TL;DR

Nvidia tops $3.45T, Trump doubles steel tariffs, Wells Fargo asset cap lifted by Fed.

Highlights

• Trump doubles U.S. steel and aluminum tariffs to 50% effective June 4, with UK exempted until July 9; EU warns of possible retaliation 19.
• Federal Reserve lifts Wells Fargo ’s $1.95T asset cap, enabling growth; shares rise 2% after hours 2.
• Nvidia climbs 2.8% to $3.45T market cap, overtakes Microsoft as world’s most valuable public company; semiconductors and Nasdaq rally 314.
• CrowdStrike beats Q1 EPS but guides light on revenue; stock falls 7% after hours despite $1B buyback announcement 4.
• HPE beats Q2 estimates on AI systems strength, raises full-year EPS outlook; shares up 3% after hours 7.
• Palantir hits record high, up 76% YTD; S&P 500 and Nasdaq both turn positive for 2025 1314.
• Pump.fun plans $1B token sale at $4B valuation; Solana ’s SOL drops 3% and memecoins slide 5.
• Trump’s Truth Social files for spot Bitcoin ETF; Senator Lummis claims U.S. military backs 1 million Bitcoin reserve proposal 611.
• Texas removes BlackRock from fossil-fuel boycott list after climate policy rollback, reopening state investment 10.
• Citigroup rescinds post-Parkland firearms policy, updates code to bar political discrimination 15.
• Lee Jae-myung wins South Korea presidency; U.S. affirms alliance, with attention on trade and regional security 12.

Commentary

Tech and semiconductor leadership was the clear market driver, with Nvidia reclaiming the top spot by market cap and fueling gains across the Nasdaq and S&P 500 314. Palantir ’s continued outperformance and HPE ’s AI-driven upside reinforce the current market preference for AI and data infrastructure names 713. CrowdStrike ’s after-hours decline, despite strong EPS and a buyback, highlights investor focus on forward revenue guidance in high-multiple tech 4.

The Fed’s removal of Wells Fargo ’s asset cap is a notable development for U.S. financials, potentially unlocking new lending and M&A activity for the bank and signaling regulatory confidence in its governance reforms 2. Meanwhile, Citigroup ’s rollback of its firearms policy and Texas’s reinstatement of BlackRock reflect a shifting regulatory and political environment, which could influence capital flows in both banking and energy sectors 1015.

On the macro front, Trump’s tariff hikes on steel and aluminum (with a UK exemption until July 9) introduce new uncertainty for industrials and manufacturing supply chains, and raise the risk of retaliatory measures from the EU 19. This could impact input costs and margins for U.S. manufacturers and downstream sectors, while providing a short-term benefit to domestic metals producers.

Crypto markets saw headline-driven volatility: Solana assets slid on news of Pump.fun’s large token sale, while Trump’s Truth Social ETF filing and Senator Lummis’s Bitcoin reserve proposal kept digital assets in focus 5611. Geopolitical events—such as Lee Jae-myung’s win in South Korea and ongoing Israel-Syria tensions—remain on the radar but did not directly move U.S. markets today 812.

Traders should monitor for sector rotation as tariff impacts unfold, tech momentum persists, and regulatory shifts in banking and crypto continue to generate headline risk.