..Dow was up +250pts at the start despite the negative reaction over the US Juneteenth holiday, geopolitical concerns did nothing to move the markets but this below did -imagine that.
..Dow closed up 35pts, S&P500 -0.22% and Nasdaq-0.51%
..To further illustrate how crazy it is, AUD was up to 64.75-64.95c for much of AEST waking hours and then dived to close at 64.51c, perhaps on the back of Mary Daly's pushback on rate cuts, which Fed Waller earlier indicated could happen as soon as July.
..Gold surprisingly recovered from $3340 to close at $3368, down -2.11% on the week, but GDX -1.29% (-2.55% on the week) and GDXJ -2.38% (-4.68% on the week). Gold reacted exactly opposite to what should be expected- down at the time when Waller suggested sooner rate cuts and rising on Daly's comments; rate cuts should be more positive for Gold.
..Silver does what silver does - either parabolic or fizzle- when the initial parabolic did not sustain, it fizzled, and fizzled it did to $55.82 (-0.32% on the week)
..so the only consensus in the market is that there is no consensus.
..and how do you get any consensus when the narcistic Prez continues with delusional tweets teasing the audience on what he'll likely decide on joining the war.
..I just learnt why Trump is being indecisive on joining the war. He knows it would be a big risk for himself (losing domestic support) and the USA. And a risk he would be prepared to take if he can get guarantees that his MOAB bunker buster alone could unquestionably destroy the Fordow underground nuclear facility. Except that there is no certainty of real success. So he may need to buy some time for more US military to be in position around Iran to fall back on back up option of supplementing the air strike operation with possible commando operational follow-through. Tech Tumbles As White House Mulls Further Crackdown On Chips To China
by Tyler Durden
Saturday, Jun 21, 2025 - 01:00 AM
US equity markets have given back early gains following a report from The Wall Street Journal that a U.S. official told top global semiconductor makers he wanted to revoke waivers they have used to access American technology in China, people familiar with the matter said, a move that could inflame trade tensions. Currently, South Korea's Samsung Electronics and SK Hynix as well as Taiwan Semiconductor Manufacturing enjoy blanket waivers that allow them to ship American chip-making equipment to their factories in China without applying for a separate license each time.
Jeffrey Kessler, head of the unit in charge of export controls at the Commerce Department, told the three companies this week he wanted to cancel those waivers, according to people familiar with the meetings. They said Kessler described the action as part of the Trump administration's crackdown on critical U.S. technology going to China.
The action isn't a new trade escalation but would be designed to make the licensing system for chip equipment similar to what China has in place for rare-earth materials, White House officials said.
The U.S. and China continue to make progress on completing the agreement they reached in London and negotiating on trade, they said.
"Chip makers will still be able to operate in China. The new enforcement mechanisms on chips mirror licensing requirements that apply to other semiconductor companies that export to China and ensure the United States has an equal and reciprocal process," a Commerce Department spokesman said.
For now, the market is selling first, thinking later.
The reaction was swift with MegaCap tech being hit hardest...
...obviously semi stocks suffering even more...
...dragging Nasdaq into the red from Wednesday's close...
A new step making it harder for global chip makers to operate in China might still strike Beijing as a betrayal of the London deal.
Finally, WSJ reports that the South Korean and Taiwanese companies have notified authorities in their home regions about the waiver issue, hoping for help lobbying against the move, people familiar with the discussions said.
