The week of June 1–5, 2026, began with significant market-moving events, as outlined in the Fundies Cheat Sheet Update. Monday's session saw the ISM Manufacturing PMI come in at 54.0, marking the hottest reading since May 2022, which set a bullish tone for U.S. economic data releases [1]. Geopolitical tensions escalated as Iran threatened to fully close the Strait of Hormuz, coupled with reports of missile strikes on a US airbase in Kuwait. These developments drove WTI crude oil prices up nearly 5%, closing around $90.90 and reversing the previous week's peace dividend decline in a single session [1].
On Tuesday, the U.S. labor market showed unexpected strength with April JOLTs job openings reaching 7.62 million, far surpassing the 6.80 million forecast and marking the highest level in nearly two years [1]. Equity markets responded positively, with the S&P 500 crossing the 7,600 mark for the first time ever, fueled by a surge in AI and semiconductor stocks. Notably, Nvidia CEO Jensen Huang's bullish outlook on Marvell Technology led to sharp gains among chipmakers [1].
In contrast to the equity and oil market rallies, Bitcoin experienced a significant decline, losing more than 8% over two sessions and dropping from its $73,790 weekly open to trade near $67,710. The article notes that this divergence in Bitcoin's performance is driven by factors beyond macro rate sensitivity, highlighting a complex interplay of catalysts affecting the cryptocurrency market [1].
The article emphasizes that the labor data hierarchy and geopolitical risks are shaping market sentiment and asset performance for the week, with further data releases expected to influence the trajectory of the dollar and risk assets [1].
CONCLUSION
Markets reacted strongly to a combination of robust U.S. economic data and heightened geopolitical risks, with oil and equities surging while Bitcoin diverged sharply to the downside. The coming days' data releases are expected to further clarify market direction, especially for the dollar and risk assets.