- \n
- See the ranking <\/span>here<\/span>.<\/span><\/li>\n
- See the methodology <\/span>here<\/span>.<\/span><\/li>\n
- Explore our data visualizations <\/span>here<\/span>.<\/span><\/li>\n<\/ul>\n
From our exclusive reporting:<\/b><\/p>\n
THE MARKETS<\/h3>\n
Stocks are mixed as oil heads back toward $100-per-barrel<\/b><\/h2>\n
- \n
- S&P 500 futures<\/b> were down 0.17% this morning. The index rose 0.13% yesterday to set another new record, at 7,609.78.\u00a0<\/span><\/li>\n
- In Europe,<\/b> the Stoxx 600 was down 0.49% in early trading and the U.K.\u2019s FTSE 100 was down 0.22% before lunch.<\/span><\/li>\n
- Asia:<\/b>\u00a0Japan\u2019s Nikkei 225 was up 2.5%. India\u2019s Nifty 50 was down 0.33%. China\u2019s CSI 300 was up 0.49%. South Korea\u2019s markets are closed.<\/span><\/li>\n
- Brent crude<\/b> was $98 this morning.<\/span><\/li>\n
- Bitcoin<\/b> was at $67K.<\/span><\/li>\n<\/ul>\n
Is it 1987, again?<\/h2>\n
\u00a0<\/p>\n
<\/p>\n
![\"\"](\"https:\/\/fortune.com\/img-assets\/wp-content\/uploads\/2026\/06\/DB-image001.png?format=webp&w=1440&q=100\"\/)
<\/div>\n<\/span><\/p>\n
Deutsche Bank spotted something it says is \u201calarming\u201d in the S&P 500. Recent gains in stocks have been so fast that there have only been four occasions since World War II when they approached this pace. \u201cOn three of those four occasions, it was a classic post-recession bounceback, when the economy was emerging from the first oil shock, the [Great Financial Crisis], and Covid-19. However, the other time it happened was in 1987,\u201d the team said in a note to clients.<\/span><\/p>\n
The mere mention of \u201c1987\u201d will send chills down the spines of traders of a certain age. \u201cOver January and February that year, there was a big +17% rally, and the momentum continued until the summer. But then it came to a sudden halt, with the S&P down by a third in less than two months, including a single-day decline of -20.5%,\u201d Deutsche said. That, of course, was Black Monday.\u00a0<\/span><\/p>\n
IRAN<\/h3>\n
Wall Street is losing faith in Trump\u2019s ability to reopen the Strait of Hormuz<\/h2>\n
The U.S. and Iran engaged in more military strikes last night, with the U.S. bombing Qeshm Island in the Strait of Hormuz, and Iran sending drones at Kuwait\u2019s international airport and missiles targeting Bahrain that were intercepted, <\/span>the BBC reports<\/span>.<\/span><\/p>\n
Wall Street\u2014which on Monday and Tuesday had dared to hope that the U.S. and Iran were making progress on a deal to end the conflict\u2014is much more pessimistic this morning. The price of Brent crude oil rose to $98 per barrel this morning, up from $93 24 hours ago.<\/span><\/p>\n
Here\u2019s what analysts told clients this morning:<\/b><\/p>\n
- \n
- \u201cThe Gulf crisis is far from resolved and every day the Strait of Hormuz remains shut brings us <\/span>closer to the tipping point<\/b> (some see that in September) where inventory drawdowns can no longer offset shut-in production.\u201d\u2014ING\u2019s Chris Turner.<\/span><\/li>\n
- \u201c<\/span>Oil prices look too cheap<\/b> relative to when markets see Hormuz traffic flows normalizing.\u201d\u2014RBC\u2019s Peter Schaffrik et al.<\/span><\/li>\n
- \u201cWe\u2019ve seen <\/span>increasing pessimism<\/b> that a US-Iran deal to re-open the Strait of Hormuz is imminent. \u2026 Prior to that, we saw little sign yesterday of concrete steps towards an imminent deal.\u201d\u2014Deutsche Bank\u2019s Jim Reid et al.<\/span><\/li>\n<\/ul>\n
President Trump attempted to reassure the world<\/b> that peace talks were ongoing. <\/span>Posting on Truth Social yesterday, he said<\/span>:<\/span><\/p>\n
- \n
- \u201cFake News Reports that the Islamic Republic of Iran, and the U.S.A., stopped speaking a few days ago are false and erroneous. The conversations between us have been going on continuously, including four days ago, three days ago, two days ago, one day ago, and today. Where they lead, one never knows, but as I told Iran, \u201c\u2018It\u2019s time, one way or another, for you to make a Deal. You\u2019ve been doing this for 47 years, and it cannot be allowed to go on any longer!\u2019\u201d\u00a0<\/span><\/li>\n<\/ul>\n
Why is this taking so long?<\/b><\/p>\n
Prior to the conflict, the Trump Administration made several tactical assumptions that turned out to be wrong, according to this <\/span>must-read analysis from The New York Times<\/em><\/span>.\u00a0<\/span><\/p>\n
The White House underestimated Iran\u2019s willingness to close the Strait, and keep it closed, because officials believed that would force Tehran into the \u201ceconomic suicide\u201d of giving up its own oil exports, the report suggests. The administration believed that because it assumed Iran would mine the Strait, thus preventing any shipping from passing. In reality, Iran used very few mines. Instead, it is harassing shipping with cheap drones fired from onshore locations\u2014thus allowing its own ships to navigate the Strait while enemy vessels remain stranded.<\/span><\/p>\n
- \n
- Where is the Rich Starry?<\/b> The Chinese-owned tanker that <\/span>Fortune<\/span><\/i> has been tracking\u2014it\u2019s the large dot in the middle of <\/span>this map from MarineTraffic.com<\/span>\u2014has not moved since mid-April.<\/span><\/li>\n<\/ul>\n
![\"\"](\"https:\/\/fortune.com\/img-assets\/wp-content\/uploads\/2026\/06\/Screenshot-2026-06-03-at-110045.png?format=webp&w=1440&q=100\"\/)
<\/div>\n\u201cILLUSORY\u201d<\/h3>\n
Some people on Wall Street suspect yesterday\u2019s job openings number is wrong<\/h2>\n
It\u2019s becoming a bit of a theme among macro analysts this year: The U.S. federal government publishes some economic data, and then Wall Street economists say, \u201c<\/span>Er, this doesn\u2019t look right<\/span>.\u201d Yesterday, the <\/span>official number of new job openings<\/span> (JOLTS, in econ lingo) rose to 7.6 million in April. That was well above analysts\u2019 guesstimates\u2014they thought it would be only be 6.87 million. As you can see on this chart from Sam Tombs and Oliver Allen at Pantheon Macroeconomics, the jump in job vacancies does look awfully sudden:<\/span><\/p>\n
<\/p>\n
![\"\"](\"https:\/\/fortune.com\/img-assets\/wp-content\/uploads\/2026\/06\/1-Screenshot-2026-06-02-at-162254.png?format=webp&w=1440&q=100\"\/)
<\/div>\n<\/span><\/p>\n
\u201cWe strongly expect April\u2019s jump in job openings to be revised away in time,\u201d they told clients. The vast majority of the increase came from a single sector, \u201cprofessional and business services.\u201d The Labor Department has revised this number before. \u201cWe think it is just as likely that April’s big increase in openings also proves illusory,\u201d they said.<\/span><\/p>\n
Oxford Economics\u2019 Matthew Martin also raised an eyebrow, noting that the rate of total hiring actually <\/span>dropped<\/span><\/i> in the same period. \u201cThe result should be taken with a grain of salt,\u201d he said in a note seen by <\/span>Fortune<\/span><\/i>.<\/span><\/p>\n
MORE FROM FORTUNE<\/h3>\n
Exclusive: Apoha, a startup building AI models for creating new materials, emerges from stealth with $36 million Series A funding round<\/span> – Jeremy Kahn<\/span><\/p>\n
Microsoft seeks to be AI\u2019s center of gravity again. CEO Satya Nadella is in San Francisco to make the case<\/span> – Sebastian Herrera<\/span><\/p>\n
Victoria\u2019s Secret CEO rejected \u2018woke-washing\u2019 and endless sales cycles\u2014and it\u2019s paying off<\/span> – Eva Roytburg<\/span><\/p>\n
Chipotle COO calls hiring one of the \u2018most painful processes\u2019\u2014so his AI bot \u2018Ava Cado\u2019 cut it from 12 days to 4<\/span> – Preston Fore<\/span><\/p>\n
Southwest exec says the free bag and assigned seating overhaul is already paying off<\/span> – Preston Fore<\/span><\/p>\n
CHART OF THE DAY<\/h3>\n
There\u2019s inflation in the number of Wall Street analysts monitoring inflation<\/h2>\n
<\/p>\n
![\"\"](\"https:\/\/fortune.com\/img-assets\/wp-content\/uploads\/2026\/06\/Screenshot-2026-06-02-at-164533.png?format=webp&w=1440&q=100\"\/)
<\/div>\n<\/b><\/p>\n
What\u2019s Wall Street\u2019s biggest economic worry right now? Inflation, probably. Consider that there are more economists\u201455!\u2014 registering monthly forecasts with Bloomberg of \u201ccore\u201d inflation (i.e. personal consumption expenditure, or PCE), than at any time in history, according to Piper Sandler. \u201cThere have never been so many inflation watchers,\u201d Michael Kantrowitz and his colleagues at Piper say, \u201cWall Street is more tuned into inflation data than we’ve ever seen before!\u201d<\/span><\/p>\n
NUMBER OF THE DAY<\/h3>\n
4.7\u00a0<\/h2>\n
The number of years it would take a person on the average wage in Iran to earn enough money to buy tickets, fly to the U.S., pay for a hotel, transport and food, and watch one World Cup match, as calculated by <\/span>AskGamblers.com<\/span>. At the other end of the scale, it would take an American just 1.8 <\/span>days<\/span><\/i> of working on average wages to afford the same thing.\u00a0\u00a0<\/span><\/p>\n
THE FRONT PAGES TODAY<\/h3>\n
US announces new tariffs over forced labour concerns<\/span> – BBC<\/span><\/p>\n
Inside Alexandr Wang\u2019s bid to revive Meta\u2019s AI edge<\/span> – FT<\/span><\/p>\n
Perplexity CEO: One metric will determine who wins the AI race<\/span> – CNBC<\/span><\/p>\n
Scott Pelley fired from “60 Minutes” following testy exchange<\/span> – Axios<\/span><\/p>\n
SpaceX Seeks $135 a Share for $75 Billion IPO, Reuters Says<\/span> – Bloomberg<\/span><\/p>\n
Trump Signs Executive Order Seeking Oversight of A.I. Models<\/span> – NYT<\/span><\/p>\n
ONE MORE THING<\/h3>\n
You might as well email Mark Cuban and ask him for money because there is a non-zero chance he will send you a lot of it<\/h2>\n
\u00a0<\/p>\n
![\"\"](\"https:\/\/fortune.com\/img-assets\/wp-content\/uploads\/2026\/06\/GettyImages-2266500611-e1780313922229.jpg?format=webp&w=1440&q=100\"\/)
<\/div>\nMark Cuban once bought a $25 million Dallas mansion sight unseen, calling it his one \u201cwhy the f\u2013k not purchase.\u201d But one of his most lucrative gambles started even more casually: with a cold email from a stranger he says he\u2019s still never met. A young entrepreneur named Tim Ellis\u2014an ex-intern at Blue Origin (Jeff Bezos\u2019 space company)\u2014once cold-emailed him with an investment pitch for a startup that would use 3D printing to make parts for rockets. Without even meeting Ellis, Cuban sent him $500,000. That company, Relativity Space, is now valued at $4 billion. And Cuban has still never met Ellis. \u201cIt was all email, never met him,\u201d he said on <\/span>a podcast spotted by Fortune<\/em>\u2019s Sydney Lake<\/span>.<\/span><\/p>\n<\/div>\n
#Wall #Street #beginning #Trump #reopen #Strait #Hormuz<\/p>\n","protected":false},"excerpt":{"rendered":"
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- Where is the Rich Starry?<\/b> The Chinese-owned tanker that <\/span>Fortune<\/span><\/i> has been tracking\u2014it\u2019s the large dot in the middle of <\/span>this map from MarineTraffic.com<\/span>\u2014has not moved since mid-April.<\/span><\/li>\n<\/ul>\n
- \u201c<\/span>Oil prices look too cheap<\/b> relative to when markets see Hormuz traffic flows normalizing.\u201d\u2014RBC\u2019s Peter Schaffrik et al.<\/span><\/li>\n
- In Europe,<\/b> the Stoxx 600 was down 0.49% in early trading and the U.K.\u2019s FTSE 100 was down 0.22% before lunch.<\/span><\/li>\n
- See the methodology <\/span>here<\/span>.<\/span><\/li>\n