Market Minute ⏱️ 6/3/26: Oil Pops as Mideast Strikes Mount

Mike Larson | Editor-in-Chief

Oil is moving higher again amid fresh geopolitical tensions. Gold and silver are pulling back along with stocks and bonds. The dollar is up a smidge.

The Middle East conflict intensified overnight despite the ceasefire allegedly in place. The US attacked and disabled an oil tanker that tried to breach its blockade, prompting Iran to respond with a barrage of ballistic missile and drone attacks on regional US bases and Kuwait’s international airport. The US also reportedly hit facilities on Iran’s Qeshm Island. WTI crude oil futures were up about 2% at last check, hovering in the $96-a-barrel range.

WTI Crude Oil Futures

More details are leaking about SpaceX’s upcoming Initial Public Offering (IPO). The Elon Musk-led firm reportedly wants to sell just over 555 million shares at a price of $135, raising $75 billion. If all goes as planned, SpaceX will officially price its IPO on June 11, and start trading under the ticker symbol SPCX a day later. A host of Wall Street firms will feast on roughly $500 million in deal-related fees, including Goldman Sachs Group Inc. (GS), Morgan Stanley (MS), and Bank of America Corp. (BAC).

On the AI front, Goldman is now estimating that capital expenditure spending will hit $5.3 trillion for the four biggest hyperscalers through fiscal 2030. That’s up more than 17% from its previous estimate of $4.5 trillion. Meta Platforms Inc. (META), Microsoft Corp. (MSFT), Amazon.com Inc. (AMZN), and Alphabet Inc. (GOOGL) are funding some of the spending through internal cash flow, and borrowing or selling equity to raise the rest.

Finally, the Trump Administration is proposing new tariffs of 10% to 12.5% on 60 trading partners. Unlike earlier tariffs that were struck down as unconstitutional, these are based on provisions of the Trade Act of 1974. That means they won’t take effect immediately and will be up for public comment.

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• Jobs: Openings Jump, But Other Indicators are Mixed
  👉️ TICKERS: SPY, TLT
  The number of job openings in April jumped to 7.61 million, an increase of 752,000 from March and the most since May 2024. The quit rate fell to 1.9% which matches the smallest print since 2014 outside of Covid, observes Peter Boockvar, editor of The Boock Report.

• F: A Surprising “AI Play” for this Tech-Led Stock Market
  👉️ TICKERS: QQQ, F
  The stock market is still being led by AI and – as I said in the opening of my podcast last Wednesday – “everybody’s looking for the next AI plays.” One surprising AI-related play is Ford Motor Co. (F), which announced a new energy storage subsidiary, namely Ford Energy, writes Louis Navellier, founder and chairman of Navellier & Associates.

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