Ready to play hardball

China’s new trade negotiator is ready to play hardball, Google could fall 25% in 'black swan event’, finance leaders fear destructive US debt scenario, Robinhood’s Bitstamp deal takes it beyond retail trading, and Elon Musk returns to his tech empire...

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Market Briefing
June 03, 2025

Good morning.

The Fast Five → China’s new trade negotiator is ready to play hardball, Google could fall 25% in 'black swan event’, finance leaders fear destructive US debt scenario, Robinhood’s Bitstamp deal takes it beyond retail trading, and Elon Musk returns to his tech empire…

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Calendar: (all times ET) - Full Calendar

  • Today:
    Factory orders, 10:00A
    Job openings, 10:00A

  • Tomorrow:
    Fed Beige Book, 2:00P

Your 5-minute briefing for Tuesday, June 3:

BEFORE THE OPEN

As of market close 6/2/2025.

Pre-Market:

US Investor % Bullish Sentiment:
↓ 32.89% for Week of MAY 29 2025

Previous week: 37.70%. Updates every Friday.

Market Wrap:

  • Futures edge down: S&P -0.2%, Nasdaq -0.2%, Dow 83 pts (-0.2%)

  • Monday’s close: S&P +0.41%, Nasdaq +0.67%, Dow 35.41pts (+0.08%)

  • US-China tensions flare again; trade talks at risk

  • EU slams Trump’s plan to double steel tariffs to 50%

  • Volatility remains high, but seasonality favors short-term gains

EARNINGS

Here’s what we’re watching this week:

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HEADLINES

He Lifeng, Beijing’s economic gatekeeper, has a clear mandate from Xi Jinping: China won’t be catering to the US.

Google's stock could drop sharply if a court orders the tech giant to sell off its Chrome browser, Barclays analysts warned Monday.

  • Wall St starts June with modest gains, dollar weakens, trade tensions flare (more)

  • Treasuries extend May slump as tariff concerns cloud outlook (more)

  • Federal retirement process goes digital, targeting paper pileup (more)

  • Finance leaders fear destructive US debt scenario (more)

  • Tariff gloom weighs on US manufacturing; delivery times lengthening (more)

  • Dollar dips as tariff worries resurface (more)

  • Oil rises on Iran, Russia and Canada supply concerns (more)

  • Steel stocks surge after Trump doubles steel tariffs (more)

  • Elon Musk returns to his tech empire (more)

  • Microsoft cuts hundreds more jobs after firing 6,000 last month (more)

  • Robinhood’s $200M Bitstamp deal takes it beyond retail trading (more)

  • Temu's US users fell by 58% after Trump ended 'de minimis' loophole (more)

  • More office space being removed than added for the first time in 25 years (more)

DEALFLOW

M+A | Investments

  • Bristol Myers Squibb and BioNTech enter $11.1B cancer immunotherapy deal

  • Sanofi to buy US biopharma group Blueprint for up to $9.5B

  • Roark Capital buys restaurant chain Dave's Hot Chicken for $1 billion

  • Thiel-backed psychedelic drugmaker Atai to acquire rival Beckley

  • Snowflake to buy database startup Crunchy Data for about $250M

  • Baker Hughes to sell stake in unit to Cactus

VC

  • Musk's Neuralink raises $650M in latest funding round

  • TAE Technologies, a fusion energy company, raised $150M in funding

  • Infleqtion, a quantum information company, raised $100M in funding

  • Prepared, an assistive AI platform for emergency response, raised $80M in Series C funding

  • SpyGlass Pharma, an ophthalmic biotechnology company, raised $75M in Series D funding

  • Yieldstreet, a private markets investment platform, raised $45M in Series D funding

  • Rally UXR, a user research CRM platform, raised $11M in Series A funding

  • AgentSmyth, an autonomous agent platform for trading, raised $8.7M in Seed funding

  • Limited, a fintech company offering stablecoin-based banking with self-custody, raised $7M in Seed funding

  • LuminX, an AI inventory automation company, raised $5.5M in Seed funding

  • Dexari, a decentralized mobile crypto trading app, raised $2.3M in seed funding

  • Fisent Technologies, focused on applied GenAI process automation, extended its Seed funding, bringing the total to $2M

  • GC AI, a legal AI platform built for in-house counsel, closed a Series A funding round

CRYPTO

  • Bitcoin goes all In on MAGA, shedding its antigovernment slant (more)

  • SEC faces criticism over crypto staking shift (more)

  • Copying Saylor’s Bitcoin strategy isn’t working like it used to (more)

  • Bitcoin advocate Max Keiser casts doubt over new BTC treasury companies (more)

BULLISH BITES

🚀 New drilling breakthrough spawns second shale boom. *  

🫣 Behind the Curtain: Trump's America-First AI risk.

🤖 McKinsey leans on AI to make powerPoints, draft proposals.

🍫 Why everyone is selling Dubai chocolate bars.

⛳️ The Robb Report’s 42 best Father’s Day gifts for the dad who has everything.

DAILY SHARES

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