Reuters Morning Bid

The SpaceX IPO - reported to be more than twice oversubscribed - arrives against a turbulent backdrop, with the chip sector posting its worst single-day drop of the year on Friday. A blowout May payrolls report has markets pricing in nearly two Fed rate hikes within 12 months, defying President Trump's calls for lower rates. And oil surges more than 4% after Israel and Iran trade missile strikes, adding fresh heat to the inflation outlook.

Today’s recommended site: Reuters Open Interest

Subscribe to Mike Dolan's Morning Bid newsletter, and check out his columns on Reuters Open Interest

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The U.S. jobs report is expected to show 85,000 positions added in May and unemployment holding at 4.3%, as economists describe the labor market as a "low hire, low fire stalemate." Meanwhile, Broadcom's AI chip miss sends South Korean stocks toward their worst week since March and Blackstone caps withdrawals from its flagship private credit fund after redemptions top $4.5 billion.
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Broadcom's rare earnings miss sends shares down more than 10% after hours, rattling a chip sector priced for perfection. Strong U.S. jobs and activity data push markets to price in nearly a 50% chance of a Fed rate hike as soon as October, while the yen slides to its weakest against the dollar since July 2024.

Today’s recommended read: First goes the Fed dot, then guidance - and then a hike?, Mike Dolan

Subscribe to Mike Dolan's Morning Bid newsletter, and check out his columns on Reuters Open Interest

Read more from Amanda Cooper and Anna Szymanski

Produced by Eliza Davis Beard, Ethan Plotkin and Abisoye Adelusi

Sound engineering and music by Sebastian and Josh Sommer

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Microsoft says its new quantum computing chip is a thousand times more powerful than its predecessor and that a commercially viable machine could arrive by 2029 - claims scientists are calling wildly optimistic. Meanwhile, fighting resumes in the Gulf despite a technical ceasefire, alarming energy markets. And U.S. job openings surge well beyond expectations in April.

Today’s recommended read: Wild stock moves beneath an eerily calm surface, Mike Dolan

Subscribe to Mike Dolan's Morning Bid newsletter, and check out his columns on Reuters Open Interest

Read more from Amanda Cooper and Anna Szymanski

Produced by Eliza Davis Beard, Ethan Plotkin and Abisoye Adelusi

Sound engineering and music by Sebastian and Josh Sommer

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Anthropic's confidential IPO filing sets off a frenzy of new listings, but Alphabet's plan to raise $80 billion in equity takes some of the shine off the excitement. Meanwhile, oil prices swing nearly five percent before retreating after Trump signals U.S.-Iran talks may still produce a deal, and U.S. factory activity hits a four-year high - raising fresh questions about inflation.

Today’s recommended read: AI frenzy stokes inflation heat too, Mike Dolan

Subscribe to Mike Dolan's Morning Bid newsletter, and check out his columns on Reuters Open Interest

Read more from Amanda Cooper and Anna Szymanski

Produced by Eliza Davis Beard, Ethan Plotkin and Abisoye Adelusi

Sound engineering and music by Sebastian and Josh Sommer

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