Futures Drop, Chips Resume Slide As OpenAI IPO Delay Dents Sentiment

Summary

Futures Drop, Chips Resume Slide As OpenAI IPO Delay Dents Sentiment Futures point to a lower start for cash trading on the last day of the week, as tech stocks dragged global indexes lower following renewed selling in chipmakers, while a report that OpenAI could postpone plans to go public also weighed on sentiment. The volatility reflects a valuation test, profit‑taking and flow-driven positioning, according to Christian Stocker, equity strategist at UniCredit, who suggests it’s a “temporary correction within a still-intact long-term AI growth trend.” As of 8:00am ET, Nasdaq 100 futures slid 1.1%, while those on the S&P 500 fell 0.4%. In premarket trading, semiconductor names, including Micron and optical stocks were broadly lower following news of OpenAI’s IPO delay; the "chip paying" hyperscalers showing moderate gains as the equilibrium seems to shift away from chip stocks. A selloff in Korean chip giants Samsung Electronics and SK Hynix triggered a second trading suspension in Seoul within days. Oil resumed its slide, failing to lift stocks but offering a fillip to bonds. Bond yields declined further led by the front-end of the curve: 2y is down 3.5bp; USD is lower. Oil fell -2.74 this morning to $69.18. US economic data calendar includes May goods trade balance, retail and wholesale inventories (8:30am), June final University of Michigan sentiment (10am) and Kansas City Fed services activity (11am). Fed speaker slate includes Minneapolis Fed’s Kashkari at 11:30am In premarket trading, Mag 7 are mixed: Microsoft is the is a top gainer as investors rotate into software stocks from hardwar (Microsoft +0.8%, Apple +0.5%, Amazon unchanged, Meta Platforms +0.3%, Alphabet -0.7%, Nvidia -1%, Tesla -1.1%). Semiconductor stocks are broadly lower amid investor concerns over the staying power of chip demand given price increases seen across Apple and Xbox products. A potential delay to OpenAI’s IPO, as reported by the New York Times, also dampened risk sentiment. ON Semiconductor (ON) slides 14% after the chipmaker agreed to an all-stock deal to buy Synaptics. Analysts worry that buying a business that’s exposed to smart devices and the consumer market may distract a push to supply for AI data centers. Synaptics (SYNA) is up 4.2%. Rocket Lab (RKLB) gains about 1% after the space firm said NASA selected it to provide three Electron launches for two missions, PolSIR and TSIS-2, from early 2027. Tango Therapeutics (TNGX) climbs 5% after Jefferies upgraded the drug developer to buy citing durability of its experimental therapy to treat pancreatic cancer. Wise (WSE) climbs 5% after the financial technology firm announced it will begin a new buyback program and reported results for the full year which analysts say were in line with expectations. In other corporate news, EV maker Polestar will exit the US after the Commerce Department banned the company due to a rule prohibiting Chinese software in cars, according to the WSJ. And Volkswagen is looking to cut tens of thousands of additional jobs and may shutter factories in a push to be more competitive, Manager Magazin reported. Markets are capping a volatile week in which shifting sentiment around the once-relentless tech trade whipsawed stocks, with traders parsing everything from spending plans to corporate earnings. Investors pulled money from US equities for the first time in three months, with record withdrawals from tech. Friday’s bout of weakness came as price increases in products from Apple Inc. and Microsoft Corp. triggered fears about the staying power of chip demand. A New York Times report that OpenAI could delay its initial public offering until 2027 also brought into focus how volatility could affect the sector. In Japan, OpenAI backer SoftBank Group Corp. tumbled following the NYT report, sending the Nikkei 225 down 4.2%. The tech sector led declines in Europe as well, with the Stoxx 600 on course for its worst performance since the middle of May. “Technology remains a crowded trade, positioning is relatively tight, and that makes the sector more sensitive to negative news flow or sharp moves in individual names,” said Francisco Simon, European head of strategy at Santander Asset Management. AI valuations relative to the rest of the S&P 500 have fallen to their lowest levels since the Iran war, with AI stocks now trading at just a 15% P/E premium to ex-AI stocks, notes Bloomberg. The case for the AI trade remains intact, but the risk of getting it wrong has risen considerably with leverage, crowding and dispersion in focus. Investors say the roller-coaster week shows that while the case for the AI-trade is still strong, the days of everything going up in a straight line appear to be over. While there hasn’t been panic selling, the cracks are real, and extreme investor positioning means the easy days could be a thing of the past. The most sensible strategy “is to maintain well-diversified portfolios across geographies, styles, sizes, companies, and sectors,” said David Manso, chief investment officer at CaixaBank AM. “In a couple of weeks, the earnings season will kick off, and leading indicators are pointing in the right direction. We expect corporate results to become a positive catalyst.” Also in AI, the Pentagon has revised its doctrine on how the US military picks its targets in battle, opening the way for AI to make critical wartime decisions in the future. In politics, New York City’s Rent Guidelines Board voted to freeze some apartment rents, handing Mayor Mamdani a major political victory. Commerce Secretary Lutnick intervened to delay the opening of a new bridge between the US and Canada and is pressing to renegotiate the deal for a larger share of toll revenue.  The Stoxx 600 is down by 0.6%, with energy and technology equities leading declines, while food beverage and personal care drug stocks are the biggest outperformers. Here are the biggest movers Friday: Wise shares climb as much as 8.2% after the financial technology firm announced it will begin a new buyback program and reported results for the full year which analysts say were in line with expectations Pandora shares rise as much as 5.1% after BofA upgraded the stock to buy from underperform, saying it has a “clear catalyst path ahead as main pressures subside and LFL [like-for-like sales] stabilizes” Barratt Redrow and Bellway climb after Berenberg upgrades both stocks to buy, saying depressed valuations, strong balance sheets and attractive capital returns create selective opportunities in UK housebuilders despite a downbeat market outlook Koninklijke KPN shares rise as much as 2.5% after the Dutch telecoms firm was upgraded at Citi, as analysts said there is an opportunity for investors to increase their holding in a “quality stock” following a recent pullback Technology shares declined in Europe, following Asia peers lower, after Apple slumped Thursday following price increases on its products. A report that OpenAI may delay its IPO also weighed on sentiment Zalando shares fall as much as 11% after the German Financial Supervisory Authority BaFin opened a probe into the online fashion retailer’s 2025 report over suspected violations of accounting rules Accor shares drop as much as 2.8%, pulling back from an all-time high after the hotelier was downgraded at Jefferies. Analysts believe any potential recovery in the Middle East is already priced in INWIT shares slip as much as 2.1% after a downgrade to neutral from buy at Goldman Sachs, which sees “heightened operating and structural uncertainty” for the Italian telecoms company’s investment case Asian stocks resumed their decline after a brief reprieve the prior day, as concerns about the sustainability of recent tech gains weighed on sentiment. Trading in Asian stocks has remained volatile, with investors torn between whether the rally in technology shares is stretched or backed by confidence in continued AI-driven growth. In the end, tech stocks dragged Asia lower, with the Kospi falling 5.8% and the Nikkei 225 dropping 4.2%. The MSCI Asia Pacific Index dropped as much as 3.6%, with Samsung Electronics, SK Hynix and TSMC weighing most on the gauge. South Korea, Japan and Taiwan led declines. For the week, the index has fallen more than 4%, on track for its worst showing since early March. The selloff comes after Apple said it raised prices to offset cost hikes caused by an unprecedented shortage of memory chips, dragging supplier shares across the region lower. For some, it underscored just how vulnerable the chip rally — which has lifted benchmarks to repeated highs — has become.  “After recent performance, it’s not difficult to expect some consolidation,” said Kieran Calder, head of Asia equity research at Union Bancaire Privee. Apple price hikes highlighted “memory shortage impact on consumer electronics prices and part of the inflation narrative.” In FX, the Bloomberg Dollar Spot Index down by 0.1% and the euro back to testing $1.14, while sterling has climbed back above $1.32. The Norwegian krone is underperforming among major currencies on the slide in oil prices. In rates, a falling oil price is lifting short-end bonds across Europe and the US, with a pullback in bets on central bank rate hikes. US two-year yields falling by four basis points and outperforming moves in the same direction in Europe and the UK. treasury futures hold gains led by front-end tenors, extending Thursday’s yield-curve steepening move, as oil prices resume their slide toward pre-war levels and short-term rate products price in less Fed tightening in the coming months. 2-year yields are lower by 3bp-4bp, long-end tenors by less than 1bp, steepening 2s10s curve by 1.5bp, 5s30s by 3bp; 10-year, down 2bp near 4.375%, outperforms bunds and gilts in the sector by around 1bp. IG dollar issuance slate empty so far. At least two borrowers stood down Thursday as three priced a combined $5.4 billion, paying about 5bps in new issue concessions on deals that were 3 times oversubscribed. In commodities, Brent is sliding by nearly 4% and below $73/barrel and WTI futures are sinking toward $69/barrel and headed for biggest weekly drop in a month after transits through the Strait of Hormuz accelerated; Gold little changed but holding above $4,000/oz. US economic data calendar includes May advance goods trade balance, May retail and wholesale inventories (8:30am), June final University of Michigan sentiment (10am) and Kansas City Fed services activity (11am). Fed speaker slate includes Minneapolis Fed’s Kashkari at 11:30am Market Snapshot Top Overnight News Iranian Deputy Foreign Minister said the safe passage through the Strait of Hormuz without consideration of Iran's sovereignty is not guaranteed. This follows an Iranian strike on a Singapore-flagged cargo ship after failing to follow the set route: RTRS Traffic through Strait of Hormuz slows after attack on ship: RTRS US Chip Stocks Decline on Worries Over Memory Prices, OpenAI IPO: BBG US President Trump said we have a new market coming up called Iran and added that Iran wants to make a deal with us very badly and thinks they will make a deal. Venezuela Seeks Survivors as Quakes Death Toll Hits 235; Quake Crisis to Test Legitimacy of Rodriguez Regime: BBG OpenAI Leans Toward Holding Up I.P.O. Until Next Year: NYT SpaceX Plans New Starlink Mobile Service for US Consumers: FT US President Trump's administration asked OpenAI to restrict the launch of its next model, GPT-5.6, to only a small set of government-approved partners before a wider release due to security concerns: Axios. Russian hawks urge Putin to escalate war, drop US talks as Ukraine strikes deep: RTRS Volkswagen weighs up to 100,000 job cuts and four plant closures in overhaul: RTRS On immigration, Supreme Court accedes to Trump's restrictive agenda: RTRS Wall Street Realizes It Needs More Than Money to Counter Mamdani: WSJ Representatives Gottheimer (D) and Moolenaar (R) are reportedly introducing legislation that would allow US cloud companies to report suspected foreign misuse of advanced AI computing: Axios  Novak Djokovic Joins General Atlantic in His Wall Street Debut: BBG BofA's weekly flow report notes USD 25.5bln out of cash, USD 5.0bln out of stocks, USD 16.6bln into bonds, USD 0.5bln out of gold. Bull & Bear Indicator fell to 9.1 (prev. 9.2) A more detailed look at global markets courtesy of Newsquawk APAC stocks were pressured following the choppy performance stateside, where markets were indecisive amid two-way trade in tech, a recent data deluge and a rebound in oil. The overnight deterioration in risk sentiment coincided with renewed selling in tech after Apple raised prices of some products by nearly 20% and with OpenAI leaning towards delaying its IPO until next year. ASX 200 was rangebound with the index cushioned as the underperformance in tech, telecoms and healthcare was partially offset by resilience in some defensive stocks. Nikkei 225 suffered heavy losses as tech stocks dominated the list of worst performers, with SoftBank down by a double-digit percentage owing to its large exposure to AI and semiconductors. KOSPI remained volatile with the slump triggering a sidecar and eventual circuit breaker alongside notable declines in both Samsung Electronics and SK Hynix. Hang Seng and Shanghai Comp conformed to the sell-off across the region amid the tech rout Top Asian News China sharpened tools for retaliating against foreign sanctions with Beijing preparing a new law that would add to its ability to punish foreign companies and individuals deemed to harm Chinese interests, according to WSJ. PBoC has requested that some commercial banks increase lending in June amid ongoing weak credit demand, according to reports. European bourses (STOXX 600 -0.9%) are entirely in the red in the last session of the week, driven by another day of losses in South Korea (SK Hynix -8.4%, Samsung -5.3%). Some analysts are citing Apple's price hikes on products due to memory chip shortages as a catalyst for the recent sell-off, raising concerns that rising component costs could curb demand for devices. An analyst at Javelin Wealth Management also said the recent gains for chipmakers could come at the expense of product manufacturers. The losses in South Korean giants have weighed on European chip names (Infineon -3.1%, ASML -1.0%) and indices composed of technology companies (DAX 40 -0.8%, AEX -0.6%). European sectors highlight a negative bias. Optimised Personal Care (+0.8%), Food, Beverages & Tobacco (+0.6%) and Utilities top the sector pile. Energy (-1.5%) is the underperformer again, with Technology (-1.4%) and Financial Services (-1.1%) also lagging. Top European News The Times' Swinford reported that it is likely to be a two-horse race between Ed Miliband and Shabana Mahmood for chancellor, with allies of Streeting say they do not think he will get the job. FX USD finds itself under modest pressure. DXY at a 101.18 base, but well clear of the 100.76 WTD low, with the index set to see the week out around the middle of its range. In brief, a tale of two halves for the index which began the week on the front foot before reversing after Thursday’s data deluge and continuing to slip since. EUR outperforms as a result of the continued USD pressure. No real move to the ECB CES, which showed a moderation in the 12-month price view and an uptick in the growth view. The growth revision is not enough to provide comfortable space for further tightening, and equally the price moderation is not sufficient to take another move off the table. Nonetheless, the price moderation does add to the post-PMI & Lagarde dovish tilt we have seen in recent days. In more detail, EUR/USD has breached 1.14 to the upside. Picking up gradually across the morning, as the US data on Thursday has and continues to permit an unwinding of some of the yield differential moves we have seen in recent days, with the Fed more-hawkish and ECB mixed but net less-hawkish, particularly from Lagarde as referenced. However, while it has hit a 1.1407 peak, EUR remains in the red on the week and continuing the near unbroken downward trend of the last seven weeks. Elsewhere, G10s generally are slightly firmer against the USD. With GBP the next-best behind EUR, comfortably above 1.3200 and flat/firmer WTD, but again, still towards post June policy announcement lows, as BoE expectations coalesce around the on hold for the foreseeable narrative, despite the hawkish dissenters. CAD, JPY and CHF all faring around equally. Of those, USD/JPY participants remain on watch for potential intervention risk, particularly as Japanese authorities tend to target Friday’s and go with the market move rather than fighting it. USD/JPY just above a 161.53 base, and while the JPY is firmer today the bearish trend remains near-enough unbroken at a weekly level over the last month and a half. Today is spot month/quarter-end. As a reminder, Barclays model was neutral overall for the USD against all majors, formed of a moderate USD buying signal on the month-end, but countered by a strong USD sell signal for quarter-end Commodities The US-Iran situation remains complex. It was reported that the IRGC attacked a Singapore-flagged cargo ship, after it attempted to traverse through the Strait through a route not designated by the Iranians. This led the UN to pause its evacuation plans for ships around the Strait. Despite the attack, Bloomberg data continues to indicate that ships continue to traverse through the Hormuz, highlighting that traffic continues to flow in “both directions”. On the Lebanon front. The US-mediated Lebanon-Israel talks were expected to conclude on Wednesday, but were then extended into today. Israeli sources have suggested that there has been some progress, but no deal has been reached thus far. The negotiations focus on the withdrawal of Israeli troops from southern Lebanon; there may be a chance that Israel will only withdraw from areas where operations have already been concluded, and continue such action in other parts of the region. Therefore, the risk is that Iran is not satisfied by the outcome of the talks, and potentially restart closures of the Strait. Crude benchmarks are in the red, with WTI (-3.5%) and Brent (-3.4%) holding at the bottom end of their respective USD 68.98-71.86/bbl and USD 72.14-75.13/bbl ranges. Despite the flare-up on the Strait in the prior session and the continued lack of progress between Lebanon and Israel, crude prices continue to slip. It is the case that as long as ships continue to traverse the Strait, other friction points can be ignored… at least in the short term. Spot gold (+0.2%) is ever so slightly firmer this morning, but continues to remain near recent troughs. Today, the yellow-metal holds just above the USD 4k/oz mark, and within a USD 3,982-4,039/oz range. Elsewhere, base metals are broadly slightly lower this morning, with 3M LME copper currently off by c. 0.6%. It currently holds around USD 13.25k/t and within a USD 13,088.3-13,281/t range. Saudi Aramco reopened the Ras Tanura oil loading operations after a prolonged halt, with two supertankers loading oil at Ras Tanura on Friday, while another is awaiting loading, according to shipping data. Several Japanese-related vessels passed through the Strait of Hormuz as part of IMO evacuation plans, which have since been suspended following the attack on a cargo ship, according to Mainichi. China's MOFCOM released a list of non-state Chinese companies eligible for oil imports. Kazakhstan cut the gas production at the Karachaganak gas field after Ukraine drone attacks on Russia's Orenburg gas processing plant. Raw gas from the field is usually delivered to the Orenburg plant. Kazakhstan Energy Minister said we may consider fuel exports to Russia if there is an official request. Russia is considering a short-term ban on diesel exports for a few months, TASS reported. Central Banks Fed's Goolsbee (2027 voter) said it is difficult to determine whether inflation pressures are persistent or temporary, while noting inflation is moving in the wrong direction, and some of that is being driven by one-off factors. He added that inflation remains more concerning on the services side and that spending based on expected future gains makes him concerned about potential inflationary pressures. Goolsbee also said there are some signs of improvement in services inflation, but it remains well above where it needs to be, as well as stated that core inflation it is still too high and trending in the wrong direction, while services-driven core CPI is more concerning than inflation driven by goods or oil-related items. Furthermore, he stated that wages are not a particularly good leading indicator for inflation and that inflation could rise before wages do, adding that inflation needs to be monitored closely. Geopolitics US President Trump said they have a new market coming up called Iran, and that Iran wants to make a deal with them very badly, while he thinks that they will make a deal and stated the Strait is open. Iranian Deputy Foreign Minister said safe passage through the Strait of Hormuz without consideration of Iran's sovereignty is not guaranteed and that any framework for passage through Hormuz must be in coordination with Iran, otherwise it will be suspended from the designated route. N12's Segal posted after a conversation with a source on the Iranian issue, "His opinion on the agreement and the situation is much less negative than what has been written anywhere else, including here." Iran's Khatam al-Anbiya Central Headquarters declared that if the US is unable to contain and control the Zionist regime, Iran will not tolerate any threat against itself and considers it its right to respond to these dangerous actions. Israeli Embassy in Washington said due to extension in the discussions, negotiations between Israel and Lebanon mediated by the US will continue on Friday for a fourth day, according to a Kan reporter. Israeli Energy Minister said the withdrawal from southern Lebanon is not under consideration and would be rejected even if requested by US President Trump, while he stated that Israel does not plan to occupy all of Lebanon, but intends to establish full security control over the entire Gaza Strip. Israeli PM Netanyahu said that we will remain in the security zone in southern Lebanon as long as necessary and have ordered the army to have complete freedom of action to counter any threat against our forces or residents of the North. UN said the Lebanon ceasefire is largely holding, though Israeli military operations inside Lebanon continue. It was separately reported that Israel's military conducted airstrikes on Beit Yahun, Lebanon, while Israeli tank movements were reported in Wadi Saluqi and Bint Jbeil, Lebanon. IAEA chief Grossi said it's undeniable we have an agreement that IAEA will have access to Iran for inspection, while added that they hope to resume their work in Iran soon. GCC Secretary General said the proposed USD 300bln for the reconstruction of Iran has not been presented to us officially or unofficially, and it has not been discussed with the US, Sky News Arabia reported. Russia claimed to have shut down 660 Ukrainian drones overnight, Moscow's mayor reported that 47 drones were intercepted that were heading to the capital. North Korean leader Kim oversaw the testing of key weapons, according to KCNA. US Event Calendar 8:30 am: May P Wholesale Inventories MoM, est. 0.4%, prior 0.6% 10:00 am: Jun F U. of Mich. Sentiment, est. 50, prior 48.9 11:30 am: Fed’s Kashkari at Aspen Ideas Panel DB's Jim Reid concludes the overnight wrap I can pretty much guarantee the imminent end of the extreme record-breaking heatwave currently engulfing most of Europe, and a very low chance it will ever return. Last night my wife spent a small fortune ordering industrial fans for everyone's bedrooms. So stand by for the next ice-age. There seems to be a mini ice-age in Asia this morning with tech again selling off. The KOSPI is slumping -8.01% as I type with the Nikkei -4.54% lower. SoftBank is around -14% lower after the NYT suggested that OpenAI may delay its IPO until 2027. This follows a sharp decline for the Magnificent 7 (-2.54%) yesterday. The tech mega cap index moved deeper into correction territory after the news that Apple (-6.12%) would be raising the price of its Macs and iPads. That came in response to demand surges for memory and storage, but the news played into broader concerns that AI data centres were generating inflationary pressures. Marion and Camilla in my team wrote an excellent piece last week looking at the recent parabolic increase in memory prices, and its potential macro impact. Apple's announcement yesterday emphasizes some of these themes. See it on the Deutsche Bank Research Institute site here. Elsewhere in Asia the Shanghai Comp is -2.14% lower with the Hang Seng -1.87%. S&P 500 (-0.71%), NASDAQ (-1.45%) and European Stoxx (-0.79%) futures are also notably lower. In terms of data, headline and core core Tokyo CPI were both a tenth higher than expected at 1.7% and 1.9% respectively. Ahead of that, markets had actually generally put in a decent performance yesterday amid encouraging US data even as oil prices rebounded from 3-month lows to post their biggest rise in three weeks. Most notably, the PCE inflation data for May (the Fed’s target measure) came in on the softer side, which pushed back a bit against the building narrative towards Fed rate hikes in recent weeks. Indeed, headline PCE was only up +0.4% on the month (vs. +0.5% expected), whilst core PCE was at a softer +0.3% on the month as expected. That PCE release helped markets to dial back expectations of Fed rate hikes. For instance, the amount of hikes priced by December fell to 34bps by the close, down -1.5bps on the day. So there was growing speculation again that the Fed might not need to hike at all this year, even as Fed officials remain cautious on the inflation outlook. Chicago Fed President Goolsbee said that core inflation is "still well too high and it's trending the wrong way", while New York Fed President Williams called inflation “unquestionably elevated”. Nonetheless, front-end Treasury yields declined, with the 2yr yield (-2.4bps) down to 4.12%, its lowest since last week’s Fed meeting, while the 10yr yield (+0.1bps) was little changed at 4.39%. They are down another -3.3bps and -2.2bps respectively this morning.   Whilst the PCE release was the main focus, several other US releases added to the optimism around the economy. For example, the weekly initial jobless claims fell to 215k over the week ending June 20 (vs. 225k expected), so the labour market still appeared in decent shape. Meanwhile, the third estimate of Q1 GDP was also revised up half a point to an annualised rate of +2.1%, suggesting things were on a stronger footing than thought earlier this year. That backdrop of strong data and more dovish Fed pricing meant most US stocks advanced even with some tech wobbles. However, the S&P 500 (-0.01%) ended up narrowly posting a fourth consecutive loss, as the tech sell-off we mentioned at the top dragged. It wasn't all bad news for tech as the Philly Semiconductor index rose +3.59%, with Micron surging +15.7% after Wednesday night's results. And more broadly, both the equal-weighted S&P (+0.67%) and the small-cap Russell 2000 (+0.71%) had solid days. The market mood was also partially disrupted by news that a cargo ship was hit by unknown projectile in the Strait of Hormuz, which also followed reports of some ships turning around while attempting to cross the strait. So that led to some renewed uncertainty over the normalization of shipping, after the number of vessels going through the strait had risen in recent days. Oil prices moved higher following the incident. Brent crude rose +2.06% to $75.26/bbl, despite have traded as low as $72.06/bbl earlier in the session, which was below its $72.48/bbl level on February 27, the day before the US and Israel began strikes on Iran. This morning Brent is back down -1.95% to $73.79 as I type. Over in Europe, investors continued to price out the chance of further ECB rate hikes. In fact, the number of hikes priced by the December meeting fell to just 26bps by the close, down -3.2bps on the day. So that helped to push the STOXX 600 (+0.80%) to a record high by the close, alongside gains for the DAX (+1.03%), the CAC 40 (+0.55%) and the FTSE 100 (+0.65%). A large amount of that will likely reverse at the open this morning with the overnight sell-off. Meanwhile for sovereign bonds, the 10yr bund yield (-0.8bps) hit a 3-month low of 2.85%, alongside a marginal rise for yields on 10yr OATs (+0.4bps) and BTPs (+0.1bps). Looking at the day ahead now, US data releases include the advance goods trade balance for May, and the University of Michigan’s final consumer sentiment index for June. We’ll also get the ECB’s Consumer Expectations Survey for May and hear from the Fed’s Kashkari and the ECB’s Vujcic. Tyler Durden Fri, 06/26/2026 - 08:31