(The opinions expressed here are those of the author, a

columnist for Reuters.)

By Mike Dolan

June 3 (Reuters) -

What matters in U.S. and global markets today

By Mike Dolan, Editor-at-Large, Finance and Markets

Oil prices and bond yields have pushed higher as hostilities in

the Gulf resume - but you'd be hard pressed to find many signs

of concern in AI-obsessed stock markets. Wall Street's SOX chip

index jumped more than 5% on Tuesday as the wider S&P 500 eked

out another record closing high, gaining for the ninth straight

day.

According to Deutsche Bank, a 10th gain for the S&P 500 on

Wednesday would be the longest such streak in more than 30

years.

I'll get into that and more below.

But first, check out my latest column on the eerie calm beneath

wild individual stock swings - and why it could be deceptive.

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.

QUANTUM LEAP

The U.S. on Wednesday intercepted Iranian missile attacks in the

Gulf and carried out strikes of its own, pushing up Brent crude

more than 2% to around $98 per barrel.

Equity markets seemed to take little notice, at least in Asia,

where tech-heavy indexes followed Wall Street's example on

Wednesday to reach new record highs on the AI theme. Wall Street

futures edged down before the bell, however, and European shares

dipped in early trading.

Meantime, the yen flirted again with the important

160-per-dollar level as the fresh U.S.-Iran exchanges boosted

the greenback. Japanese authorities have spent some $73 billion

in yen-buying intervention recently to support the currency

after it previously weakened past that point.

Earnings from Broadcom, due out after the bell, will top the

tech diary on Wednesday. The chip designer is now a $2 trillion

behemoth at the centre of the AI buildout.

IPO excitement continued as more details of SpaceX's planned

blockbuster listing emerged, with the company planning to fix

its IPO price at $135 per share to raise a record-setting $75

billion, according to a Reuters exclusive.

Elsewhere, Microsoft claimed it had made a breakthrough in

transformative quantum computing with a new quantum chip -

redesigned using AI - that aims to make commercially viable

quantum machines a possibility within three years.

In the macro world, a big week for jobs data kicked off on

Tuesday with an unexpectedly large surge in April job openings.

That questions notions of a softening labor market and will keep

Fed hawks on watch. ADP's private sector payrolls for May are

due out later, ahead of Friday's May employment report.

Chart of the day

Shares of chip designers Broadcom and Marvell Technology

have surged since 2025 on rising demand for custom AI chips from

hyperscalers seeking to reduce reliance on Nvidia's processors.

Broadcom will report second-quarter earnings on Wednesday.

Marvell's shares surged 25% on Tuesday to touch a record high

after Nvidia CEO Jensen Huang called it the next

"trillion-dollar company".

Today's events to watch

* U.S. ADP May private payrolls (8:15 a.m. EDT), ISM May

services PMI (10 a.m. EDT)

* Fed issues Beige Book

* Fed's Michael Barr and Dallas Fed's Lorie Logan speak

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Opinions expressed are those of the author. They do not reflect

the views of Reuters News, which, under the Trust Principles, is

committed to integrity, independence, and freedom from bias.