Up to $1.6 Billion From U.S. CHIPS Program. The package blends $277 million in grants with $1.3 billion in government-backed loans, accelerating domestic rare-earth processing capacity. Equity warrants granted to the Commerce Department align incentives for future growth.
6. Medtronic Tops Estimates on Robust Cardiovascular Device Demand. Fourth-quarter revenue reached $9.81 billion with adjusted EPS of $1.55, buoyed by a 13.8% surge in heart-device sales. The company reaffirmed its strategic focus on tuck-in acquisitions despite an expected tariff headwind.
7. Macy’s Boosts Full-Year Outlook After First Sales Growth in Nearly Four Years. Luxury-focused initiatives at Bloomingdale’s and Bluemercury drove a 1.8% rise in quarterly revenue to $4.68 billion. Management now sees fiscal-year net sales as high as $21.75 billion and EPS up to $2.20.
8. ADP Report Shows U.S. Private Payrolls Grew by 122,000 in May. The figure topped economists’ expectations of 117,000, indicating resilient labor demand. Markets await Friday’s official jobs data for confirmation amid ongoing inflation concerns.
9. Rising Redemption Requests Pressure U.S. Private Credit Funds. Cliffwater’s flagship fund saw withdrawal demands climb to 17% of assets, stoking worries across alternative asset managers. Shares of several listed firms in the sector declined as investors anticipate further updates.
10. Former President Trump Claims Iran Has Pledged to Abandon Nuclear Weapons Ambitions. In a podcast interview, Trump asserted that Tehran’s leadership is engaged in talks with Washington and has agreed to forgo nuclear arms. The statement, if verified, could have significant geopolitical and energy-market implications.
Sources: Reuters, Dow Jones, Tiger Newspress, public market data
Disclaimer: This content is for reference only and does not constitute investment advice.
