<h2 id="et4iwipam">US Overnight</h2><p>The Dow Jones posted a record close of 50,285.66 (+0.55%), its first since February, after a report that a final draft of a US-Iran peace agreement had been reached with Pakistani mediation. The S&amp;P 500 inched up 0.17% to 7,445.72 and the Nasdaq edged 0.09% higher to 26,293.10. The Russell 2000 outperformed, gaining 0.93% to 2,843.45. Markets opened lower on rising oil and yields after Iran's Supreme Leader issued a directive to retain enriched uranium, but reversed sharply in the afternoon on the Iran peace headline. Oil and longer-end Treasury yields pulled back on the news. The VIX fell 3.9% to 16.76. Intuit plunged 20% to $307.07 after issuing guidance well below expectations amid IRS free-filing headwinds. The session was a tale of two halves: the morning traded the inflation-and-war narrative, the afternoon traded the peace-and-disinflation narrative. The Dow's record close suggests the market is pricing in a deal, even though Iran has rejected prior frameworks twice.</p><h3 id="orlsar2y">Key Movers</h3><p><strong>Walmart (WMT) -7%</strong> — Walmart fell 7.27% to $121.34 after issuing cautious profit guidance that overshadowed solid Q1 results. Revenue of $177.8 billion beat the $174.83 billion consensus (+7.3% YoY), with e-commerce surging 26%. But operating income was hit by 250 basis points from higher fuel costs. CFO John David Rainey warned consumers will feel more pressure from fuel in Q2. Full-year guidance was left unchanged, disappointing a Street that had priced in a raise.</p><p><strong>Arm Holdings (ARM) +16%</strong> — ARM surged 16% to a new all-time high, pushing its market cap above $300 billion for the first time. The catalyst was Nvidia's earnings call, where CFO Colette Kress said Nvidia aims to become the &#34;world's leading CPU supplier&#34; via its Arm-based Vera CPU, opening a &#34;$200 billion addressable market&#34; with $20 billion in CPU revenue expected this year. Since ARM collects royalties on every Vera chip shipped, the revenue visibility translates directly into an expanded royalty outlook.</p><p><strong>IBM (IBM) +12%</strong> — IBM surged 12.43% to $252.97 after the Trump administration announced $2 billion in equity stakes across nine quantum computing companies, with IBM receiving $1 billion to build America's first purpose-built quantum chip foundry (named Anderon) in Albany, NY. D-Wave Quantum jumped 33.4% and Rigetti Computing rose 30.6% on $100 million allocations each.</p><h2 id="j4lkjg99">SGX Preview</h2><p>The STI was trading near 5,004 on Monday. DBS was at S$57.70, UOB at S$38.54. The Iran peace draft is the most significant development for Singapore markets this week: if confirmed, oil drops further below $100 and the inflationary headwind that has weighed on Singapore's trade-dependent economy begins to ease. Banks remain well-positioned under higher-for-longer rates. Walmart's warning about fuel-driven consumer pressure is a data point worth watching for local retailers.</p><h2 id="d0k87458f">Asia Pre-Market</h2><p>Gold is at $4,544 (+0.20%), Bitcoin at $77,686 (+0.38%), and Brent crude at $104.88 (-0.13%). The VIX at 16.76 is the lowest in a week. The Dow's record close and Iran peace news set up a constructive backdrop for Asian markets today, though the Intuit after-hours plunge may weigh on tech sentiment at the margin. The key question: does the Iran deal actually close, or is this another false start?</p><h2 id="1trvm4wy4">Today's US Earnings and Economic Calendar</h2><figure class="table"><table><thead><tr><th>Event</th><th>Time (ET)</th><th>Time (SGT)</th></tr></thead><tbody><tr><td>S&amp;P Global PMI (May, Flash)</td><td>9:45 AM</td><td>9:45 PM</td></tr><tr><td>New Home Sales (April)</td><td>10:00 AM</td><td>10:00 PM</td></tr></tbody></table></figure><p>No major SG-relevant earnings today. SpaceX IPO is confirmed for June 12 at a $1.75 trillion valuation, with Goldman Sachs as lead underwriter.</p><p><strong>Data Spotlight: S&amp;P Global Flash PMI</strong> — The May flash PMI provides the first read on business activity this month. Manufacturing has been in contraction due to elevated input costs, while services has held up. A rebound would signal the oil-driven cost squeeze is easing. A further decline reinforces stagflation fears.</p><h2 id="d60wbg2sv">One More Thing</h2><p>The Dow at a record and Walmart down 7% on the same day tells you everything about this market. The index is being carried by financials and industrials, while the consumer is buckling under $4.50 gasoline. Walmart's CFO essentially told investors that the lower-income consumer is running out of buffer. That is not a recession signal — revenue still grew 7% — but it is a margin signal. If the Iran deal closes and oil drops to $80, this problem solves itself. If it doesn't, the gap between the Dow's record and the consumer's reality widens.</p><p><i>This briefing is for informational purposes only and does not constitute investment advice.</i></p>

<p>US OvernightThe Dow Jones posted a record close of 50,285.66 (+0.55%), its first since February, after a report that a final draft of a US-Iran peace agreement had been reached with Pakistani mediation. The S&P 500 inched up 0.17% to 7,445.72 and the Nasdaq edged 0.09% higher to 26,293.10. The Russell 2000 outperformed, gaining 0.93% to 2,843.45.</p>

- The Dow Jones recorded a new high at 50,285.66, following reports of a potential US-Iran peace agreement, despite initial market declines due to rising oil prices.  
- Walmart's shares dropped 7% after disappointing profit guidance, signaling consumer strain amid high fuel costs, while notable gains were seen in ARM and IBM stocks due to strategic developments in the tech sector.  
- Asian markets are set for a positive opening based on the Dow's performance and the Iran peace news, though the impact of Intuit's stock decline may affect tech sentiment.

SG Morning Brief | Dow Hits Record on Iran Peace Draft, Walmart Drops 7% on Fuel Cost Warning