Skip to navigationSkip to main contentSkip to right columnADVERTISEMENTBy Mike DolanThu, June 4, 2026 at 12:45 PM GMT+2 4 min readBy Mike DolanJune 4 (Reuters) -What matters in U.S. and global markets todayBy Mike Dolan, Editor-at-Large, Finance and MarketsThe S&P 500 failed to clock its 10th straight daily gain on Wednesday and there are some clouds gathering in markets. Despite the frenzy in the red-hot chip sector, Broadcom, now the world's sixth-biggest company by market cap, stumbled after its latest earnings release.The chipmaker’s stock dropped more than 13% overnight following a slight miss on sales and revenue forecasts. That reaction speaks to the high bar companies must now meet to impress markets amid the AI boom. In the words of one analyst, the market now demands perfection.I’ll get into that and more below.But first, check out my latest column on why Kevin Warsh's Fed could catch investors off guard.And listen to the latest episode of the Morning Bid daily podcast. Subscribe to hear Reuters journalists discuss the biggest news in markets and finance seven days a week.SUMMER CLOUDSBroadcom’s miss also speaks to the rising competition in the sector, where shares of chip designers like Marvell Technology have zoomed higher over the past week. Marvell’s shares touched a record high after Nvidia CEO Jensen Huang on Tuesday stated it is likely to become a trillion-dollar company.Meantime, the broader economy has shown few signs of slowing, fuelling hawkish bets on the Federal Reserve's next move, with futures now seeing almost a 50% chance of a rate rise as soon as October.The Fed's so-called Beige Book, which lays out the economic conditions facing policymakers when they meet this month, showed activity has picked up even as energy price pressures have become pervasive.That was clear in the recently released ISM business surveys for May, as well as labor market numbers like May’s forecast-beating 122,000 rise in ADP private sector payrolls.The May employment report will be released tomorrow, but overall U.S. economic surprise indexes are running at their most positive in three years.There's been little relief on the energy front, meantime, with oil prices still elevated as we enter a crunch month for global crude supplies. And despite reports of a ceasefire between Israel and Lebanon boosting hopes for a broader Iran deal, fighting continued in southern Lebanon on Thursday.In otherwise calm currency markets, the softening Japanese yen continued to flirt with the 160-per-dollar level, even in the face of warnings from BOJ sources that an interest rate rise is likely this month - unless a sharp escalation in the Middle East conflict upends markets.Terms and Privacy PolicyPrivacy & Cookie SettingsMore Info