THE NEWS

FIRST ON FOX: President Donald Trump’s Department of the Interior unveiled a new patriotic installation at Freedom Plaza in downtown Washington, D.C., placing Revolutionary War figures at a site long associated with protests and encampments. “This exhibition featuring Caesar Rodney and the 12 Soldiers of the Revolutionary War is a powerful tribute to the patriots whose service and sacrifice helped secure the freedoms we enjoy today,” Department of Interior (DOI) Secretary Doug Burgum told Fox News Digital.The installation pairs a statue of founding father Caesar Rodney with 12 bronze Revolutionary War soldiers, honoring patriots whose sacrifices helped found the nation. Freedom Plaza has frequently been the site of political protests, including when it was known as “tent city” during economic protests in 2011 and more recently as the staging area for protests during the violent summer of 2020, when riots broke out in cities nationwide following the death of George Floyd.”As we prepare to celebrate America’s 250th anniversary, this exhibition is one of the many ways President Donald J. Trump is ensuring that the stories of the men and women who built this nation are preserved, honored and shared for generations to come,” said Burgum. “Our history is one of courage, opportunity and exceptionalism, and this exhibition helps bring that legacy to life for all Americans.”INTERIOR DEPARTMENT ADOPTS NO-TOLERANCE POLICY FOR HOMELESS ENCAMPMENTS IN WASHINGTON, DCCaesar Rodney is best known for his overnight ride from Delaware to Philadelphia in July 1776, traveling nearly 80 miles through a storm to break a deadlock within Delaware’s delegation. His vote helped secure unanimous support among the colonies that cast votes for independence.”Under President Trump’s leadership, Freedom Plaza will offer visitors a meaningful opportunity to reflect on the courage and sacrifice of Americans who fought to secure our independence nearly 250 years ago,” DOI official Matthew Middleton told Fox News Digital.The 12 other soldiers represented are:  Simon Knowles, Caesar Glover, Joseph Warren, Jude Hall, Peter Muhlenberg, James Armistead Lafayette, Samuel Whittemore, Jack Sisson, James Caldwell, Peter Salem, Naphtali Daggett and Salem Poor.TRUMP FLOATS REPLACING 250TH ANNIVERSARY CONCERT WITH MASSIVE MAGA RALLY AFTER ARTISTS PULL OUTDuring the protests of 2020, a statue of Rodney in Wilmington was removed as monument debates over historical figures with ties to slavery intensified. The statue was moved to Freedom Plaza to celebrate America’s 250th birthday.Freedom Plaza has a storied history as a political protest hotspot in the nation’s capital. Occupy D.C. demonstrators set up at Freedom Plaza in October 2011, one of two major federal-property protest sites in the city, sparking many battles with the National Park Service.RIOTING, LOOTING LINKED TO GEORGE FLOYD PROTESTS LEAVES TRAIL OF DESTRUCTION ACROSS AMERICAN CITIESIt became a gathering point during the 2020 George Floyd protests, with activists assembling there before marching through city streets. The riots and unrest in Washington were concentrated closer to the separate Lafayette Square and the later “Black Lives Matter Plaza,” which D.C. began dismantling in March 2025.In 2020, demonstrations ripped through downtown DC outside the White House’s North Lawn, covering the areas of the Freedom Plaza and BLM Plaza.Freedom Plaza was first established in 1980 and originally named Western Plaza, the site was renamed in 1988 in honor of Martin Luther King, Jr. It frequently served as an encampment site for the homeless until recent federal crackdowns under the Trump administration.The plaza will host a ribbon-cutting ceremony to celebrate the exhibit’s installation, Fox News Digital has learned.

Chaos would be the most accurate word to describe regional play in the 2026 NCAA Baseball Tournament, with upsets galore taking place around the country. If there were one regional, however, that you had to circle as the most chaotic, you may not have to look past Hattiesburg, Miss., where Little Rock pushed through the bracket.Southern Miss, the host in Hattiesburg and No. 9 seed overall, was eliminated right out of the gate, losing to Little Rock, the No. 4 seed in the regional, in its opening game. The hosts then fell to Virginia to drop out of the tournament before the two-seed Cavaliers lost to the three-seed Jacksonville State, setting up the rare matchup between the bottom two seeds for a spot in the Super Regional.DODGERS PITCHER’S WIFE RECEIVES HORRIBLE THREATS DIRECTED AT NEWBORN CHILDLittle Rock, which defeated Jacksonville State 6-4 on Saturday, could have lost in the rematch on Sunday to set up a Game 7 situation, given the Trojans entered the contest without a loss, but handled business 6-3 to advance to the Super Regional for the first time in program history.The celebrations on the field were epic, but it was Little Rock dragging its bus driver out onto the field to celebrate with them that stood out.ZERO BS. JUST DAKICH. TAKE THE DON’T @ ME PODCAST ON THE ROAD. DOWNLOAD NOW!It’s clear that the Trojans view Kevin the bus driver as a member of their team, and were sure to let him celebrate the baseball team making history.Next up for Little Rock is a Super Regional matchup against Troy, another team on a Cinderella run that advanced to its first-ever Super as well.Troy, which will play host to the best-of-three series against Little Rock with a spot in the College World Series on the line, advanced out of the Gainesville regional, where it got the best of No. 8 overall seed Florida, as well as Rider and Miami (Fla.).The top two seeds in the NCAA Baseball Tournament, UCLA and Georgia Tech, also failed to get out of their regionals.

Getting into a car with no one behind the wheel can be a little weird the first time. You know the car is supposed to drive itself, but part of you no doubt may still feel uneasy.Waymo is trying to make that moment feel less anxious with its new Ojai robotaxi. It has more room to stretch out, bigger screens to control the ride and a cabin built for passengers from the very start.That could make a real difference. If driverless rides are going to become something you actually use, they need to feel safe, simple and comfortable once the doors close.CHINA’S FIRST MASS-PRODUCED FLYING CAR DEBUTSWaymo says the first public Ojai rides will begin in the coming weeks. Select riders in San Francisco, Los Angeles and Phoenix will get the first chance to try it. The rides will be free for a limited time while Waymo gathers feedback and refines the experience. Access will then expand gradually to more riders and more cities.Waymo also says Denver, Las Vegas and San Diego are on its expansion list before the company opens the doors wider later this year. For now, interested riders can use the Waymo app and sign up as a Trusted Tester.The Ojai looks like Waymo’s attempt to rethink what a robotaxi should feel like from the inside. Instead of feeling like a regular car with self-driving tech added in, the Ojai was built around the rider experience. Waymo describes it as a more expansive cabin with extra legroom, a flat floor and a low step-in height. That could help when you are carrying groceries, traveling with luggage or getting in and out with less mobility.WAYMO TEAMS UP WITH WAZE TO SPOT POTHOLES FASTERThe Ojai cabin gives riders three large adaptive screens. You can use them to adjust parts of the ride, including the temperature and music.Waymo also added charging ports and cupholders. Those may sound like small touches, but they are the things you notice once you are actually sitting in the back seat.Waymo also says the Ojai was designed with accessibility in mind from the start. The vehicle has a flat floor, a low step-in height, Braille, grab bars and screen-reader compatibility.Those details can make a ride easier for someone who needs a little more support getting in or out. They can also help older riders, passengers with disabilities or anyone juggling bags, groceries or a tired kid after a long day.UBER UNVEILS A NEW ROBOTAXI WITH NO DRIVER BEHIND THE WHEELThe Ojai will be the first vehicle to use Waymo’s sixth-generation Waymo Driver. That is the company’s autonomous driving technology.Waymo says this new generation will help it operate in snowier cities and bring fully autonomous rides to more communities. Snow, slush and messy weather can challenge autonomous vehicles in ways sunny streets cannot. If Waymo can handle those conditions safely, it could expand far beyond the warmer markets where robotaxis have had an easier start.Waymo says its Mesa, Arizona, factory is getting ready to build tens of thousands of vehicles each year. The Ojai will come first, followed by the Hyundai IONIQ 5. That matters because robotaxi services need vehicles. Lots of them.The Ojai also includes practical changes that could help Waymo keep a larger fleet on the road. Waymo points to easier-to-clean interiors, faster charging, increased battery capacity and a more modular design for maintenance and repairs.Those details may not sound exciting, but they matter if robotaxis are going to move beyond a handful of cities. The easier these vehicles are to charge, clean and repair, the easier it may be for Waymo to bring them to more riders.WAYMO VEHICLES ‘PUTTING AMERICAN LIVES AT RISK,’ SOURCE WARNS AMID AUTONOMOUS VEHICLE COMPANY’S MASSIVE RECALLIf you already ride with Waymo, the Ojai could make your next trip feel more comfortable. The bigger difference may be how normal the ride feels once you are inside. If you have never taken a driverless ride, the Ojai may become your first real temptation. The extra space and rider-friendly features could make the idea easier to try.But there is still a comfort gap for many riders. You are stepping into a vehicle with no human driver. That makes comfort important, but safety still drives the whole decision. That question feels especially timely. Waymo recently paused freeway rides in several U.S. cities while it works on software updates tied to construction zones and flooded roads. Surface-street service has continued, but the pause is a reminder that even advanced robotaxis still face many challenges out there on the road.Waymo says riders have taken more than 20 million fully autonomous trips across 11-plus cities. The Ojai now gives the company another chance to prove that driverless rides can feel safe, useful and normal for more of us.Waymo’s new Ojai robotaxi shows where driverless rides are heading next. The car still has to get you from point A to point B safely, but now Waymo is also trying to make the ride feel easier, roomier and more comfortable once you get inside. I like that Waymo is thinking about the rider experience, not only the driving technology. The extra space, accessibility features and rider controls could help those who have been curious but hesitant. Still, trust is a huge hurdle. A nicer cabin may make the ride more comfortable, but Waymo still has to prove that a car with no driver can handle the messy, unpredictable roads we all deal with every day.Would you climb into Waymo’s new Ojai robotaxi for a free ride, or do driverless cars still have more to prove before you would trust one? Let us know by writing to us at CyberGuy.com.Sign up for my FREE CyberGuy ReportCopyright 2026 CyberGuy.com. All rights reserved.  

A Newark, New Jersey, facility behind a wave of chaotic anti-ICE protests “isn’t going anywhere,” border czar Tom Homan warned Monday, firing back at Gov. Mikie Sherrill and a slew of Democratic officials.”The governor keeps saying she’s going to keep raising hell until this facility shuts down. Well, I’ve got news for the governor — that facility isn’t going anywhere,” Homan said on “Hannity.””We’re going to enforce the law, we’re going to detain people, we’ll remove people…”Many of the people in the facility, Homan added, must be detained under federal law and cannot be released.FOX NEWS GOES INSIDE NEW JERSEY ICE FACILITY STORMED BY DEMOCRATSHoman said he has personally verified that everyone in the facility is being legally detained.Newark’s Delaney Hall is at the center of a standoff that began after illegal immigrant detainees penned an open letter alleging they live in “inhumane” conditions and claiming they were being denied medical care and adequate food.”Initially, we ask for forgiveness for the way we entered the United States, but given the circumstances we were living in our countries, which placed our lives and those of some members of our families in danger,” the letter states. “We feel vulnerable and, in a way, kidnapped — detained without justification — not to mention that we are being tortured physically and psychologically due to the poor food resources provided in these detention centers.”The Department of Homeland Security (DHS) denied the allegations, releasing facility menus that it said showed detainees receive three meals daily, including options such as chicken fajitas and Salisbury steak.NEW JERSEY AGITATORS BITE, KICK AND PUNCH ICE AGENTS AS DELANEY HALL CLASHES CONTINUE; 9 MORE ARRESTED: DHSProtests have escalated into confrontations between demonstrators and law enforcement.Sherrill issued a statement, writing that she is “deeply disturbed” by alleged “poor conditions” at the facility.”I have long opposed private detention facilities and advocated against them. I will continue to call for the closure of Delaney Hall because of reports like these,” she wrote.Democrats have since mounted a broader effort against the facility, including calls from House Minority Leader Hakeem Jeffries for Delaney Hall to be “shut down.”Homan, however, blamed what he called “false” Democratic claims for the chaos.”We’ve got to remember what started all this. You’ve got Democratic lawmakers from Memorial Day making false allegations about the facility, about the food, the medical care, hunger strikes,” he said.”I went into that facility. I went to the medical [portion]. I went through outdoor recreation, indoor recreation. I even made a surprise visit this weekend and walked into the cafeteria and ate the same meal that the detainees around me were eating,” he added.”I made sure my tray equaled their tray. I had spaghetti and meat sauce. I had beans. I had green beans. I had bread and rolls. I had drinks. I had dessert. The food was good. It’s all a false premise.”Fox News’ Stephen Sorace and Michael Dorgan contributed to this report.

(U.S. Customs and Border Protection)
The Trump administration’s renewed focus on border security and cartel enforcement delivered another major victory this week after federal authorities uncovered a sophisticated cross-border drug smuggling tunnel linking Mexico to Southern California and seized more than one ton of cocaine worth an estimated $45 million.
The stunning discovery was announced by the U.S. Attorney’s Office for the Southern District of California following a months-long investigation led by Homeland Security Investigations (HSI) and its Homeland Security Task Force.
WATCH:

Four Charged with Trafficking More Than $45 Million Worth of Cocaine through Sophisticated Cross-Border Tunnel; Discovery Made in Monthslong Homeland Security Task Force Investigation https://t.co/si3qsk0pS5
USA Gordon: “Put directly, cocaine is now the lifeblood of the cartels,… pic.twitter.com/oskFhmMjRK
— US Attorney CAS (@SDCAnews) June 1, 2026

According to federal authorities, the tunnel stretched from Tijuana, Mexico, to a warehouse-style retail business called “Buy 4 Less” near the Otay Mesa Port of Entry in San Diego. The underground passage measured approximately 1,933 feet in length, descended roughly 55 feet below ground, and featured reinforced walls, electricity, ventilation systems, rail infrastructure, and a sophisticated hydraulic lift used to conceal its entrance.

Exit on U.S. side of cross-border tunnel announced today by U.S. Attorney’s Office and partners. The subterranean passageway, stretching from Tijuana, Mexico to the purported retail store near the Otay Mesa Port of Entry known as “Buy 4 Less,” is estimated to be about 1,933 feet… pic.twitter.com/xmIq3XGo30
— US Attorney CAS (@SDCAnews) June 2, 2026

Stairway to hell: Drug tunnel discovered between Otay Mesa and Tijuana. Sophisticated passageway descends 55 feet. pic.twitter.com/whczO4jrcr
— US Attorney CAS (@SDCAnews) June 1, 2026

Mexican law enforcement officials discovered another cross-border tunnel. This one between Tijuana and the Otay Mesa neighborhood of San Diego. Investigators say the tunnel runs for about three football fields and includes lights and a track system. pic.twitter.com/FB4DgLFANm
— KRIS 6 News (@KRIS6News) June 1, 2026

Video of the tunnel:

The investigation culminated in the arrest and charging of four suspects accused of trafficking massive quantities of cocaine through the tunnel network.
Those charged include:

Gregorio Epifanio Hernandez Lopez, 29, of San Diego
Jose Jimenez, 32, of San Diego
Antonio Cortez, 18, of Mexico
Brandon Escalante Sandoval, 26, of Mexico

Federal prosecutors allege the defendants conspired to distribute more than 1,029 kilograms—over 2,269 pounds—of cocaine into the United States.
The seizure is believed to be a significant blow against the notorious Jalisco New Generation Cartel (CJNG), one of Mexico’s most violent and powerful drug trafficking organizations.
More from the DOJ:
According to a federal complaint, investigators from Homeland Security Investigations Tunnel Task Force maintained regular surveillance on the Buy 4 Less warehouse from December 2025 to May 2026 due to suspicious activity there.
In December 2025, a new group of around seven or eight “employees” were seen regularly, in and around Buy 4 Less. These individuals included defendant Hernandez, whom agents observed at Buy 4 Less beginning in at least January 2026.
During the surveillance, the activity around the Buy 4 Less location did not appear to be consistent with a normal retail location. For example, investigators observed minimal foot traffic from customers coming in and out of the Buy 4 Less store.
Hernandez and the other supposed “employees” that regularly frequented the store engaged in unusual activity such as transporting large numbers of suitcases out of the store and into vehicles or walking the suitcases across the border into Mexico. Based on how Hernandez and the others handled the suitcases, they appeared to be empty so law enforcement did not intervene.
According to the complaint, on May 29, 2026, while conducting surveillance on Buy 4 Less, agents observed a male loading three large, heavy items into a white van which departed Buy 4 Less and ultimately parked on the street near a mechanic shop located at 923½ Coolidge Ave. A male on a bicycle, later identified as defendant Brandon Escalante, was seen conducting counter surveillance in the area by riding his bicycle while looking around and into parked cars.
Escalante later approached the van, removed the vehicle key that had been concealed in the gas cap area, got into the van and reversed it into 923½ Coolidge Avenue.
Agents observed that the van was backed up to another white van with the rear doors from both vans open. A white stake bed truck then entered 923½ Coolidge Avenue. Agents watched people remove three deep freezers from the first van and place them onto the bed of the truck, then load the deep freezers with packages.
After the packages were loaded into the deep freezers, the truck exited 923½ Coolidge Avenue and parked a short distance away. Escalante was seen exiting the truck, grabbing his bicycle from the truck bed, placing the keys underneath the truck on the passenger side, and departing the area.
Agents then observed another male, later identified as Defendant Jimenez, grab the vehicle keys and drive away in the truck. San Diego County Sheriff’s deputies subsequently conducted a traffic stop of the truck, with lights flashing, and a K9 police dog alerted to the presence of controlled substances.
Shortly after the traffic stop of the truck, agents watching Buy 4 Less observed two unidentified males take heavy boxes out of Buy 4 Less and load them into a second truck. Hernandez entered the second truck and drove away. San Diego County Sheriff’s deputies conducted a traffic stop of that second truck a short distance away from the Buy 4 Less, and a K9 police dog alerted to the presence of controlled substances.
San Diego Sheriff’s deputies also stopped the second van, driven by a male later identified as Antonio Cortez, at 923½ Coolidge Avenue. Sheriff’s deputies again received a positive K9 alert for the presence of controlled substances in the vehicle.
According to the complaint, following the traffic stops, federal agents discovered the following during inspections of the second van and two trucks:
• 173 total packages in the truck stopped near 923½ Coolidge Avenue, with a total approximate weight of 286.20 kgs (630.96 lbs.);
• 423 total packages in the truck stopped near Buy 4 Less, with a total approximate weight of 469.40 kgs (1034.84 lbs.); and
• 255 total packages in the van stopped near 923½ Coolidge Avenue, with a total approximate weight of 274 kgs (604.06 lbs.).
The packages contained a substance, a sample of which field tested positive for cocaine, with a total approximate weight of 1,029.60 kgs (2,269.87 pounds)—or well over 1 ton.
Following seizure of the suspected cocaine on May 29, 2026, a U.S. Magistrate Judge signed warrants authorizing searches at Buy 4 Less and 923½ Coolidge Avenue. At Buy 4 Less, agents found the exit point of the subterranean tunnel, concealed under the floor of a storage room within the store.
The tunnel, which was accessed using a sophisticated hydraulic lift, is approximately 55 feet deep and extends approximately 1,064 feet from its exit point at Buy 4 Less to the U.S./Mexico International Border, where agents estimate it continues for another approximately 800 feet to its entry point. The tunnel is equipped with electricity and ventilation and, at some points, is up to 4.5 feet tall.
The post  BUSTED: Homeland Security Task Force Uncovers Sophisticated Cartel Tunnel, Seizes Over One Ton of Cocaine Worth $45 Million Near Southern Border — Four Charged with Trafficking appeared first on The Gateway Pundit.

Nvidia’s CEO, Jensen Huang, hailed this chip designer as the next trillion-dollar firm, sending its shares up sharply in early market trading.

Hezbollah & IDF Trade Fire Amid Nominal Ceasefire, As Trump Says Iran Deal Coming ‘Over Next Week’

Various regional and international reports have documented serious ongoing fighting in Lebanon, despite President Trump the day prior having declared that the shooting will cease and that Hezbollah and Israel were forging a limited ceasefire. Trump had said of both sides that “they agreed that all shooting will stop” – after Iran announcing it had suspended peace talks with the US over Israeli military action in Lebanon.

Israeli Prime Minister Benjamin Netanyahu did affirm he would adhere to the agreement, and reports say that planned new airstrikes on Beirut were called off, but he also warned the attacks on the capital would go ahead “if Hezbollah does not stop attacking our cities and civilians” – and that forces in the south would continue operating.

BBC has freshly written that “While the ceasefire appears to be largely holding, there was further violence overnight.” The same report details:

Hezbollah said its fighters had targeted Israeli tanks in the southern Lebanese towns of Haddatha and Bayada with missiles and shells. The Israeli military said it had intercepted two projectiles that had been fired from Lebanon in the early hours of Tuesday. No injuries have been reported.

Lebanon’s state-run National News Agency reported Israeli strikes on several southern areas and said a “very violent” explosion from a large-scale demolition rocked the town of Debbine.

Tuesday has witnessed some ongoing attacks on south Lebanon, as well as Hezbollah drone attacks on Israeli troop positions, wounding some. According to some of the latest from Al Jazeera:

Israeli forces have carried out multiple air raids on the city of Nabatieh, one of the largest in southern Lebanon, our colleagues on the ground report. The city, a strategic hub for Hezbollah, has been encircled by Israeli forces in recent days as troops continue pushing north.

Israeli attacks were also reported across the wider Nabatieh district as Israel deepens its occupation of surrounding areas. Drones hit the towns of Kafr Sir and Aabba, while a strike targeted the road leading to Houmine al-Fawqa. The outskirts of Yahmour al-Shaqif were also hit.

There’s also been a lot of explosions in the southern city of Tyre, with Israeli jets active in the airspace above on Tuesday. And rescuers have recovered six bodies from another town, with Lebanese civil defense agency having said in a statement: “Since yesterday evening and continuing until this morning … personnel have been carrying out search and rescue operations in a residential building that was targeted in the town of Marwaniyah – Sidon district.”

#WATCH: Israel conducts strikes over south Lebanon, Hezbollah fires into northern Israel after US @POTUS @realDonaldTrump announces agreement to halt attacks that neither side has publicly accepted https://t.co/vgbtbZ2sm8 pic.twitter.com/jx5O69Knfo
— Arab News (@arabnews) June 2, 2026
Hezbollah’s fiber-optic drone attacks have at the same time not ceased: “Two Israeli soldiers have been wounded in a Hezbollah drone attack in southern Lebanon, the military says, describing their injuries as minor,” Al Jazeera reports Tuesday. This is after “Two other Israeli soldiers were killed over the weekend, also in drone attacks, bringing to 26 the number of soldiers killed since fighting escalated three months ago. Four Israeli civilians have also been killed.”

President Trump’s angry dressing down of Netanyahu may have had very limited effect, it appears. To review, per Axios during a Monday call Trump was reportedly heard cussing at the Israeli leader and essentially ‘steamrolled’ him – angry over breaking the Lebanon truce and demanding that Israel’s military not attack Beirut.

Trump is said to have told Netanyahu “you’re fucking crazy’” while demanding Lebanon truce: “I’m saving your ass,” he also reportedly said. Iran early Monday said it halted talks with Washington because of Israel’s escalation in Lebanon. 

There’s been some reaction from Iran to the Axios report, with Iran’s Deputy Foreign Minister Kazem Gharibabadi having remarked, “In this regard, the US president’s claim of having dissuaded Netanyahu from launching a major attack on Beirut is more than a sign of Washington’s peace-seeking, it’s confirmation of America’s direct role in managing the Zionist regime’s aggressions.”

The Iranian official continued to offer Tehran’s vew: “If the decision to attack the capital of an independent state can be changed with a single phone call the main question is: why did months of ceasefire violations, aggression against Lebanon, the displacement of its people, and threats to this country’s sovereignty – backed by Western political and military support – continue unabated?” he remarked.

Mark Levin rages over White House leaks of Trump-Netanyahu call…

Mark R. Levin, a close ally of both U.S. President Donald J. Trump and Israeli Prime Minister Benjamin Netanyahu, appears to confirm the veracity of the report earlier by Axios on today’s heated call between Trump and Netanyahu regarding peace negations with Iran as well as… pic.twitter.com/46qmYBJsJZ
— OSINTdefender (@sentdefender) June 2, 2026
But Washington has seen the Lebanon partial truce as opportunity enough to press forward on broader talks. While there’s hasn’t been full confirmation from Tehran’s side, Trump has declared the talks as back on:

US President Trump told ABC News he thinks he will have an agreement with Iran to extend the ceasefire and reopen the Strait of Hormuz over the next week, while he also stated that a peace agreement with Iran could be better than a military victory. Trump also stated that it’s not simple for both sides, but they’re getting what they need to get and that he still has to get a few more points.

The very same network points on Tuesday morning:

Israeli and Hezbollah forces continued their attacks on Tuesday despite President Donald Trump’s claim that the warring sides had “stopped shooting each other” after his intervention to prevent escalation on Monday.

Lebanon’s state-run news agency, NNA, reported three Israeli strikes in separate areas in southern Lebanon. One person was killed, NNA reported. ABC News has contacted the Israel Defense Forces to request comment.

So, once again Trump touting the likelihood of a deal to reopen Hormuz by next week seems extremely wishful and ambitious, to say the least. And we’ve heard all this before, and been here many times over the past 95 days of war.

Tyler Durden
Tue, 06/02/2026 – 08:30

US Futures Dip As Questions Mount Over Relentless Tech Rally, Lack Of Peace Progress

Futs are weaker but well off their overnight lows as the US is set to lag its global peers; according to JPM investors will need to watch to see if there is a beginning of a larger rotation similar to Jan-Feb or perhaps a slight pullback following the US’s multi-week run. As of 8:00am ET, S&P futures are down 0.2% after the artificial-intelligence trade fueled the S&P 500’s longest winning streak in more than a year, with investors gauging prospects for an end to the war in the Middle East. Nasdaq futures down a fraction after clocking yet more records on Monday (driven by a surge in Software stocks), as traders digest a barrage of AI news overnight while a growing number of traders urge caution on market positioning and the technical setup. Im premarket trading the story remains Tech with HPE / MRVL both up ~25% and AVGO +6.5%, NVDA +1.8%. Industrials, Materials, and Utilities the standout sectors. Technology stocks led gains in Asia overnight and are doing the same in Europe where the Stoxx 600 climbs 0.7%. Overnight macro news was quiet, and broader risk sentiment has also been helped by Brent crude futures falling 1.6% to around $93 a barrel. Treasuries advance, pushing US 10-year yields down 2 bps to 4.44%.Oil / Energy prices are declining along with Ags as Metals are bid led by aluminum, copper, and precious. US economic data calendar includes April JOLTS job openings at 10am; Fed speaker slate includes Hammack (8:30am) and Goolsbee (11pm).

In premarket trading, Mag 7 are mixed with Alphabet down 2.7% after raising $80 billion through a package of equity offerings, including a deeply discounted private placement with Berkshire Hathaway and a $40bn ATM ovvering (Nvidia +1.5%, Meta +0.5%, Tesla flat, Apple -0.1%, Amazon -1.6%, Microsoft -2.6%)

Shares of semiconductor companies are rallying as investors continue to rotate into the sector, seeing strong long-term growth potential related to artificial intelligence.
Credo Technology Group (CRDO) falls 3% after the communications equipment company reported fourth-quarter results that beat expectations but weren’t strong enough to extend recent strength.
Fulcrum Therapeutics (FULC) plunges 50% after the company discontinued its pociredir program for treatment of sickle cell disease and initiated a strategic review.
Generac (GNRC) is up 9% after the company signed a global agreement to supply backup power generators to a leading hyperscale data center operator.
Hewlett Packard Enterprise (HPE) rallies 25% after the company gave an outlook for annual sales that topped estimates, citing massive growth in AI-fueled demand for its servers and networking.
Intuit (INTU) is down 5% after Goldman downgraded its rating on the maker of tax-preparation software to sell, the only negative rating among 32 analysts tracked by Bloomberg.
Marvell Technology (MRVL) rises 22% after Nvidia’s Jensen Huang called the firm the “next trillion dollar company.”
Microchip Technology (MCHP) gains 7% after the chipmaker says its data center solutions unit generated $302.7m in revenue in calendar year 2025, with about $500m expected for this year.
NU Holdings (NU) falls 5% after the company announced a CFO transition, hiring Visa Inc.’s Rob Livingston to succeed Guilherme Lago.
Praxis Precision Medicines (PRAX) falls 10% after the company said said vormatrigine did not meet its primary endpoint of percent change in monthly seizure frequency in the Phase 2/3 study.
In corporate news, Abivax shares plunged after cancer cases in a crucial clinical trial for an experimental bowel disease drug threw the French biotech’s future into question. Morgan Stanley risks being drawn into a probe over Bolloré’s disposal of an allegedly corrupt €5.7 billion ($6.6 billion) asset.

In AI developments, Arm may achieve its target of $15 billion in sales of its own chips earlier than anticipated, according to its CEO. SK Hynix plans to double its memory chip wafer capacity to help ease the memory chip crunch. HPE delivered a sizable beat and raise after-hours on the back of growing AI-fueled demand for its servers and networks. Alphabet unveiled an $80 billion equity raise to fund AI spending. And Tencent shares surged after a report it’s set to launch WeChat AI agent.  

Traders are juggling unprecedented euphoria around the economic potential of AI and a war that has brought about a historic disruption in oil markets. Uncertainty about how close a deal may be means investors must consider that crude prices could retreat dramatically or scale to the highest levels in years. Downside risks are also growing as US large-cap positioning continued to grind higher last week, led by persistent new risk flows to both the S&P 500 and Nasdaq 100, according to Citigroup strategists. “How much more concentration can investors handle” is the question posed by Bloomberg strategists, noting that re-risking has been unusually quick and narrow.

“Triggers that could force an unwind include hawkish Fed repricing, structural rebalancing risks surrounding a prominent SpaceX IPO, or a momentum rotation out of over-allocated Tech into Cyclicals,” notes Andrew Kent at Kyte. At these current levels, the forward three-month return profile for the S&P 500 exhibits “a clear fat left tail, signaling a significantly higher probability of a >5% correction,” Kent adds.

In the latest example of the vast amounts of capital being pumped into AI infrastructure, Alphabet Inc. said it is raising $80 billion through equity offerings. The announcement came hours after Anthropic PBC filed draft paperwork for a possible blockbuster initial public offering.

“We may be approaching the point where optimism around the long-term positive impact of the AI buildout is going to crash against a wall of higher yields, higher inflation and lower growth,” said Stephan Kemper, chief investment strategist at BNP Paribas Wealth Management.

The next part of the tech trade to experience FOMO-driven chasing looks to be software stocks. In the past two sessions, theSoftware Sector ETF IGV has experienced the familiar “vol-up/spot-up” pattern as investors have bought call options to chase upside. That’s seen the call skew invert and the volatility spread vs S&P 500 reach extremes again.

With all attention constantly focused on AI rather than macro jobs data, the set-up into US non-farm payrolls data suggests a muted reaction to the reading on Friday. Through the lens of S&P 500 options, Barclays derivatives strategists note the current NFP-related implied move of 55 bps is significantly lower than the past one-year average realized move. 

“US data, such as the ISM manufacturing print we just had, still keeps the Fed/inflation debate alive and limits the scope for a dovish rates repricing, especially if oil remains volatile,” said Alessandro Gabellone, fixed-income analyst at Bank Degroof Petercam. Tuesday’s figures on US job openings will likely add to the series of favorable labor-market data releases for April. High-frequency data suggest total openings inched up, particularly in the second half of the month, according to Bloomberg.

In other assets, commodities are in a “super-squeeze,” rather than “super-cycle” that will worsen if the Strait of Hormuz remains effectively shut, according to HSBC analysts. Bitcoin dipped below $70,000 as Strategy’s rare sale of the token continues to weigh on fragile sentiment.

In hedge fund news, famed short seller Andrew Left faces the possibility of 25 years behind bars after being found guilty of using disingenuous social media posts to manipulate stocks, in a landmark case that threatens to chill a broader trading strategy loathed by corporate executives.

Technology stocks led gains in Europe where the Stoxx 600 climbs 0.7%. Here are the biggest movers Tuesday:

STMicro shares soared as much as 10% to the highest since 2000, after the chipmaker raised its data center revenue forecast for this year to about $1 billion
Alzchem shares rose as much as 13% to a record high as the German maker of chemicals used for ammunition and muscle enhancement announces that defense firm CSG has been increasing its stake
Hiab rallied as much as 7.9%, adding to its 5.6% advance on Monday, as analysts raise their price targets on the Finnish cargo-handling firm, lauding yesterday’s announcement that it’s buying refuse collection vehicle manufacturer Labrie Environmental Group
Deutsche Post shares rose as much as 3.6% to their highest level in over four years after Kepler Cheuvreux upgraded its rating to buy. The broker cites strength in a key metric, weight transported
Entain shares rose as much as 4.6%, extending Monday’s gains after MGM Resorts confirmed it received a takeover offer from People Inc
IntegraFin Holdings gained as much as 6.1%, the most since mid-December, after Shore Capital upgrades the investment platform provider to buy from hold in a note, saying it’s “an excellent business, properly undervalued”
Abivax shares plunged as much as 32%, the most in a decade, after the French biotech company reported cancer cases in a crucial clinical trial for its experimental inflammatory bowel disease drug
British American Tobacco shares fell as much as 3.8%, extending a seven-day losing streak, as a trading update showed continued downtrading from consumers is hurting margins, overshadowing the firm’s maintained guidance and growth in new, smoke-free categories
Avolta shares dropped as much as 5.9% to CHF45, after holder Richemont sold its stake in the Basel, Switzerland-based travel retail store operator for CHF45.35 per share
Paragon Banking Group shares fell as much as 7.6% to the lowest in nearly two months after first-half impairments prove unexpectedly big
GB Group slumped as much as 17%, the most since April 2025, after the identity verification and fraud prevention company announced additional investments to accelerate growth, which will impact short-term numbers
Asian stocks rebounded from early losses to extend their run of record‑setting gains, lifted by falling crude prices and gains in chipmakers and other technology shares. The MSCI Asia Pacific Index rose 0.6% in afternoon trading, heading for a record, after being down as much as 1% Tuesday. Tencent Holdings, Samsung Electronics and TSMC were among the top gainers, underscoring investors’ continued enthusiasm for artificial intelligence-related shares. Hong Kong and China led the region’s gains, while Japan fell. Investors eyeing major Chinese technology firms in Hong Kong helped revive the Asia benchmark, following a report of Tencent’s progress in launching an AI agent on WeChat and Meituan’s narrower quarterly losses. A gauge tracking these companies rose 4.7%. Indian information technology stocks also gained, after Nvidia CEO Jensen Huang rebuffed concerns that the software industry is at risk of being disrupted by more advanced AI tools.

In FX, the Bloomberg Dollar Spot Index edged 0.1% lower and oil prices eased as President Donald Trump said he is still optimistic the US can reach an interim peace deal with Iran soon, even after the Islamic Republic threatened to suspend talks. AUD/USD gained 0.3% to 0.7182 after Reserve Bank of Australia monetary policy board member Ian Harper said strong action is needed if inflation expectations become unanchored,USD/JPY ticked up less than 0.1% to 159.73. EUR/USD rose 0.2% to 1.1650

In rates, treasuries advance, pushing US 10-year yields down 2 bps to 4.44% supported by a wider rally across European bonds as oil unwinds a portion of Monday’s gains on optimism around the prospects of a US-Iran peace deal flagged by President Donald Trump. US yields richer by 2bp to 3bp across the curve with belly marginally outperforming, richening the 2s5s30s fly by ~1bp on the day. US 10-year yields trade around 4.425%, richer by 3bp on the day with bunds and gilts outperforming by 2.5bp and 4.5bp in the sector. European government bonds outperform with UK and German 10-year borrowing costs falling 5-6 bps each. Labor market in focus for the US session with JOLTS job openings data due, ahead of ADP employment and the May jobs report later this week.

In commodities, WTI crude oil futures are down 1.3% near session lows. Precious metals advance, with spot silver adding 2% and gold trading around $4,525. Bitcoin falls below $70,000 for the first time since April.

US economic data calendar includes April JOLTS job openings at 10am; Fed speaker slate includes Hammack (8:30am) and Goolsbee (11pm).

Market Snapshot

Top Overnight News

Lebanon announced a partial ceasefire between Hezbollah and Israel on Monday in what would amount to a limited de-escalation of a conflict that has ‌killed thousands of people and inflamed the broader U.S.-Israeli war with Iran. RTRS
The fighting in Lebanon had become a major sticking point in end-of-war talks as Iran considers the conflict a violation of the U.S.-Iran ceasefire. Trump received briefings in recent weeks that the Israel-Hezbollah conflict was one of the key reasons why Iran remained unwilling to make a deal with the U.S., Trump administration officials said. WSJ
The Trump administration on Monday proposed a 25 percent tariff on a broad range of Brazilian imports, concluding after a trade investigation that Brazil had engaged in unfair practices that imposed burdens on American businesses. NYT
The White House will cut tariffs on agricultural equipment, such as combines and harvesters, to 15% from 25% on June 8. A lower 10% duty rate may apply if the equipment contains at least 85% US steel or aluminum. BBG
Gold has overtaken US government bonds as the world’s top reserve asset following years of relentless buying by central banks and a historic rally that has seen prices nearly double over the past two years. FT
SK Hynix plans to double its memory chip wafer capacity over the coming half-decade to ease a global shortage of a key AI component. BBG
Former BOJ board member Sayuri Shirai said the central bank may hold rates steady this month because underlying inflation pressures haven’t strengthened that much. BBG
The US is discussing whether to deploy nuclear weapons in additional European Nato states, in a move intended to reassure allies that reduced conventional military support does not weaken security guarantees. FT
NVDA CEO Jensen Huang said on Tuesday the company has enough supply to accommodate robust growth in central processing units (CPUs) and graphics processing units (GPUs) as it ‌rides an AI boom. The company, considered a barometer for the AI market’s health as its semiconductors are used in virtually every major data center in the world, acknowledged, however, that supply constraints remain a concern. RTRS
Iran War

US President Trump told ABC News he thinks he will have an agreement with Iran to extend the ceasefire and reopen the Strait of Hormuz over the next week, while he also stated that a peace agreement with Iran could be better than a military victory. Trump also stated that it’s not simple for both sides, but they’re getting what they need to get and that he still has to get a few more points.
US President Trump said he had a very productive call with Israeli PM Netanyahu and that there will be no troops going to Beirut, while he added that Hezbollah agreed that all shooting will stop.
US President Trump reportedly lashed out at Israeli PM Netanyahu over Israel’s escalation in Lebanon in an expletive-laden call on Monday, according to Axios, citing two US officials and a source briefed on the call.
Iran’s final text is still being discussed in Tehran and no response has been sent yet, Mehr News reported citing sources.
Iranian Parliament Speaker Ghalibaf said talks will halt if Israeli actions persist in Lebanon, and warned that Iran will confront Israel if atrocities in Lebanon continue.
A senior Iranian official said a renewed war with US ‘inevitable’, Arab News reported citing state TV.
Iran’s IRGC reported targeting a US-owned commercial vessel with a cruise missile, according to Al Jazeera.
Iran’s IRGC said 24 ships passed through the Strait of Hormuz in the last 24 hours after obtaining permission from Iran, Nour News reported.
“A number of vessel owners are saying that they are no longer receiving IRGC threats via the radio, which wasn’t the case a few weeks back. But still the confidence level in crossing is low”, Kpler’s Bakr posted.
Lebanon officials said Hezbollah and Israel agreed to the US proposal for mutual cessation of hostilities. Israel will stop strikes on Beirut southern suburbs under the proposed agreement, Press TV reported.
Israeli airstrikes target sites in southern Lebanon, Sky News Arabia reported.
Source close to Yemen’s Houthis emphasised they will not allow Lebanon to be attacked and Hezbollah to fight alone, according to SNN.
A more detailed look at global markets courtesy of Newsquawk

APAC stocks were mixed following the choppy performance stateside, where the major indices ultimately finished mostly higher amid tech strength and mixed geopolitical updates. ASX 200 was subdued amid weakness in real estate, financials and defensives, while sentiment was also not helped by a slew of mostly weaker-than-expected data releases. Nikkei 225 slipped after printing a new all-time high at the open with very few fresh catalysts from Japan, and as the recent mixed geopolitical headlines provide an opportunity to book profits. Hang Seng and Shanghai Comp conformed to the mixed picture with the mainland flat, while the Hong Kong benchmark was led higher by strength in the big tech names, with Meituan underpinned post-earnings, while Tencent, Alibaba, Lenovo, Kuaishou, SMIC and JD were all among the top performers.

Top Asian News

Japanese Finance Minister Katayama refrained from commenting on FX intervention and current FX levels, while she said volatility in oil markets remain and prepared to take appropriate action. Closely coordinating with the US on Forex, and both sides are closely monitoring markets.
South Korean Inflation Rate YoY (May) Y/Y 3.1% (Prev. 2.6%).
South Korean Inflation Rate MoM (May) M/M 0.5% (Prev. 0.5%).
European bourses (STOXX 600 +0.7%) start Tuesday’s trade with broad gains after raised hopes of an imminent US-Iran deal. US President Trump said negotiations with Tehran were continuing and signalled expectations of a deal to extend the ceasefire and reopen Hormuz “over the next week”. Furthermore, Trump also claimed Israel and Hezbollah had agreed to stop shooting, which further weighed on energy prices and boosted the global risk tone. European sectors highlight the positive bias. Technology (+2.7%) tops the sector pile, with Basic Resources (+2.2%) following closely behind as metals surge amid worries of a tighter global supply. Energy (-0.7%), Healthcare (-0.6%) and Food, Beverages & Tobacco (-0.4%) are the only sectors printing modest losses.

Top European News

EU is weighing fiscal flexibility for energy costs, while the proposal would allow countries budgetary leeway to cushion energy costs, according to Bloomberg.
US is in talks to expand nuclear weapon deployments in Europe, according to FT.
UK Labour leader candidate Andy Burnham said he rules out an early General Election if he is elected to replace PM Starmer, Bloomberg reported citing his spokesperson.
UK’s Ofgem is seeking views on draft guidance to support proportionate supply chain security risk management in the downstream gas and electricity sector.
FX

G10s are mixed but mostly stronger against the Buck as energy benchmarks pull back alongside more constructive Gulf headlines.
The Buck trades a touch lower after pressure seen in the early European morning attempted to push the Dollar index to the 99.00 level. Markets are generally more risk-on after headlines overnight were more constructive than those seen on Monday. See 08:20 BST headline for geopolitical specifics. US domestic newsflow has been light. Today sees the release of JOLTS job openings. The figure is expected to be broadly unchanged from the March figure. DXY trades 0.1% lower within a 99.05-9922 range.
EUR is a touch firmer against the weaker Buck in a reaction you would expect to see in response to the recent geopolitical headlines. The EZ Inflation report held a hawkish skew, with the energy component and Services jumping. The single currency was little moved on the report, given it ultimately plays in favour of a hike in June, which is ultimately fully priced in.
JPY is incrementally lower vs the USD. Japan saw strong demand at its 10yr auction overnight, where demand rose beyond the 12-month average despite the BoJ slated to hike rates in two weeks. JPY saw modest strength on the results, though it proved fleeting with USD/JPY rangebound given the various fiscal/Terms of Trade headwinds. In a note this morning, ING wrote “The risk of new intervention does look a bit underpriced, considering Japanese authorities have remained rather hawkish with their intervention narrative.” Katayama was on the wires overnight, she said: “Closely coordinating with the US on FX.”
Fixed Income

Global fixed benchmarks are stronger across the board, facilitated by a pullback in energy prices after some positive-leaning geopolitical newsflow. In brief, President Trump suggested that talks with Iran are continuing at a rapid pace, adding that he thinks an agreement will be made with Iran to extend the ceasefire over the next week.
As for price action, USTs benefit from the lower energy prices this morning, with gains of c. 8 ticks at pixel time; currently holds at the upper end of a 109-22 to 109-30 range (vs Monday’s trough of 109-09+). From a yield perspective, rates at the belly of the curve are underperforming vs short-dated rates, signalling that traders remain uncertain about near-term geopolitical progress. The 10yr (4.43%) now resides back towards recent troughs, and another leg lower could see a test of the low from 12 May at 4.41%. Focus ahead turns to US JOLTS.
Bunds (+50 ticks) and Gilts (+60 ticks) also extend higher, following the geopolitical risk tone. For the EZ specifically, a hawkish inflation report out of the EZ (Services at 3.5% from 3.00%, and Core Y/Y topped expectations), led to some mild pressure in German paper.
JGBs (+92 ticks) are outperforming vs peer, boosted by the geopolitical tone and a solid 10yr Japanese auction. Whilst the b/c and avg. yield were not so good, the lowest accepted price fell to 98.01 (prev. 98.86), indicating some solid demand for the paper. The 10yr knee-jerked higher following the sale, before then gradually moving higher as other investors also bought debt. As it stands, the 10yr (2.57%) now resides at levels not seen since 13 May 2026.
Germany sells EUR 3.857bln vs exp. EUR 5bln 2.50% 2028 Schatz: b/c 1.58x (prev. 1.4x), average yield 2.59% (prev. 2.70%), retention 22.86% (prev. 22.8%).
UK sells GBP 3.25bln 4.625% 2037 Green Gilt: b/c 3.63x, average yield 4.975%, tail 0.2bps.
Japan sells JPY 1.98tln 10yr JGBs, b/c 3.53x (prev. 3.90x, 12-month avg. 3.35x), average yield 2.649% (prev. 2.540%).
Central Banks

ECB’s Rehn says a June rate move would be an insurance hike and that inflation expectations remain unanchored.
ECB’s Simkus said consumer short-term inflation expectations are similar to 2022 and that it is important to react in a timely manner to inflation.
Rabobank maintains its forecast for a 25bps ECB rate hike next week; expects the ECB to raise rates by another 25bps, likely in September.
RBA’s Harper said stronger than expected domestic demand and re-emergence of capacity constraints have widened the output gap again, and markets are now anticipating that the bank would have to address this, while he added that persistent inflation is a genuine concern and market measures of inflation have gone up, which is a worry.
Nikkei reported that the BoJ is continuing to call for a June hike, though the government is opting for a “wait-and-see” approach given the risks of risking inflation and a weaker JPY.
BoJ summary of meeting with investors: one participant said the need for further tapering of bond purchases is not high; participant said there is no need for further tapering of bond buying. One participant said the BoJ should act nimbly, such as conducting emergency bond-buying operations as needed when the bond market destabilises.
Commodities

Crude futures are subdued this European morning as the complex takes a breather from yesterday’s surge, with upside capped by constructive comments from US President Trump. To recap, US President Trump said talks with Iran were continuing at a rapid pace and that he believes an agreement to extend the ceasefire and reopen the Strait of Hormuz could be reached within the next week. That being said, it was reported this morning that Iran’s final text is still being discussed in Tehran and no response has been sent yet; Mehr News reported, citing sources. Meanwhile, a senior Iranian official said renewed war with the US is ‘inevitable’, Arab News reported, citing state TV. Elsewhere, Lebanon emerged as a major issue, with Iran warning that continued Israeli actions could impact negotiations.
WTI and Brent front-month futures trade softer by some 2% and 1.8% respectively, at the time of writing after the benchmarks settled higher by USD 4.80/bbl and USD 3.86/bbl, respectively, on Monday. Benchmarks have held a negative bias throughout the European morning. WTI Jul resides towards the bottom end of a USD 90.15-92.65/bbl range, Brent Aug trades in a USD 90.66-92.85/bbl range. Dutch TTF trades -2.5% within the recent EUR 47-48/MWh range.
Spot gold is slightly firmer as the USD remains subdued by oil prices, with the yellow metal in a USD 4,463-4,541/oz range, within yesterday’s USD 4,447-4,546/oz range. Spot silver similarly rebounds but tops yesterday’s high (USD 76.29/oz) to currently trade towards the top end of a USD 74.48-76.93/oz range.
Base metals are firmer across the board amid the softer USD and softer oil prices, coupled with a firm performance across Chinese markets overnight. 3M LME copper resides in a narrow USD 13,821.53-13,992.22/t range at the time of writing.
The IEA’s oil division chief said oil supplies from the US, Brazil, Argentina and Venezuela have exceeded expectations, but output from the Americas can only marginally offset supplies lost East of Suez.
UAE’s ADNOC executive said China’s demand is starting to come back, and “teapot” refineries are showing appetite.
Trade/Tariffs

White House released a Fact Sheet stating President Trump signed a Proclamation adjusting certain metals tariffs to more effectively address national security threats and spur investment. The Proclamation adjusts the tariffs on agricultural equipment, like combines and harvesters, as well as certain other equipment, from 25% to 15%, while it expands the category of industrial equipment subject to a 15% tariff to include mobile industrial equipment, like bulldozers and forklifts, when imported from trade deal countries that are entitled to such treatment. It also encourages foreign companies to use more US steel and aluminium by allowing them to qualify for a 10% duty rate if their capital equipment includes at least 85% US melted and poured or smelted and cast steel or aluminium by weight.
US Trade Representative said they determined that Brazil has performed unreasonable acts under Section 301 and that the acts are actionable, while the US continues to engage with Brazil to seek a resolution, and the US will hold a hearing about proposed action on June 6th. USTR later proposed to impose tariffs of 25% on all imports from Brazil, except for goods that are subject to Section 232 national security tariffs.
European Parliament’s Trade Committee voted in favour of legislation to remove EU duties on several US goods imports.
Geopolitics

Russia’s Kremlin said systematic strikes against Ukrainian military infrastructure are being carried out, however reiterated that it is ready to achieve its aims in Ukraine through diplomacy.
Explosions were reported in Kyiv, and a witness said the city sustained a large-scale air bombardment, while Ukraine’s air force said it detected missiles headed towards the Sumy region and Kyiv, as well as UAVs that were headed towards Zaporizhzhia from the south.
Air raid sirens were activated in Ukraine’s Kyiv, while authorities urged residents to seek shelter.
Ukraine’s military said it has struck Russia’s Ilsky oil refinery (132k-138k BPD).
US Event Calendar

10:00 am: Apr JOLTS Job Openings, est. 6866k, prior 6866k
1:50 am: Fed’s Kashkari in Panel Discussion
8:30 am: Fed’s Hammack Speaks on Monetary Policy
11:00 pm: Fed’s Goolsbee Speaks on CBS Chicago
DB’s Jim Reid concludes the overnight wrap

I’ll be at a Parisian breakfast as you read this presenting our new semi-annual World Outlook, which is called “1999 meets 1990”. The title reflects the interplay of AI-driven optimism and the disruptive effects of the Middle East conflict, which makes it feel like those two years are now coinciding. 

In the outlook, our baseline expectation is that a US-Iran deal is reached this month that allows shipping through the Strait of Hormuz to resume, with Brent crude falling back to $86/bbl in Q4. However, if the Strait of Hormuz experiences a prolonged closure, that would push Brent towards $150/bbl, hitting global growth and pushing Europe into recession. But net net, our global GDP forecast has only been trimmed slightly to 3.0% this year, before recovering back to 3.2% in 2027.

For markets, our equity strategists remain constructive, still seeing the S&P 500 at 8000 by year-end. However, our fixed-income strategists expect a further selloff, with 10yr Treasury yields reaching 4.7%, and 10yr bund yields up to 3.2%. In credit, we also see some mild spread widening by year-end, particularly in Europe. And on the FX side, we expect a continued (albeit slower) dollar depreciation, with EUR/USD reaching 1.20 by year-end.

Looking at the last 24 hours, 1990 continued to fight it out with 1999 as higher oil met fresh mega equity issuance and AI euphoria. Brent crude (+4.24%) and 10yr Treasury yields (+1.7bps) climbed yesterday as headlines pointed away from a US-Iran deal though the S&P 500 (+0.26%) still reached a fifth consecutive record high as AI optimism persisted. However, the equity mood has softened overnight, with NASDAQ futures (-0.67%) underperforming those on the S&P (-0.42%) as news that Alphabet is planning a $80bn equity offering, reminding investors of unprecedented scale of the AI spending boom.

Starting with Iran, the biggest market moving story yesterday came as Iran’s Tasnim news reported that negotiators would suspend “talks and the exchange of documents through mediators”, which dashed hopes for an imminent deal. A little later, further escalatory risks came into play, as Iran also threatened to target northern Israel if Israel continued attacks on Lebanon. That was according to Iran’s ISNA news, who cited the country’s Central Military Command. This marked a clear shift from the more hopeful tone of last week. The mood did then improve later in the session as Trump sought to de-escalate the tensions in Lebanon, with the US President claiming that Israel and Hezbollah agreed to “stop shooting” at each other after his calls with their respective leaders. Trump also countered the news out of Iran, claiming talks were continuing “at a rapid pace” and telling ABC News yesterday evening that he thinks an MoU will be completed “over the next week”.

Trump’s intervention helped ease fears that the weekend’s escalation in Lebanon would lead to a broader re-escalation between the US and Iran. Still, uncertainty over the possible US-Iran deal persists, with growing doubts that the Strait of Hormuz will reopen soon. For instance, the Polymarket probability of a return to normal traffic in the Strait this month stands at 22%, down from 26% on Sunday and 36% back on Friday. The resulting increased caution in oil markets saw Brent crude jumping to as high as $97.79bbl following the Tasnim report before settling at $94.98/bbl. When adjusting for the roll in the monthly benchmark from July to August, this marked the biggest daily jump for the front-end contract (+4.24%) in four weeks. Brent is -0.74% lower this morning as I type.

This backdrop of rising oil prices yesterday led investors to price back in the chance of a stagflationary shock. So yields moved higher, with the 10yr Treasury yield (+1.7bps) reversing a run of 7 consecutive declines to close at 4.45%, though it did retreat from an intra-day higha of 4.516%. In Europe markets closed before the positive comments on Lebanon came through, with yields on 10yr bunds (+6.5bps), OATs (+7.9bps) and BTPs (+8.3bps) all posting larger increases. Pricing of a Fed rate hike by December moved up to a 69% probability, having been at 57% on Friday, while for the ECB 63bps of hikes are now priced by year-end (+11.5bps yesterday).

Whilst oil prices drove most of yesterday’s bond moves, a rise in yields was also supported by another batch of solid data. Most notably in the US, the ISM manufacturing print hit a 4-year high of 54.0 in May (vs. 53.0 expected), which cemented the view of economic resilience there. Meanwhile in the Eurozone, the manufacturing PMI was also revised up modestly from the flash print, up two-tenths to 51.6.

For equities, US stocks held onto their risk-on tone yesterday, with the S&P 500 (+0.26%) and the NASDAQ (+0.42%) both posting an 8th consecutive advance to fresh records. That marks the first time in a year the S&P has achieved 8 consecutive daily gains. And if you look at the moves on a weekly basis, a positive gain this week would be the S&P’s 10th consecutive advance, which is something we haven’t seen since 1985. The Mag-7 (-1.03%) did decline amid outsized losses for Meta (-5.07%) and Tesla (-4.57%), while the Philly semiconductor index rose +1.06%. The latter included a large dispersion among the chipmakers as Nvidia (+6.26%) announced a new chip to enter the PC market. The news also boosted the likes of ARM Holdings (+15.73%) and Micron (+6.64%) but weighed on Intel (-4.67%) and Qualcomm (-8.78%).

In other tech news, Anthropic confidentially submitted its draft IPO filing, which follows the anticipation that OpenAI will also file for an IPO soon. Then shortly after the US close, we heard that Alphabet is set to raise $80bn through a package of equity offerings that includes a $10bn investment from Berkshire Hathaway. So funding of the AI capex boom is becoming an increasingly key topic for markets. The 1999 comparison in our World Outlook seemed quite apt yesterday.

Across the Atlantic it was a more downbeat picture, with the STOXX 600 (-0.76%) seeing a sizeable decline, reflecting the region’s greater exposure to the energy shock and as European markets closed before some of the more constructive headlines came through. Euro STOXX 50 futures (+0.38%) are reversing some of yesterday’s loss overnight.

In Asia we’re seeing a mixed picture with the KOSPI (-1.97%) and the Nikkei (-1.53%) the worst performers with both indexes falling from record highs. Additionally, the S&P/ASX 200 (-0.33%) is also edging lower. However the Hang Seng (+1.46%) is bucking the regional trend with gains in heavyweight tech shares. Meanwhile, mainland Chinese stocks are a mixed bag with the CSI (+0.78%) trading moderately higher while the Shanghai Composite (-0.04%) is flat. Meanwhile, 10yr USTs are -1.4bps lower trading at 4.44% as we go to print.

Early morning data showed that Korean CPI hit a 26-month high in May, ramping up bets that the Bank of Korea will hike interest rates later this year. CPI rose +3.1% from a year earlier (v/s +2.9% expected), after climbing +2.6% in April.

Looking at the day ahead, data releases include the Euro Area flash CPI print for May, UK mortgage approvals for April, and the US JOLTS report for April. Otherwise, central bank speakers include the Fed’s Hammack, the ECB’s Rehn, Vujcic and Sleijpen, BoE Governor Bailey, and the BoE’s Greene.

Tyler Durden
Tue, 06/02/2026 – 08:22

In an era of college athletics dominated by conversations about NIL, the transfer portal and congressional legislation, it’s nice to get a reminder of why we fell in love with these sports in the first place.Monday night, with eyes on the Women’s College World Series and NCAA tournament in college baseball, a scene out of Morgantown, West Virginia, seemingly brought fans together amid the ongoing chaos.Sometimes, it just takes a good reminder.BRENDAN SORSBY ADMITS WAGERING NEARLY $90,000 DURING COLLEGE CAREER AS NCAA FIGHT HEATS UPIn game seven of the Morgantown Regional, with the Kentucky Wildcats playing West Virginia for a spot in the NCAA Tournament Super Regionals (the next round), the scene looked more like a Saturday afternoon of college football.But, if you’re unfamiliar, welcome to the world of college baseball.The night before, West Virginia scored five runs in the final inning to secure the win. On Monday, the Mountaineers would be the ones needing to hold on, leading 5-1 through seven innings.Now, with their tournament hopes on the line, it was going to be another nervous night for fans in Morgantown. This time, once again though, West Virginia sent their fans into a frenzy, thanks to a walk-off single from first baseman Armani Guzman that turned a Monday night showdown into one massive party.What came next was pure cinema, as the kids would say.ZERO BS. JUST DAKICH. TAKE THE DON’T @ ME PODCAST ON THE ROAD. DOWNLOAD NOW!Thousands of fans, arm-in-arm, with John Denver playing over the loudspeakers, singing “Country Roads” in unison as they celebrated being one step closer to the College World Series in Omaha.It doesn’t get much better than this, I don’t care what team you root for.What could possibly make the moment even better? How about West Virginia’s Armani Guzman, who grew up in New York, joining the crowd in singing “Country Roads” while wearing a headset to talk with the announce team.Lost in the overwhelming noise that comes with enjoying college athletics nowadays is the pure joy that comes from watching your favorite team provide moments you certainly won’t forget.And yes, I will be the first to admit that what we are currently seeing in college athletics can be nauseating at times. There are times when you have no idea the names of 50% of your favorite team’s roster, thanks to the transfer portal becoming such a factor in recruiting.There is also the overwhelming feeling that fans have lost the ability to connect with players on a yearly basis, given the current dilemma of how much money one team can offer over the other playing such a factor in what the roster will look like.TED CRUZ, MARIA CANTWELL UNVEIL BIPARTISAN COLLEGE ATHLETICS BILL AMID NIL CHAOS, LAWSUITS, ‘LANE KIFFIN RULE’But, there are times when we are quickly reminded of why some enjoy collegiate sports over the professional product.On Monday night, we were provided that moment all across the country as baseball teams fought their way through the NCAA Tournament.At the same time, the Women’s College World Series continued to prove why it’s such an underrated sport, as Alabama and Texas Tech battled for a spot in the national championship.If you’re new here, welcome to college baseball and softball.If you’re a regular, you most certainly didn’t need this reminder. But, I imagine you still enjoyed it.

Marvell Soars After Nvidia CEO Says Chipmaker Is Headed For Trillion-Dollar Club

Computex 2026 in Taipei is underway for the second day.

Let’s begin with Monday’s wrap-up of the event:

Nvidia CEO Declares AI PC Reinvention A “New Beginning” On Par With Smartphone Shift

AI, Chips, Humanoid Robots: Top Takeaways From Computex 2025

There was no shortage of fireworks on day two, as Nvidia CEO Jensen Huang took the stage and greeted Marvell Technology CEO Matt Murphy, stating that the fabless semiconductor company that designs chips will be “the next trillion-dollar company.”

$NVDA CEO Jensen Huang says $MRVL could 5x and become “the next trillion-dollar company.”
Marvell is one of the few companies with exposure to both custom AI silicon and networking fabric connecting modern AI data centers. https://t.co/5rDcHLa0eJ pic.twitter.com/12C7IYTDWQ
— Shay Boloor (@StockSavvyShay) June 2, 2026
Pumpmaxxing…

» Be Nvidia
» Invest $2 billion in Marvell
» Introduce them as “the next trillion dollar company”
» Stock goes up 40% overnight on remarks
Wild times! https://t.co/h9QXmOE0l3
— Brandon Carl (@brandonjcarl) June 2, 2026
Huang’s comments catapulted Marvell shares, sending the stock up 26% in premarket trading and extending what was already a stunning 158% year-to-date rally as of Monday’s close.

A move to a $1 trillion market cap would imply more than a fivefold increase from the semiconductor and networking company’s current valuation. Huang noted that Marvell’s valuation will soar now that the age of “useful AI has arrived.”

The stock has 44 “Buy” ratings, 6 “Holds”, and zero sells. What could possibly go wrong?

For context, Marvell’s business is data infrastructure silicon, meaning the chips and networking tech that help data move, store, process, and connect inside cloud and AI data centers.

Nvidia sells GPUs, but giant AI data center clusters also need ultra-fast networking and interconnects so all those GPUs and servers can function as a single system. Marvell is one of the companies positioned to supply that connective tissue:

Custom AI chips and ASICs for hyperscalers
High-speed networking chips that connect servers and GPUs

Optical and copper interconnects that move data inside and between AI clusters

Ethernet switches

Storage and memory-controller chips

Data-center, telecom, enterprise, auto, and carrier infrastructure silicon

Also notable at Computex 2026 was SK Group Chairman Chey Tae-won, who told reporters that his memory chip company plans to double its wafer capacity over the next five years.

“We are going to double the whole capacity over the next five years … there are a lot of obstacles and hurdles, but we will get over them and expand,” Chey told reporters.

SK Hynix remains one of the top players in the AI memory chip market, holding 58% of the global HBM market in the first quarter, well ahead of Samsung and Micron, which each held 21%, according to Counterpoint Research.

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Tyler Durden
Tue, 06/02/2026 – 08:15