The markets are a rollercoaster, and today's wrap is no exception. The ASX 200 is set to rise, while the S&P 500 and Nasdaq take a hit as tech selling resumes. Gold and oil prices ease, but the Strait of Hormuz remains a key focus. The US May CPI is due tonight, with expectations of a rise in headline inflation. It's a volatile session for commodities, with most giving back early gains or continuing to trend lower. The iShares Semiconductor ETF falls after a brief rebound, and Wells Fargo predicts the AI-driven market surge may be over. Iran and energy news dominate, with Trump's response to a reported attack on a US helicopter and the fragile April ceasefire. JPMorgan analysts note surprising volumes of crude and products transiting the Strait of Hormuz, despite the naval blockade. The US trade deficit narrows, and China's May exports and imports beat expectations. Australia's Consumer Sentiment Index falls, and KMD Brands receives interest from international private equity firms. Wesfarmers issues a lithium project update, and the ASX 200 is set to rise. It's a busy day with key events and economic calendars, so stay tuned for the latest developments.
