Summary

• Money that fled semiconductors during the prior week’s chip wreck found a fresh, even bigger AI vehicle to chase.
• Headline CPI reaccelerated to 4.2% year over year, the hottest reading since April 2023, and the “inflation is back” choir was in full voice within the hour.
• Energy prices jumped 3.9% in May alone and are up 23.5% over the past year, and that single category accounted for more than 60% of the entire monthly increase in the all-items index.
• Technically, the market reset a small bit of its previously overbought condition, but remains stretched.

Market Brief – SpaceX Debuts And Elon Is A Trillionaire

What a week. A rocket company became the largest public offering in history. The May inflation print landed midweek as the hottest reading in three years. And