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Day 428: Rate Cuts + Trump 2.0 Day 496
🕐 Market Recap | Monday, June 1, 2026
The story of the day was NVDA and MSFT. At Computex in Taipei, Jensen Huang unveiled the new N1X processor developed alongside Microsoft, declaring it “the first completely re-engineered, reinvented line of PCs that has happened in 40 years.” The market loved it. NVDA $NVIDIA (NVDA.US)$ is up +4.05% and MSFT $Microsoft (MSFT.US)$ is holding +2.64%. The market view is that nobody else is selling both sides of the AI stack. Laptops to data centers. Every layer needs more compute. The AI spending story just moved beyond data centers and into every device category. That is a meaningful expansion of the total addressable market and the street is pricing it in.
Today’s session opened with a clear macro narrative pulling in two directions at once.
The story of the day was NVDA and MSFT. At Computex in Taipei, Jensen Huang unveiled the new N1X processor developed alongside Microsoft, declaring it “the first completely re-engineered, reinvented line of PCs that has happened in 40 years.” The market loved it. NVDA $NVIDIA (NVDA.US)$ is up +4.05% and MSFT $Microsoft (MSFT.US)$ is holding +2.64%. The market view is that nobody else is selling both sides of the AI stack. Laptops to data centers. Every layer needs more compute. The AI spending story just moved beyond data centers and into every device category. That is a meaningful expansion of the total addressable market and the street is pricing it in.
On the other side, the rest of the Mag7 is getting hit. AMZN $Amazon (AMZN.US)$ is down 2.37%, TSLA $Tesla (TSLA.US)$ dropped 2.84%, META $Meta Platforms (META.US)$ fell 2.94%, GOOGL $Alphabet-A (GOOGL.US)$ is off 1.24%, and AAPL $Apple (AAPL.US)$ is down 1.63%. The SPX $S&P 500 Index (.SPX.US)$ is barely clinging to green at +0.10%, which tells you how concentrated today’s strength actually is.
Gold and miners are getting crushed. $XAU/USD (XAUUSD.CFD)$ fell 1.48% to $4,474, silver ($XAG/USD (XAGUSD.FX)$) is down 0.52%, and the miners are all in the red, with GLDG off 4.70%, GOLD.com down 4.79%, KGC at -3.68%, and AEM at -3.31%. An escalation in hostilities over the weekend is driving the reversal. US Central Command conducted “self-defense” strikes on Iranian targets, and Trump said he is in “no hurry” to make a deal, pushing the Iran war into its fourth month. That pushed bond yields sharply higher across the board.
Bond yields are the real story under the surface. US2Y jumped +1.54%, US10Y is up +1.11%, and the 30-year is at 5.006%. Japanese yields are also rising, JP10Y up 1.30%. Rising bond yields are tightening financial conditions and sapping risk appetite across asset classes, and gold is caught in the crossfire. When real yields spike, gold gets sold. That is exactly what I am watching right now across my GLD $SPDR Gold ETF (GLD.US)$ positions.
USO $United States Oil Fund LP (USO.US)$ is the wild card today, up +5.76% to $136.53. The Iran escalation over the weekend is directly responsible. US strikes on Iranian targets put Hormuz risk back on the table, and crude responded immediately. This completely reverses the de-escalation trade we had last Friday when USO was down nearly 3%.
The VIX $CBOE Volatility S&P 500 Index (.VIX.US)$ is at 15.91, up 3.85%, which signals that the market is starting to reassess risk heading into the week.
Gold and miners are getting crushed. $XAU/USD (XAUUSD.CFD)$ fell 1.48% to $4,474, silver ($XAG/USD (XAGUSD.FX)$) is down 0.52%, and the miners are all in the red, with GLDG off 4.70%, GOLD.com down 4.79%, KGC at -3.68%, and AEM at -3.31%. An escalation in hostilities over the weekend is driving the reversal. US Central Command conducted “self-defense” strikes on Iranian targets, and Trump said he is in “no hurry” to make a deal, pushing the Iran war into its fourth month. That pushed bond yields sharply higher across the board.
Bond yields are the real story under the surface. US2Y jumped +1.54%, US10Y is up +1.11%, and the 30-year is at 5.006%. Japanese yields are also rising, JP10Y up 1.30%. Rising bond yields are tightening financial conditions and sapping risk appetite across asset classes, and gold is caught in the crossfire. When real yields spike, gold gets sold. That is exactly what I am watching right now across my GLD $SPDR Gold ETF (GLD.US)$ positions.
USO $United States Oil Fund LP (USO.US)$ is the wild card today, up +5.76% to $136.53. The Iran escalation over the weekend is directly responsible. US strikes on Iranian targets put Hormuz risk back on the table, and crude responded immediately. This completely reverses the de-escalation trade we had last Friday when USO was down nearly 3%.
The VIX $CBOE Volatility S&P 500 Index (.VIX.US)$ is at 15.91, up 3.85%, which signals that the market is starting to reassess risk heading into the week.
🧭 STRATEGY
The Computex catalyst gives NVDA and MSFT legitimate legs into next week. The N1X announcement is not just a product launch, it is a platform story, and those tend to have longer shelf lives as more laptop makers confirm support. I would not chase the move today but any meaningful pullback toward NVDA’s 50-day moving average would be a level worth watching.
For gold and GLD, the yield spike is the problem. When the US10Y is climbing toward 4.5% and the 30-year crosses 5%, real yields compress gold’s appeal. My read is that this is not the structural top for gold, it is a macro disruption. The Iran situation keeps a floor under geopolitical demand. But tactically, I would wait for yields to stabilize before adding to gold positions.
USO is back in play but this is a headline-driven spike, not a clean setup. Without a clear escalation catalyst or Hormuz closure, chasing oil above $136 on USO is a risk I would personally stay away from.
The AMZN and TSLA pullbacks are getting deep enough that RSIs are starting to look interesting again. TSLA’s RSI around 72 is actually elevated given the price drop, which suggests some forced selling or options unwinding into the close.
🔮 MOMENTUM OUTLOOK
NVDA and MSFT carry momentum into the Computex week. Non-Farm Payrolls on Friday is the next macro trigger that could shift the narrative. If payrolls come in strong, yields stay elevated and gold stays under pressure. If payrolls disappoint, yields pull back and gold finds its footing again. I am watching that carefully given my current book.
Not financial advice. Always DYOR. 📌
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