Daily News – 9th June ’26
Daily News
Asia Markets Rebound as Iran and Israel Agree to Halt Attacks, Chip Stocks Stage a Comeback
09 June 2026
Today in Brief
Asia-Pacific markets rebounded Tuesday, with South Korea's Kospi jumping 4% and Japan's Nikkei 225 opening over 1% higher, as Iran and Israel agreed to halt attacks and chip stocks staged a recovery. The S&P 500 closed up 0.30% and the Nasdaq gained 0.86% on Monday, with Micron Technology surging nearly 10% after Friday's rout. Gold steadied above $4,300 an ounce while crude oil fell back toward $90 per barrel as ceasefire hopes firmed, though the Strait of Hormuz remained effectively closed.
Netanyahu warned that the war with Iran and Hezbollah was not yet over despite Tehran announcing a halt to strikes. China's May exports to the U.S. surged 35% to a five-year high on AI-related demand. Iraq and the UAE fast-tracked alternative oil pipeline plans, a U.S. federal judge blocked Trump's $100,000 H-1B visa fee, Eli Lilly shares rose on promising obesity drug data, Cerebras won broad Wall Street backing, Marvell shares surged on S&P 500 inclusion, and Nvidia secured major deals with South Korean tech giants including SK Hynix.
Japan's Nikkei 225 opened over 1% higher on Tuesday, while South Korea's Kospi rebounded to jump 4%
In Asia, Japan's Nikkei 225 opened over 1% higher on Tuesday, while South Korea's Kospi rebounded from Monday's slump to jump 4%. Hong Kong's Hang Seng index fell 0.53%, while the mainland's CSI 300 was up 0.57%. Australia's benchmark S&P/ASX 200 was down 1.33%. Chip stocks led the S&P 500 higher in regular trading Monday, with the index rising 0.3%. The tech-dominant Nasdaq Composite climbed 0.86%. Both averages clawed back some of their losses from last week's tech rout. The blue-chip Dow, on the other hand, bucked the trend to shed 80.77 points, or 0.16%.
S&P 500 closes higher as chips stage a comeback, Iran stops strikes on Israel
The S&P 500 and Nasdaq Composite were higher on Monday as chip stocks rebounded from Friday's rout, and President Donald Trump tried to maintain a fragile ceasefire despite Iran and Israel trading strikes. The broad market index advanced 0.30% and closed at 7,405.73. The tech-heavy Nasdaq was up 0.86%, ending at 25,929.66. The Dow Jones Industrial Average lost 80.77 points, or 0.16%, and settled at 50,786.01. Shares of Micron Technology, the memory chipmaker that's led the latest leg of the bull market, were up close to 10% after falling 13% on Friday. Shares of Nvidia and Broadcom were also higher.
Gold steadied above $4,300 an ounce on Tuesday after Iran and Israel agreed to halt attacks
Gold steadied above $4,300 an ounce on Tuesday after Iran and Israel agreed to halt attacks against each other, alleviating fears of a wider escalation that raises energy-driven inflationary risks. President Donald Trump also said both sides were seeking an immediate ceasefire and that final negotiations were moving forward. Still, bullion remained near its lowest level since late March as the dollar and Treasury yields rallied following stronger-than-expected US jobs data, reinforcing expectations that the Federal Reserve could raise interest rates by year-end. Markets are now pricing in roughly a 70% chance of a quarter-point rate increase in December. Investors are also awaiting US CPI and PPI data later this week for fresh signals on the Fed's policy outlook.
Crude oil fell toward $90 per barrel on Tuesday after surrendering most of the previous session's gains
Crude oil fell toward $90 per barrel on Tuesday after surrendering most of the previous session's gains, as Iran and Israel agreed to halt attacks against each other, boosting hopes that peace negotiations could move forward. The two countries exchanged strikes over the weekend, threatening a fragile ceasefire and fuelling fears of a broader escalation. President Donald Trump urged both sides to deescalate and said talks with Tehran are continuing, adding that oil prices should ease once the conflict ends. While the ceasefire remains intact, the Strait of Hormuz is still effectively closed under a dual blockade by the US and Iran, severely disrupting shipments of crude, refined fuels, and natural gas to global markets.
Netanyahu says war with Iran, Hezbollah isn't over after Tehran says it's halting strikes
Iran's military has ceased strikes against Israel, but will resume hostilities if the Israel Defense Forces continue to attack Lebanon, Tehran's Ministry of Foreign Affairs told CNBC on Monday. Hours later, Israeli Prime Minister Benjamin Netanyahu said the war against Iran and its Lebanon-based proxy Hezbollah "has not yet ended," though he insisted both are weaker than ever. Iran and Israel traded strikes Sunday night for the first time since the U.S. and Iran agreed to a fragile ceasefire in mid-April. The Islamic Republic fired missiles toward northern Israel after accusing Jerusalem of repeatedly violating the truce through its strikes on Lebanon, which included an attack on Beirut's southern suburbs on Sunday.
China's May shipments to U.S. clock 5-year high growth at 35% as overall exports jump on tech boost
China's trade growth held up better than expected in May, as surging AI-related exports helped buffer the economy against disruption from the Iran war, with U.S.-bound shipments logging the strongest jump in five years. Overall exports rose 19.4% from a year earlier in U.S. dollar value terms, customs data showed Tuesday, accelerating from the 14.1% gain in April. Economists polled by Reuters had pegged growth at 15%. Shipments to the U.S. soared nearly 35.4% in May from a year earlier, the highest growth since March 2021, according to Wind Information, extending a rebound following a long streak of double-digit declines for most of last year, pressured by President Donald Trump's tariffs.
Iraq and UAE race to establish alternative oil pipelines as exports through Hormuz dry up
Iraq and the United Arab Emirates are fast-tracking plans to expand oil pipelines to replace the capacity lost by the closure of the Strait of Hormuz, as new data reveals their stark dependency on the Persian Gulf. Last week, the Iraqi cabinet approved plans to accelerate crude exports through the Kurdistan-Turkey pipeline network, which would more than triple its existing shipments from 220,000 barrels per day to 770,000. The route offers an alternative passage through Kurdistan to Turkey's Mediterranean port of Ceyhan. When operating at full capacity, it should provide relief to the oil-dependent Iraqi economy, which contributed 53% to its real GDP in 2025, according to the World Bank.
Judge blocks Trump's $100,000 H-1B visa fee
A federal judge on Monday vacated President Donald Trump's $100,000 fee for employers' H-1B visa applications. The policy implementing the large fees on high-skilled worker visas violated the federal Administrative Procedure Act and the Constitution, Judge Leo Sorokin declared in the ruling in U.S. District Court in Boston. The Trump administration plans to appeal the ruling. "Every day, thousands of people with H-1B visas serve New Yorkers as doctors, teachers, and other skilled workers," said New York Attorney General Letitia James, whose state is one of 20 that brought the suit. "Today a court put an end to this administration's illegal attempt to destroy this critical program and the many jobs it makes possible," James said. Sorokin agreed with the states in finding "the substance and application of the $100,000 payment reveal that it is a tax," and that Congress had not delegated that power to the executive branch.
Lilly shares rise on hopes that next-gen drug will extend lead in weight-loss market
Eli Lilly shares rose 4% on Monday, driven by compelling new data for its next-generation obesity drug, retatrutide, with analysts and investors expecting it to extend the drugmaker's lead in the booming weight-loss market. Lilly presented full data from two retatrutide trials, one in treatment naive type 2 diabetes patients and another in patients with obesity, at the American Diabetes Association meeting in New Orleans. Investors were most encouraged by the performance of the lower 4 mg dose of retatrutide, which produced roughly 19% weight loss, comparable to the highest dose of current blockbuster therapy Zepbound. Tolerability was broadly in line, including similar rates of treatment discontinuation and relatively low levels of vomiting. However, side effects increased at higher doses.
Cerebras shares climb as Wall Street brokerages back AI chip strategy
Cerebras shares gained on Monday as multiple Wall Street firms initiated coverage with bullish calls after the quiet period, backing the chip designer's unconventional AI strategy weeks after its strong debut. Shares of the company rose 3% to $207.54, with at least nine brokerages — including IPO bookrunners Morgan Stanley, Citigroup, Barclays and UBS — initiating coverage of the stock. The California-based firm designs wafer-scale engine chips roughly the size of a dinner plate to speed up processing, challenging traditional GPU-based systems, like those of Nvidia, that rely on clusters of interconnected chips. "As AI workloads become increasingly reasoning-intensive, demand for fast, low-latency inference is growing rapidly," said Morgan Stanley analysts led by Joseph Moore, who rate the stock "overweight".
Marvell shares jump after chipmaker wins spot in S&P 500
Marvell Technology shares climbed more than 9% on Monday after the chipmaker was set to join the benchmark S&P 500 at the end of June, in the latest boost to a stock that has surged recently. Its shares have gained about 59% since May 27 after the company forecast its custom-chip business would surpass $10 billion in revenue in fiscal 2029 and Nvidia CEO Jensen Huang called Marvell the next "trillion-dollar company." The stock dropped 16.7% in regular trading on Friday amid a broader selloff that wiped out $1.3 trillion in market value for the chip sector. The company had a market value of about $230 billion as of last close. Marvell and larger rival Broadcom design tailor-made chips for cloud companies' data centers, a market that has boomed as major technology firms seek alternatives to Nvidia's expensive and hard-to-source AI processors.
Nvidia clinches deals with South Korean giants including SK Group to advance AI boom
Nvidia on Monday announced a series of deals in South Korea with tech giants including SK Hynix and Naver, as it looks to secure crucial memory chips to power its AI ambitions and entice new customers. The agreements come during a high-profile trip by Nvidia CEO Jensen Huang to South Korea that began on Friday and has seen him dine on grilled pork belly and local spirit soju with the country's top corporate bosses, throw a baseball pitch and meet with a well-known gamer. Nvidia and its partners, which also included SK Telecom and conglomerate Doosan Group, did not disclose the value of the deals. Memory chip maker SK Hynix signed a multi-year technology partnership that will see it commit to developing advanced types of memory for global AI data centres, SK Group said.
