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June 10, 2025
Dow: 42,748
S&P: 6013
Nasdaq: 19,649
10-YR T-Note: 4.45%
Bitcoin: 109,700
VIX: 17.13
Gold: $3,363
Crude Oil: 65.42
Don Selkin, the creator and innovator of the "Fair Value" numbers, as its Chief Market Strategist on the Newbridge platform has given CNBC and its Predecessor, these numbers every day for the over 40 years - never missing a single day, as well as given the fair value for the Nasdaq 100 futures since their introduction in 1996 and the Dow Jones stock index futures since 1997. Mr. Selkin has also been quoted in several publications including but not limited to Bloomberg News, New York Post, Reuters, and The New York Times. Mr. Selkin's Fair Value numbers are included in the U.S.
Futures Report broadcast on CNBC every day before the market
opens attributing "Newbridge Securities" as the source. In addition, NSC provides to its professionals, their clients and the public access to Don Selkin's more in depth financial market views.
In a narrow session market by small changes in the major indices, things generally moved higher against a background as the world’s two largest economies began talks on trade that could help avoid a recession.
The Dow, which was higher by 131, started to slip at 3pm and ended lower by 1 point to 42,761 as it was hurt by declines in AAPL, CRM, HD and MCD.
The S&P ended 5 points up to 6066 and it faded into the close as well after being up by 21. Officials from the United States and China met in London to talk about the disputes that are separating them. The hope is that they can eventually reach a deal that will lower each other’s level of tariffs against the other, which are currently on hold, so that the flow of everything can continue.
This may be the shortest sell-off following a shock of heightened volatility on record, as typically stocks take around two months to bottom following a spike in volatility and then another four to five months to recover their losses. This time around, stocks have basically made a round trip in less than two months. This index is now only 2.3% from its record high earlier this year.
The S&P was hurt by none other than Tim Cook, C.E.O. of AAPL who made some comments and announced sweeping changes to its product ecosystems, including a wide-ranging revamp of its iOS operating system for its iPhones, as well as the software that powers its iPads and Macs.
The updates, which the company debuted as part of its WWDC conference, mark the biggest shift in its software design in years. Still, the improvements were light on new AI capabilities at a time when investors are looking for the company to prove it can compete in the space.
Some of the market’s biggest moves came from the announcement of big buyout deals. QCOM rallied after saying it agreed to buy Alphawave Semi in a deal valued at $2.4 billion. IONQ rose after the quantum computing and networking company said it agreed to purchase Oxford Ionics for nearly $1.08 billion.
On the losing side, not surprisingly, was WBD which flipped from a big early gain to a loss of 3% after saying it would split into two companies. One will get Warner Bros. Television, HBO Max and other studio brands, while the other will hold onto CNN, TNT Sports and other entertainment, sports and news television brands around the world, along with some digital products.
TSLA, after stating out lower after two early downgrades, turned a 13 point early decline into a gain of 13, and how do those people who followed the early “sell” recommendations feel now? It would seem that Elon Musk and the President must have worked out a deal where the two of them are now buddies again after all of their hostile drama last week.
The frayed relationship could end up damaging Musk’s other companies that get contracts from the U.S. government, such as SpaceX. Rocket Lab, a space company that could pick up business at SpaceX’s expense, rose as well.
The Nasdaq did the best with a 61 point gain to 19,591 on strength in semiconductors and also on TSLA.
Chinese markets climbed even though the government reported that exports slowed in May, growing 4.8% from a year earlier after jumping more than 8% in April. China also reported that consumer prices fell 0.1% in May from a year earlier, marking the fourth consecutive month of deflation.
In the bond market, the yield on the 10-year Treasury eased to 4.48% from 4.51% late Friday. It fell after a survey by the Federal Reserve Bank of New York found that consumers’ expectations for coming inflation eased a bit in May.
That provides some relief for the Fed, which has been keeping its main interest rate steady as it waits to see how much Trump’s tariffs will raise inflation and how much they will hurt the economy. A persistent increase in expectations for inflation among U.S. households could drive behavior that creates a vicious cycle that only worsens inflation.
Earnings this week will see: yesterday: CASY higher; today - SJM lower, tonight – GME; Wednesday – CHWY, ORCL; Thursday – ADBE.
Economic reports include: Wednesday – May C.P.I; Thursday – May P.P.I., weekly jobless claims; Friday – May U. of Michigan Consumer Sentiment Survey.
