June 9th Market Overview

Happy Tuesday

The green open didn't last td. Chips faded after a one-day bounce and money moved into old-economy names, with tech dragging the market lower. Late in the day Trump said the US has to respond after Iran shot down an Army helicopter over the Strait of Hormuz.

Let’s dig in...

Today's Big Picture

Tech rotation flipped the green open

Stocks opened higher and gave it all back as the chip rebound ran out of gas. Money rotated out of semis and into value names like Home Depot and Smucker, and nine of eleven sectors still closed green. Part of the selling is desks freeing up cash for SpaceX's debut this week. This looks like profit-taking after a huge run, not the start of something worse.

Iran flares again with a downed helicopter

Trump said Iran shot down a US Apache over the Strait of Hormuz and that the US must respond. Both pilots got out safe. Oil had been falling all day on ceasefire hopes and clawed back part of the drop on the news. The Strait is still effectively shut, so oil stays the swing factor here.

Housing put up its best month in years

May existing home sales rose to a 4.17 million annual pace, beating expectations, with a record median price. Buyers are pushing through high mortgage rates, and homebuilders led the day's move into old-economy names. Healthy housing is one more reason the Fed sees no rush to cut.

Market Overview

Index Performance

Stock Spotlight

Starbucks $SBUX ( ▲ 0.74% )  
is pushing into the wellness drink space, adding protein and energy options and testing collagen and creatine. CEO Brian Niccol said the chain has been behind on energy and sparkling drinks and wants to move faster.

Applied Digital $APLD ( ▲ 2.97% )  
signed a 5.2 billion dollar lease with an unnamed investment-grade hyperscaler and floated 1.59 billion dollars in senior notes. The company says that gives it visibility into 36 billion dollars of future lease revenue.

Home Depot $HD ( ▲ 0.73% )  
was one of the Dow's top names as traders hid in old-economy stocks. When home improvement and peanut butter are the safe trade, the mood has clearly shifted.

Micron $MU ( ▼ 1.43% )  
and Broadcom $AVGO both handed back Monday's bounce as the chip rebound faded. These are the names that powered the run to records, so when they roll over the whole tape feels it.

Big Name Updates

Apple $AAPL ( ▼ 1.52% )  
kept sliding as Wall Street stayed cold on the new Siri AI. UBS called the upgrades underwhelming, KeyBanc saw no clear way to make money off them, and Goldman flagged a weakening consumer as the bigger threat to iPhone demand.

CoreWeave $CRWV ( ▲ 5.02% )  
insiders have sold more than 2.3 billion dollars of stock since the March 2025 IPO, with three co-founders behind most of it. Worth watching when the people who built the company are this eager to cash out.

Alibaba $BABA ( ▲ 0.12% )  
landed on the Pentagon's list of firms it sees as tied to China's military, along with Baidu and the carmaker BYD. No sanctions yet, but the Defense Department stops contracting with them later this month.

Other Notable Company News

TJX $TJX ( ▲ 0.04% )  
drew a fresh buy call from UBS, which sees better than twenty percent upside as it keeps taking share from department stores.

Galaxy Digital $GLXY ( ▲ 0.27% )  
announced a partnership with Morgan Stanley, and its CEO says the next data-center tenant locks in by the end of summer.

Robinhood $HOOD ( ▲ 1.04% )  
got a price-target bump from Cantor on its prediction-market venture, which the analyst thinks the market hasn't priced in.

Uber $UBER ( ▼ 1.01% )  
kept its buy rating at Guggenheim, which sees catalysts in the back half from the World Cup and self-driving rollouts.

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Sector Watch

Bond Market

The bond market is basically telling the Fed that rates are too low. The two-year Treasury yield sits around 4.15, its highest in more than a year and well above the Fed's policy band.

• Traders are now pricing in a possible hike as soon as October.

• Tomorrow's CPI is the next test, with wholesale prices following Thursday.

Policy Watch

Fed

Most economists in a Reuters poll see the Fed holding rates through 2026, and a hold is expected at next week's meeting. The bond market clearly disagrees. That gap is the thing to watch into CPI.

Trade

• The April trade gap came in around 56 billion dollars, roughly flat with March.

• One read says tariffs have cut the deficit close to half this year. Another says the bigger picture has barely moved. Both are true, depending on the window you pick.

• China's exports stayed strong in May, with shipments to the US up sharply on AI-related goods. Taiwan is now weighing tighter chip export controls on China that would reach past the firms already blacklisted.

Energy

A federal court reopened an easier path for wind and solar projects to qualify for clean-energy tax credits, easing some of the pressure created by last year's rules.

What to Watch

The AI company quietly automating every Walmart distribution center. 
23 billion in orders on the book.

It's just one of seven names in this free MarketBeat report.

Tomorrow's CPI

May inflation is expected to come in at its hottest annual pace since early 2023. This sets the Fed's tone and decides whether the rate-hike talk has real legs.

SpaceX prices this week

Order books close Wednesday afternoon, pricing lands Thursday, and trading starts Friday, with demand running about two-to-one. Watch whether managers keep selling other names to make room. Once it's public, that overhang clears.

The rest of the inflation read

Wholesale prices and weekly jobless claims both land Thursday. Together with CPI they tell us whether higher-for-longer is turning into higher-from-here.

Thanks for reading - you are now the more informed 🙂

- John