Dow Industrials Add Alphabet to the 30 Stock Roster, Dow Jumps to All-Time High as Speculation Remains a Key Driver

Need a boost? Change your socks!

Or, in the case of the Dow Jones Industrial Average, change your stocks!

The Dow replaced Verizon (VZ) with Alphabet Class A (GOOGL) shares on Monday and the stock added nearly five percent on the day. Conversely, Verizon shares slid by five percent. Dow Jones' sleight-of-hand propelled the Dow Industrials to a record close, while also helping the NASDAQ and S&P regain some of their losses, "some" being the operative word.

Since the start of June peaks, the S&P is down 2.10%, the NASDAQ off by 4.68% as questions concerning the profitability of the AI buildout among big providers like Microsoft, Apple, Alphabet, Amazon, and others continue to keep tech stocks under wraps, for now.

With just three days left in the holiday-shortened week, the tech threat may give way to employment issues. According to the BLS, total non-farm payroll employment increased by 172,000 in May 2026, similar to the gain of 179,000 in April. While those numbers seem impressive, in the know investors understand that the BLS figures are little more than guesses, their monthly and annual revisions reveal a weaker foundation and an agency hell-bent on keeping up appearances. June non-farm payroll closes out the week prior to the market open on Thursday.

As the fragile truce between the U.S. and Iran continues to hold up, oil flows are beginning to improve, though they are a long way from the millions of barrels that flowed out of the Persian Gulf prior to the recent conflict. The MOU has kept the warring parties at bay despite protests from Israel and American neocons. One can never discount enough Israel's dedication to wiping out their neighbors, and that remains a real issue as America heads towards its 250th anniversary of independence.

As the opening ball approaches, stock futures are flat to slightly lower, gold and silver remain under pressure and WTI crude futures are hovering just above $70/barrel.

The "all's well" narrative espoused by the White House seems to have fewer true believers. Wile stocks are not likely to collapse any time soon, a slow bleed after the Fourth of July may be the path of least resistance, with a great deal of confidence riding on second quarter earnings due out in July and August.

Congress, which doesn't do much of anything for anybody but themselves, will be taking their usual month-long vacation in about five weeks, leaving markets to fend for themselves without input from the government. Deficit spending continues to provide capital everywhere its needed. Drifting about may be the ultimate story for the summer months. After this week, there won't be another short trading week until Labor Day.

Awaiting the jobs report and the beginning of earnings season, stocks may have a hard time justifying gains, though there still seems to be no shortage of fun money for speculative bets.

A mixed bag.

At the close, Monday, June 29, 2026: Dow: 52,182.74, +306.63 (+0.59%) NASDAQ: 25,820.14, +522.53 (+2.07%) S&P 500: 7,440.43, +86.41 (+1.18%) NYSE Composite: 23,802.71, +113.47 (+0.48%)

WEEKEND WRAP: NASDAQ, Gold, Silver, Oil Lower; Inflation Fears May Be Overblown; USA's 250th Birthday Approaches; June Jobs Report on Tap

By this time next week, many Americans will be worn out from a celebratory weekend filled with swimming pools, marching bands, hot dogs, hamburgers, and a host of adult beverages.

But first, there's four days of trading ahead.

Stocks

Heading into another four-day week with the 250th anniversary of the signing of the Declaration of Independence celebrated on Friday, July 3, the NASDAQ suffered its worst week since "Liberation Day", back in April of 2025. The NASDAQ, led by stocks in the chip and AI tech sectors, were most affected. The index lost 4.6% over the week. The S&P dropped by nearly two percent and the selling seems not to be nearly over.

The Dow Industrials held up much better, actually showing a gain of 0.60% on the week. Investors of all stripes must begin asking tough questions concerning their holdings, not the least of which being at what point does one take profits and wait for better signals, either to the upside or even further down?

Plenty of people in passive holdings like 401k, IRAs, or portfolios with long-term horizons, aren't likely to make rash moves at this juncture, viewing the current pullback little more than an annoyance, after which stocks will return to their usual upward slope. History proves them often correct in that regard.

On the bearish side of the argument are value investors who see valuations on the entire range of AI and chip-related stocks to be at extremes, with a correction or worse to be expected. The kinds of watershed events they envision refer to crashes like 1929, 2000, and 2008, though few have the temerity to step up and play short. Most short-sellers in recent years have been crushed and carried out of their positions on stretchers. Overall, the current conditions remain fluid with an unequal share of potential disasters on the horizon, including resumption of war (Iran), continuance of war (Ukraine), rising unemployment due to deployment of AI in industries ranging from banking to publishing to retail. In the meantime, Wall Street has convinced itself that the Kevin Warsh Federal Reserve is going to raise rates to fend off inflation, though there is growing evidence the recent spate of higher prices at both the wholesale and retail levels was largely a cause of the Middle East disruptions, with energy costs leading the statistics.

Such trap doors and potholes are always around. Most often, markets tend to sidestep or ignore them in favor of stock profits.

With the second quarter coming to a close on Tuesday, June 30, first quarter earnings reports have been all but exhausted. Beginning after the Independence Day weekend, companies will start reporting second quarter results, led by banks and airlines, the week of July 6-12.

A fairly quiet week in terms of economic events is ahead. Tuesday's Case-Shiller housing report and JOLTS job openings report on Tuesday. Wednesday's data includes the S&P Global Manufacturing PMI and ISM Manufacturing PMI, the latter being usually more accurate. Weekly energy data from the EIA is also released on Wednesday. The big event will be the BLS monthly employment report for June, though recently, these reports have been discounted with overall U.S. employment sluggish and static. Contrasting with the rumors of rate hikes at the Fed, another weak reading would offer the opposite projection and be cheered loudly by the usual horde of rate-lowering cheerleaders.

Relevant data releases can be found at Trading View.

Treasury Yield Curve Rates

Date	1 Mo	1.5 mo	2 Mo	3 Mo	4 Mo	6 Mo	1 Yr
05/22/2026	3.72	3.69	3.69	3.68	3.78	3.79	3.86
05/29/2026	3.72	3.71	3.71	3.69	3.78	3.78	3.79
06/05/2026	3.71	3.71	3.71	3.78	3.78	3.81	3.88
06/12/2026	3.69	3.70	3.70	3.78	3.79	3.82	3.86
06/18/2026	3.69	3.69	3.74	3.83	3.85	3.92	4.00
06/26/2026	3.70	3.70	3.75	3.83	3.89	3.94	3.94

Date	2 Yr	3 Yr	5 Yr	7 Yr	10 Yr	20 Yr	30 Yr
05/22/2026	4.13	4.18	4.27	4.41	4.56	5.06	5.07
05/29/2026	3.98	4.06	4.13	4.27	4.45	4.98	4.99
06/05/2026	4.17	4.22	4.29	4.41	4.55	5.03	5.01
06/12/2026	4.09	4.12	4.21	4.34	4.48	4.98	4.97
06/18/2026	4.19	4.19	4.23	4.34	4.46	4.91	4.90
06/26/2026	4.07	4.09	4.12	4.23	4.38	4.87	4.87

Treasury yields continue to trend lower, thwarting the conviction of many analysts who insist the Fed will raise rates to fend off another round of inflation. What they should be more worried about is the continuing growth of the money supply, a condition that the now-less-transparent Fed might deal with without the usual fanfare, though any decisions at the Fed will be slow and careful and not telegraphed to market participants.

The treasury curve is orderly and upward sloping, the era of inversion put well in the past. Spreads - +31 basis points on 2s-10s, and +117 on full spectrum remain within recent ranges. If anything, the yield curve should begin to slope higher or remain roughly the same. There's no signs of panic either from de-dollarization or fear of rising rates and with Warsh committed to keeping his cards close to his chest, a more stable condition is likely to present itself over the coming months.

Truth be told, there's probably a better chance that the Fed lowers the federal funds target rate over the next four to six months rather than raise it. Such a move would steepen the curve and help out the federal government by reducing interest payments, which have ballooned into a major solvency problem.

Spreads:

2s-10s
2026
1/2: +72
1/9: +64
1/16: +65
1/23: +64
1/30: +74
2/6: +72
2/13: +64
2/20: +60
2/27: +59
3/6: +59
3/13: +55
3/20: +51
3/27: +56
4/3: +51
4/10: +50
4/17: +55
4/24: +53
5/1: +51
5/8: +48
5/15: +50
5/22: +43
5/29: +47
6/5: +38
6/12: +37
6/18: +27
6/26: +31

Full Spectrum (30-days - 30-years)
2026
1/2: +114
1/9: +112
1/16: +108
1/23: +104
1/30: +115
2/6: +113
2/13: +97
2/20: +100
2/27: +90
3/6: +102
3/13: +115
3/20: +123
3/27: +124
4/3: +120
4/10: +124
4/17: +119
4/24: +122
5/1: +126
5/8: +124
5/15: +141
5/22: +135
5/29: +127
6/5: +130
6/12: +128
6/18: +121
6/26: +117

Oil/Gas

August WTI crude futures closed out the week at $70.24on the NY Mercantile Exchange, continuing to price lower on the back of the deal struck between the United States and Iran, ending hostilities in the region. The price of WTI crude was $76.54 the prior week. The parties have been meeting in Geneva, Switzerland over the past week, trying to forge some kind of working framework for the Gulf region that precludes bombing each other.

Average price for a gallon of unleaded regular gasoline in the U.S. was $3.88 last week and $3.81 this week, the lowest prices since the war with Iran began more then three months ago.

Reserves have been substantially drained by major economies around the world to keep prices under control, a practice that will - or should - reverse once regular oil flows are reestablished, a process that most believe could take months. A somewhat elevated price for oil and gas at the pump may remain in place through the summer months, though certainly not at levels seen during the war/ceasefire period.

Gas prices in key states:

California (leader): $5.39 (-0.33)
Washington: $5.16 (-0.22)
Indiana (lowest): $3.22
Oklahoma : $3.30 (-0.06)
Mississippi: $3.42 (-0.10)
Florida: $3.78 (+0.18)
Illinois: $4.11 (-0.04)
Pennsylvania: $4.01 (-0.08)
New York: $4.10 (-0.11)
Maryland: $3.74 (-0.06)
Michigan: $4.09 (+0.11)
Texas: $3.24 (-0.16)
Georgia: $3.54 (-0.06)

On Sunday, June 28th, there are eleven (11) states with average prices above $4.00, with 37 below the $4 threshold, not including Hawaii ($5.45) and Alaska ($4.90), with just two above $5 (California, Washington). The Southeast has maintained as the lowest region overall over the past five weeks as a gallon of unleaded regular is averaging well below $4.00 ($3.24-3.60) in places like Tennessee, Alabama, Arkansas, Georgia, Texas, and Mississippi, with the Midwest region a close second, prices ranging from $3.50 to $3.64. Exceptions include Florida in the Southeast and Michigan and Illinois in the Midwest.

Bitcoin

This week: $60,194.49
Last week: $64,068.87
2 weeks ago: $64,048.96
6 months ago: $87,687.36
One year ago: $107,342.20
Five years ago: $34,681.76

Bitcoin managed to slump once again over the past week, hitting fresh lows in the $58,187 range before rebounding back to current, weak-kneed, levels. The price of a bitcoin at $60,000 is nothing at all special about the mystical pseudo-money that was all the rage just a year ago.

It's lost most of its luster, plummeting by more than half from the early October 2025 peak, down 31% year-to-date and making a five-years-ago investment no longer a double. One might conclude, other than hiding money from authorities (which, incidentally, it isn't very good at), there's no good argument for holding bitcoin at all, especially since the U.S. government - and others around the world - require disclosure on tax forms of any crypto holdings.

Not withstanding bitcoiners penchant for breaking the law when ostensibly, even as Charles Dickens so eloquently phrased in Oliver Twist, "...the law is an ass," of which other assets does the IRS demand an accounting? Baseball cards? No. Cash? No. Gold? No. Silver? Come on, let's get real.

The government wants to know what you're doing out there in crypto-land because it competes with US dollars, and, unlike baseball cards, gold, or silver, it can be tracked, traced, and easily confiscated.

If anybody discovers a good rationale for playing in the crypto markets other than mere speculation, please call 1-800-ImAnAss.

Precious Metals

Gold:Silver Ratio: 69.12; last week: 64.13

Futures, per COMEX continuous contracts:

Gold price 5/29: $4,569.90
Gold price 6/5: $4,353.90
Gold price 6/12: $4,239.90
Gold price 6/18: $4,172.90
Gold price 6/26: $4,103.00

Silver price 5/29: $75.58
Silver price 6/5: $68.00
Silver price 6/12: $68.12
Silver price 6/18: $65.38
Silver price 6/26: $59.60

SPOT: (stockcharts.com)
Gold 5/29: $4,538.94
Gold 6/5: $4,327.57
Gold 6/12: $4,218.23
Gold 6/18: $4,210.00
Gold 6/26: $4,089.00

Silver 5/29: $75.27
Silver 6/5: $67.83
Silver 6/12: $68.00
Silver 6/18: $65.65
Silver: 6/26: $59.16

Notably, amid the deconstruction of the gold/silver complex at the hands of the COMEX and LBMA, the gold:silver ratio has sprung higher, posting a figure of 69.12, quite a difference from the last week in January, at silver's peak when the ratio slumped below 50.

With the ratio once again elevated, there are three choices for silver buyers and they are the usual: Buy, Sell, or Hold.

Those with silver in hand have optionality working for them. Considering many have a cost basis somewhere in the range of $10 to $20, holding works well, though both buying and selling can be put into play depending on sentiment and time horizon. One might, for example, choose to sell some of one's holdings if they believe silver's price is to be further eroded, though the proper time for paring down the stack would have been a better prospect four to six months ago.

Buying makes sense should one adheres to the school of thought that the price of silver has over-corrected and is indeed poised for a move higher. Indications from the GSR (gold:silver ratio) are supportive of that line of thinking. Adding, say, 100 ounces to a stack of 1000 with a basis of $17, would move the basis higher, to 20.91 for all 1100 ounces, still highly profitable and even moreso should the price actually rise and hold at higher levels. Similar directional bets can be made with gold, which seems to have bottomed, though one can never be too sure of what the criminal counterfeiters have in mind.

No doubt, precious metals remain overall in a buyer's market, with spot prices the lowest in close to eight months.

It needs to be understood that 2024 and 2025 were banner years for both metals and a pullback was a natural occurrence. How much further precious metals will be pressured is a function of the willingness of the LBMA and COMEX to continue their outrageous price suppression tactics, seemingly never to end until the dollar is dust, fiat currencies are extinguished and physical demand flourishes. That may be a long time coming. In the meantime, stocking up at low levels at a regular tempo using dollar cost averaging or other quiet accumulation practices cannot be criticized even if prices continue to trend lower. After all, gold and silver are money, and money in one's own hand is an unbeatable strategy for wealth accumulation.

Here are the most recent prices for common one ounce gold and silver items sold on eBay (free shipping included, numismatics excluded):

Item/Price	Low	High	Average	Median
1 oz silver coin:	59.60	89.48	74.86	72.35
1 oz silver bar:	67.00	79.00	72.76	72.18
1 oz gold coin:	4228.42	4367.70	4276.97	4266.18
1 oz gold bar:	4246.86	4360.22	4296.73	4283.60

The Single Ounce Silver Market Price Benchmark (SOSMPB) continued to decline, dropping to $73.04 on June 28, a loss of $5.94 per troy ounce, from the June 21 price of $78.98, one of the most severe one-week losses in recent months.

WEEKEND WRAP

The United States has managed to remain an international entity for 250 years, which, to most established nations, would be considered a good start. Despite being somewhat of an adolescent on the global stage, the 250-year anniversary is worth celebrating.

At the Close, Friday, June 26, 2026:
Dow: 51,876.11, -44.51 (-0.09%)
NASDAQ: 25,297.62, -60.99 (-0.24%)
S&P 500: 7,354.02, -3.47 (-0.05%)
NYSE Composite: 23,689.23, +78.51 (+0.33%)

For the Week:
Dow: +311.41 (+0.60%)
NASDAQ: -1220.31 (-4.60%)
S&P 500: -146.56 (-1.95%)
NYSE Composite: +189.49 (+0.81%)
Dow Transports: +187.94 (+0.87%)

Disclaimer: Information disseminated on this site should not be construed as investment advice. Downtown Magazine Inc., Money Daily and it's owners, affiliates and/or employees are not investment advisors and do not offer specific investment advice. All investments have risk. You should consult a professional investment advisor or stock broker or use your individual judgement when making investment decisions. By viewing this site, you hold harmless Downtown Magazine Inc., Money Daily, its owners, affiliates and employees against any and all liability. Copyright 2026, Downtown Magazine Inc., all rights reserved.

Everything Going Lower as NASDAQ Sees No End to Selling Pressure; Oil Bitcoin, Gold, Silver, Treasury Yields All Falling

It's been a rough week all around, but especially for the tech-heavy NASDAQ and the proxy crypto-currency, bitcoin, both of which are down sharply over the last four days, with bitcoin getting hit hardest, dropping as low as $58,187, a number last seen nearly two years ago, early September, 2024.

As for the NASDAQ, another sizable drop today would send it below the June 10 low of 25,169.50, itself the lowest since early May. The setup for stocks through the month of June has been fairly straight forward. Only the Dow shows a gain with just three trading days remaining in the month and second quarter. The Dow holding its own with the NASDAQ melting away may trigger memories of the 2000 collapse, wherein the NASDAQ was beaten down mercilessly while the Dow held up much better in what was then known as "old economy (Dow) versus new economy (NASDAQ). History may be repeating, or, at least rhyming a bit at what appears to have been a significant top for both the NASDAQ and S&P, June 1 and 2.

Friday morning bodes more ills for the NASDAQ and the AI meme in general as it's been reported that Sam Altman's OpenAI plans on delaying its IPO until sometime in 2027. That reportage didn't seem to have much of an effect on futures, which were already down near Friday morning lows. With an hour before the open, NASDAQ futures are down more than 350 points, S&P futures are down around 28, with the Dow futures holding up better, down just 28 points. As time flew by toward the opening bell, futures eroded quickly, all three of the majors hunting lows in the futures market.

For the week, the Dow is up 355 points, the NASDAQ down 1,159 (4.43%), and the S&P is off 143 as of Thursday's closing bell. The trend continues to be dour, after Thursday's hopeful report from Micron Technologies (MU) was dashed early in open trading. While Micron posted a solid gain of some 16%, the NASDAQ, after a positive start, fell into the red within the first half hour of trading and never fully recovered. There's an overwhelming amount of negative sentiment driving what looks like a first piercing of the AI bubble.

Not to be left out, gold and silver have extended the losing streaks which began the end of January. Following two solid years of gains in 2024 and 2025, corrections in both metals were anticipated, but the degree by which they've fallen has gone far past correction into outright bear market conditions.

The questions, if gold and silver are being revalued lower, is how can stocks hold up at all, and why are yields falling if the Fed is poised to raise rates?

Is this the beginning of another tech bust, leading to an overall revaluation of everything to the downside? The other nagging question heading into next week is how much longer the new Warsh-led Federal Reserve will be considered to be hawkish and on the verge of raising rates when most indicators are showing that the recent spike in inflation was caused, directly and indirectly, by the hostilities in the Middle East?

There are more than a few cross-currents, with the downside looking to most appetizing to traders with a pessimistic attitude. All bubbles burst.

This one may have already seen the blow-off top in early June and the declines after that are beginning to pile up quickly.

At the Close, Thursday, June 25, 2026:
Dow: 51,920.62, +71.72 (+0.14%)
NASDAQ: 25,358.60, -118.03 (-0.46%)
S&P 500: 7,357.49, -0.73 (-0.01%)
NYSE Composite: 23,610.73, +117.17 (+0.50%)

All Systems Go as Micron Technologies and IBM Re-Ignite Chip Sector and AI Race; Gold Silver Boosted by May PCE Index

After Micron Technology (MU) delivered a blowout quarter Wednesday after the bell, and IBM announced a breakthrough chip that measures less than a nanometer, the AI tech space seems to be treating the recent selloff as little more than a valuation hiccup.

Micron (MU) is up 17% in the pre-market, with IBM ahead by more than five percent prior to the cash market open.

IBM's development is truly remarkable:

IBM said the ​0.7-nanometer chip packs nearly 100 ‌billion transistors onto a fingernail-sized surface, about twice the density of its 2-nanometer chip unveiled in 2021, delivering up to 50% higher performance or 70% greater energy efficiency.

A nanometer, by the way, is tiny, microscopic. One inch contains 25,400,000 nanometers, so the conversion factor is fixed: 1 in = 25.4 million nm.

Micron's fiscal third quarter earnings and forecast were eye-popping:

Revenue hit $41.5 billion, well above expectations. Adjusted earnings came in at $25.11 per share. Gross margin reached 84.9%, topping estimates and more than doubling from a year ago.

These events, and the otherwise positive general sentiment surrounding the chip sector has NASDAQ futures up more than two percent (600+ points) Thursday morning. The index has shed more than 1000 points in the first three trading sessions this week, but "Turnaround Thursday" appears to be in the offing as companies and investors continue throwing billions into the high tech AI race.

Dow and S&P futures are also responding positively, the Dow up 125 points and the S&P futures ahead by more than 60.

While there are no guarantees in life or stocks, the overarching tone remains wildly positive. Like Dick Cheney once piping, "deficits don't matter," the attitude today may best be desribed as one of "valuations be damned." Chips and the AI race have dominated markets this year and the trend isn't about to fall off a cliff, as some of the more dour analysts have suggested.

Thus, it's full steam ahead for the sector, pulling the major averages back toward all-time highs.

Elsewhere, in the face of enormous pushback by Israel and neocons everywhere, the nascent peace proposal between the U.S. and Iran seems to be holding up quite well, with cargo ships passing through the Strait of Hormuz unfettered and the U.S. naval blockade all but put to rest.

WTI crude oil has broken below $70/barrel as oil flows continue to improve and the warring parties have chosen a more expedient means by which to settle their differences and divvy up the oil and commodity trade in the region.

Everything is in place for a monster session Thursday, probably extending through Friday and possibly into next week, with the 250th celebration of Independence Day in the U.S. to cap off next week (four trading sessions, markets closed Friday, July 3).

Market euphoria may be spilling over into precious metals. After the BEA released May's Core PCE Index (excludes food and energy) with a reading of +0.3% monthly and up 3.4% annualized, now at the highest level since Nov 2023, silver and gold got a much needed boost after wicked declines over the past month. Silver gained more than two percent, up to $58.70, though gold was still lagging, up less than one percent, at $4,039 per ounce. It may be premature, but both metals may have seen near term bottoms this week.

The PCE Index may appear to be pointing toward more inflation, but insider looks see most of the increases in services rather than good, and, with the price of oil tumbling back toward pre-war levels, the general PCE Index is likely to post a smaller increase than many have predicted. Most of the higher inflation numbers have come within the framework of the Iran-U.S. conflict, but a cessation of hostilities will certainly have a cooling effect.

Stocks open within minutes on Wall Street.

Buckle up.

At the Close, Wednesday, June 24, 2026:
Dow: 51,848.90, +182.06 (+0.35%)
NASDAQ: 25,476.64, -110.40 (-0.43%)
S&P 500: 7,358.22, -7.24 (-0.10%)
NYSE Composite: 23,493.55, +29.92 (+0.13%)

This All Sucks: Rigged Markets, Dishonest Media, Corrupt Government, Power and Internet Outages

A prime example. On Monday, June 22, Alphabet A shares replaced Verizon on the Dow Jones Industrials. 100% move. Rigged game.

He who panics first, panics best. -- Anonymous

Since making an all-time high on June 2nd (27.093.90), the NASDAQ, as of Tuesday's close, is down 5.56%, and that's not even the worst of it. On June 10th, the NASDAQ closed at 25,169.50, about 1.25% lower. Nobody panicked.

Editor's Note: Between a power outage Monday, into Tuesday morning, and the internet connection oscillating between completely FUBAR and intermittent, it's been difficult, to say the least, to post anything relevant. It's annoying, frustrating, and somewhat depressing that these kinds of things continue to happen. I have no idea why, but some kind of change - of service providers or the location of our headquarters - is beginning to look more and more like a necessity. I apologize for the inconvenience. It's taken the heart out of what used to be an enjoyable daily experience. -- Fearless Rick

With the opening bell approaching quickly, stock futures are signaling a better trading session than Tuesday's. Dow futures are down 15 points. NASDAQ futures are ahead by 123, and S&P futures are up 16.

For reasons beyond any reasonable explanation, gold and silver spot prices are plummeting, again. Silver is now less than half of the all-time high reached earlier this year (January) and is currently continuing its overnight slide, down to $58.56. Gold has been sent down to as low as $3,971. Very disturbing, but, that's what one gets for playing with the fire that is real money in a fiat world.

Best of luck. Essentially, all markets are completely rigged by one-percenters and government interventions.

It really kind of sucks.

At the Close, Tuesday, June 23, 2026:
Dow: 51,666.84, -45.87 (-0.09%)
NASDAQ: 25,587.04, -579.56 (-2.21%)
S&P 500: 7,365.46, -107.33 (-1.44%)
NYSE Composite: 23,463.63, -132.59 (-0.56%)

Stocks Mixed as Markets Eye End of Month, End of 2nd Quarter: Futures Pointing to Massive Tuesday Selloff

The Dow was up and the S&P and NASDAQ down as the month and quarter win down in the final full week prior to a four-day schedule shortened by the 4th of July holiday (observed, Friday, July 3).

Negotiations between Iran and the U.S. have proceeded somewhat smoothly thus far, but stock traders are still wary of the tenuous meetings between the parties at odds over a variety of issues, including keeping the oil flowing through the Strait of Hormuz and what to do about Iran's nuclear stockpiles and future plans.

While the Iranians seem keen on reaching an agreement that precludes building a nuclear arsenal, they continue to push for the right to develop domestic nuclear for power generation. They're also not easily persuaded by U.S. demands for inspections, likely preferring a neutral country to keep tabs on them, if any can be found.

What's keeping the NASDAQ from moving forward - at least on Monday - is the AI issue of overspending by companies like Amazon, Alphabet, Meta Platforms, Microsoft, and Apple, on data centers to power the AI buildout. More and more evidence is emerging that massive power plants costing in the billions may not turn out to be profitable ventures. China continues to develop AI models at a fraction of the cost of their U.S. counterparts, a worrying sign for U.S. domestic developers.

It appears that Monday was only a test run for what looks like a more watershed affair. With minutes to go before the opening bell in New York, stock futures are signaling massive declines. Dow futures are down 245 points, NASDAQ futures off a massive 913, and S&P futures down more than 100 points.

The masterminds of collapse didn't forget gold and silver, both of which are down sharply Tuesday morning, reaching levels last seen in November, 2025 on the way up to record levels. This time, the metals have reversed course, and weak hands are shaking.

It's a bumpy ride, for sure. Break out the barf bags.

At the Close, Monday, June 22, 2026:
Dow: 51,712.71, +148.01 (+0.29%)
NASDAQ: 26,166.60, -351.33 (-1.32%)
S&P 500: 7,472.79, -27.79 (-0.37%)
NYSE Composite: 23,596.22, +96.48 (+0.41%)

WEEKEND WRAP: Warsh At Fed Nixes Advance Projections on Rates; Iran and U.S. Getting Down to Negotiating a Lasting Peace; Oil Lower, Gold, Silver Look Like Bargains

Two significant events formed the past week. Kevin Warsh's first FOMC meeting as Chairman of the Fed went smoothly with no change to the federal funds rate and a cool and collected new Chairman nixed all hopes of advance projections by which traders can front-run the Fed. The era of green-lighting or gaslighting is coming to an end, an overall positive for markets.

President Trump managed to extricate the U.S. from its disastrous adventure in the Middle East, with an MOU with Iran delivered at a crucial juncture. U.S. and other developed nations' stockpiles of crude oil and other energy components were running dry and the world faced a real crisis with potentially devastating results. Reopening the Strait of Hormuz and ending the U.S. blockade in the Gulf of Oman outward to the Indian Ocean may avert an oil crunch, though short-term hurdles remain as Iran and the U.S. begin negotiations in Switzerland Sunday.

Stocks managed to eke out gains and the treasury market showed resiliency and perhaps a return to some semblance of normalcy.

The ongoing truce in the Middle East is tenuous and President Trump faces backlash from the AIPAC hordes of neocons in congress and in the media. Given the circumstances, Trump had nothing to gain and everything to lose by keeping the pressure on Iran. A world without sufficient energy flows is a world without commerce. Trump fully understood the dangers of a collapsing global economy and was forced to give concessions to Iran.

Stocks

For the four-day week ended June 18, stocks held their ground for the most part, led by the NASDAQ which gained the most, 2.43%. Difficult to comprehend how the transportation average lost more than four percent on the week, given the reopening of the Strait of Hormuz and the end of the U.S. blockade, lower fuel prices (could be that right there) and fewer constraints on travel and commerce, but that is how these markets roll. The transports, being just 20 stocks, are a volatile bunch.

The week ahead features only a few companies reporting first quarter results.

Tuesday: (before open) Carnival (CCL), Korn Ferry (KFY); (after close) FedEx (FDX), KB Home (KBH)

Wednesday: (before open) Daktronics (DART), Paychex (PAYX), NovaGold (NG); (after close) Worthington Steel (WS), H.B. Fuller (FUL), Micron Technologies (MU), Trip.com (TCOM)

Thursday: (before open) Winnebago (WGO), McCormick's (MKC), Blackberry (BB), Lotus (LOT); (after close) FedEx Freight (FDXF)

Friday: (before open) Apogee (APOG)

Somewhat of a quiet week in terms of economic events. Tuesday brings forward the S&P Global PMI Flash and Richmond Fed readings. On Wednesday, monthly Building Permits and New Home Sales along with weekly EIA oil and other energy stockpile readings. The Core PCE Index will be front and center on Thursday, offering an updated glimpse of inflation; also, the Chicago Fed reports economic activity and jobless claims weekly. Friday has Retail and Wholesale Inventories and the Michigan Consumer Sentiment poll.

Relevant data releases can be found at Trading View.

Treasury Yield Curve Rates

Date	1 Mo	1.5 mo	2 Mo	3 Mo	4 Mo	6 Mo	1 Yr
05/15/2026	3.71	3.70	3.69	3.69	3.76	3.77	3.82
05/22/2026	3.72	3.69	3.69	3.68	3.78	3.79	3.86
05/29/2026	3.72	3.71	3.71	3.69	3.78	3.78	3.79
06/05/2026	3.71	3.71	3.71	3.78	3.78	3.81	3.88
06/12/2026	3.69	3.70	3.70	3.78	3.79	3.82	3.86
06/18/2026	3.69	3.69	3.74	3.83	3.85	3.92	4.00

Date	2 Yr	3 Yr	5 Yr	7 Yr	10 Yr	20 Yr	30 Yr
05/15/2026	4.09	4.14	4.26	4.43	4.59	5.14	5.12
05/22/2026	4.13	4.18	4.27	4.41	4.56	5.06	5.07
05/29/2026	3.98	4.06	4.13	4.27	4.45	4.98	4.99
06/05/2026	4.17	4.22	4.29	4.41	4.55	5.03	5.01
06/12/2026	4.09	4.12	4.21	4.34	4.48	4.98	4.97
06/18/2026	4.19	4.19	4.23	4.34	4.46	4.91	4.90

Treasury yields continue to float below recent highs, but hardly in a convincing manner. Following Fed Chairman Kevin Warsh's signal that little to no future guidance would be coming from the Fed, the knee-jerk reaction was to assume higher rates in terms of near to mid phase, despite little other than recent energy inflation to back up that position.

The treasury curve is orderly overall, and rates are stabilizing off the peace deal. Spreads - +27 basis points on 2s-10s, and +121 on full spectrum were markedly lower, suggesting some smooth sailing ahead, at least until the next crisis or the next FOMC meeting, July 28-29. Warsh's steady hand at his initial press conference was a confidence builder. He appears to have some level of reformism in his politics.

Spreads:

2s-10s
2026
1/2: +72
1/9: +64
1/16: +65
1/23: +64
1/30: +74
2/6: +72
2/13: +64
2/20: +60
2/27: +59
3/6: +59
3/13: +55
3/20: +51
3/27: +56
4/3: +51
4/10: +50
4/17: +55
4/24: +53
5/1: +51
5/8: +48
5/15: +50
5/22: +43
5/29: +47
6/5: +38
6/12: +37
6/18: +27

Full Spectrum (30-days - 30-years)
2026
1/2: +114
1/9: +112
1/16: +108
1/23: +104
1/30: +115
2/6: +113
2/13: +97
2/20: +100
2/27: +90
3/6: +102
3/13: +115
3/20: +123
3/27: +124
4/3: +120
4/10: +124
4/17: +119
4/24: +122
5/1: +126
5/8: +124
5/15: +141
5/22: +135
5/29: +127
6/5: +130
6/12: +128
6/18: +121

Oil/Gas

August WTI crude futures closed out the week at $76.54 on the NY Mercantile Exchange, continuing to price lower on the back of the deal struck between the United States and Iran, ending hostilities in the region. The parties are meeting in Geneva, Switzerland Sunday to begin delicate negotiations over nuclear and other pressing issues. Meanwhile, the Strait of Hormuz seems to be re-opening to the free flow of oil and other resources.

Average price for a gallon of unleaded regular gasoline in the U.S. was $4.03 last week and $3.88 this week, the lowest prices since the war with Iran began more then three months ago.

Reserves have been substantially drained by major economies around the world to keep prices under control, a practice that will probably continue until regular oil flows are reestablished, a process that most believe could take months. An elevated price for oil and gas at the pump may remain in place through the summer month.

Gas prices in key states:

California (leader): $5.72 (-0.16)
Washington: $5.38 (-0.12)
Oklahoma (lowest): $3.36 (-0.14)
Mississippi: $3.52 (-0.13)
Florida: $3.60 (-0.20)
Illinois: $4.15 (-0.19)
Pennsylvania: $4.09 (-0.11)
New York: $4.21 (-0.13)
Maryland: $3.80 (-0.01)
Michigan: $3.98 (-0.19)
Texas: $3.40 (-0.07)
Georgia: $3.60 (-0.12)

On Sunday, June 21st, there are sixteen (16) states with average prices below $4.00, with 32 above the $4 threshold, not including Hawaii ($5.55) and Alaska ($4.99), with just two above $5 (California, Washington). The Southeast has maintained as the lowest region overall over the past four weeks as a gallon of unleaded regular is averaging well below $4.00 ($3.36-3.80) in places like Tennessee, Alabama, Arkansas, Georgia, Texas, and Mississippi, with the Midwest region a close second, prices ranging from $3.56 to $3.78.

Bitcoin

This week: $64,068.87
Last week: $64,048.96
2 weeks ago: $61,809.72
6 months ago: $88,877.88
One year ago: $101,220.00
Five years ago: $32,284.22

Bitcoin's rebound off recent lows seems to have pretty much run its course. There's no momentum to speak of, the only things driving price action are desperate attempts by whales and institutions to keep their losses minimized by bumping the price at regular intervals. Bitcoin, fiction that it is, will likely languish over the coming months, if only because it continues to be one of the worst investments going, down 26% year-to-date.

Precious Metals

Gold:Silver Ratio: 64.13; last week: 62.03

Futures, per COMEX continuous contracts:

Gold price 5/22: $4,543.60
Gold price 5/29: $4,569.90
Gold price 6/5: $4,353.90
Gold price 6/12: $4,239.90
Gold price 6/18: $4,172.90

Silver price 5/22: $75.92
Silver price 5/29: $75.58
Silver price 6/5: $68.00
Silver price 6/12: $68.12
Silver price 6/18: $65.38

SPOT: (stockcharts.com)
Gold 5/22: $4,508.74
Gold 5/29: $4,538.94
Gold 6/5: $4,327.57
Gold 6/12: $4,218.23
Gold 6/18: $4,210.00

Silver: 5/22: $75.48
Silver 5/29: $75.27
Silver 6/5: $67.83
Silver 6/12: $68.00
Silver 6/18: $65.65

Precious metals remain in a buyer's market, with spot prices falling close to the lowest levels of the year. It's not surprising that gold and silver continue to be beaten down in favor of stocks and fixed income, dividend yielding instruments, the current rationale considers a rate hike by the U.S. central bank, the Federal Reserve, to be nearly set in stone, despite Fed Chairman Kevin Warsh offering no indication of any rate moves, up or down, at Wednesday's press conference.

The consensus opinion of the wisest economists - most of whom work for banks that favor dollar-denominated assets above all else - is that the Fed will respond to the inflation caused largely by rising oil and fuel costs due to the recent Middle East conflict. That thinking may be proven wrong in the immediate future, but only if the shaky peace deal made between Iran and the U.S. holds over the coming weeks and months. Separately, Israel and Hezbollah fighters in Lebanon have declared a temporary ceasefire, though it's well-known that the warring sides could escalate at the drop of a hat, or a bomb or missile, ostensibly from the Israeli side.

Putting aside geo-politics, gold and silver prices should not fall very much further if the spot market is to remain relevant. Central banks in Asia and Europe continue their buying at near-record paces, but the Gulf countries may have recently been selling gold holdings to make up for oil and distillate losses. Should oil markets continue to stabilize, demand for gold may increase, owing to a growing lack of faith in U.S. treasuries.

It needs to be understood that 2024 and 2025 were banner years for both metals and a pullback was a natural occurrence. How much further precious metals will be pressured is a function of the willingness of the LBMA and COMEX to continue their outrageous price suppression tactics, seemingly never to end until the dollar is dust, fiat currencies are extinguished and physical demand flourishes. That may be a long time coming. In the meantime, stocking up at low levels at a regular tempo using dollar cost averaging or other quiet accumulation practices cannot be criticized even if prices continue to trend lower. After all, gold and silver are money, and money in one's own hand is an unbeatable strategy for wealth accumulation.

Here are the most recent prices for common one ounce gold and silver items sold on eBay (free shipping included, numismatics excluded):

Item/Price	Low	High	Average	Median
1 oz silver coin:	72.05	99.00	82.11	79.08
1 oz silver bar:	72.00	89.00	78.28	76.45
1 oz gold coin:	4341.80	4511.80	4409.67	4393.07
1 oz gold bar:	4322.06	4426.02	4365.41	4364.88

The Single Ounce Silver Market Price Benchmark (SOSMPB) continued to decline, dropping to $78.98 on June 21, a loss of 97 cents per troy ounce, from the June 14 price of $79.95.

WEEKEND WRAP

Juneteenth came and went without much fanfare, other than people surprised their bank was closed for the day. That kind of thing happens when governments bend their policies toward stupidity. Someday, people will gain enough common sense to throw off the heavy hand of pushy politicians who want to control everything and send you the bill.

At the Close, Thursday, June 18, 2026:
Dow: 51,564.70, +72.15 (+0.14%)
NASDAQ: 26,517.93, +496.28 (+1.91%)
S&P 500: 7,500.58, +80.48 (+1.08%)
NYSE Composite: 23,499.74, +29.98 (+0.13%)

For the Week:
Dow: +362.44 (+0.71%)
NASDAQ: +629.09 (+2.43%)
S&P 500: +69.12 (+0.93%)
NYSE Composite: -96.05 (-0.41%)
Dow Transports: -958.80 (-4.24%)

Disclaimer: Information disseminated on this site should not be construed as investment advice. Downtown Magazine Inc., Money Daily and it's owners, affiliates and/or employees are not investment advisors and do not offer specific investment advice. All investments have risk. You should consult a professional investment advisor or stock broker or use your individual judgement when making investment decisions. By viewing this site, you hold harmless Downtown Magazine Inc., Money Daily, its owners, affiliates and employees against any and all liability. Copyright 2026, Downtown Magazine Inc., all rights reserved.

Unfinished Business: Stocks Seek Reconciliation with New Realities in Persian Gulf and at Federal Reserve; Fighting Between Israel and Hezbollah Escalates

Editor's Note: Forgetting that June 19 is now a federal holiday, I wrote this piece thinking that markets would open at the usual 9:30 am ET. I apologize for forgetting how inclusive the USA has become. Most of the people I know are working and not planning any festivities. Who knew? - Fearless Rick

Wrapping up a truly memorable week, U.S. equity, options, and bond markets appear to have some unfinished business on a quad-witching Friday.

Adjusting to renewed free flow of oil and other essential commodities (helium, urea, natgas to name a few) from the Persian Gulf and the new paradigm lacking forward guidance at the Fed, Friday presents as a day to cash in, cash out, and reposition for what's to come, which, by the current looks of things, is a very speculative bet on the future.

The array options and futures positions in stocks, indices, oil, and other commodities is wide and vast, with winners and losers on both sides of various ledgers. Anybody who was long oil is reaching for the laxatives while shorts are dancing in the streets. Stocks, especially those favored in the chip sector and among the Mag7, may be looking at gains that might have been larger just a few days or weeks ago, and must close out those positions post haste.

Along with stock futures, gold and silver spot prices are reacting negatively to the return to a semi-normal macro condition. There are a variety of views and presumptions about the immediate direction of flows, the predominant one being an adjustment pain period that was held off by the drawdown of crude stockpiles that now looks to tighten considerably after the major powers in the oil patch have played their hands and will be facing shortages over the next few months, suggesting higher prices for crude as countries bid to rebuild reserves.

This is, of course, a short term position. Oil prices will rise, then fall, if the peace at the Strait of Hormuz remains intact. There's a considerable faction thinking that condition will not last long, especially after Israel (the wild card in the process) and Hezbollah engaged in heavy conflict overnight. According to reports, Israel launched missile attacks at various locations in southern Lebanon. Israel remains in its bellicose position and commitment to continued aggression against Hezbollah forces in Lebanon and the U.S. apparently has lost control over its proxy, failing to restrain the escalations of Israel. The market is sensing a troubled situation which could derail the fragile peace. Already, Iran has failed ot send a delegation to Geneva, Switzerland for the first round of negotiations. Israel and Hezbollah could scotch the entire process.

Not withstanding the military situation in Lebanon and Israel, traders seem nervous about the entire situation. Unless the proxies of the U.S. and Iran are reigned in, the peace process remains at risk and other factors that have inspired traders to sned stocks to extreme valuations may have run their courses. The AI revolution that has fueled the current rally is cracking, with hyperscaler deals breaking down and questions over the long-term viability of AI business models continue to emerge, with some dour outlooks.

With under an hour to the opening bell, stock futures are collapsing under the weight of dangerous uncertainty and increasing volatility into the quad-witching session. Dow futures are off by 185 points; S&P futures are down 50, and NASDAQ futures are losing 164 points. Gold and silver are also down more than one percent from Thursday's settlement. Crude oil prices are elevated, though not to an alarming degree. WTI is still holding well under $80/barrel.

For the week, as of Thursday's close, the Dow is ahead by 362 points, the NASDAQ is up 629, and the S&P has a gain of 69 points.

The setup for Friday appears to be very knee-jerky and unlikely to be a forecast for longer term outlooks because, if Israel and Lebanon continue to engage, the impact on the flow of oil out of the Gulf may still be minimal. Both Iran and the U.S. are well aware that control of their proxy forces is at best, minimal, so there may be room for understanding and patching up the negotiations, though complete resolution still seems to be a distant hope.

At the Close, Thursday, June 18, 2026:
Dow: 51,564.70, +72.15 (+0.14%)
NASDAQ: 26,517.93, +496.28 (+1.91%)
S&P 500: 7,500.58, +80.48 (+1.08%)
NYSE Composite: 23,499.74, +29.98 (+0.13%)

Well Done, Mr. Warsh; New Fed Chair Sticks to Principles, Does Not Tip Off Press, Traders to Future Policy in First FOMC Press Conference

Taking the podium for the first time as Chairman of the Federal Reserve, Kevin Warsh stuck to his premiss that the Fed should not telegraph future policy decision, deflecting questions from a press corps eager for any kind of tip-off or suggestion over what might occur at the July and subsequent FOMC meetings.

Warsh appeared calm and fully in control of the environment at the press conference, breaking ground with five task forces assigned to examine various aspects of the Fed's makeup and operations while also breaking with a short-lived tradition favored by his predecessors, Bernanke, Yellen, and Powell, of supplying hints or leading statements that revealed the future direction of rate policy.

Even the shortened version of the public statement displayed a new course of action. The statement was tight and terse:

The Federal Open Market Committee approved the following statement for release by a 12 – 0 vote:

The Committee decided to maintain the target range for the federal funds rate at 3-1/2 to 3-3/4 percent, in support of the Federal Reserve's dual mandate. The Committee reaffirmed its policy of maintaining ample reserves in the banking system.

Economic activity is expanding at a solid pace despite elevated uncertainty that owes, in part, to the conflict in the Middle East. Productivity growth and capital investment are strong. Job gains have kept pace with the workforce, and the unemployment rate has changed little.

Inflation remains elevated relative to the Committee's 2 percent goal, in part reflecting supply shocks that have driven price increases in certain sectors, including energy. The Committee will deliver price stability.

Certain participants in the stock and bond markets may have suffered a perplexity moment after reading the four-paragraph press release while wondering when the chairman would tip off markets for some of the usual front-running of policy. It didn't happen as Warsh repeatedly swatted down reporters' questions about potential policy moves. About the only thing wrong with Warsh's remarks was his bad haircut. He needs to upgrade to a better barber.

Warsh laid out the guidelines for five tasks forces he was developing, to be managed by international Fed staff and select outsiders with experience related to individual topics.

1. Fed Communications - This task force will examine how the Fed communicates with markets and policymakers. It will consider updating the Summary of Economic Projections (SEP) and the dot plots. It will also be reviewing the frequency and format of press conferences, with Warsh signaling a move away from automatic post-meeting pressers unless there’s something important to share.

2. Balance Sheet Policy - Given Warsh’s long-standing criticism of the Fed’s large bond holdings, this panel will assess the benefits and risks of the current “ample reserves” regime. Potential alternatives for implementing monetary policy without over-expansion of the balance sheet will be an area of concern.

3. Data Collection and Analysis - The group will evaluate new data sources and methodological improvements concerning how the Fed can get more timely, actionable insights into the economy.

4. Productivity and Jobs Data - This task force will review how the Fed measures and uses productivity and labor market indicators and whether current frameworks capture the nuances of employment and economic health.

5. Inflation Framework - A central focus, this panel will examine whether the Fed is targeting the right levers of inflation and consider a new inflation framework to improve accuracy and responsiveness.

Warsh expects the task forces to begin work within weeks, with updates starting in the fall and recommendations due by year-end. Any changes from their findings could take effect in early 2027. The shift in attitude and level of communication were far from subtle. It's apparent that Warsh was uneasy with the status quo and quickly has taken actions to reform and remodel the Federal Reserve's function in the general economy.

His actions are likely to make days of FOMC policy decisions less volatile in the markets, with every trading desk leaning in intensely, ready to take action on any particular clues that might be dropped. While Warsh's immediate predecessors were overtly provocative and eager to give markets green lights via their commentary or in the policy statement itself, he has signaled that the Fed will return to its Greenspan and prior eras of more opacity and less actionable pronouncements. The shift is notable and welcome after two decades of inside baseball giving institutions and people close to the Fed advances and advantages that allowed the savvy Wall Street experts to game the system.

There was a time - mostly in the 1960s and 70s - in which the Federal Reserve was seen only in the shadows, occasionally cracking open the door of the Eccles building to shed a little light on economic conditions. A return to a quieter, less-intrusive, and more defensible Federal Reserve is a welcome change.

After digesting what many money managers thought in advance would be a signal for raising rates, even after Warsh disclosed nothing of the kind, stocks sold off in herd-like manner during and after Warsh's press conference. Overnight and into Thursday morning there seemed ot be a re-assessment of the general sentiment. Since Warsh failed to offer any tip line to the needy trading community, stock futures have rebounded, pointing to a positive move at the open.

Conversely, in some kind of twisted logic, precious metals are selling off after rallying slightly overnight. There may still exist a perception that the Fed has no choice but to raise rates, making treasuries and other bonds and fixed income instruments attractive. Something triggered a jolt higher in yields late Wednesday, with the knee-jerk response the usual selling of gold and silver futures. Unsure at this time what was the trigger or why, there obviously are some insider workings that are taking their own paths.

Who's right and who's wrong-footed is going to lead to some degree of volatility in markets Thursday and Friday, which is also a quad-witching day, with quarterly futures and options expiring. There's plenty of chatter and speculation since the end of hostilities in the Middle East and Warsh's chairmanship going live.

At the Close, Wednesday, June 17, 2026:
Dow: 51,492.55, -507.12 (-0.98%)
NASDAQ: 26,021.66, -354.69 (-1.34%)
S&P 500: 7,420.10, -91.25 (-1.21%)
NYSE Composite: 23,469.76, -234.27 (-0.99%)

There Are Some Good Reasons Why New Fed Chairman Kevin Warsh Will Signal Future Rate Cuts to Markets and Traders in First FOMC Presser

The Dow Jones Industrial Average made a new all-time closing high on Tuesday, as the first session of the two-day FOMC meeting got underway, led by Trump-appointed Chairman Kevin Warsh. The NASDAQ and S&P slipped a bit, though it was mostly profit-taking, given the gains on Monday from the peace deal MOU worked out between Iran and the United States.

Entering Wednesday, with Warsh's first policy statement and press conference about to make waves at 2:00 pm ET, markets aren't anticipating anything out of the ordinary from Warsh. Fed analyzers will be looking for forward clues to the Warsh Fed's general policy and direction.

Warsh faces the tough choice between pleasing President Trump, who is desirous of lower rates and responding to increasing pressures from inflation, which would more than likely favor raising rates. The new chairman may have caught a break with the Iran-U.S. peace deal, as oil prices have eased lower and gas at the pump, according to gasbuddy.com, is just below $4 ($3.99) for the first time in more than two months. That gives Warsh some leeway. If he mentions that gas and energy prices have been the main contributors to the increase in inflation, he can just brush raising rates aside, placing the blame for higher prices on the Middle East situation, which has just now changed for the better.

That would seem to be the most likely scenario for Warsh, who was Trump's choice for Fed Chairman primarily because he would align himself with the president's fiscal policies, one of which is to lower the cost of financing the government's massive debt load, poised to exceed $40 trillion within the next few months. Lower rates for servicing that debt would go a long way toward helping Republicans retain the House and Senate, a tall order, though nonetheless thought to be within reach by staunch "conservatives."

Thus, cutting interest rates, or, at least any mention of such intention, leans strongly in Warsh's favor. He gets to please Mr. Trump, goose stocks higher and cut the cost of serving the government debt.

Win-win-win.

Traders are likely to be in wait-and-see mode until 2:00 pm ET, when the formal policy statement is announced with the high probability that the Fed will keep the federal funds target rate at 3.50-3.75%, where it has been since December, 2025. Because the vast majority of Fed watchers expect no change at this meeting, fireworks on the stock and bonds markets will most probably ensue during Warsh's press conference, which kicks off at 2:30 pm. From then until the 4:00 pm close might see some wild swings, depending on how adept Warsh appears at projecting confidence and quietly tipping his hand towards future Fed dealings.

The real test of Warsh's signaling will come Thursday, after market participants have had time to assess what was said. Tying into the general state of affairs is Friday's signing of the MOU in Geneva, by VP Vance and Iranian representative, Speaker of the Parliament, Mohammad Bagher Ghalibaf.

Some wise guy traders might even take the opportunity to audaciously initiate new positions before the Fed announcement as the policy seems to favor cutting rates as opposed to raising them.

All of this makes for an interesting remainder of the week.

At the Close, Tuesday, June 16, 2026: Dow: 51,999.67, +328.64 (+0.64%) NASDAQ: 26,376.34, -307.60 (-1.15%) S&P 500: 7,511.35, -42.94 (-0.57%) NYSE Composite: 23,704.03, +30.37 (+0.13%)

Middle East Peace Sends Stocks Soaring; Dow Hits Record; Gold, Silver Recover from Recent Lows, Oil Down, Gas Prices to Follow

Editor's Note: Running very late this morning, making this a drive-by posting.

Obvious to everybody except maybe the more ardent Zionists and neocons, people like peace, and that's what sent stocks over the moon Monday, with the Dow Industrials closing at a record high with the S&P and NASDAQ almost sure to follow in coming sessions.

The MOU between the U.S. and Iran, set to be signed Friday, has already delivered results on Wall Street with the promise of a re-opening of the Strait of Hormuz and end to the U.S. blockade and peace in the Middle East. The question remains, "how long will it last?" A ceasefire has been in place for two months, though all sides have violated it at various junctures, Israel being the most provocative.

President Netanyahu of the occupier country insists that he will not halt aggressions against Lebanon and Hezbollah, even after U.S. President Trump put him in his place after Israel threatened the entire peace process by bombin Beirut Sunday.

It's apparent that the losers in this war were the U.S. and Israel. Trump is taking a lot of heat from congressional members tied to the Zionist lobby, AIPAC, and from media jack-asses like Mark Levin. Trump's divorce from Israel is a bold move that needs to be taken. The U.S. cannot continue to support a country that engages in genocide openly and continuously. The "nation" of Israel has become a stain upon humanity and a pariah in the civilized world. Iran put them in their place militarily. Now, the U.S. is attempting to end the long and painful experience with their Zionist partners.

Those with hope, faith, and prayer will endure.

In markets, Elon Musk's SpaceX IPO hit the second stage Monday, rocketing 30 points higher (nearly 20%) on rumors that SpaceX (SPCX) would acquire Anysphere, the company behind the AI coding tool Cursor, for $60 billion, which was confirmed on Tuesday.

Futures are flying. July WTI crude oil futures are down to the lowest level in four months, $76.71. Gas prices at the pump should continue to fall below $4.00 a gallon in the U.S. Gold and silver continue to recover off recent lows.

Peace, yeah, what is it good for? The answer is plain to see.

At the Close, Monday, June 15, 2026:
Dow: 51,671.03, +468.77 (+0.92%)
NASDAQ: 26,683.94, +795.10 (+3.07%)
S&P 500: 7,554.29, +122.83 (+1.65%)
NYSE Composite: 23,673.66, +77.87 (+0.33%)

WEEKEND WRAP: Will a Peace Dividend Emerge? Trump, White House Expected to Announce Peace Deal with Iran Sunday, June 14

Peace - at least for the present - in the Middle East has finally been achieved, after more than three months of conflict, ceasefire, and back-and-forth between Iran and the United States.

Headline worshippers will gush endlessly about the brilliance of President Trump's strategies to topple Iran and reopen the Strait of Hormuz. At the same time, there will be no mention of the 2009 Brookings Institution white paper, "Which Path to Persia", in which most of the options for U.S. dealings with Iran were laid out years ago.

Which Path to Persia? Options for a New American Strategy toward Iran is a product of the Saban Center for Middle East Policy at the Brookings Institution. The essays were written by Saban Center scholars Daniel L. Byman, Martin Indyk, Suzanne Maloney, Michael E. O’Hanlon, Kenneth M. Pollack, and Bruce Riedel. Kenneth Pollack also served as the overall editor.

The entire 170-page document can be downloaded here [PDF], no strings attached.

Iran has been a focus of U.S. intelligence for many years. The CIA didn't overthrow the popularly-elected leader of Iran in 1953 and install the puppet leader, Mohammad Reza Shah Pahlavi, because they didn't have anything better to do. The 1953 coup in Iran was a significant event where the United States and the United Kingdom orchestrated a coup d'état that overthrew Prime Minister Mohammad Mosaddegh and reinstated Mohammad Reza Shah Pahlavi as the leader of Iran. Mosaddegh was placed under house arrest for the remainder of his life.

Always a regional power that the U.S. viewed as a deterrent bulwark opposed to British, U.S. and Israeli interests in the region. The many years and decades of influence and intervention is not likely to cease with Sunday's forecast signing of a MOU (Memorandum of Understanding) between the U.S. and Iran. At the very least, it stops most of the militarism in the region and would ostensibly reopen the Strait of Hormuz to commercial traffic. It will serve as a path forward for the global economy, which was greatly threatened by the cessation of oil and other key commodity traffic through the Persian Gulf.

As Sunday morning unfolds to Sunday afternoon, both the White House and Iranian officials have remained mum on deal progress, even as Israel throws a spanner by bombing the southern suburbs of Beirut earlier today. Since today is Trump's 80th birthday, expect the White House to follow through, though what arrives as narrative may not stand up to a reality check in coming days. The ongoing farce of peace vs. war may come to some kind of halt on Sunday or continue along with yet another unkept promise.

Don't stay glued to FOX or any of the other mainstream media. Get out and enjoy a late Spring day. Whatever the people in "power" will do, they will do. It's likely to have a much bigger impact of Wall Street than in the lives of ordinary citizens, though, if real, could keep the media wheels spinning until the midterms, which, by some accounts, is all that matters inside the Beltway.

If some kind of agreement with Iran isn't undermined by Israel - always a real threat to peace - the economic benefits could prove to be profound, with lower gas prics for U.S. drivers, stability in emerging markets and global trade, and a return to pre-war conditions favorable to growth and prosperity. There might be a chance that President Trump's on-and-off rhetoric and his inner desire to make this year's Independence Day (July 4) celebration one worthy of 250-years of the U.S. republic. Consumer sentiment and national pride can go a long way toward improving conditions for all.

We shall see...

Stocks

Overall, stocks dropped to their lowest levels in a month on Tuesday and recovered on Thursday, extending the rally into Friday's session, though there was less-than-enthusiastic support for the latest messaging that peace in the Middle East was imminent, leaving markets in a weekend conundrum with some kind of resolution expected before markets reopen Monday. Some indication of what may develop for equities on Monday may come from precious metals, which reopen trading on Sunday at 6:00 pm ET, or bitcoin, which trades continuously.

If a deal is struck and announced by te White House as promised, the resultant rally in stocks should exceed the opposite drop in the price of crude oil. Estimates, based on a successful "deal" with language sufficient to ensure follow-through, are for stocks to rise more than two percent through midweek, with cruide oil losing some four to eight dollars per barrel, into a range of $75-80.

On the week, the NYSE Composite (+339.29, +1.46%) and Dow Transports (+683.16, +3.12%) outpaced the three majors, with the NASDAQ the weak horse, up just 0.31% over the past five sessions.

The week ahead features only a few companies reporting first quarter results.

Monday: (before open) Canopy Growth (CGC); (after close) Dave & Buster's (PLAY)

Tuesday: (before open) Wiley (WLY); (after close) LazyBoy (LZB)

Wednesday: (before open) Progressive Insurance (PGR), Jabil Electronics (JBL), Carmax (KMX)

Thursday: (before open) Accenture (ACN), Kroger (KRO)

The big event for the week ahead will be the two-day FOMC meeting, Tuesday and Wednesday, this being the first under newly-appointed Fed Chairman Kevin Warsh. Of course, that would take a back seat to any delay in the "peace plan" if not announced Sunday.

Monday offers the NY Fed Manufacturing Index, Capacity Utilization and Industrial Production metrics. Tuesday, monthly building permits and housing starts for May are released prior to the market open. May retail sales come in Wednesday morning, with the Fed's policy statement following at 2:00 pm ET. Thursday gets the usual initial and continuing claims data from the Labor Department and the Philly Fed Manufacturing Index.

Relevant data releases can be found at Trading View.

Treasury Yield Curve Rates

Date	1 Mo	1.5 mo	2 Mo	3 Mo	4 Mo	6 Mo	1 Yr
05/08/2026	3.71	3.70	3.68	3.69	3.75	3.74	3.75
05/15/2026	3.71	3.70	3.69	3.69	3.76	3.77	3.82
05/22/2026	3.72	3.69	3.69	3.68	3.78	3.79	3.86
05/29/2026	3.72	3.71	3.71	3.69	3.78	3.78	3.79
06/05/2026	3.71	3.71	3.71	3.78	3.78	3.81	3.88
06/12/2026	3.69	3.70	3.70	3.78	3.79	3.82	3.86

Date	2 Yr	3 Yr	5 Yr	7 Yr	10 Yr	20 Yr	30 Yr
05/08/2026	3.90	3.92	4.02	4.19	4.38	4.93	4.95
05/15/2026	4.09	4.14	4.26	4.43	4.59	5.14	5.12
05/22/2026	4.13	4.18	4.27	4.41	4.56	5.06	5.07
05/29/2026	3.98	4.06	4.13	4.27	4.45	4.98	4.99
06/05/2026	4.17	4.22	4.29	4.41	4.55	5.03	5.01
06/12/2026	4.09	4.12	4.21	4.34	4.48	4.98	4.97

Treasury yields came off recent highs, but hardly in a convincing manner. The dual lines in the sand - 5.00% for 30-year bonds and $4.50 for 10-year notes were taken out as the peace prospects made their rounds, but debt buyers were apprehensive about going long overall. Spreads continue to remain at high levels across the entire curve, while 2s-10s continue to be restrained.

The treasury curve is orderly overall, though much of its future depends on what comes out of the Fed's FOMC meeting in the week ahead. Keven Warsh was appointed by President Trump to ensure lower rates and easier money, but re-ignition of inflation lately has tamped down expectations and the Fed may indeed signal rate hikes ahead at new Fed Chair Kevin Warsh's initial press conference. Bond traders will be on high alert for any tip-offs in either the formal statement or spoken at the presser.

For now, it's a wait-and-see condition.

Spreads:

2s-10s
2026
1/2: +72
1/9: +64
1/16: +65
1/23: +64
1/30: +74
2/6: +72
2/13: +64
2/20: +60
2/27: +59
3/6: +59
3/13: +55
3/20: +51
3/27: +56
4/3: +51
4/10: +50
4/17: +55
4/24: +53
5/1: +51
5/8: +48
5/15: +50
5/22: +43
5/29: +47
6/5: +38
6/12: +37

Full Spectrum (30-days - 30-years)
2026
1/2: +114
1/9: +112
1/16: +108
1/23: +104
1/30: +115
2/6: +113
2/13: +97
2/20: +100
2/27: +90
3/6: +102
3/13: +115
3/20: +123
3/27: +124
4/3: +120
4/10: +124
4/17: +119
4/24: +122
5/1: +126
5/8: +124
5/15: +141
5/22: +135
5/29: +127
6/5: +130
6/12: +128

Oil/Gas

WTI crude futures closed out the week at $84.88 on the NY Mercantile Exchange, down sharply from the prior Friday reading of $90.26, in anticipation of some kind of announcement that a deal has been struck between the United States and Iran, ending hostilities in the region. As of Sunday morning, the White House has yet to make a declaration, though one is expected soon.

Average price for a gallon of unleaded regular gasoline in the U.S. was $4.11 last week and $4.03 this week, another in a four to five week move lower, with prospects for prices to retrat by as much as another 50-60 cents by mid-summer are enticing.

Reserves have been substantially drained by major economies around the world to keep prices under control. The United States has been purging its strategic oil reserve - the world’s largest emergency crude oil stockpile — and is currently on track to hit its lowest level since the early 1980s. Recent data shows 357.1 million barrels in the week ending May 29, 2026, nearly half of its authorized 714 million barrel capacity and close to the 346.8 million barrel low reached in July 2023.

About eight million barrels were taken last week, following earlier weekly draws of 9–10 million barrels. Total U.S. crude inventories (commercial + SPR) have fallen to 709.8 million barrels, down from 878 million in early April. It has gotten to a point at which oil executives feared inventories were falling to unsustainable levels and further drawdowns could threaten to snd prices spiraling higher. While oil execs are usually in fovar of higher prices for their products, the ongoing situation became precarious with flows shut off completely.

Prices in key states:

California (leader): $5.72 (-0.16)
Washington: $5.51 (-0.11)
Oklahoma: $3.50 (-0.09)
Mississippi: $3.65 (-0.07)
Florida: $3.80 (+0.05)
Illinois: $4.34 (-0.20)
Pennsylvania: $4.20 (-0.12)
New York: $4.34 (-0.09)
Maryland: $3.81 (-0.15)
Michigan: $4.17 (+0.04)
Texas (lowest): $3.47 (-0.11)
Georgia: $3.72 (-0.06)

On Sunday, June 14th, there are twenty-seven (27) states with average prices below $4.00, with 21 above the $4 threshold, not including Hawaii ($5.58) and Alaska ($5.14), with just two above $5 (California, Washington). The Southeast has maintained as the lowest region overall over the past four weeks as a gallon of unleaded regular is averaging well below $4.00 ($3.47-3.80) in places like Tennessee, Alabama, Arkansas, Georgia, Texas, and Mississippi, with the Midwest region a close second, prices averaging from $3.71 to $3.90.

Bitcoin

This week: $64,048.96
Last week: $61,809.72
2 weeks ago: $73,835.71
6 months ago: $90,207.59
One year ago: $105,312.90
Five years ago: $35,525.93

Bit of a rebound this week off multi-year lows. Bitcoin hasn't cleared any of the hurdles that would convince investors that the deep slide off the highs from mid-July through mid-October of last year has run its course. With prices depressed since February of this year, below $82,000 at best, the path forward for bitcoin appears to be a continuation of the lowered price structure. The current chart configuration resembles that of late 2021 through all of 2022 and into summer of 2023, when prices collapsed off highs above $64,000 down to lows in the teens.

Bitcoin's fate, largely in the hands of "whales" and institutions like Strategy (MSTR), holding more than 90% of all bitcoin mined. Faith in crypto as an alternative to fiat currencies has faded badly and may become mored in a low price regime for what could turn into years.

Precious Metals

Gold:Silver Ratio: 62.03; last week: 63.80

Futures, per COMEX continuous contracts:

Gold price 5/15: $4,543.60
Gold price 5/22: $4,543.60
Gold price 5/29: $4,569.90
Gold price 6/5: $4,353.90
Gold price 6/12: $4,239.90

Silver price 5/15: $76.29
Silver price 5/22: $75.92
Silver price 5/29: $75.58
Silver price 6/5: $68.00
Silver price 6/12: $68.12

SPOT: (stockcharts.com)
Gold 5/15: $4,539.72
Gold 5/22: $4,508.74
Gold 5/29: $4,538.94
Gold 6/5: $4,327.57
Gold 6/12: $4,218.23

Silver 5/15: $75.94
Silver: 5/22: $75.48
Silver 5/29: $75.27
Silver 6/5: $67.83
Silver 6/12: $68.00

Silver and gold hit some serious bottoms during the week, but roused to a positive lose on Friday as the rumors of peace with Iran began to circulate. It's not as if opening up the Strait of Hormuz has anything at all with precious metals, the spreading exuberance over ending the conflict in the Middle East seems ot be popping up in unusual places. Perhaps it is more about slowing inflation tied to a more robust flow of oil that made the metals move, but trading from Tuesday through Friday suggested that lows were hunted, found, and satisfied short sellers sufficiently.

Precious metals remain the ultimate safe haven for obvious reasons, though they've been under pressure recently and especially during the Iran conflict, moving lower in contradiction to usual patterns. Gold has, for centuries, been sought as protection during unsure periods, but these days seems to be fractious within fractured markets operating at the derivative level in the West and more in a physical manner in the East. The dichotomy will continue indefinitely, though physical markets are always and everywhere preferred by serious buyers of not just precious metals, but commodities of all sorts. Futures are good enough insurance for food stocks and other commodities which have seasonal variation, but sometimes are seriously out of touch when it comes to more durable things.

One wouldn't go looking for a car based on future prices? Or buy a house based on what it may be worth a few months or years from the present date, would one?

Here are the most recent prices for common one ounce gold and silver items sold on eBay (free shipping included, numismatics excluded):

Item/Price	Low	High	Average	Median
1 oz silver coin:	75.00	84.00	79.97	80.25
1 oz silver bar:	74.95	88.97	80.49	79.07
1 oz gold coin:	4340.00	4536.36	4445.51	4437.93
1 oz gold bar:	4392.32	4578.29	4430.84	4421.52

The Single Ounce Silver Market Price Benchmark (SOSMPB) lost a small amount of ground this week, dropping to $79.95 on June 14, a loss of 33 cents per troy ounce, from the June 7 price of $80.28.

WEEKEND WRAP

"Peace" has different meanings to different groups of people. Perhaps the appropriate definition is contained in this anonymous, brilliant quote: "Peace is that brief glorious moment in history when everybody stands around reloading."

That may be what we have for now. How long it lasts is a function of policy and the will to power of various players in the world of geo-politics. Often attributed as Albert Einstein's definition of insanity - doing the same thing over and over again and expecting different results - is also applicable. The insanity of waging war will persist, no matter how long it takes the opposing sides to reload.

Enjoy it while/if you can.

At the Close, Friday, June 12, 2026:
Dow: 51,202.26, +353.51 (+0.70%)
NASDAQ: 25,888.84, +79.18 (+0.31%)
S&P 500: 7,431.46, +37.16 (+0.50%)
NYSE Composite: 23,595.79, +182.90 (+0.78%)

For the Week:
Dow: +355.48 (+0.66%)
NASDAQ: +179.41 (+0.70%)
S&P 500: +47.72 (+0.65%)
NYSE Composite: +339.29 (+1.46%)
Dow Transports: +683.16 (+3.12%)

Disclaimer: Information disseminated on this site should not be construed as investment advice. Downtown Magazine Inc., Money Daily and it's owners, affiliates and/or employees are not investment advisors and do not offer specific investment advice. All investments have risk. You should consult a professional investment advisor or stock broker or use your individual judgement when making investment decisions. By viewing this site, you hold harmless Downtown Magazine Inc., Money Daily, its owners, affiliates and employees against any and all liability. Copyright 2026, Downtown Magazine Inc., all rights reserved.

The Inconvenient Truth: There's Enough Oil for Everybody; SpaceX Blasts Off with Record-Setting IPO

With Friday's focus clearly on Elon Musk's SpaceX IPO, oilprice.com (who wants permissions for every single word they write; a bunch of stubborn weenies in a fluid grown-up world) reports that Brent crude futures traders are shorting crude like the price is headed to $60. These traders have their greasy fingers on the levers of power, political, financial, and societal, and they may be right.

It needs to be understood that prior to the U.S. assault on Iran beginning the last day of February, there was a global glut of oil driving down prices of everything. The abrupt turn in markets on the advent of war naturally set off price hikes. Three months down the road, oil prices, along with gas at the pump, have peaked and retreated from artificial highs. Artificial is the operative word because there has not been a crisis condition and may not be one. Oil inventories were quite high and satisfactory and remained in that state for the duration. Whether or not there's a final resolution to the conflict in the Persian Gulf, the re-opening of the Strait of Hormuz, the end of the Gulf of Oman into the Indian Ocean U.S. blockade, oil continues to flow, though lately only a trickle from the Gulf.

Fact of the matter is that oil isn't as precious a commodity as it used to be. Solar power, especially, has cut into demand for crude, along with other alternative energy sources. The world is changing. China has gone all-in on solar, India following the same path. The U.S., far behind the infrastructure curve by decades due to ignoring infrastructure needs for pretty much the last 40 years is approaching its failure with the usual short-sighted American aplomb. "We have plenty of oil," shouts President Braggart. "We don't need Mideast oil."

While the president may be right about U.S. needs for Gulf oil, the larger issue is technological. The U.S. has been steadily falling behind its peers on innovation as its infrastructure collapses due to neglect, graft, corruption, and plain old ignorance. Blame can be heaped upon the U.S. septuagenarian president, but equal responsibility lies clearly with congress, a do-nothing body whose legislation serves only self-interest and vote-buying. The federal government, top to bottom, is a massive failure yet to be realized. Recognition comes later, after oil matters are settled, after a boost to the economy, after the midterms get stolen by one or another of the two major parties, each working in collusion with the other to keep the corrupt money flowing.

Oil prices have been coming down because there are alternatives that make past comparisons null and void yet remain unmentionable in polite company. While oil companies and their supporters may not like low prices, that's the reality. There's more than enough for everybody if oil production isn't perverted by terrorism, war, mysterious explosions at refineries, and the usual trading games people play. he mainstream media can't cover the story with any sense of trust because they are blind to the truth. The public gets duped, the politicians get rich, the oil companies make profits. That's just the way it goes.

The reality is that owning an electric car, a house heated with natural gas or by electricity, negates the need for crude oil almost completely and nobody wants that information out. People are just supposed to pay more and shut the hell up. It's a pretty slavish relationship that has deeper roots in the debt-based monetary system that is tolerated because change, though often good, is hard.

As far as SpaceX is concerned, The $135/share IPO pricing is likely to result in a big upside as open trading commences because everybody and their brothers and sisters want to be part of Elon Musk's magical path to being the first trillionare. While the company still hasn't generated a profit, it does have potential in building and deploying rockets, satellites, the future of AI, and the well-established Starlink internet connection via LEO (low earth orbit) satellites.

The company may never meet some of the lofty expectations, like establishing a human colony on Mars, but it's likely to be turning a profit in a few years time. It has the backing of some big institutional names and public response is expected to be strong.

Wall Street will pump the stock like its the second coming of Jesus. With the hype machine at full volume, Friday looks to be a glorious return to a profitable week after an unusually bad time the first week in June. Through Thursday's close, the Dow is down, but only by 18 points for the week. The NASDAQ is looking to end up in the black, already up 100 points, and the S&P is up 10 points, conveniently leading into what looks to be a positive finish to a tumultuous week.

Gold and silver have bounced off their lows, with silver trading as high as $68 overnight and gold hitting $4,247 before backing off a bit. Even bitcoin caught a bid as stock futures have ramped higher, though there's still an hour before the open.

This report comes earlier than most Money Daily missives because it's hot, we got up early, and we're all taking the afternoon off. Enjoy the SpaceX show. This is just the premiere. The real business comes later down the road, or, should it be, after escaping gravity?

At the Close, Thursday, June 11, 2026:
Dow: 50,848.75, +929.97 (+1.86%)
NASDAQ: 25,809.66, +640.16 (+2.54%)
S&P 500: 7,394.30, +127.31 (+1.75%)
NYSE Composite: 23,412.90, +332.07 (+1.44%)

May PPI Red Hot, but Investors Focused on Friday's SpaceX (SPCX) IPO; Stocks May Take a Breather from Recent Selling

Depending on the index, for the second or third time in a week, stocks got hammered deeply, though none of the major indices are anywhere near correction territory, leaving hope for a quick rebound.

Equity holders may get a reprieve thanks to resumption of serious military engagements with Iran and President Trump's boasting about sneaking 100 million barrels through the Strait of Hormuz, undetected by Iranian forces. With the ceasefire collapsing rapidly, full-blown war could soon return to the region as the main issues in a number of peace proposals remain unresolved.

After Wednesday's CPI release for May scared off weak hands in the market, this morning's PPI data left futures relatively unscathed.

According to the BLS:

The Producer Price Index for final demand rose 1.1 percent in May, seasonally adjusted, the U.S. Bureau of Labor Statistics reported today. Final demand prices advanced 1.1 percent in April and 0.7 percent in March. (See table A.) On an unadjusted basis, the index for final demand increased 6.5 percent for the 12 months ended in May, the largest 12-month rise since moving up 7.4 percent in November 2022.

Nearly 80 percent of the May advance in final demand prices is attributable to a 2.8-percent increase in the index for final demand goods. Prices for final demand services moved up 0.3 percent.

The index for final demand less foods, energy, and trade services rose 0.8 percent in May, the largest advance since increasing 0.9 percent in March 2022. For the 12 months ended in May, prices for final demand less foods, energy, and trade services moved up 5.1 percent, the largest 12-month rise since jumping 5.5 percent in October 2022.

Despite the major headline numbers being the worst in roughly four years, stock enthusiasts seem to be ready for some buy-the-dip bottom fishing, profits having been taken and ready for reinvestment.

It's hard ot tell whether the market is serious or this morning's futures are merely a head-fake, with the major indices down 4-6% from recent highs. Considering most of the main issues - Iran, inflation, cost of living - the White House narrative remains positive, and that matters greatly to the sales forces in lower Manhattan.

Overnight, Asian stocks were mixed, but mostly lower. This morning, European bourses are all reporting gains. Stock futures are rising, with Dow futures up 275 points, NASDAQ futures ahead by 240, and S&P futures up 35. Gold and silver remain under pressure, both hitting six to seven month lows. Treasuries remain elevated, with 10-year yields at 4.54% and 30-year yields approaching 5.03%.

It's probably a good bet that stocks will take a little breather from the selling, given they've retreated for most of the last week.

Tomorrow's big event will be the SpaceX (SPCX) IPO, which is expected to price at $135 per share, a price set out by the company's prospectus, which has been making the rounds the past few months. There are certain to be more than a few investors eager to get in on Elon Musk's latest foray into markets.

The IPO is expected to launch Friday with expectations high for upside trading of 20% or more being sought.

At the Close, Wednesday, June 10, 2026:
Dow: 49,918.78, -953.33 (-1.87%)
NASDAQ: 25,169.50, -509.32 (-1.98%)
S&P 500: 7,266.99, -119.66 (-1.62%)
NYSE Composite: 23,080.83, -300.27 (-1.28%)