☕️ [Task Coins Giveaway] Daily Market Talk — Iran Closes Strait of Hormuz

Midday update: Singapore markets open into a double shock. Friday's US May jobs report came in at +172,000 — far above the 80,000 consensus — sending the S&P 500 down 2.6% and Nasdaq down 4.2% on Fed rate-hike fears. Then over the weekend, the IRGC closed the Strait of Hormuz and attacked passing ships, triggering a major oil supply shock. Brent crude is surging at Monday's open. It is a risk-off start to an otherwise event-packed week: Apple WWDC tomorrow, CPI Wednesday, SpaceX IPO Friday.

💬 Today's 3 Big Questions

Iran's IRGC closed the Strait of Hormuz and attacked ships over the weekend. The strait handles roughly 20% of global oil supply, and Brent already peaked near USD 120 per barrel during the February closure. With the NFP also coming in well above expectations at +172,000 versus an 80,000 estimate, Singapore investors face oil shock plus a more hawkish Fed simultaneously. How are you repositioning — cutting oil-sensitive exposure, adding commodity plays, or holding tight?
Apple WWDC opens tomorrow with AI features the primary focus. This is the first major Apple product event since NVDA dominated COMPUTEX last week. Does Apple's AI hardware and software reveal change the competitive landscape for AI chips — specifically for NVDA's edge inference roadmap — or is the Apple ecosystem an entirely different trade?
SpaceX prices its IPO Thursday and lists on Nasdaq Friday at USD 135 per share and USD 1.75 trillion valuation, the largest IPO in history. But global markets are in risk-off mode, oil is surging, and Morningstar says fair value is roughly half the listing price. Is this the worst possible week for SPCX to debut — and does the timing change whether you buy on day one?

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⏰ Deadline: June 8, 2026, 11:59 PM (SGT)

📊 Quick Market Recap

🌍 Global Macro & Markets

Iran IRGC closed the Strait of Hormuz over the weekend and fired on passing commercial ships, marking the latest escalation in the ongoing crisis that began in February 2026. The strait handles approximately 20% of global oil supply; Brent crude peaked near USD 120/bbl during the prior closure and is expected to surge significantly at Monday's open.
The US-Iran peace deal did not materialise over the weekend despite Trump's earlier "one week" timeline. US response to the Hormuz closure and future diplomatic steps remain the key variables for oil markets this week.
US May Nonfarm Payrolls: +172,000 (Friday), far above the consensus estimate of approximately 80,000. Unemployment unchanged at 4.3%. Wage growth: +0.3% MoM, +3.4% YoY. April was revised up from +115K to +179K. The strong print reinforces expectations that the Fed will hold rates or potentially hike, reversing the rate-cut narrative.
Zhipu AI and MiniMax are included in the Hang Seng Tech Index effective today, with a combined weighting of approximately 5–7%, triggering estimated passive fund inflows of USD 1.25–1.75 billion.

🇺🇸 US Markets: NFP Beat Sends Stocks Lower, Risk-Off Into Monday

📈 S&P 500 fell 2.64% to 7,383.74 on Friday. Nasdaq dropped 4.18% to 25,709.43. Dow declined 1.35%. All three indices lower on the "good news is bad news" dynamic — stronger jobs = less Fed easing = lower tech multiples.
NFP Impact on Fed: The May jobs print (+172K vs 80K estimate) makes a near-term rate cut effectively impossible and increases the probability that the Fed remains on hold into Q4 2026. Fed official Logan had already flagged potential rate hikes this week.
Apple (AAPL) — WWDC 2026 opens tomorrow, Tuesday June 9. AI-powered features across iOS, macOS, and hardware are the primary focus. Markets will watch for any announcements that signal Apple's edge AI compute roadmap and whether it increases or reduces dependency on third-party AI infrastructure.
SpaceX SPCX — IPO pricing Thursday June 11, Nasdaq listing Friday June 12. Goldman Sachs projects SpaceX capex will reach USD 360 billion before 2028. The listing remains the largest in history at USD 1.75 trillion implied valuation.

🇸🇬 Singapore Markets

📈 STI closed Friday at 5,049.96 (-0.35%). Monday expected to open lower tracking US selloff and the Hormuz oil shock.
Singapore April Retail Sales: +5.4% YoY (accelerating from +4.6% in March), per the Department of Statistics. Excluding motor vehicles, sales rose +4.5% YoY. Total retail sales reached S$4.3 billion, with online sales at 15.4% of total. Broad-based improvement signals continued consumer resilience.
HDB Resale Transactions: 2,139 units in May (-6.3% YoY, +10.1% MoM from April's 1,943). Monthly volumes have moderated from the July 2025 peak of 2,580 units but remain active.
SIA Engineering (S59.SG) announced a US$118 million joint venture with Safran Aircraft Engines to establish a full-service MRO facility in Singapore for CFM Leap engines — the engine used on Airbus A320neo and Boeing 737 MAX aircraft. This positions Singapore as a leading aviation maintenance hub for one of the most widely deployed engine families globally.
Singtel (Z74.SG) became the first company funded under DISG's new multi-year AI initiative, partnering with Digital Industry Singapore to enhance AI-enabled operations, talent development, and governance frameworks.
Samudera Shipping (S56.SG) reported Sunday that its chartered container vessel Golden Star 1 sank Friday at 11 PM en route on the Singapore-Pasir Gudang service. All crew members were safely evacuated with no casualties.
UMS Holdings (558.SG) signed a non-binding MOU to invest approximately US$3.6 million for a 51.6% stake in a Vietnam JV, consolidating three Vietnam-based precision engineering and metal plating companies.

🇭🇰 Hong Kong & China Markets

Zhipu AI and MiniMax officially join the Hang Seng Tech Index today, with a combined weighting of 5–7% triggering an estimated USD 1.25–1.75 billion in passive fund inflows from index trackers. Both companies are positioned as Chinese AI infrastructure players benefiting from AI model deployment demand.

📅 Key Events Tonight / This Week

🇺🇸 Apple WWDC 2026 — Tomorrow, June 9 (AI features; edge inference hardware and iOS AI roadmap)
🇺🇸🇨🇳 US CPI (May) + China CPI (May) — Wednesday, June 10 (US: 20:30 SGT; dual inflation data define global rate expectations)
🇺🇸 Weekly Jobless Claims + SpaceX IPO final pricing — Thursday, June 11 (20:30 SGT for Jobless Claims)
🇺🇸 SpaceX Nasdaq debut (SPCX, $135/share, $1.75T valuation) — Friday, June 12
🌍 Iran Hormuz situation — Ongoing (oil price trajectory and US response are key market variables this week)

Disclaimer: For reference only, not investment advice.