☕ [Task Coins Giveaway] Daily Market Talk — Marvell Joins the S&P 500

Big week kicking off. Marvell joins the S&P 500 before the bell today, the latest AI chip name to crash the index. But Warsh's first meeting as Fed Chair flipped hawkish, the dot plot now flirts with a hike, and Micron reports Wednesday. Futures leaning lower. Let's dig in 👇

📊 Quick Recap — What Moved & Why

🇺🇸 US — Warsh's Hawkish Debut Meets the Chip Bid

🔑 Key Event: The last full session (Thursday Jun 18, with Friday shut for Juneteenth) actually closed green on a chip-led bounce: S&P 500 +1.08% to 7,500.58, Nasdaq +1.9% to 26,517.93, Dow +0.14% to 51,564.70. But the week's real story is the Fed. Kevin Warsh's first meeting as Chair held rates at 3.50-3.75%, yet the dot plot flipped: the median 2026 path jumped to 3.8% from 3.4%, 9 of 18 officials now pencil in a hike this year, and 17 of 18 see inflation risks tilted up. Warsh didn't even submit his own dot ("not helpful," he said) and pledged task forces to overhaul Fed operations, a clear break from the Powell-era playbook. Result: the 2-year yield pushed up toward 4.23% and Monday futures are sliding.

👀 Other to Watch

• Marvell (MRVL) → joins the S&P 500 before today's open alongside Flex, replacing Campbell's and Pool; up roughly 260% in 2026, with Jensen Huang calling it a possible "next trillion-dollar" name
• Micron (MU) → reports fiscal Q3 Wednesday after the close; consensus near $34.4B revenue and ~81% gross margin (it was 39% a year ago), HBM booked out through 2026
• Apple (AAPL) → its first foldable, the iPhone Fold, reportedly enters mass production Jun 25
• Nvidia (NVDA) → annual shareholder meeting Wed Jun 24, 9am PT

🇸🇬 Singapore — STI Drifts, Boardrooms Stay Busy

🔑 Key Event: STI eased 0.39% to 5,192.70 on Friday in a holiday-thinned week (US and HK both shut), but the SGX filing flow was anything but quiet. A wave of capital-raising hit at once: Olam Group (VC2) priced S$604.5M of 5.375% perpetual securities, Lum Chang Creations (LCC) is placing 35M shares at S$0.759 (about S$10.8M, to clear the float for its Catalist-to-Mainboard move, completing Jun 29), F J Benjamin proposed a 42M-share placement, and Elite UK REIT secured in-principle approval for a 25M-unit placement. Companies are clearly tapping the market while sentiment still holds.

👀 Other to Watch

• Top Glove (BVA) → Q3 profit after tax jumped 138% (reported Jun 18) on cost control, even with higher raw-material prices
• OCBC (O39) → launched OCBC PULSE, a free ESG self-assessment tool for SMEs across Singapore, Malaysia, HK and Indonesia
• SG macro → workers on short work-weeks or temporary layoffs rose to 1,230 in Q1, the highest since Q4 2021 (construction and manufacturing led); separately, PwC sees Singapore's US$4.6T asset-management sector growing about 8% a year through 2030, ahead of the wider region

🇭🇰 HK/China — Reopening Into a Soft Tape

🔑 Key Event: Hong Kong was closed Friday for the Tuen Ng (Dragon Boat) Festival and reopens today. It went into the break on the back foot, China tech had been soft (Tencent, Meituan, Xiaomi and Lenovo all lower the prior session), and a hawkier Fed plus firmer oil are not an obvious tailwind for rate-sensitive names. The watch is whether today's reopen stabilises or extends the slide.

👀 Other to Watch

• China internet names → still hostage to US rate sentiment more than domestic news right now; a hawkish Warsh repricing the dollar tends to cap the bounce

🌍 Other Markets

• Oil → US-Iran talks in Switzerland were abruptly postponed Friday (VP Vance pulled out), reviving Strait of Hormuz nerves. Brent crept back above $80. The spike stayed modest because Iran has held off on targeting Hormuz shipping for a second straight night, a world away from the $120+ panic earlier in the conflict. (Monday chatter of a fresh escalation is so far unconfirmed.)
• Asia AI engine → the read-across Singapore cares about keeps roaring; Korea's May exports hit a record +53.2% YoY, with semiconductors +169.4% to a record $37.16B. The entire regional export story right now is essentially an AI chip story.
• SK Hynix → reportedly weighing a US listing as early as August, with an SEC nod possibly this week (unconfirmed); a clear read-through for the whole AI-memory complex into Micron's print
• Rates/USD → the front end did the repricing, 2-year yield toward 4.23%, as Warsh's Fed killed the rate-cut bias

📅 Key Events Tonight / This Week

• 🇸🇬 Singapore May CPI — today, Mon Jun 22 (April: 1.8% headline / 1.4% core)
• 🇺🇸 Marvell + Flex join the S&P 500 — effective today's open, Mon Jun 22
• 🇺🇸 S&P Global flash June PMIs — Tue Jun 23
• 🇺🇸 Nvidia annual shareholder meeting — Wed Jun 24, 9am PT (Thu ~00:00 SGT)
• 🇺🇸 Micron fiscal Q3 earnings — Wed Jun 24 after close (Thu ~04:00 SGT)
• 🇺🇸 Apple iPhone Fold mass production reportedly begins — Thu Jun 25
• 🇺🇸 May PCE, final Q1 GDP, weekly jobless claims — Thu Jun 25
• 🇺🇸 Final June Univ. of Michigan sentiment — Fri Jun 26

💬 Marvell is in the S&P 500 as of today and Micron prints Wednesday with HBM sold out through 2026. Is the AI chip trade just getting started, or are you fading the momentum into the prints?

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🚫 No duplicates · ⏰ Deadline: June 22, 11:59 PM SGT

Not investment advice, just market talk 🙏