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May PCE Inflation Hits 4.1% — Highest Since April 2023 With Core at 3.4%, Above 3.3% Forecast, Cementing September Fed Rate Hike as Base Case

The May Personal Consumption Expenditures price index rose 4.1% year-over-year, its highest reading since April 2023, driven by energy-cost pass-through from the Iran war, matching headline consensus but printing core PCE at 3.4% — a tick above the 3.3% expected. Monthly headline PCE rose 0.4%, slightly below the 0.5% forecast. Markets moved to price a September Federal Reserve rate hike as base case, though analysts broadly viewed May as likely the inflation peak given the sharp subsequent decline in oil prices following Iran ceasefire progress.

Qualcomm Doubles Fiscal 2029 Non-Handset Revenue Target to $40B — Meta CPU Partnership and $3.92B Modular Acquisition Mark Chipmaker's AI Data Center Pivot

Qualcomm more than doubled its fiscal 2029 non-handset revenue target to $40 billion from $22 billion at its Investor Day, announcing Meta Platforms as its first data center customer for the Dragonfly C1000 CPU and a $3.92 billion all-stock acquisition of AI software startup Modular. Shares rose roughly 9% in regular trading after surging 15% in after-hours Wednesday, with data center alone targeted at $15 billion by 2029. Microsoft Azure also confirmed deployment of Qualcomm's High-Bandwidth Compute technology.

Apple Raises MacBook Neo by $100 to $699 and Base iPad by $100 to $449 — Stock Falls 5.3% as 'RAMageddon' Memory Shortage Forces Unprecedented Mid-Cycle Price Hikes

Apple raised prices across its Mac, iPad, HomePod, and Vision Pro lineup, with the entry MacBook Neo rising $100 to $699 and the base iPad increasing $100 to $449, blaming an unprecedented AI-driven memory shortage. CEO Tim Cook had flagged the increases, but the scope caught analysts off guard. Apple stock fell 5.3% as DRAM prices are projected to rise another 58% to 63% this quarter. Microsoft also raised Xbox console prices by up to $150. iPhone, Apple Watch, and AirPods were not affected.

May PCE Inflation Hits 4.1% Annual Rate — Three-Year High as Core PCE Accelerates to 3.4%, Q1 GDP Revised Up to 2.1%, and Jobless Claims Fall to 215K

The Federal Reserve's preferred inflation gauge rose to 4.1% annually in May, the highest since April 2023, as the Iran war's energy price impact continued feeding through consumer prices. Core PCE accelerated to 3.4% year-over-year, slightly above the 3.3% consensus. Offsetting data showed Q1 GDP revised up to 2.1% annualized from 1.6%, and initial jobless claims fell to 215,000. Markets lowered the probability of a July Fed rate hike to roughly 30%, with September remaining the base case.

FedEx Shares Fall 7% After Fiscal Outlook Cut — Delivery Margins Become Key Concern for Investors

FedEx shares declined roughly 7% after the company reduced its earnings outlook despite reporting results that exceeded analyst expectations. Investors focused on pressure within delivery margins and uncertainty surrounding future profitability following strategic business changes. The reaction highlights growing market sensitivity to guidance revisions and operating efficiency trends as transportation and logistics companies navigate a mixed global economic environment.

Nasdaq 100 Futures Slide 3.1%, Kospi Plunges 10% — Global AI Selloff Hits SK Hynix and Samsung as Rate-Hike Fears Mount

Nasdaq 100 futures fell 3.1% in premarket trading Tuesday while South Korea's Kospi plunged nearly 10% — its worst session in years — as a global technology selloff intensified overnight. SK Hynix fell more than 12% and Samsung Electronics dropped sharply, triggering circuit breakers on South Korean exchanges. European markets followed, with ASML down 5% and the Euro Stoxx Technology index falling 3%. The selloff reflects mounting investor concern over Federal Reserve rate-hike signals and the cost of AI infrastructure debt.

Federal Reserve Rate-Hike Odds Reach 75% for September 2026 — Higher Yields Pressure Growth Valuations

Markets are increasingly pricing in another Federal Reserve rate increase, with futures implying roughly a 75% probability of a move by September. Rising Treasury yields have pressured long-duration growth stocks and increased volatility across technology sectors. Investors are reassessing valuation assumptions while monitoring inflation data and central bank commentary. The evolving rate outlook could become a dominant driver of equity performance during the remainder of the summer.

Intel Stock Soars 9% to Record $129.84 — Trump Says Apple Will Design and Build Chips With Intel in the US

Intel shares surged more than 9% in premarket trading to a record near $129.84 after President Trump said Apple has agreed to design and build chips with Intel inside the United States. Neither company has formally confirmed the arrangement, but reports point to Apple's M7 chip running on Intel's new 18A-P process for the MacBook Air and entry-level iPad Pro starting in late 2027. The news lands two days after Intel disclosed that 18A-P entered risk production, giving the stock a second catalyst in the same week.

Bitcoin Slides 1.1% to $64,215 — Fed's 3.8% Rate Forecast Sparks $82.2M in Spot ETF Outflows

Bitcoin fell 1.1% to $64,215 after the Federal Reserve held its benchmark rate steady but raised its year-end 2026 rate projection to 3.8%, signaling a more hawkish path than markets had priced. The shift triggered $82.2 million in outflows from U.S. spot bitcoin ETFs and sent shares of Strategy, the largest corporate bitcoin holder, down 5.2% in premarket trading. Ether and XRP also softened as traders reassessed liquidity assumptions heading into the second half of 2026.