Everything moving the Street, before it moves you.
Good morning.
While equities were dark for the Juneteenth long weekend, the asset that supposedly never sleeps decided to take a nap. Bitcoin (BTC) drifted to around $64,200 by Sunday, per CoinDesk pricing — down roughly 17% from the $77,400 it fetched on May 22, according to Fortune. The culprit isn't a hack or a hard fork; it's the same hawkish Federal Reserve that spooked stocks on Wednesday, draining risk appetite from the corner of the market that feels it first. Turns out the coin that runs 24/7 still keeps banker's hours when the Fed reaches for the punch bowl.
Markets
The Nasdaq-100 Reshuffles Its Deck Toward AI and Outer Space
The most exclusive club in tech updated its guest list this weekend, and the bouncer waved through the AI crowd while quietly showing a cable company the door.
Effective before Monday's open, the Nasdaq-100 swapped in five new members and bounced five others in its quarterly rebalance, Nasdaq said. In: AI-cloud upstarts CoreWeave (CRWV) and Nebius (NBIS), connectivity-chip maker Astera Labs (ALAB), chip-test-gear firm Teradyne (TER), and the one that turns heads, rocket builder Rocket Lab (RKLB). Out: Charter Communications (CHTR), consulting giant Cognizant (CTSH), biotech Insmed (INSM), data firm Verisk (VRSK), and cybersecurity name Zscaler (ZS).
It's a near-perfect snapshot of where the market's attention has migrated: into the picks-and-shovels of artificial intelligence, and, increasingly, into space. The guest swapped off the list says as much as the one swapped on — Cognizant's exit lands the same week the Street has been fretting that AI is eating the consulting model from the inside.
Members Only
Index membership isn't an honorary plaque; it's a tab. Every fund contractually bound to mirror the Nasdaq-100 has to own each new name at its proper weight, whether or not the manager thinks the price makes sense, and the Nasdaq-100 is tracked by more than 200 investment products holding over $800 billion, the exchange noted. That's a wave of mechanical buying layered on top of fundamentals that were already on fire:
CoreWeave's first-quarter revenue jumped 127% to $2.08 billion, with a revenue backlog of nearly $100 billion, CNBC reported.
Nebius grew even faster off a smaller base, with revenue up 684% to $399 million, and stood by a full-year forecast of $3 billion to $3.4 billion, Seeking Alpha noted.
"We built the cloud purpose-built for AI before many people understood why it would matter."
— Michael Intrator, CEO, CoreWeave
Mechanical Bull: A spot in the index is a tailwind, not a guarantee — the forced bid is one-time, and several of these names already ran hard into the event. The deeper signal is what the swap certifies: the companies that build and wire AI's plumbing, plus the first true space pure-play, are now blue-chip enough to sit beside Apple and Microsoft. The cable-and-consulting era didn't get voted off for one bad quarter; it got out-grown.
Economics
Wall Street Stops Waiting for a Rate Cut That Isn't Coming
Markets spent months penciling in a rate cut. This weekend, traders finally reached for the eraser.
Kevin Warsh's debut as Fed chair ended Wednesday with rates held at 3.50%–3.75%, but the projections did the talking, tilting toward hikes rather than cuts and knocking equities back before a partial Thursday rebound. Over the long weekend, the repricing hardened: the rates market now leans toward higher-for-longer instead of holding out hope for relief.
The shift matters less for June than for the back half of the year. A Fed willing to put hikes back on the table is a Fed telling investors to stop listening for hoofbeats — the cheap-money cavalry isn't riding over the hill.
Waiting on the Cavalry
By the numbers: the median policymaker now sees year-end rates at 3.8%, up from 3.4% in March; nine of 18 officials pencil rates above today's range; and the committee yanked its 2026 PCE inflation forecast up to 3.6% from 2.7%, per CNBC. The futures market has gone further still, now pricing a full quarter-point hike by October and two by March 2027, IG reported.
The market didn't turn more hawkish this weekend. It just stopped pretending Warsh was bluffing.
Saddle Up: The week ahead hands the debate fresh ammunition. This week's PCE print, the Fed's preferred inflation gauge, lands into a tape that has finally taken Warsh at his word, and any hot number only stiffens the case for the hawks. The era of front-running rate cuts is, for now, over; the new game is bracing for the chance they go the other way.
Semiconductors
Apple and Intel Edge Toward the Altar, Without Saying "I Do"
The President announced the engagement last week. Over the weekend, the lawyers quietly started drafting the prenup.
Intel (INTC) leapt about 10.5% to $133.82 on Thursday after President Trump declared on Truth Social that Apple (AAPL) had agreed to build chips with the company in America, CBS News reported. The hitch all along: neither company would confirm a word of it. Then the contours filled in — and they're more modest than the headline suggested.
Apple and Intel hammered out a preliminary manufacturing arrangement after talks spanning more than twelve months, The Wall Street Journal reported, with Intel cast as a contract fabricator for lower-end, non-flagship silicon on its 18A-P process — while Taiwan's TSMC keeps more than 90% of Apple's supply.
Not Yet at the Altar
That framing is a long way from the marriage traders first toasted. Intel still has to prove its most advanced process can churn out Apple-grade chips at volume, and Intel told reporters it wouldn't comment on a potential agreement while Apple stayed silent. A preliminary arrangement is a courtship, not a vow.
Pencil It In: The direction of travel is real even if the paperwork isn't. Washington owns a stake in Intel and has leaned on buyers to give its foundry a chance, and even a modest, lower-end order hands the manufacturing arm the marquee reference customer it has chased for years. If the engagement holds, it nudges the domestic-chip map; if it's called off, Thursday's pop becomes this week's hangover. For now, the couple is registered but not wed.
The Tape
Crude Exhale: Brent hovered around $80.57 late last week, Investing.com data showed, as the panic premium from this spring's Iran conflict keeps leaking out, though traders are still pricing some lingering caution around the Strait of Hormuz.
Sell the Stars: A Nasdaq-100 invite isn't a magic wand — Rocket Lab finished last week at $107.24, still roughly 29% below its late-May high, a reminder that index inclusion can be a "sell the news" event, TheStreet noted.
Memory's Big Test: Micron (MU) reports Wednesday with gross margin guided near 81%, TradingKey reported, the cleanest read yet on whether the AI-fueled memory squeeze is still tightening.
FedEx on deck: The logistics bellwether reports fiscal Q4 on Tuesday, its first clean look since spinning off the Freight division, with the Street modeling about $5.91 in EPS, per TradingKey.
Micron's verdict: Analysts expect roughly $19.72 in EPS on a memory boom, with revenue estimates spanning a wide $33.7 billion to $40.9 billion range, Alphastreet reported — a gap that captures just how uncertain the HBM ramp's pace really is.
The Fed's favorite number: This week's PCE inflation report is the data point most likely to settle, or inflame, the hike-versus-hold argument now gripping the rates market, as Schwab flagged.
On The Move
CoreWeave's glow-up from crypto-mining also-ran to Nasdaq-100 blue chip in barely 15 months is one of the wilder corporate arcs of the cycle, via The Next Web.
If you want to understand why these AI-infrastructure names move together, read up on the "circular financing" loop linking Nvidia, CoreWeave and Nebius, via I/O Fund.
After the Bell
Markets flip the lights back on this morning into a brand-new Nasdaq-100, a Fed that's done dropping hints, and a week of earnings that will test every story the tape has been telling itself. The cavalry isn't coming, the club has new members, and somewhere Apple and Intel are still arguing over the seating chart. Plenty to chew on before the closing bell.
That's the tape. We'll see you at the open. — AllThingsWallSt