Daily Market Report – June 4, 2026

Markets

European stock markets closed positively. The German stock market benefited from declining energy prices and falling bond yields. In the USA, a mixed picture emerged: The Dow Jones (DJI) reached a new record high, while the Nasdaq 100 (NDX) fell under the pressure of declining semiconductor values. The S&P 500 (SPX) managed to stay slightly in the positive.

The setback in AI and semiconductor stocks was particularly burdensome. At the same time, the prospect of easing tensions in the Middle East led to a decline in the Brent crude oil price (UKOIL). The falling oil price supported cyclical sectors such as industrials, consumer goods, and financials.

Companies & Earnings Season

Today, Broadcom was in the spotlight. The stock of Broadcom (AVGO) temporarily lost around 14%, despite revenue and profit exceeding expectations. Investors had hoped for another increase in forecasts for the AI business. Revenue rose by 48% in the quarter to $22.2 billion, with revenues from AI chips doubling to $10.8 billion. Nevertheless, the outlook triggered profit-taking across the semiconductor sector.

As a result, Nvidia (NVDA), AMD (AMD), Marvell Technology (MRVL), and Qualcomm (QCOM) also came under pressure. The market is thus questioning the extremely high expectations for the AI sector for the first time in months.

Among the winners were financial stocks and healthcare companies. In particular, banks benefited from the rotation out of highly valued technology stocks into more defensive sectors.

Macroecnomics

The markets are now focused on tomorrow's US-Arbeitsmarktbericht (BLS Employment Situation). Economists expect a job growth of around 89,000 jobs with an unchanged unemployment rate of 4.3%. The data is likely to be crucial for interest rate expectations regarding the US Federal Reserve.

The gold price (GOLD) rose in light of geopolitical uncertainties, while the yields on ten-year US Treasury bonds (US10Y) declined.