WS #9085

The dominant narrative remains the risk-off move triggered by the strong May jobs report, which has crushed rate-cut expectations and driven a broad selloff in tech, crypto, and rate-sensitive sectors. The Nasdaq 100 is down over 3% midday, and Bitcoin has broken below $60,000. This window adds several corroborating signals: Trump stated he would like lower rates but will leave any cut to Warsh in October, reinforcing the hawkish Fed stance. The US is demanding tougher auto parts rules in Mexico trade talks, aiming to reduce Chinese content and increase American content, which pressures automakers and parts suppliers. A federal judge struck down Trump immigration policies affecting 39 countries, a legal setback but not directly market-moving. Putin proposed resuming Nord Stream gas supplies if sanctions are lifted, a geopolitical signal that could impact European energy markets but has no immediate US market effect. The Paramount/Warner Bros. acquisition faces a potential state AG lawsuit, adding regulatory risk to media consolidation. Wedbush reset IBM's price target on AI momentum, a positive for IBM but isolated. Overall, the risk-off theme is escalating with no counter-signals in this window.