Midday update: the storage and optical trade is handing back gains fast. Micron off more than 6%, Marvell down nearly 10%, Intel and AMD each shedding over 7% as tech broadly sold off into FOMC eve. SpaceX kept its momentum with another +4.8%, pushing its market cap to about USD 2.65 trillion and past Amazon to become the world's 5th-largest listed company. Tonight all eyes are on Kevin Warsh's first press conference as Fed Chair, with traders bracing for a hawkish tone after May CPI ran hot at 4.2%.

💬 Today's 3 Big Questions

1. Micron fell 6%, Marvell tanked 10%, Intel and AMD each shed over 7% after last week's record storage rally. Is this a healthy breather in the AI storage supercycle, or did the market get way too far ahead of fundamentals in just five trading days?
2. Warsh chairs his first FOMC tonight, the Fed has already dropped its easing bias, and May CPI sits at 4.2%. Does Warsh signal fewer cuts than markets expect, and how exposed are SG REITs and high-yield plays if the hawkish pivot deepens?
3. With the chip selloff dragging global tech, where would you put fresh SG money into H2: SGX quietly building a gold-clearing and steel-futures hub, Singapore Airlines with steady traffic but a slipping load factor, or Seatrium betting on offshore green energy? And why that one?

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📊 Quick Market Recap

🌍 Global Macro & Markets

• 🛢️ Oil fell about 5% as the US-Iran Hormuz ceasefire extension keeps draining the war premium; WTI is now well off its pre-conflict highs.
• 🌾 Agricultural futures broadly gained as commodity rotation kicked in, with cheaper energy freeing up import capacity for food.
• 🏦 Long-end US Treasuries rallied (yields down) ahead of tonight's FOMC, with investors positioning for a prolonged hold rather than imminent cuts under Warsh.

🇺🇸 US Markets: Chip Rout Deepens On FOMC Eve

• 📈 Dow +0.6% to a fresh record near 52,000, S&P 500 roughly flat, Nasdaq about -1.1%, Nasdaq-100 about -1.7%. Sharp rotation from tech into defensives and cyclicals.
• SpaceX (SPCX): Day 3 post-IPO, +4.8%, market cap about USD 2.65 trillion, surpassing Amazon (AMZN) to become the world's 5th-largest listed company. IPO momentum held even as broader tech sold off.
• Micron (MU): fell more than 6%, partially reversing last week's +10% surge; still above USD 1,000 but storage profit-taking was broad and swift.
• Marvell (MRVL): down nearly 10%, the sharpest drop among semis, unwinding the AI optical premium built up over the past two weeks.
• Intel (INTC) off more than 8%, AMD off more than 7%; chips broadly pressured as FOMC uncertainty pulled capital out of high-multiple tech.

🇸🇬 Singapore Markets

• 📈 STI around 5,000, consolidating below recent highs amid chip headwinds and FOMC caution; ComfortDelGro (C52) and Wilmar (F34) among the few bright spots.
• Singapore Airlines (C6L): May passengers rose 5.2% y/y to 3.6M; load factor dipped 0.4pp to 86% as capacity grew slightly faster; cargo loads +3.2%. Easing Middle East hub constraints have reduced the spillover tailwind versus prior months.
• Seatrium (5E2): received Approval in Principle from ABS for its NEXTGEN Energy Hub (offshore ammonia bunkering, power, EV-vessel charging on its GraviBED platform). Technical viability confirmed, not yet a construction go-ahead.
• Singapore Exchange (S68): plans coking coal and hot-rolled coil steel futures for India and Southeast Asia demand, plus an OTC gold clearing system by year-end in its push to be a regional gold hub.
• Lendlease REIT (JYEU): ending its 68-year auditor tie with KPMG after Australia's regulator opened a probe into three KPMG Australia partners over alleged misuse of confidential board papers.

🇭🇰 Hong Kong & China Markets

• 📈 Hang Seng -1.4%, Hang Seng Tech -1.62%. Wall Street's chip-sector pressure spilled straight into HK tech; some offset from materials and commodity names.

📅 Key Events Tonight / This Week

• 🇺🇸 US Retail Sales (May) — tonight, ~8:30 PM SGT
• 🇺🇸 FOMC rate decision + Warsh's first press conference — ~2:00 AM SGT, June 18 (hold at 3.50-3.75% widely expected; watch the dot plot and Warsh's tone)
• 🇺🇸 Initial Jobless Claims — June 18, ~8:30 PM SGT (early, ahead of the holiday)
• 🇸🇬 Keppel Infrastructure Trust EGM (Merlimau Cogen vote) — June 18
• 🇭🇰 JD.com opens its first JD Mall in Hong Kong — June 18
• 🇺🇸 Juneteenth holiday, US markets closed — June 19

Disclaimer: For reference only, not investment advice.