Market Summary – June 10, 2026

Major Indices:S&P 500: Down 1.45% to close at 7,279.3; Dow Jones: Down 1.87% to close at 49,919.0; Nasdaq 100: Down 1.98% to close at 28,508.03.

US individual stocks:Apple: Up 0.50% to close at USD 292.00; Tesla: Down 3.69% to close at USD 382.04; NVIDIA: Down 3.40% to close at USD 201.12.

Asian indices since their respective closing:Nikkei: Down 880 points to close at 63,460 (–1.37%); Kospi: Down 30.30 points to close at 1,198.10 (–2.55%); Hang Seng China Enterprises Index (H-Shares): Up 18 points to close at 8,296 (+0.22%); Hang Seng Index: Up 29 points to close at 24,307 (+0.12%); FTSE China A50 Index (A50): Down 11 points to close at 15,209 (–0.07%).

Interest Rates and Expectations:U.S. 10-year Treasury yield: Up 4 basis points to 4.52%; U.S. 2-year Treasury yield: Up 4 basis points to 4.12%; market pricing for rate hikes changed little. Current market pricing implies a 71% probability of at least one 25-basis-point rate hike by end-2026, with the dominant expectation (44%) pointing to a single 25-basis-point hike by year-end. By end-2027, the most common market view (32%) expects one 25-basis-point adjustment in the federal funds rate, while pricing indicates an 18% chance of unchanged rates and a 50% probability of a cumulative increase of 50 basis points or more.

Overseas Commodities:Crude oil futures: up 2.64%, closing at $90.53; natural gas futures: up 1.34%, closing at $3.182; silver futures: down 1.56%, closing at $64.22; gold futures: down 4.06%, closing at $4,112.40.

Volatility:VIX spot index: closed at 21.83 (up 1.96 points); VIX futures (June contract): closed at 20.45 (up 1.45 points); S&P 500 one-month at-the-money implied volatility: 18.5% (up 0.6 points at the same strike price); Nasdaq 100 one-month at-the-money implied volatility: 29.2% (up 1.5 points at the same strike price).

Market Summary:

Geopolitical tensions triggered volatility: During early Asian and European trading hours, U.S. stock index futures declined amid escalating hostilities between the United States and Iran. Prior to the market open, the release of consumer price index (CPI) data—lower than expected (though still at a three-year high)—eased inflation concerns and lifted U.S. equity index futures. At the open, however, futures retreated back to flat levels.

Trump’s remarks sparked higher oil and lower equities: Later in the U.S. morning, President Trump announced his intention to escalate and continue strikes against Iranian targets. Although Trump has repeatedly issued threats only to subsequently back down, this statement nonetheless disrupted market calm and optimism. Crude oil futures immediately rose, while equities fell.

SpaceX IPO subscription frenzy: The highly anticipated SpaceX IPO has closed its subscription period, with reported orders totaling $75 billion—four times oversubscribed.

AI rally falters: Oracle’s after-hours earnings report reflected the current state of the artificial intelligence trade. The software maker, which has pivoted toward leveraging data center construction, reported capital expenditures above expectations but disappointing AI-related revenue, causing its shares to decline in after-hours trading.

Precious metals unexpectedly weakened: Despite relatively stable bond yields and heightened geopolitical tensions, precious metals showed unusual weakness, with gold prices falling approximately 4%.

U.S. military strikes Iran again: In early Asian trading, the U.S. announced a new round of airstrikes on Iran, pushing crude oil futures even higher while U.S. equity index futures dipped slightly from their previous close.

Mixed performance in overnight Asian futures: Overnight, Asian equity index futures diverged from their prior day's settlement levels. South Korea’s Kospi 200 and Japan’s Nikkei 225 futures extended losses, while Hong Kong futures posted modest gains during the overnight session.

[Note: Any content herein does not constitute an offer or solicitation to purchase securities.]

TRUE PARTNER (08657.HK)

Data as of 4:00 p.m. Chicago time on June 10, 2026, from Bloomberg (at-the-money volatility data sourced from True Partner).

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