To The Moon

Market Summary

Closing levels on June 3rd show US stock indices reaching new record highs, with the S&P 500 closing above 7600 for the first time.

Among the top 20 most actively traded US stocks by volume, Marvell Technology saw its share price surge 32.5% following positive comments from Nvidia CEO Jensen Huang.

Popular US-listed Chinese stocks generally advanced, with Silicon Motion Technology rising 12.39% and Himax Technologies gaining 9.45%.

A review of commodities shows oil prices edged higher, while London copper prices advanced and gold pared its earlier gains.

European stock markets posted their largest single-day gain in over a week, buoyed by strength in the technology sector.


Macroeconomic and Political Developments

Former President Donald Trump signed an executive order on artificial intelligence aimed at strengthening government oversight of the technology.

Trump is scheduled to attend the rescheduled White House Correspondents' Dinner on July 24th.

Senator Marco Rubio stated that the United States and Iran could potentially reach an agreement.

Emerging market ETFs listed in the US experienced further capital outflows, with South Korea seeing the largest withdrawals.

Federal Reserve Governor Christopher Waller has hired two individuals with conservative leanings as advisors.

US authorities disabled an empty oil tanker bound for Iran's Kharg Island.

Acting US Attorney General Matthew G. Whitaker stated that Trump's proposed "anti-weaponization" fund has fallen through.

Reports indicate Trump continues to receive an exemption from certain tax audits, although his $1.8 billion fund plan faces uncertainty.

Iran's Foreign Minister discussed efforts to ease regional tensions with Saudi Arabia's Foreign Minister.

Canada has proposed a 16-year extension to the US-Mexico-Canada Agreement, with free trade negotiations proceeding alongside sector-specific tariff talks.


Corporate News

Microsoft unveiled a new AI model designed to reduce its reliance on OpenAI and lower costs for developers.

Meta scaled back plans for an internal mouse-tracking technology due to employee concerns.

Over a thousand SpaceX employees are collectively negotiating with financial advisors to prepare for potential wealth increases following a future IPO.

A shell company linked to Elon Musk purchased land outside Houston, potentially as the site for a planned $55 billion chip factory.

SpaceX is reportedly seeking to lower underwriting fees for its IPO, though Wall Street banks could still share in revenue of up to $500 million.

The market is watching to see if AI leaders OpenAI and Anthropic can withstand the pressures of being public companies.

IBM has committed over $10 billion to build the world's first large-scale fault-tolerant quantum computer.

The European Union approved the transaction involving the coatings business of BASF and The Carlyle Group.

Nvidia and Microsoft announced a partnership to launch a unified technology stack for deploying agentic AI.

Hewlett Packard Enterprise's stock hit a record high after the company raised its sales outlook, driven by AI demand.

Anthropic has expanded access to its Mythos model to an additional 150 institutions.

JPMorgan analysts noted that Tesla's sales momentum is accelerating.

The United States sanctioned Nobitex, Iran's largest digital asset exchange.

NBA star Stephen Curry's endorsement deal with Li-Ning is valued at over $400 million.

GameStop reported profit growth for its first fiscal quarter and announced a $2 billion stock buyback plan.


Analyst Commentary and Data

Ahead of the crucial non-farm payrolls report, bearish sentiment is dominating the US Treasury market.

The CEO of Goldman Sachs suggested inflation may alter consumer behavior, but ample capital remains available for a wave of large IPOs.

Goldman Sachs analysts warned that US diesel inventories have fallen to their lowest level since 2003, raising the risk of a supply crisis by August.

The US proposed new 25% tariffs on Brazil, accusing the country of unfair trade practices.

Berkshire Hathaway remains confident that the "American Dream" of homeownership will persist.

Despite the US stock market's strongest rally in 75 years, Wall Street analysts remain hesitant to turn fully bullish.

Comments from a Federal Reserve official indicated that if inflation remains persistently high, the central bank may implement regulatory measures.

Commodities trader Vitol warned that Western nations have yet to grasp the severity of the impending oil supply shortage.

Senator Rubio stated that Iran has laid extensive minefields in the Strait of Hormuz.

Shares of Fannie Mae and Freddie Mac declined amid questions over the FHFA director also serving as acting director of national intelligence.

Bank of England Governor Andrew Bailey cautioned that not all AI-related stocks will be winners.

US job openings surged to 7.6 million in April, reaching their highest level in nearly two years.

CME Group reported record trading volume for May, averaging 33.2 million contracts per day.

Bailey also emphasized the need to restore public confidence in the 2% inflation target.

An economist suggested gasoline prices could fall as the US obtains more oil from the Gulf of Mexico.

In the oil market, prices rose slightly as traders weighed the prospects of US-Iran negotiations.

US Treasury bonds closed mixed, giving back gains after stronger-than-expected job openings data.

US equities continued their advance, with the S&P 500 posting a rare nine-day winning streak as AI trading enthusiasm reignited.

The New York foreign exchange market saw the US dollar resume its decline, with the Japanese yen approaching levels that could trigger intervention.

Japan may face tight supplies of liquefied natural gas.

Over $1 billion worth of cryptocurrency positions were liquidated, sending Bitcoin to a two-month low.

Goldman Sachs CEO David Solomon remarked that the stock market boom is driven by the pursuit of profit, with greed currently outweighing fear.

In European bond markets, government bonds advanced, with UK gilts outperforming.

Key headlines from international markets on June 3rd included Trump's AI executive order, Microsoft's new AI model, and SpaceX's push for lower IPO fees.