Trade Secrets: Dailies 06.04.2026

US Stocks fall as markets digest a Broadcom earnings miss alongside a landmark congressional rebuke of the Iran war, snapping the recent record-setting run as chip stocks pull back and geopolitical risk reasserts itself heading into Thursday's open.

Broadcom (AVGO) plunged 12–15% in premarket after Wednesday's after-hours results missed Wall Street expectations on both revenue and the AI chip outlook. Q2 revenue came in at $22.19 billion against the $22.27 billion consensus — a 2.3% shortfall — while the company held its long-range 2027 AI chip sales target unchanged rather than raising it. AI semiconductor revenue of $10.8 billion grew 143% year-over-year, but a small miss in the infrastructure software segment and a Q3 AI chip forecast of $16 billion — slightly below the $16.36 billion expected — was enough to trigger a sharp selloff in a market that has come to demand blowout results. The stock, up roughly 55% over the prior quarter, could shed over $270 billion in market cap if premarket losses hold.
S&P 500 futures fell 0.5% and Nasdaq-100 futures slid further as AI-linked stocks broadly pulled back in sympathy with Broadcom. The record-setting nine-week winning streak for the S&P 500 is now at risk heading into Thursday's session.
CrowdStrike (CRWD) fell 11% in premarket despite narrowly beating Q1 estimates, as in-line guidance and rising expenses disappointed investors expecting more from the cybersecurity leader amid strong AI tailwinds. Super Micro Computer (SMCI) lost 7.2% after Gorilla Technology Group (GRRR) announced a $2 billion AI infrastructure supply agreement with the server maker for Yotta Data Services' project in India — an arrangement that raised questions about customer concentration and margin dynamics.
PVH Corp. (PVH), parent of Calvin Klein and Tommy Hilfiger, tumbled more than 16–20% after the company beat Q1 EPS estimates but revised its full-year revenue outlook downward. The company now expects fiscal 2026 revenue to be approximately flat year-on-year rather than slightly up, citing the Iran war's ripple effects on EMEA markets and consumer spending. Tommy Hilfiger revenues fell 2% to $1.1 billion and Calvin Klein dropped 3% to $895 million for the quarter.
Gold futures rose 0.74% to $4,500.10 an ounce, reversing two days of declines, as investors rotated into safe-haven assets on the dual pressure of chip sector weakness and fresh Iran uncertainty. Silver futures slipped 0.06% to $73.65.
On Iran, the biggest political development of the week landed Wednesday evening: the Republican-led U.S. House of Representatives passed a war powers resolution — by a vote of 215 to 208 — directing President Trump to withdraw U.S. forces from Iran absent a congressional declaration of war or specific authorization. Four Republicans joined Democrats to pass the measure, marking the first time the House has successfully voted to rebuke Trump on the war after three prior attempts failed. The resolution is largely symbolic — it faces long odds in the Senate and would likely be vetoed by Trump — but it represents a significant escalation of bipartisan political pressure on the conflict now entering its 100th day.
Israeli Prime Minister Benjamin Netanyahu told CNBC on Wednesday that Israel and the U.S. remained "ready to return to military action" against Iran if needed, pushing oil prices higher and deepening the risk-off tone. WTI crude fell 0.89% to $95.17 per barrel and Brent slipped 1.13% to $96.70 as investors monitored conflicting diplomatic signals, with Iran still reviewing the latest U.S. ceasefire framework.
In a capital markets landmark, SpaceX priced its IPO at $135 per share, implying a valuation of $1.77 trillion, through the sale of 555.6 million shares targeting a $75 billion raise. The investor roadshow begins Thursday ahead of the planned June 12 market debut, which would rank SpaceX among the top 10 U.S.-listed companies by market cap — above Tesla.
Asian markets opened broadly lower on Thursday, tracking Wall Street losses and rising oil prices. Japan's Nikkei 225 fell 1.74% after hitting a record high in the prior session, while the Topix declined 1.09%. South Korea's KOSPI fell 1.25%, though the small-cap Kosdaq surged 3.83% as trading resumed after a holiday, driven by retail momentum in smaller tech names. Australia's S&P/ASX 200 was 1.14% lower.
Hong Kong's Hang Seng lost 0.93% and China's CSI 300 fell 0.84%, with mainland markets weighed down by the broader risk-off sentiment and continued caution on the pace of domestic policy support. India's Nifty 50 and Singapore's Straits Times Index were also modestly lower in early trade.

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