Week 22:June 1,2026
Technical Analysis: Tesla (TSLA/US)
Welcome to your weekly edge in the markets covering the latest news and price action with clear, actionable insights.
The SpaceX IPO dominated financial headlines with ‘SPCX’ debuting on the Nasdaq in the largest and most anticipated listing in years. The S&P 500 posted a ninth consecutive weekly gain, up more than 10% year-to-date, while Brent crashed below $91 by Friday on reports of a verbal 60-day ceasefire awaiting leader sign-off.
The week ahead may open with the most significant geopolitical development since the war began — a potential Strait of Hormuz deal over the weekend. If confirmed, the data focus shifts to US NFP and Eurozone CPI.
Chart of the Week
SpaceX is targeting a $1.75 trillion valuation on its listing day. That’s larger than Microsoft’s current market cap, with Apple and Nvidia the only two that would be bigger. The chart below shows the past largest IPOs.
Source: Bloomberg
Week in Review
Geopolitics Trump's claim Monday that a deal was "largely negotiated" sent Brent down 7% at the open. No deal materialised, the US and Iran exchanged strikes mid-week, and crude reversed back above $100. By Friday, reports of a verbal 60-day ceasefire agreement — pending leader approval — pushed Brent back below $91. Markets ended the week cautiously optimistic but wary of being wrong-footed again.
Fed and inflation Core PCE rose to 3.3% as expected, confirming energy-driven price acceleration. Rate hike odds fell from 70% to 50-50 by week's end as peace hopes revived. New Fed chair Warsh is yet to make a definitive public statement on policy direction.
RBNZ Held steady in a surprise split vote — markets had expected a hike. However, Governor Bremen's hawkish commentary left futures fully pricing a hike at the next meeting.
ECB minutes Revealed a handful of members seeing evidence of second-round inflation effects — a more cautious tone than expected. Futures still price a 90% probability of an ECB hike at the June meeting.
Markets The Kospi and Nikkei led global equity indices, followed by the Nasdaq, on AI momentum and memory stock strength. Natural gas surged on unseasonably hot US weather driving peak power demand.
Latest Price Action
Source: FinViz.com
Week Ahead
Iran deal (weekend wildcard) Reports of a verbal 60-day ceasefire awaiting leader sign-off make this the most watched weekend since the war began. A confirmed deal would likely send crude sharply lower, boost equities and weaken safe-haven assets. A breakdown would reverse all of Friday's moves.
US NFP (Friday) Consensus expects 102,000 jobs — slightly below April's 115,000 but still in triple digits. A print above 150,000 would raise overheating fears and likely push the Fed toward a June hike, pressuring equities and gold. A weak number is the last remaining hope for doves ahead of Warsh's first meeting on June 16-17.
Eurozone CPI (Tuesday) Flash May inflation is seen rising to 3.4% from 3.0%, with core ticking up to 2.3% from 2.2%. Markets are pricing a 90% chance of an ECB June hike — only a significant undershoot would shake that.
China PMIs and commodity currencies (Monday) The official NBS manufacturing PMI is seen advancing to 50.5 from 50.3, with the private RatingDog measure easing slightly to 51.9 from 52.2 — both comfortably in expansion.
Economic Calendar
*** Highest Impact
Source: FXStreet
Earnings
Broadcom / Palo Alto / CrowdStrike / Dollar General / Lululemon
Technical Analysis
Tesla (TSLA.US)
Setup
Uptrend, possible bullish breakout
- Daily price action shows higher lows and highs
- Trading above 50 and 200 SMA
- Resistance at $450
- Support $400
Strategy
-
- Buy breakout above $450
- Buy pullback to $400
That’s a wrap for this week. Please message or email us any questions.
Cheers,
Jasper
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