Middle East escalation ends record chase – Brent jumps above 98 USD and turns Fed fantasy towards rate hike – Jensen Huang crowns Marvell as the next trillion-dollar company and ignites S&P-500 fantasy – Intel sparks the AI offensive at Computex – GameStop delivers record profits and initiates 2 billion USD buyback – Meta sells AI agents for the first time - DAX falls below 25,000

USA & MACRO-OUTLOOK Wall Street loses momentum: After a series of all-time highs, the S&P 500 ends its nine-day winning streak, with futures down around −0.46%. The trigger is a resurgence of fighting between the USA and Iran. Brent rises for the third consecutive day to around 98 USD per barrel, an increase of +2%. The rise in energy prices escalates inflation risks and also weighs on bonds: The yield on ten-year US Treasury bonds rises to 4.48%. Notable is the shift in sentiment on the interest rate front Robust labor market data...