Wall Street delivered a tale of two markets overnight as the Dow surged to a record high while the Nasdaq slipped on a Broadcom-led semiconductor selloff. The S&P 500 rose 0.4% to 7,584.82, with about 360 of its constituents advancing as nine of 11 sectors closed higher — financials led the charge at +2.7% and healthcare added 3%. A renewed Israel–Lebanon ceasefire bolstered hopes for eventual US–Iran peace, sending Brent crude down 2.7% to $95.21 and WTI 3.1% lower to $93.08. Spot gold climbed 1% to $4,478.21 as investors hedged geopolitical uncertainty. Blackstone capped withdrawals from its $79 billion flagship private credit fund after redemption requests hit 10% of shares, adding to a growing pattern of stress in the alternatives space. ASX 200 futures are up 48 points to 8,739, with all eyes on the US May non-farm payrolls report tonight.

The Dow rose 1.7% to a record 51,562.30, the S&P 500 gained 0.4% to 7,584.82, while the Nasdaq 100 fell 0.5% as Broadcom’s 12.6% plunge dragged chipmakers lower.

An Israel–Lebanon ceasefire renewal bolstered US–Iran peace hopes, though Hezbollah rejected the deal and fighting continued in southern Lebanon.

WTI crude fell 3.1% to $93.08 and Brent dropped 2.7% to $95.21 on ceasefire optimism, while Citi maintained a $110 Q3 Brent forecast citing critically low Asian inventories.

The 10-year Treasury yield eased 2bp to 4.47% as the curve steepened, with Bitcoin tumbling to a 4-month low near $61,000 after Strategy’s first sale since 2022.

Blackstone capped withdrawals from its flagship private credit fund at 5% after investors sought to pull 10% of shares, the latest sign of stress in alternatives.

ASX 200 futures are up 48 points (+0.6%) to 8,739, with the AUD steady and the RBA’s Bullock and Hauser both speaking today.

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