Notable market news this past week (7-Jun-26)
Here is the Skeptivest roundup of the latest market headlines for the week
🌍 US equities sold off sharply after a stronger-than-expected May jobs report, South Korea elections trigger volatility in local markets
The US economy added 172k jobs in May, blowing past the market forecast of 85k jobs, while the unemployment rate held steady at 4.3%, pointing to a continued resilience in the labour market. US equities fell sharply in a knee-jerk reaction on Friday following the hotter-than-expected non-farm payrolls report, which reinforced expectations that the Fed may keep interest rates higher for longer. The stronger labour market data led investors to scale back expectations for near-term rate cuts, driving US 10-year treasury yields 6-8bps higher to ~4.55%, while 2-year climbed around 7bps to ~4.15%. The Nasdaq fell 4.2%, marking its steepest single-day decline in months, as higher yields pressured richly valued AI-related and technology names amid renewed concerns over elevated valuations and tighter financial conditions.
Separately, markets saw bouts of volatility around South Korea’s presidential election. The nomination of Han Seong-Sook as the country’s first female prime minister in two decades, signals a policy focus on artificial intelligence, digital transformation, and inclusive economic growth, with markets generally viewing her corporate background and tech-oriented stance as supportive of stronger regulatory reform and public-private partnerships in the technology sector. In FX, the Korean won weakened sharply into the election, with USD/KRW breaking above the psychological 1550 and 1560 levels amid political uncertainty, protests over alleged election fraud, a stronger US dollar, and continued foreign selling of Korean equities.
☕️ Quick fire happenings to note
🌏 Global macro
- South Korea’s CPI rose more than expected in May, accelerating to 3.1% y/y from 2.6% previously, with core inflation also firming to 2.5%. The upside surprise was driven mainly by higher fuel prices, alongside broader pressures in airfares and IT goods, suggesting inflation momentum is becoming more broad-based. In contrast, external demand remains a key support, with exports surging 53.2% y/y led by a 169.4% jump in semiconductor shipments on strong AI-related demand, helping widen the trade surplus and reinforcing growth momentum into 2Q26. Manufacturing activity also strengthened, with PMI rising to its highest level since 2021, pointing to sustained near-term export-driven expansion.
- Philippines’ inflation eased in May, with headline CPI slowing to 6.8% y/y from 7.2% in April. The moderation was largely driven by a partial easing in transport inflation driven by recent fuel price rollbacks, while price pressures in food and services remained persistently elevated. Core inflation, at 4.1% y/y, has breached BSP’s 4% target, underscoring persistent underlying price pressures. While the softer headline print may offer some near-term relief, inflation risks remain tilted to the upside amid continued food and energy-driven pressures. Market expectations have now shifted toward a potential 25bp hike or at least a hawkish hold at the upcoming policy meeting, with some tail risk of a larger 50bp move should inflation dynamics remain sticky.
🏦 Individual stocks/companies
- Marvell Technology Inc (+32.07% past 5D) saw significant volatility, initially rallying to fresh highs on continued AI optimism and strong sentiment around its data centers and networking chip exposure, further boosted after Nvidia CEO Jensen Huang referred to Marvell as a potential “next trillion-dollar company,” reinforcing optimism around its role in AI infrastructure and semiconductor demand. The stock later gave back gains amid a broader tech sell-off on Friday after stronger-than-expected US jobs data pushed treasury yields higher and triggered profit-taking in high-beta AI names. Despite the pullback, MRVL still ended the week with solid gains, supported by sustained AI demand tailwinds and positive structural growth expectations.
- Alphabet Inc (-2.04% past 5D) declined as markets reacted to a surprise ~US$84.75billion capital raise aimed at accelerating its AI infrastructure build-out. Initially launched at $80 billion, the offering was upsized due to strong investor demand, underscoring significant appetite for Alphabet’s AI expansion plans. The deal included participation from Berkshire Hathaway via a$10 billion private placement, positioning it as a meaningful investor in Alphabet’s US$80bn+ equity raise aimed at funding AI infrastructure and expanding global computing capacity. However, sentiment was tempered by concerns around potential dilution, with roughly US$40 billion raised through an at-the-market program primarily linked to employee tax obligations, alongside additional proceeds earmarked for general corporate purposes.
- Victoria’s Secret & Co (+32.45% past 5D) shares rallied after delivering strong earnings beat, with Q1 sales rising 15% to US$1.56bn and adjusted EPS of US$0.60,well above expectations, prompting the company to raise full-year guidance. The positive surprise drove a sharp re-rating in the stock, with shares surging around 50% in a single session to record highs, as investors reassessed the pace and durability of the brand’s turnaround under its renewed focus on core product categories, improved full-price selling and optimism around sustained margin recovery.
🇸🇬 Singapore related
- DBS, announced its largest expansion of its wealth franchise to date, with plans to open 18 new wealth centres and upgrade 36 existing centres across APAC byend-2027. The expansion will span Singapore, Hong Kong, mainland China, India, Indonesia, and Taiwan, with DBS also expanding its Singapore Treasures wealth centre footprint by 50% with the new openings. The initiative reflects the bank’s push to capture rising regional wealth flows amid growing affluence and increasing demand for sophisticated wealth management services.
