☕️ [Task Coins Giveaway] Daily Market Talk

Midday update: S&P 500 hit a new all-time high last night, but 8 of 11 sectors closed in the red — the narrowest kind of ATH you can get. Meanwhile, the US closed the AI chip export loophole that let NVDA and AMD sell to Chinese companies' overseas entities, and Berkshire dropped USD 6.8 billion in cash on homebuilder Taylor Morrison. SG markets are closed today for Vesak Day.

💬 Today's 3 Big Questions

With the US closing the overseas entity loophole for AI chips, NVDA's China revenue is already under structural pressure. Is China now a rounding error in the NVDA thesis — or does this new restriction still matter for near-term earnings?
Berkshire is paying USD 6.8B in cash for homebuilder Taylor Morrison at a premium, with mortgage rates still elevated. Is this Buffett calling the rate-cut trade, or a decade-long bet on the US housing supply shortfall regardless of rates?
S&P 500 hit ATH but 8 of 11 sectors fell. Narrow mega-cap-driven rallies have historically preceded corrections — does this breadth setup concern you, or are you still buying any pullback?

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⏰ Deadline: June 1, 2026, 11:59 PM (SGT)

📊 Quick Market Recap

🌍 Global Macro & Markets

US ISM Manufacturing PMI (May): 55.3, beating forecasts of 53.8 and up from April's 54.5 — strongest US manufacturing expansion since May 2022, with output and job creation both accelerating.
China May official Manufacturing PMI: 50.0 (↓ from 50.3 in April), staying at the neutral line as front-loaded export demand normalises post-tariff negotiations.
Seoul KOSPI +1.5% to a record high, Samsung Electronics +3%-plus; Nikkei 225 also hit a new all-time high with SoftBank +6% — broad Asian equity strength.
TrendForce significantly raised its global memory market forecast, projecting the sector will exceed USD 1.28 trillion by 2027, citing sustained AI infrastructure HBM and NAND demand as the structural driver.

🇺🇸 US Markets: ATH on a Narrow Ledge

📈 S&P 500 closed at a new all-time high. Dow Jones roughly flat. Nasdaq led the session. 8 of 11 sectors ended in the red — rally driven almost entirely by AI mega-cap names.
NVIDIA (NVDA) / AMD — The US government closed a loophole that had allowed both companies to export advanced AI chips to overseas subsidiaries of Chinese firms, tightening existing export controls. Near-term sentiment negative for both.
Berkshire Hathaway — Agreed to acquire homebuilder Taylor Morrison (TMHC) at USD 72.50 per share in an all-cash deal valued at approximately USD 6.8 billion. Berkshire's largest move into the US housing sector.
Tesla (TSLA) — Withdrew its termination notice for the graphite supply agreement with Australia's Syrah Resources, reinstating the long-term supply deal. Signals sustained commitment to non-China battery material sourcing.
Jensen Huang delivering a keynote today at an industry event; Nvidia's next-generation Rubin architecture expected to be detailed. Markets watching for the AI compute roadmap ahead of COMPUTEX 2026.

🇸🇬 Singapore Markets

🪷 Public Holiday — Vesak Day. SGX is CLOSED today. Happy Vesak Day to all Buddhist friends and family in the community 🙏✨

Markets resume Tuesday (June 2).

📈 STI: Closed — Vesak Day public holiday. Next session: Tuesday, June 2.
HDB June 2026 BTO exercise launches this month with approximately 6,900 flats across 7 projects. Headline event: first public housing in the Upper Thomson estate (Lakeview/Shunfu) in over 40 years, with about 1,200 units at Lakeview. Roughly half the flats are Plus or Prime category, requiring a 10-year Minimum Occupation Period.

🇭🇰 Hong Kong & China Markets

📈 Hang Seng Index +0.70% to 25,182.39; Hang Seng China Enterprises Index +0.73%.
China May Manufacturing PMI: 50.0 — holding at the expansion line; front-loaded trade activity ahead of Middle East-related supply concerns is fading.
Meituan (3690.HK) — Reports Q1 2026 earnings today. Market focused on delivery volume trends, instant commerce contribution, and any update on competitive pressure from Douyin local life.

📅 Key Events Tonight / This Week

🇺🇸 Jensen Huang keynote (Nvidia Rubin architecture) — Today, June 1
🇭🇰 Meituan (3690.HK) Q1 2026 earnings — Today, June 1
🇺🇸 COMPUTEX 2026 opens (June 2–5) — AI compute and hardware ecosystem focus
🇺🇸 Microsoft Build 2026 opens (June 2) — AI developer tools and Copilot updates
🇺🇸 ADP Employment Change (May) — Wednesday, June 3 (approx. 20:15 SGT)
🇺🇸 ISM Services PMI (May) — Wednesday, June 3 (approx. 22:00 SGT)
🇺🇸 Broadcom (AVGO) Q2 FY2026 earnings — Thursday, June 4 (after market)
🇺🇸 SpaceX IPO roadshow — Expected Thursday, June 4 (tentative)
🇺🇸 US May Nonfarm Payrolls — Friday, June 5, 20:30 SGT (key Fed rate-path signal)
🌍 US-Iran next round of nuclear talks — Friday, June 5 (tentative; Hormuz / oil price sensitive)

Disclaimer: For reference only, not investment advice.