Three indexes closed at records Monday on one Nvidia laptop chip; Dell rose 10%, HP gained 8%, Intel fell 4%, and by Tuesday the futures had sobered up and slipped.
Micron, Nvidia and Alphabet drive over 40% of 2026 S&P earnings revisions, which makes the record-breaking rally a technically impressive three-man job with a 7,750 target.
Brent spiked 5% above $95 after Iran cut talks and threatened Hormuz; Trump assured everyone it works out, and the equity tape simply chose to believe him.
Markets now price zero Fed cuts in 2026 with ISM at 54 and prices at 82.1; Warsh inherits a hike-risk economy at his first meeting on June 17.
Bitcoin opened June near $73K as Strategy sold for the first time since 2022, proving the only thing more flexible than the price is the word never.

Futures up. S&P 0.29%, Nasdaq 0.57%. June opened at records on a 60-day Iran deal Trump has not signed and is, by his own account, in no rush to.
SoftBank threw $53 billion at French AI and rose 5%. Nvidia idled near $211 and watched Samsung grab a chip first. The bellwether keeps missing its own rallies.
Brent near $92.56 after a 19% May rout, its worst month since the pandemic. The rally’s secret ingredient was cheaper oil, not anything resembling actual resolution.
Bitcoin near $73,600, below every average, as ETFs walked out with $2.3 billion. Stocks made records while crypto sat in Extreme Fear and quietly counted its losses.
April PCE hit 3.8%, the hottest since 2023. Warsh chairs his first FOMC June 16-17. Markets booked cuts; the inflation data appears to have booked something else.

Wall Street closed at records celebrating a 60-day Hormuz truce Trump hasn’t signed, struck hours after fresh missiles. Peace got priced. Peace did not get agreed.
SPX held 7,563 into month-end on a catalyst with a blank signature line. The only honest number on the page, 3.8% inflation, was politely ignored.
Bitcoin slid under $74,000 as ETFs bled $223M, the worst day in three weeks. The institutional bid that built the floor quietly left the building.
April PCE hit 3.8%, highest since May 2023, and the Fed’s promised cut evaporated. Warsh’s welcome gift is a possible hike at the mid-June meeting.
Friday brings month-end and three crowded bets: peace, disinflation, a dovish Fed. All three lean on one unsigned page. Pick which folds first.

Oil jumped 3% on fresh strikes whilst S&P futures held near 7,538. Wall Street has decided the Middle East is a subscription it keeps forgetting to cancel.
Bitcoin fell to about $74,200 whilst gold sat flat near $4,480. The hedge sold off and the relic held its ground. Marketing, meet reality.
BlackRock’s IBIT logged its second-largest outflow on record, roughly $528 million in a single session. The rally’s favourite engine is now running firmly in reverse.
Salesforce and friends reported after the close; Zscaler had already fallen 20% on weak guidance. Beating estimates is nice, but promising more is apparently mandatory.
Warsh’s first full week meets Friday’s PCE near 3.3% with oil freshly spiking. A hawkish chair, a supply shock, and the worst possible timing.

SPX 7,519.12 and Nasdaq 26,656.18 closed at fresh records Tuesday on the day Centcom fired on Iran. The tape, having considered both, picked records.
Micron crossed $1 trillion on a 19% Tuesday move. Memory now eats AI valuations. UBS sees over 100% additional upside, which is a number that lives in the future.
Brent rallied 4% Tuesday to $99 on the same Hormuz strikes the equity tape ignored. WTI $93. The two markets are looking at different newspapers.
Bitcoin stalls at $76,800 down 1% as equities print records. Spot BTC ETFs marked six straight outflow days totalling $1.55B. The institutions arrived and quietly left.
Warsh sworn in Friday at the White House by Justice Thomas. First FOMC June 16-17. 30-year yield at 5.02% is not asking permission for cuts.

Futures up 0.6% on a peace deal that has not been signed. Brent down 4%. VIX firmer. Uranium terms and Hormuz tolls remain unresolved details.
Warsh begins his first full session as Fed Chair, inheriting 3.5% PCE and a 19-year high in 30Y yields. Markets price hold through 2026 anyway.
Bitcoin reads identical news to equities and falls 0.88% to $76,635. Six-day ETF outflow streak hits $1.55B. ETH ETFs bleeding ten straight days.
Defence stocks discover that peace is also a risk after four months of being the only trade that worked. Position unwinds become symmetric reversal risk.
AutoZone reports premarket. May confidence at 10:00 ET. Zscaler after the close. The data calendar will quietly disagree with the reopening optimism today, again.