The S&P 500 closed up 0.5%. Apple fell 1.5%, with a weekly decline of over 5%. Intel rose 6.5%, surging 25% for the week. On SpaceX’s debut day, space concept stocks SATS and RKLB both plunged nearly 11%. Seagate surged over 7%. The software sector ETF traded flat to slightly lower, extending its losing streak to nine consecutive sessions, the longest in 20 years. The 10-year Treasury yield rose 2 basis points on the day but fell about 10 basis points for the week. Silver rose 1% intraday. Copper futures in New York rose for a second consecutive session. WTI crude oil futures fell over 3%.
Expectations of a US-Iran peace agreement continued to heat up, pressuring oil prices. Falling inflation expectations drove US stock indices higher, Treasury yields lower, and the dollar weaker.
On Friday, news of US-Iran peace talks dominated the market:
Mike Wirth stated: “If you look at products or crude oil, we have transitioned from comfortable inventory levels under normal conditions to levels that will soon become uncomfortable.” Crude oil prices declined on the day, marking their third weekly drop in four weeks, though still above pre-war levels. According to Polymarket, the probability of a U.S.-Iran deal being reached before the end of June surged to 43%, up from less than 30% previously. On Friday, the S&P 500 closed up 0.5%, the Nasdaq rose 0.31%, and the Dow gained 0.7%. SpaceX completed its Nasdaq listing on the same day, with its stock price surging approximately 19%, becoming the market focus of the day. Vanda Research data showed that SpaceX became the most purchased stock by retail investors on Friday, with net buying volume more than 3.5 times that of Nvidia, the second most bought. Retail turnover reached $453 million, accounting for approximately 4% of total single-stock retail turnover for the day. SpaceX is thus poised to become the IPO with the highest retail investor participation in recent years, far exceeding the $92 million retail net buying record set by Coinbase’s listing in April 2021, and surpassing the first-day retail participation scale of all major IPOs over the past six years. Although U.S. stocks closed higher, intra-week divergence was particularly pronounced. The S&P 500 and the Dow posted slightly positive weekly gains, the Nasdaq rose approximately 2%, while small-cap stocks performed strongest, with the Russell 2000 Index gaining over 4% for the week. The S&P 500 recorded its tenth weekly gain in eleven weeks, partly supported by large-scale short covering on Thursday and Friday. Divergence within the technology sector was significant. The semiconductor segment staged a strong rebound this week, erasing last week’s losses. Additionally, the ratio of bullish call options to put options for SK Hynix reached 100 to 1, indicating extremely strong bullish sentiment in the market. Conversely, as reported by Wall Street News, software stocks suffered heavy losses. Multiple stocks including Adobe and ServiceNow fell over 10% for the week, with Adobe additionally pressured by the news of its CFO’s departure. AI mega-cap tech stocks also underperformed. Amazon, Alphabet (parent company of Google), and Microsoft each declined between 2% and 7% for the week, with the overall performance of the “Magnificent Seven” lagging behind the other 493 constituents of the S&P 500. The “Magnificent Seven” have retraced over 38.2% from their post-ceasefire rebound highs on a Fibonacci basis. Goldman Sachs strategist Chris Hussey compared the current market to a “Cha-Cha dance”—the contradiction between growth and interest rates has not been resolved; rather, the market is stepping back and forth with difficulty making significant progress.
He advises investors to focus on three directions: First, individual stocks with strong earnings; Second, using AI infrastructure companies to hedge against volatility; Third, a portfolio of stocks that have earnings tailwinds but low correlation with AI trading. As oil prices decline, market concerns over inflationary pressures have eased, and expectations for a Federal Reserve interest rate hike have fallen significantly, essentially reversing the hawkish pricing triggered by last week’s strong non-farm payroll data. On Friday, the 10-year U.S. Treasury yield closed at 4.48%, down about 10 basis points for the week, while the 30-year yield fell back below the 5.00% threshold this week. The U.S. dollar index recorded its largest weekly decline since early May, erasing about half of the gains from last week’s non-farm report, and was roughly flat at 99.75 on Friday. The dollar-yen pair remained near 160.20, close to the intervention alert level closely watched by the market. On Friday, the three major U.S. stock indices closed higher. Memory chip stocks broadly rose, with Seagate surging over 7% and Western Digital climbing more than 6%. The software ETF traded sideways with a slight decline, marking a nine-day losing streak—the longest in 20 years—and a cumulative weekly drop of over 5%. Benchmark U.S. stock indices: The S&P 500 rose 37.16 points, or 0.50%, to 7,431.46. The Dow Jones Industrial Average rose 353.51 points, or 0.70%, to 51,202.26. The Nasdaq Composite rose 79.184 points, or 0.31%, to 25,888.844. The Nasdaq 100 rose 189.772 points, or 0.64%, to 29,635.948. The Russell 2000 rose 0.79%, to 2,943.992. The VIX Volatility Index fell 9%, to 17.69. U.S. industry ETFs: Most U.S. industry ETFs closed higher, with the Global Airline ETF up 1.93%, and the Semiconductor ETF, Regional Bank ETF, Banking ETF, Financials ETF, and Utilities ETF rising up to 1.72%. (June 12: U.S. industry sector ETFs) Magnificent Seven: The Magnificent 7 index fell 0.23%, to 210.45, with a weekly decline of 2.86%, declining from June 8 to 11, and generally holding steady near 210 during the period. Apple fell 1.52%, Amazon fell 1.23%, Meta fell 0.26%, Microsoft rose 0.10%, Nvidia rose 0.16%, Google A rose 0.53%, Tesla rose 1.
82%. Chip Stocks: The Philadelphia Semiconductor Index rose 1.52% to close at 13,371.47 points. TSMC ADR gained 0.65%, with a weekly increase of 2.32%. AMD rose 4.73%, with a weekly gain of 9.69%. Intel surged 6.5%, accumulating a substantial weekly gain of 25%. Chinese Stocks: The Nasdaq Golden Dragon China Index rose 0.48% to close at 6,326.73 points, with a weekly decline of 0.56%, exhibiting a W-shaped trajectory. Among popular Chinese stocks, JinkoSolar rose 6.5%, Canadian Solar gained 5.8%, ASE Technology Holding rose 4%, Li Auto increased 3.9%, New Oriental Education rose 3.5%, and Meituan fell over 1%. Other Individual Stocks: Circle dropped 5.85%. Memory stocks saw broad gains, with Seagate surging over 7% and Western Digital rising over 6%. On the first trading day of SpaceX, space concept stocks SATS and RKLB both plummeted nearly 11%. Eurozone blue-chip indices closed at record highs, with the tourism sector rising over 3.8% for the week and the oil and gas sector falling over 1.2%. Italian stocks closed nearly 2% higher, setting record closing highs alongside Dutch and Spanish indices. Pan-European Indices: The European STOXX 600 Index rose 1.88% to close at 633.21 points, with a weekly gain of 1.69%. The Eurozone STOXX 50 Index rose 2.16% to close at 6,187.63 points, with a weekly gain of 2.07%. National Indices: Germany’s DAX 30 Index rose 1.76% to close at 24,635.30 points, with a weekly decline of 0.50%, exhibiting an M-shaped trajectory. France’s CAC 40 Index rose 1.83% to close at 8,350.87 points, with a weekly gain of 1.61%. The UK’s FTSE 100 Index rose 1.63% to close at 10,471.72 points, with a weekly gain of 1.00%. (Performance of Major European and US Indices on June 12) Sectors and Stocks: Among Eurozone blue-chip stocks, Deutsche Bank rose 6.60%, Adyen gained 5.50%, Spanish bank Santander rose 5.29%, BNP Paribas rose 5.17% ranking fourth, and Intesa Sanpaolo rose 4.30%. Among all constituents of the European STOXX 600 Index, ACCIONA rose 10.37%, Nokia gained 10.06%, TUI Group rose 8.69%, and KGHM Polska Miedź rose 8.
10%, ING Group rose 8.03%. This week, by sector, the STOXX 600 Personal & Household Goods Index increased by 5.00% (continuing overall upward trend), the Travel & Leisure Index rose by 3.86% (breaking previous flatness and climbing on June 12), and the Food & Beverage Index gained 3.64%. The 2/10-year U.S. Treasury yield rose by approximately 2 basis points on Friday, while the 2-year real yield increased by over 11 basis points this week. Germany’s 2-year government bond yield fell by more than 6 basis points on Friday, while France’s 10-year bond yield rose by over 5 basis points this week. U.S. Treasuries: At the New York close, the yield on the U.S. 10-year benchmark Treasury note rose by 1.78 basis points to 4.4789%, with a cumulative decline of 5.14 basis points for the week. The 2-year U.S. Treasury yield rose by 1.90 basis points to 4.0809%, with a cumulative decline of 6.61 basis points for the week, trading in the range of 4.1970% to 4.0348%, ahead of the upcoming FOMC monetary policy meeting next week. (U.S. Major Treasury Yields) European Bonds: At the European close, Germany’s 10-year government bond yield fell by 3.6 basis points to 2.995%, with a cumulative decline of 4.3 basis points for the week. The 2-year German bond yield fell by 6.2 basis points to 2.617%, with a cumulative decline of 7.6 basis points for the week. The UK’s 10-year government bond yield fell by 6.9 basis points to 4.836%, with a cumulative decline of 6.7 basis points for the week. This week, France’s 10-year government bond yield rose by 5.2 basis points to 3.745%, with a gap-up opening on June 8 and narrow-range volatility at high levels from the 8th to the 11th. The U.S. dollar traded flat at 99.75, recording its largest weekly decline since early May this week, erasing about half of the gains following last week’s nonfarm payroll report. U.S. Dollar: At the New York close, the ICE U.S. Dollar Index fell by 0.12% to 99.739 points, with a cumulative decline of 0.33% for the week. The Bloomberg Dollar Index rose by 0.02% to 1206.98 points, with a cumulative decline of 0.40% for the week, trading in the range of 1213.41 to 1205.55 points. (Bloomberg Dollar Index) Non-U.S. Currencies: This week, the euro appreciated by 0.44% against the U.S. dollar to 1.1572, sterling rose by 0.54% to 1.3415, and the Swiss franc gained 0.08% against the dollar to 0.7967. Among commodity currencies, the Australian dollar was roughly flat against the U.S. dollar, while the New Zealand dollar rose by 0.
61%, USD/CAD cumulative increase of 0.31%. Japanese Yen: At New York close, USD/JPY rose 0.18% to 160.23 yen, with a weekly cumulative decrease of 0.04%, and an overall trading range of 160.59-159.58 yen. EUR/JPY fell 0.36%, and GBP/JPY fell 0.37%. Offshore Renminbi: At New York close, USD/CNH stood at 6.7636 yuan, down 1 point from Thursday’s New York close, with an intraday overall trading range of 6.7592-6.7692 yuan. This week, offshore renminbi accumulated an increase of approximately 270 points, or 0.40%. U.S. CFTC positioning report showed that for the week ending June 9, speculators reduced net long positions in Brent and WTI crude oil by 43,742 contracts to 321,610 contracts, hitting a 19-week low. Crude Oil: WTI crude oil futures for July delivery fell $2.83, or more than 3.22%, to close at $84.88 per barrel, with a weekly cumulative decline of 6.25%. (WTI crude oil futures) Brent crude oil futures for August delivery fell $3.05, or more than 3.37%, to close at $87.33 per barrel, with a weekly cumulative decline of nearly 6.19%. Middle East Abu Dhabi Murban crude oil futures fell 3.74% to $83.99 per barrel, with a weekly cumulative decline of 7.38%. Natural Gas: NYMEX natural gas futures for July delivery closed at $3.12 per million British thermal units, with a weekly cumulative decline of more than 3.37%. New York gold futures fell about 3% this week, while New York copper accumulated an increase of more than 3.5%. Gold: At New York close, spot gold rose 0.03% to $4,213.70 per ounce, with a weekly cumulative decline of 2.66%. (Spot gold price) COMEX gold futures rose 2.93% to $4,234.70 per ounce, with a weekly cumulative decline of 2.99%. Silver: At New York close, spot silver rose 1.01% to $67.9854 per ounce, with a weekly cumulative decline of 0.26%, showing a V-shaped trend from June 9 to 11, hitting a low of $61.5180 at 07:00 on June 11. COMEX silver futures rose 6.43% to $68.115 per ounce, with a weekly cumulative increase of 0.15%. Other Metals: At New York close, COMEX copper futures rose 3.20% to 6.
Platinum spot price roughly flat at $1,720.58 per ounce, with a weekly decline of 3.33%. Palladium spot price rose 1% to $1,285.60 per ounce, up 4.86% for the week, after reaching a high of $1,319.45 on June 12.
