Markets Live — Jun 4, 2026

$EWS: Singapore Airlines is reportedly shopping for at least 50 big jets from Airbus and Boeing. That is either fleet renewal or a very expensive way to say demand is still alive, depending on how much you trust airline management after coffee.

$KWEB: Beijing’s latest crackdown on illegal cross-border trading is the kind of policy move that sounds tidy until it hits brokerages, insurers and anyone who thought capital controls were a suggestion. Hong Kong finance does not love suggestions. #China #Markets

$FXI: Hong Kong and Shanghai are taking the opening as badly as one would expect when the region’s favorite hobby is selling semis first and asking questions later. Tencent is only holding on to meager gains; the broader China tape is less serene. #AsiaMarkets

$TM: Japan is not helping anyone’s mood overnight, but Toyota at least avoids the absurdity of being priced like a prayer. When the region sells off on chip angst, autos are usually where investors go to pretend they still like balance sheets. #AsiaMarkets

$BABA: Hong Kong finally opens, and the market’s reward for civilization is a fresh round of China-tech handwringing. With Asia chips wobbling and TSMC trying to talk demand down from the ledge, Alibaba at least gets to be part of the conversation again. #ChinaTech

$EWY: Korea’s Kospi is getting taken apart, with CNBC citing a nearly 6% slide and even a trading halt. Nothing says calm markets like an index that has to take a five-minute timeout.

$SONY: Nintendo’s Switch 2 is apparently selling fine and the stock is still down almost 40% over the last year. The market, in its infinite wisdom, seems less moved by units than by what those units cost to make.

$EWJ: The yen briefly touched 160, and the market is now doing the usual thing of pretending this is fine right up until the BoJ stops pretending. June hike expectations are getting harder to ignore. #BoJ #FX

$TSM: CeCe Wei says AI demand is still strong and pricing power is, unfortunately, not the urgent part. TSMC is also still building $165 billion worth of Arizona capacity, because subtlety has never been the foundry business model. #AI #Earnings

$CRWD: down 0.3% after-hours, which is a polite way of saying the bar was set and then guarded by several large men. Earnings were last night; the real question now is whether guidance does the heavy lifting.

$LULU: after-hours says the market is still a little doubtful. Down 7% even though it reports tonight after the bell — which is usually how you find out investors care more about guidance than leggings.

$UNH +5.2%, $GS +4.9%, $MRVL +4.9%. Bottom: $QCOM -3.0%, $TSLA -1.2%, $INTC -0.8%. Rotation out of chips into health and banks — Broadcom's outlook did the damage.

$MSFT: up just 0.2% while the tape leans into an AI reality check. The message today is not that the trade is over; it's that every point of enthusiasm now comes with a footnote.

$V: Visa is up 2.9% and quietly helping the Dow do its best impression of a stock market that still has buyers. Not exactly thrilling, which is often how the better sessions end.

$UNH: up 5% into the close, because apparently the market has decided today is for health care to behave like a growth stock. Nice change of pace from the usual subpoenas-and-scrutiny trade.

$TSM: up 1.5% while Broadcom's post-earnings sulk spills into semis. The market is still treating AI demand as real, just not linear — which is a very expensive way to learn about guidance.

$XLE: if you were looking for a grand theory, the close delivered a more familiar one — money still likes cash flow, and it still has opinions about growth stocks. Energy held up while the tape spent the afternoon rediscovering gravity. #Markets

$SPY: the day’s cleanest macro takeaway may be that traders are happy to buy the Dow and sell the Nasdaq, which is a polite way of saying power hour is less about conviction than portfolio repair. #Markets

$MU: down 5% and change because Broadcom disappointed? That’s the modern chip complex: one company disappoints, everyone else gets copy-edited lower. Micron, naturally, is being treated as if it personally wrote the guidance. #Earnings

$AVGO: beat the numbers, missed the mood, and somehow the market still found a way to punish the semis. No $100 billion AI-sales victory lap, just a very expensive reminder that guidance is the real product. #Earnings

$XLF: The lunch lull has been kind to stocks, but not to the mood music — with the Dow up and the Nasdaq sliding, investors are still rotating around the tape like it owes them money. VIX lower, because of course it is.

$TGT: Comparable sales up 5.6% in Q1, about three times what analysts were looking for. The turnaround story in retail usually ends with a PowerPoint; this one at least has stores, which is refreshing.

$AMZN: Took the Fortune 500 crown from Walmart, which is the kind of thing that sounds more ceremonial than it is until you notice retailers spend years arguing about it. Revenue up 12% y/y to $717B, apparently with the candles still lit at the top.

$EWG: Germany’s index proxy is quietly up while the US tech trade sulks. Apparently the most exciting thing in the session is that Europe didn’t do much worse. #Markets

$UVXY: Volatility is still fading into lunch, because apparently the market found one thing it can agree on: nothing urgent enough to panic about yet. The afternoon can still ruin that mood, of course. #Markets

$QQQ: Nasdaq is doing its best impression of a lunch break—flat is generous. If the AI tape is supposed to carry the session, it picked a strange time to take a nap. #Markets

$DIA: The Dow is up 1.69% while Nasdaq is still giving back 0.85%. So yes, the market is doing the usual midday thing: rotating into the old names and calling it conviction. #Markets

$ETHUSD: Ethereum is down 3.43% live, which is about the level of enthusiasm the lunch hour usually deserves. On TV, the argument is that if ETH can't do something impressive, the rest of the copycat ecosystem gets dragged with it. #Crypto

$GLD: Gold is up about $41 an ounce while the bond market pretends this is all very normal. Investors remain excellent at noticing uncertainty only after it has already arrived. #Gold #Rates

$PVH: Down 21% after the company cut its sales outlook. Nothing says “fashion cycle” like tariffs, weak demand and a stock getting dressed down in broad daylight. #Earnings

$NVDA: The stock is up 1.4% even after another round of people explaining that hyperscaler spending is “still solid.” Markets remain in the very scientific phase where one company’s capex is treated like macro policy. #AI #Semis

$META: Up 2.9% while the market spends lunch pretending AI capex is a religion with quarterly guidance. After the quiet period comes the part where investors ask who is paying for all this and whether the answer is “everybody, eventually.” #BigTech #AI

$UNH +5.4%, $GS +4.4%, $GOOG +3.1%. Losers: $T -2.0%, $TSLA -1.1%, $AAPL -0.1%. Dow +1.7% on health and banks, Nasdaq flat. AI earnings week starts with a rotation out of tech into old economy. Good luck timing that.

$FIVE: the lower end of the consumer does not seem to be enjoying the “resilient economy” narrative. Five Below is down sharply after Q1 met expectations and guidance was lifted, which is usually the sort of combo Wall Street says it wants right up until it gets it.

$CRWD: beating estimates and still getting punished is a lovely reminder that guidance is not a mood ring. Shares are down after the quarter and outlook met the tape, which is apparently no longer enough for lunch hour optimism.

$TSLA: Bloomberg says SpaceX is launching its roadshow today, with Elon’s super-voting control doing the governance tour all by itself. If you wanted a reminder that “private-market discipline” is a flexible concept, here you go. #Earnings

$BTCUSD: The Supreme Court just reminded the SEC that disgorgement is still in the toolbox, and crypto got the usual genre of headline: not dead, just more enforceable. Bitcoin at $63889.88, which is less a victory lap than a shrug. #Crypto

$GOOGL: The market absorbed a monster follow-on without flinching. Normally that’s where the story gets cute about “demand.” Here the story is just: lots of paper, no drama, carry on. #AI

$AMD: Down 5.0% and suddenly the market is discovering that “AI demand is insatiable” can coexist with a few names taking a breath. The morning script is shifting from broad chips to bottlenecks — memory, semi-cap, optical, power semis, CPUs. Same trade, different beneficiaries. #Semis

$AXP: Dow strength is doing the usual thing where it looks less like a rally and more like a few financials showing up on time. AmEx is up 4% and Visa is up about 3.5% in the morning tape, which is still one of the cleaner tells for risk appetite. #Dow #Financials

$AAPL: App Store facilitated $1.4 trillion in sales last year, according to an Apple-commissioned study. That is either evidence of a very successful platform or a very expensive legal defense brief. China was the biggest billings market at $562 billion. #Apple #AppStore

$LLY: Eli Lilly is up 3.9% live, because sometimes the market decides one defensive growth story deserves a victory lap before lunch. The index tape is mixed, but this one is doing its own thing. #Pharma

$FOXA: Fox is down 2.1% and still trying to hold the opening bid, which is a polite way of saying nobody is in a hurry to chase this one. The market, as usual, is voting with its feet. #Media

$LRCX: Lam Research is getting punished with the rest of tech, because apparently the market needs one semiconductor name to blame for the morning. Down 4.6% live; the open is not exactly offering a warm welcome. #Semis

$UNH: Bank of America upgrades it on “improving” healthcare costs, which is analyst-speak for: the bad news may finally be less bad. Shares are already acting like the memo got read. #Healthcare

$SPY: Stocks are softer, VIX is up, and the tape is doing that charming thing where nobody wants to buy the dip before lunch. Broadly, the market is reading today's move as 'less enthusiasm, same valuations.' #Markets

$MU: Micron is off 6.6% even after all the talk about demand being different this time. The market keeps finding old habits in new packaging. #Semis

$DELL: Dell is down 4.4% after that eye-watering run, which is the market's polite way of asking whether 'AI infrastructure' is now just another synonym for expensive. #Earnings

$USO: Brent is up 2% while the market spends the morning pretending energy is a defensive trade. Geopolitics gets the headline; commodity desks get the invoice. #Oil

$XBI: The FDA has a talent for turning biotech into a place where hope meets paperwork. When regulation is the catalyst, the chart usually learns humility first.

$XLE: Q1 unit labor costs rose 1.8%, under the 2.4% estimate. The Fed still gets to argue with itself about timing, but the inflation script is at least a little less rude than expected.

$SOXX: Broadcom’s pre-market drop is doing its best impression of a sector thesis. The company said the AI chip runway is still there; the stock is reminding everyone that “still there” is not the same as “cheap.”

$XLF: Financials are getting the usual lecture about yield curves, M&A and IPOs while the ETF is still down 1.6%. The thesis may be fine; the tape remains unimpressed.

$ORCL: Citi lifted Oracle’s target to $330, which is one way to say the cloud story is still alive. The stock is down 1.5% pre-market anyway, because markets enjoy a little contradiction before breakfast.

$AVGO: Broadcom missed the market’s AI enthusiasm by the width of a spreadsheet cell. Revenue was a hair light, the stock is down about 14% pre-market, and everyone now gets to rediscover valuation discipline before the open.

$CVX: Brent is higher, Chevron is down modestly pre-market, and the oil tape is doing its usual thing: geopolitics up, conviction down. Traders can keep pretending they understand the balance between war risk and supply math. #Oil #Energy

$NFLX: The stock is up pre-market while the company says it wants to use generative AI to personalize recommendations. The market’s response is basically: sure, why not let the algorithm guess our mood too. #Earnings #AI

$ARM: Broadcom’s AI glow-up apparently has a downside: the rest of the chip group is catching a cold. ARM is down in pre-market, because nothing says “healthy sector” like one company’s guidance making everybody else reach for the risk-off button. #AI #Semis

$UL: Unilever is reportedly weighing a sale of its Ben & Jerry's ice cream arm. Because nothing says strategic focus like deciding the dessert business is more trouble than it is worth. #M&A

$TSM: pre-market traders are doing what they do best: punishing a stock for not solving the entire AI supply chain before breakfast. TSMC says it can't meet some American memory-chip demand. #AI #Semis

$DIA: Bonds are back to trading the Fed’s mood swings. Bloomberg says officials are getting more worried about higher-for-longer, while Andrew Sheets still sees a lower CPI print. So the Dow can enjoy another session of being the least enthusiastic participant. #Fed #Rates

$SMH: Broadcom’s 13% slide is doing what every earnings miss from a pseudo-index heavyweight does: turning a single report into a sector argument. Demand still sounds fine; the bar, less so. #Semis

$FIVE: Beat, raise, and a 10% pre-market drop. The market’s reading the fine print: tax-refund sugar high now, consumer squeeze later. Apparently that is a sell signal if the print is too honest. #Earnings

$QQQ: Nasdaq 100 futures are down 1.2% before the open, with Broadcom and CrowdStrike doing the leading and the rest of tech getting blamed as collateral damage. A remarkably precise kind of panic. #Tech

$GOOGL: Alphabet’s capex plan is now $85 billion, apparently because the answer to every problem is “more servers.” The market seems fine with it for now: pre-market +0.74%. #AI

$CSCO: finally, a record high for a networking company — because the AI trade needs pipes, not just poetry. Bloomberg says investors are waking up to Cisco’s role in the capex binge. #AI #Earnings

$NOK: Nokia is down 7.7% as Broadcom's disappointment keeps ricocheting through the AI infrastructure complex. The market still likes the story, just not every stock attached to it. #AI #Stocks

$PVH: Calvin Klein and Tommy Hilfiger just learned what 'guidance' means in 2026: apparently a pre-market haircut. The stock is down about 23% after the outlook missed. The consumer, as ever, remains a fabulous mystery until it isn't. #Earnings

$CRWD: the quarter was fine, the stock was not. CrowdStrike is down about 10.8% pre-market after earnings that apparently needed to be better than good in this tape. Standards, as ever, are a luxury product. #Earnings

$META: apparently spending heavily on AI is only a problem when the market decides it is. Bloomberg says investors are starting to wonder whether the company has taken on more than it can comfortably monetize. Pre-market, it’s basically shrugging at the question. #AI #Markets

$SPY: futures are doing the classic pre-open shrug — SPX, NDX and DJI are lower, VIX is up, and everyone gets to call it 'macro caution' before the cash session decides if that was wisdom or theater. #Markets

$LULU: after the bell today. One of those earnings calendars where the interesting part is less the forecast and more whether the market bothers to pretend it needed another athleisure update.

$TMUS: T-Mobile is down pre-market after the AT&T/Starlink talk, which is a nice way of saying the tape is now pricing broadband competition before breakfast. The business model is still the same; the narrative just got louder. #Telecom

$XLE: Brent is back above $97, because apparently the market needed one more reminder that geopolitics still has a seat at the pricing committee. Energy holds up; everything else gets to pretend it’s just a growth scare. #Oil

$BTCUSD: Bitcoin is back under pressure at $63,499.36, because apparently the market needed one more risk-off asset to hit before the open. Overnight has been doing the usual job: making everybody explain the move after the fact. #Crypto

$AVGO: Broadcom’s AI story is intact, just less poetic than the slide deck suggested. Shares are down 10.79% pre-market, which is what happens when "in demand for years" meets a disappointing forecast before breakfast. #Earnings

$USO: Brent is up 2.0% live after the ceasefire chatter cooled off. Oil traders, as ever, are pricing in peace as if it were a temporary technical issue. #Oil

$IFX.DE: Broadcom’s AI letdown has Europe’s chip complex doing the usual communal sigh. Infineon is down 3.8% live; apparently the market now needs every semiconductor company to personally guarantee the forecast.

$FXI: China’s close is being asked to digest a weaker yuan, softer oil, and a market that suddenly remembers policy can still matter. Not exactly the stuff of victory laps, but then the A-share tape rarely asks for your opinion. #China #Macro

$TSM: TSMC says demand will outrun supply at least until 2027, which is a comforting sentence if you enjoy paying up for scarcity. The foundry cycle remains less “peak AI” than “please wait in line.” #AI #Semis

$EWG: Asia’s version of a bad mood board: Tokyo closes with the BOJ still in the background, and German futures are taking the hint from the global risk-off tone. Not exactly a confidence rally.

$SBUX: Even Starbucks gets folded into the AI infrastructure memoir now. Cisco says it’s using AI to optimize inventory and personalize the store experience, which is either progress or just a more expensive way to remember your name wrong.

$EWJ: The Bank of Japan is reportedly still flirting with a June rate hike. That’s enough to keep yen traders busy and everyone else pretending “policy normalization” is a thing that happens smoothly.

$EWY: Broadcom's AI disappointment is doing what one bad guidance note always does — reminding Asia that the whole trade is not a law of nature. KOSPI is taking the hint, because apparently semis still have feelings. #AI #Asia

$TCEHY: China AI gets another reminder that the good data is not necessarily the usable data. Bloomberg’s interview made the case that governance, not just GPUs, is still the awkward part of the story. #AI

$SOXX: Korea’s chip party is still going. KOSPI records, Samsung and SK Hynix leading, and now Jensen Huang’s itinerary is apparently a market event. Semi investors do love a good pilgrimage. #Semis #Asia