STRAIGHT FROM THE TRADING FLOOR
by Eric Criscuolo - Market Strategist
Published on 6/08/26 (a/o 1:00 pm)
DOW 50,824 (-43), S&P 500 7,426 (+42), Russell 2000 2,859 (+25), NYSE FANG+ 9,679 (+370), ICE Brent Crude $94.23/barrel (+$1.14), Gold $4,359/oz (-$6), Bitcoin ~63.4k (+1805)
- Tech bouncing like Brunson through the paint
- S&P higher, sector breadth not as robust
- Oil up but off highest levels as weekend hostilities cool off
- Go Knicks!
- Check out some of the recent ICE Data/Content:
- Inside the ICE House
- Episode 538: Link Logistics CEO Luke Petherbridge on Supply Chains, Speed and Last-Mile Demand
- ETF Central: FLX Networks Founder and CEO Brian Moran
- NYSE Research Insights: Behind the Record Volumes: A Hidden Opportunity
- ICE Mortgage Monitor: June 2026 - Home Equity Withdrawals Reach Highest First-Quarter Level Since 2021
- Market Storylines
MAC Desk Commentary:
A strong jobs report on Friday sent yields higher and provided equities with an excuse to sell off after a blistering rally. The sharp drop snapped a nine-week winning streak during which the S&P 500 was up ~20%. Tech, which led to the upside during the streak, got hit the hardest on Friday with the NYSE 100 down ~5% and the NYSE Semiconductor index falling 10%. Defensive/yield-oriented sectors (Consumer staples/healthcare/Utes/REITs) ended the session with modest gains. The bad news during the day was offset by very good news (for us) at night when the most important winning streak in NYC grew by one after the Knicks won a nail biter in San Antonio. The Knickerbockers return to MSG tonight with a 13-game winning streak in tow and their magic number down to two.
Iran and Israel exchanged attacks over the weekend, sending oil prices higher, adding to pressure on Asian markets overnight and threatening to continue Friday’s weakness in the US. However conditions improved when oil pulled back after Iran declared an “end of military operations” against Israel. The S&P 500 opened up 0.8% as tech bounced from the selloff.
Tech is leading today, pushing the S&P 500 to outperform the equal-weight, which is only about flat. The S&P has also slipped a bit from its best levels. Breadth is not robust among the large caps as 8/11 sectors are lower. Small caps are outperforming (+1%), with Quantum, nuclear and neoclouds/HPC groups among the high beta areas seeing strong gains broadly. The public VC funds RVI and VCX are up ~10%.
Tech continues to dominate much of the press. Among the headlines for today:
- Nvidia (+1%) signed a multi-year agreement with SK Hynix to design new memory chips for AI and CEO Jensen Huang called last week’s selloff a “buying opportunity”.
- Fresh off its decision to not change its rules to allow SpaceX early inclusion in its index, S&P announced tech names Marvell (+13%) and Flex (flat) will be added to the S&P 500, replacing consumer names Pool Corp (-2%) and Campbell’s (flat).
- Campbell’s also reported mixed earnings with management saying, “Our third quarter results were generally in-line with our expectations but remained under pressure, reflecting top-line softness and inflation-driven margin headwinds.”
- Apple’s (+2%) WWDC begins today, which will be the last with Tim Cook at the helm. The company is expected to unveil its updated AI-infused version of Siri.
- Intel is +10% on reports that Alphabet placed a large TPU order with them and NVDA is exploring using them for future GPU production as well.
- OpenAI is planning the biggest ChatGPT overhaul since launch.
- Software provider WIX is down ~7% after cutting guidance and announced a 20% reduction in its workforce.
Within Tech semis are leading (NYSE Semis +6%) with the numerous positive headlines this morning. Software is mixed. Energy is higher along with the commodity and Consumer Discretionary is the other sector up moderately. Autos are higher and Tesla is up ~5% following China auto sales data. Most of the rest of the sector is lower outside some of the apparel makers
Modest weakness in GOOG and META is putting Comm Services toward the bottom of the performers, along with Materials, Real Estate and Utilities- RE and Utes were among the best performers on Friday and higher rates today are a headwind.
The only US data on the calendar today is the NY Fed’s Survey of Consumer Expectations update for May. 3 and 5-year inflation expectations were unchanged (3.1% / 3.0% respectively) and 1-year ticked down to 3.5%. Labor market expectations deteriorated a bit overall. Yields are up modestly, adding on to Friday’s move. The 10y is continuing to push above 4.5%. The US Dollar Index is down a bit.
- US 2yr +1bps to 4.16%, 5yr +3bps to 4.29%, 10yr +3bps to 4.56%, 30yr +3bps to 5.03%
- USD index: -$0.13 to $99.93
Oil prices are up ~1% with Brent trading ~$94.50 after the overnight rally failed just under the declining 20d ma ($98.35). Metals are around their best levels today, extending to the highs as oil came in. Gold is around flat but copper is higher. Crypto is bouncing after getting throttled last week. Bitcoin broke below $60k on Friday but has bounced back to just under $64k. Michael Saylor’s Strategy announcing it had sold a measly 32 Bitcoin was one of several contributors to the weakness last week. However, the coin and MSTR stock are higher today (MSTR +6%) after a more meaningful announcement that the company raised ~$180ml in an ATM offering to buy 1,550 Bitcoin (at ~$65k).ETH is up as well but remains below $2k. Ag is mixed with wheat higher as it bounces from recent weakness on weather and production updates.
Asian markets took their opening cues from Friday’s US action, starting the day lower and falling throughout their sessions to close near the lows. South Korea’s Kospi triggered a circuit breaker shortly after the open (3rd time this year) and ended the session down over 8% (opened down 1.4%). The KOSPI was already wobbling after losing 6% on Thursday and 2% on Wednesday, cutting YTD gains to a paltry 78%. Korean yields jumped ~10bps at the long-end and speculation around intervention in the Korean won after a month of weakening sent the currency higher versus the dollar. The Korea Exchange held an emergency meeting to discuss the volatility. A joint statement by financial authorities noted, “excessive volatility or one-sided market concentration would not be tolerated”.
The Nikkei was down >3% as the Yen breached the closely watched 160¥/$ level. The BOJ is widely expected to hike rates next week. European indices rallied off their lows to finish mostly flat as Iran headlines improved and oil came off its highs. Germany lagged the majors, falling modestly but also off its lows. German factory orders fell sharply with notable auto weakness. The ECB is expected to hike rates later this week.
Earnings:
- After-Market: MTN, ODC
- Pre-Market (Tues): ASO, DBI, LE, SAIL, SJM, UEC, UNFI
- After-Market (Tues): BARK, CASY, CBRL. CNM, DOMO, LAKE, SKILL
Economic Data:
US:
- NY Fed Survey of Consumer Expectations
Global:
- Germany Factory Orders: -3.8% vs. -1.2% cons., prior 4.5%
STRAIGHT FROM THE TRADING FLOOR
by Michael Reinking, CFA
Published on 6/08/26 (a/o 9:00 am)
Good morning,
With so much discussion about space, gravity finally prevailed on Friday as US equities sold off sharply after a strong jobs report sent yields higher. The selloff snapped a nine-week winning streak over which time the S&P 500 was up ~20%. That being said, the most important winning streak in NYC is still intact after the Knicks won a nail biter on Friday in San Antonio. The team returns to MSG with a 13-game winning streak and the magic number down to two games. Tech, which led to the upside, got hit the hardest on Friday with the NYSE 100 down ~5% and the NYSE Semiconductor index falling 10%. Defensive/yield-oriented sectors (Consumer staples/healthcare/Utes/REITs) ended the session with modest gains.
Friday’s selloff sent shockwaves across global markets overnight with sharp declines particularly in Asia. Iran/Isreal exchanged attacks over the weekend which sent oil prices higher overnight. However, prices have pulled back after Iran declared an “end of military operations” against Israel. President Trump has called for an end of attacks and reportedly spoke with Netanyahu this morning. Oil prices are up ~1.5% with trading ~$94.75, the overnight rally failed just under the declining 20d ma ($98.35). S&P futures were modestly higher throughout most of the overnight session and have extended gains currently up ~0.75% while the R2k is up >1%. Treasury yields were extending Friday’s move higher but since reversed ~5bps pulling back to around unchanged levels.
Government Yields
Outside of Iran, tech continues to dominate much of the press. Nvidia signed a multi-year agreement with SK Hynix to design new memory chips for AI. CEO Jensen Huang also called the selloff a “buying opportunity”. S&P is helping his last prediction after adding Marvell Technologies to the S&P 500 along with Formfactor, replacing POOL and CPB. The latter also reported earnings which were mixed with management saying, “Our third quarter results were generally in-line with our expectations but remained under pressure, reflecting top-line softness and inflation-driven margin headwinds.” Apple’s WWDC begins today, which will be the last with Tim Cook at the helm. The company is expected to unveil its updated AI-infused version of Siri. Software company, WIX.com (->10%) cut guidance and announced a 20% reduction in its workforce.
Markets in Asia were lower across the board. South Korea’s Kospi triggered a circuit breaker shortly after the open (3rd time this year) ending the session down over 8%. The Korea Exchange held an emergency meeting to discuss the volatility. A joint statement by financial authorities noted, “excessive volatility or one-sided market concentration would not be tolerated”. Local yields surged >10bps overnight and there is speculation of currency intervention. The Nikkei was down >3% as the Yen breached the closely watched 160¥/$ level. The BOJ is widely expected to hike rates next week. European indices have been the relative outperformer given less tech exposure. Indices have recouped some of the early losses as the Iran headlines have improved. German factory orders fell sharply with notable auto weakness. The ECB is expected to hike rates later this week.
Commodities are mixed. We discussed oil prices above. Metals have improved throughout the morning but are mostly lower with the exception of copper. Ag is mixed with wheat higher while corn/soy are moving lower. Crypto is bouncing after getting throttled last week. Bitcoin broke below 60k on Friday but has bounced back to just under 64k. On of the things impacting sentiment last week was Michael Saylor’s Strategy announcing it had sold a measly 32 Bitcoin to fund dividends. The stock is trading up >5% after it announced that it raised ~$180ml in an ATM offering to buy 1,550 Bitcoin (~65k) and added the balance to its USD Reserve which is $1B.
Earnings:
Pre-Market: CPB, DLTH, FCEL, GHM, MPAA
After-Market: MTN, ODC
Economic Data:
US:
With so much discussion about space, gravity finally prevailed on Friday as US equities sold off sharply after a strong jobs report sent yields higher. The selloff snapped a nine-week winning streak over which time the S&P 500 was up ~20%. That being said, the most important winning streak in NYC is still intact after the Knicks won a nail biter on Friday in San Antonio. The team returns to MSG with a 13-game winning streak and the magic number down to two games. Tech, which led to the upside, got hit the hardest on Friday with the NYSE 100 down ~5% and the NYSE Semiconductor index falling 10%. Defensive/yield-oriented sectors (Consumer staples/healthcare/Utes/REITs) ended the session with modest gains.
Friday’s selloff sent shockwaves across global markets overnight with sharp declines particularly in Asia. Iran/Isreal exchanged attacks over the weekend which sent oil prices higher overnight. However, prices have pulled back after Iran declared an “end of military operations” against Israel. President Trump has called for an end of attacks and reportedly spoke with Netanyahu this morning. Oil prices are up ~1.5% with trading ~$94.75, the overnight rally failed just under the declining 20d ma ($98.35). S&P futures were modestly higher throughout most of the overnight session and have extended gains currently up ~0.75% while the R2k is up >1%. Treasury yields were extending Friday’s move higher but since reversed ~5bps pulling back to around unchanged levels.
Government Yields
- US 2yr +0bps to 4.15%, 5yr +0bps to 4.27%, 10yr +1bps to 4.53%, 30yr +1bps to 5.00%
- USD index: -$0.17 to $99.88
Outside of Iran, tech continues to dominate much of the press. Nvidia signed a multi-year agreement with SK Hynix to design new memory chips for AI. CEO Jensen Huang also called the selloff a “buying opportunity”. S&P is helping his last prediction after adding Marvell Technologies to the S&P 500 along with Formfactor, replacing POOL and CPB. The latter also reported earnings which were mixed with management saying, “Our third quarter results were generally in-line with our expectations but remained under pressure, reflecting top-line softness and inflation-driven margin headwinds.” Apple’s WWDC begins today, which will be the last with Tim Cook at the helm. The company is expected to unveil its updated AI-infused version of Siri. Software company, WIX.com (->10%) cut guidance and announced a 20% reduction in its workforce.
Markets in Asia were lower across the board. South Korea’s Kospi triggered a circuit breaker shortly after the open (3rd time this year) ending the session down over 8%. The Korea Exchange held an emergency meeting to discuss the volatility. A joint statement by financial authorities noted, “excessive volatility or one-sided market concentration would not be tolerated”. Local yields surged >10bps overnight and there is speculation of currency intervention. The Nikkei was down >3% as the Yen breached the closely watched 160¥/$ level. The BOJ is widely expected to hike rates next week. European indices have been the relative outperformer given less tech exposure. Indices have recouped some of the early losses as the Iran headlines have improved. German factory orders fell sharply with notable auto weakness. The ECB is expected to hike rates later this week.
Commodities are mixed. We discussed oil prices above. Metals have improved throughout the morning but are mostly lower with the exception of copper. Ag is mixed with wheat higher while corn/soy are moving lower. Crypto is bouncing after getting throttled last week. Bitcoin broke below 60k on Friday but has bounced back to just under 64k. On of the things impacting sentiment last week was Michael Saylor’s Strategy announcing it had sold a measly 32 Bitcoin to fund dividends. The stock is trading up >5% after it announced that it raised ~$180ml in an ATM offering to buy 1,550 Bitcoin (~65k) and added the balance to its USD Reserve which is $1B.
Earnings:
Pre-Market: CPB, DLTH, FCEL, GHM, MPAA
After-Market: MTN, ODC
Economic Data:
US:
- 11:00 NY Fed Survey of Consumer Expectations
- Germany Factory Orders: -3.8% vs. -1.2% cons., prior 4.5%
By submitting this form you hereby expressly grant permission to use the information included thereunder to contact you for the purposes of sending periodic updates about ICE and/or its affiliates. Certain indices mentioned above are administered by ICE Data Indices, LLC.
Your contact information will not be used for any purpose other than that for which your consent has been given. To learn more about our privacy policy, please click here.
© 2025 Intercontinental Exchange, Inc. All rights reserved. Intercontinental Exchange and ICE are trademarks of Intercontinental Exchange, Inc. or its affiliates. For more information regarding registered trademarks, limitations, restrictions, and other important information, please visit intercontinentalexchange.com/terms-of-use.