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Laurie’s Abbreviation Index:

** ‘div’ – dividend 

** ‘m/m’ – month over month

** ‘y/y’ – year over year

** ‘Inven’ – inventories

** ‘mfg’ – manufacturing 

** +/- – plus or minus, positive or negative

** Underlined text – higher volume premarket

** ‘d’ – day

** ‘Y’ – year

**govt – government 

Color Key: Positive – Neutral – Negative
Global Markets: USA, Europe, Japan, China, Hong Kong – negative global set-up

·       Commodities: Gold, Silver, Oil, natgas, AGGS, Industrial Metals, Bitcoin

·       Yields: 30Y Bond -0.43% Currencies: USA$+0.15% CAD-0.18% YEN+0.11% BTC/USD -2.8% Vix: 22.3

·       Stocks: INTU+8.3%, ROST-11%, DECK-17%, BAH-10.6%, MNSO-14%, WDAY-7% EPS
News: USA: Trump threatening increase in European tariffs and 25% tariff on AAPL CDN: Retail sales 830ET
Overview: USA indices lower premarket after twin threats from Trump to impose 25% tariffs on AAPL if iPhones are not manufactured in USA and a 50% tariff on Europe June 1 unless the trade talks don’t improve. This of course, reignites the fear that the tariffs will harm global trade. ES is back below the 200sma and testing the 20ema so a potential support level but below is the  gap created on the China “deal” which is a distant memory. Market bounce has been primarily due to short stock and put covering and hope that USA would not follow through with egregious tariffs. Given the recent history of Trump backing off when the market falls, traders may use the dip as a buy however the recent market surge driven by retail option and leveraged ETF buying creates a potential vacuum as retail underwater and institutions have been selling.  The casino appears to be closed premarket which is negative for bitcoin, quantum, AI names popular with retail. A potential announcement of a nuclear power executive order may lift the related names (URA). US$ is lower and boosting gold, silver, platinum. SPY is at the bottom of the daily expected move and below there is little support since the move higher was due to a gap in the futures market. Today will be a test whether the 200sma is supported or the latest tariff antics have caused a sufficient loss of confidence results in an undoing of the recent rise. MAG7 are the key names to watch which are oversold premarket with NVDA to report earnings next week and look to see if they want to buy it ahead of earnings.

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·       SPY 575.2 Resistance 580 584 Support 575 570, QQQ 505.5 Resistance 510 513  Support 500 495 490
Daily Expected Move. SPX(5926-5758) SPY(591-575) QQQ(519-509) IWM(205-200)

Stocks to watch GLD, VST, INTU, AAPL, NVDA, DECK Speculative ENPH
Pre-800ET
Indices GDX, GLD, TLT, XLU, SLV, ETHE, SMH, IBIT, MSOS, IWM, ARKK, KRE, XLK, ARKG, QQQ, XLY, XRT, SPY, QTUM

S&P500 COIN, ENPH, FSLR, NEE, UNH, TSLA, AES

Other VST, DECK, ROST, BBY, SMCI, COIN, CCL, AAPL, NCLH, NVDA, NKE, AMZN, MU, AVGO, BAC, AMD, DELL, JPM

Trade Idea: AAPL

AAPL lower after Trump post that AAPL could have 25% tariff if mfg not moved to the USA. IMO this is unlikely was there is no legal way to force this and the cost and time to move a complex mfg line is large and USA is short of the mfg engineering resources. So likely a tempest in a tea pot. AAPL is testing the 195 level which is the line in the sand. Below,  190 is a target and above 200 is a target.