The headlines are fast and furious with the US seemingly trying to stay at arms length between Israel and Iran/Lebanon. Netanyahu and Trump spoke and subsequently Israel has ceased its preparations for a new round of strikes on Iran.. Earlier today Pres. Trump said that Iran and Israel were looking to do an immediate cease-fire. He added that a blockade will remain in place and in full force and effect until a final deal is reached.
Overall the bias toward a weaker dollar is plodding along after Friday's sharp moved to the upside. Stocks have also continued their run to the upside with the NASDAQ now up over 500 points (536 points currently) after Friday's -1121 point decline. The S&P futures are up 62 points (the index fell -200.59 points on Friday).
US yields are taking more to the downside with the two-year down -2.1 basis points and the 10 year down -0.6 basis points.
In company specific news, Google and Nvidia are considering Intel as a secondary chip manufacturer. Intel shares are currently up 10% at $109. Last week Intel shares tumbled -13.52% closing had $99.17. The use of Intel is reportedly to ease pressure on TSMC's constraints and production:
Other chip manufacturers are higher with
- Micron shares up 8.4% after falling -11.02% last week.
- AMD shares are up 4.27% after falling -9.63% last week
- Broadcom shares are up 3.38% after falling -13.66% last week
- Marvell Technology was one of the weakest performers on Friday and one of the strongest performers for the week. It's shares fell -16.74% on Friday but were up 28.52% for the week. Today, it's shares are up 8.27%.
- Nvidia shares are up 2.57% after falling -6.2% on Friday and -2.86% for the week
Apple kicks off its annual Worldwide Developers Conference today, with the keynote starting at 10am PT / 1pm ET streaming live. This year's event — themed "All systems glow" — is widely expected to be Apple's most AI-focused WWDC in the company's history, a sharp pivot from last year when AI was largely absent from the conversation.
The centerpiece announcement is expected to be a dramatically revamped Siri, rebuilt with a chatbot-like interface and powered in part by Google's Gemini AI model. Apple is also rumored to introduce a new "Search or Ask" screen accessible by swiping down from the top of the display, acting as a unified hub for Siri, app suggestions, and contextual information. That said, Apple is still reportedly labeling the new Siri internally as a "beta," meaning it may launch behind a waitlist when iOS 27 ships in September rather than as a polished finished product.
On the software side, full updates are expected across every platform all with AI features woven throughout. The Liquid Glass design language introduced last year is expected to be extended further across the ecosystem. Hardware announcements are possible but unlikely, with Apple believed to be holding back new devices until the AI software is ready for the general public.
The keynote also carries unusual leadership significance, coming amid the widely reported transition from Tim Cook to John Ternus as CEO — making today one of the more closely watched Apple events in years beyond just the product announcements.
Apple shares are trading up 0.27% at $308.15 in premarket trading. Last week it's shares fell -1.51%. It also traded at a new record high of $316.94 before backing off into the weekend.
Crude oil is trading at $91.75 up $1.21 or 1.38%.
Bitcoin is trying to bounce off of lows from last Friday which saw the price dip to $59,100. That low was not surpassed over the weekend. The current price is trading at $63,893. Looking at the hourly chart, the price has moved back above its falling 100 hour moving average at $62,049. The 200 hour moving average is currently at $65,717. Getting above both those moving averages would be more positive from a short-term technical perspective (with work to do).
