June could get off to a shaky start as trade tensions resurface yet again. After walking back earlier threats of EU tariffs earlier in the week, Trump reignited trade concerns on Friday, announcing that steel and aluminum duties would double to 50% starting next week. The timing raised eyebrows—just days after the “TACO trade” (Trump Always Chickens Out) went viral, mocking his tendency to retreat from aggressive trade posturing. The administration also claimed China had violated the prior agreement, despite the deal lacking any substantive terms or enforcement framework. Markets seemed to brush off the news by Friday’s close, but that reaction could only embolden Trump to prove otherwise. His need to counter the TACO narrative may override any coherent trade strategy, raising the risk of further escalation. Meanwhile, the administration continues to insist that deals are close, yet no concrete progress has been shown—only mounting legal battles and rising global uncertainty. The longer this drags out, the more destabilizing it becomes for businesses, supply chains, and investor sentiment.
Macro data will be available early in the week, with S&P Global and ISM manufacturing and services PMIs due Monday and Wednesday. Expectations are for readings in line with prior prints, which—paired with last week’s softer PCE data—could further support the case for rate cuts. But in the current skittish environment, deviations (too hot or too soft) could rattle markets, especially given growing fears over the economic fallout from erratic trade policies.
Earnings season is mostly winding down, but a few names still warrant attention. Nio (NYSE:NIO) reports Tuesday, and its results could determine whether it remains on the Watchlist—operational challenges continue to raise red flags. Broadcom (NASDAQ:AVGO) also reports, and while not a market mover on its own, its commentary on chip demand and enterprise spend could ripple across the semiconductor space, particularly given its relationship with major AI players and a company named after a fruit.
Monday
S&P & ISM Manufacturing PMI
Tuesday
JOLTS job openings
Earnings: NIO CRWD
Wednesday
S&P & ISM Services PMI
Earnings: MDB
Thursday
Earnings: AVGO
Friday
Employment report
Tracking This Week
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Alphabet (NASDAQ:GOOG) continues to ride positive momentum following Google I/O and a strong earnings report. If macro conditions stabilize, this name may have further upside. Among the Mag 7, it offers the most compelling value on a PEG basis—a factor that becomes increasingly important during quieter periods where sentiment take center stage. As the broader earnings season winds down, it could quietly outperform.
Meta Platforms (NASDAQ:META) re-enters the list this week, flirting once again with a potential breakout toward $700. Its fundamentals remain strong, and it’s shown resilience throughout recent volatility. But previous breakout attempts have been repeatedly derailed by renewed tariff tensions. A clean macro backdrop could be all it needs to make the move.
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