The markets are in a state of turmoil, with the US launching 'self-defence strikes' against Iran and Trump threatening more attacks. This has led to a sharp sell-off in US benchmarks, with the S&P 500 down 4.5% since June 2nd and the Nasdaq and Semis Index down 7.1% and 12% from their recent record highs. The US CPI is also a cause for concern, with a three-year high of 4.2% year-on-year, hardening bets that the Fed's next move could be a hike. Commodities are also being smashed, with gold down 4.4%, platinum down 3.6%, silver down 2.9%, copper down 2.2% and more. The VIX has jumped 12% to 22.2, a two-month high as risk sentiment deteriorates. Bond traders are positioning for multiple Fed rate hikes in the coming months, and investors are seeking refuge in transportation stocks, options bets and profitable firms amid chip stock turbulence. The US-Iran tensions are intensifying, with Hormuz shipping volumes remaining very thin. The markets are in a state of uncertainty, with the S&P 500 closing right on its 50-day moving average, but recent weakness is not a good look. The bears are coming, and the miners are being smashed, with a sea of red for the overnight ETF watchlist. The markets are in a state of turmoil, and the future is uncertain.
