Stocks wobble as Geneva peace-trade cracks, semis/oil bleed & banks carry Dow.
• S&P 500 -0.57%, Nasdaq -1.66%, Dow 0.62% — on weak Jobs/Housing/GDP
• STOXX 50 -0.02% — on improved EU ZEW Sentiment
• Nikkei -0.46%, Hang Seng -1.34% — Asia red amid BoJ hike & China mix
Next:
• US MBA/Retail/PHS, EU CPI, FOMC Jun 17
• JP Trade/Orders, UK CPI/PPI, CH SECO Jun 17
Oil collapsed again.
WTI near $75.
So the market is still pricing some kind of Hormuz/Geneva relief, but stocks are not celebrating like yesterday.
Nasdaq got hit hard.
Semis were the problem.
$INTC -8.2%,
$AMD -7%.
Dow stayed green because banks and old-economy names carried the tape.
$JPM 3.7%, while
$SPCX 4.3% kept holding the space/industrial bid.
Macro added pressure.
US housing starts missed badly, building permits missed, GDPNow cooled to 2.8%, and ADP was softer.
China was mixed. BoJ hiked from 0.75% to 1.00%, which also explains why Asia looked heavier.
Geneva is still the trapdoor.
- WH calls the MoU only a framework
- Israel keeps rejecting limits
If Hormuz reopening stays paperwork-heavy, then this oil dump can reverse fast.
It all depends on whether US-Iran will agree on uranium/tolls/Lebanon terms or not.
Will the next phase of negotiations bring us even more volatility?