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DAILY STACK
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Five stories ranked by Real-Life Impact
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Thursday, June 4, 2026
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Today's Thesis: Iran hit Kuwait's airport and US bases in Bahrain with missiles Wednesday morning, oil jumped back to $96, the Dow lost 621 points and snapped a nine-day win streak, Rubio told the Senate that Iran must reopen Hormuz before the US lifts any sanctions, and nonfarm payrolls land tomorrow — so your gas bill is climbing again, your 401(k) gave back a week of gains in one session, and the next 24 hours decide whether Warsh walks into his first FOMC meeting with a job market that's hot or one that's cooling.
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Try Out Musk’s New AI Agent – Before His Big Announcement
The world’s richest man… is about to get a lot richer.
Elon Musk just signed a contract…
That could make him the world’s first trillionaire.
But he has to do one thing…
Or he doesn’t get paid a dime.
You see, Elon just created a device he believes will be “the biggest product ever.”
He thinks it could 70X investors’ money.
By the end of this month.
Maybe even tomorrow on X.
He’s going to make this game-changing device available to the public.
He has to sell 1 million to become a trillionaire.
Would you bet against him?
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1
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Your wallet
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WTI $96.02 · +2.4% Wed · Kuwait airport hit
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Iran hit Kuwait's airport with missiles — and oil jumped back to $96
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Iranian drones and ballistic missiles struck Kuwait's international airport Wednesday morning, forcing flight diversions and causing injuries. Iran also fired on US military bases in Bahrain and Kuwait, and the US struck an oil tanker it said was trying to breach the blockade. WTI crude jumped 2.4% to $96.02 and Brent hit $97.81 — erasing most of May's decline in a single week. The two-week gas relief that started when oil dipped below $89 is already reversing. If crude stays above $95, pump prices will follow within days.
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The other side: CNBC reported that the Strait of Hormuz could reopen "as soon as this month," and Trump said Iran "agreed to not have nuclear weapons" — so the escalation and the deal track are running in parallel.
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2
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Your vote
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Rubio: reopen Hormuz first · Hormuz "this month"
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Rubio told the Senate: Iran must reopen Hormuz before the US lifts anything
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Secretary of State Rubio told the Senate Foreign Relations Committee that Iran must reopen the Strait of Hormuz and commit to future nuclear talks before Washington lifts its blockade or eases sanctions. That's the clearest public demand from the administration yet — and it sets a bar Iran has not agreed to meet. Trump said Iran "agreed to not have nuclear weapons" but added "they can change their mind." Missiles flying at the same time as negotiations isn't new in this war — but it's the first time Iran has hit a civilian airport of a US ally.
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The other side: CNBC reported the Strait could reopen as early as this month if talks progress, and Rubio's demands may be a negotiating position rather than a final line — the gap between the US and Iran has narrowed even as the fighting widened.
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3
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Your home
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Dow -621 · 9-day streak broken · yields rose
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The Dow dropped 621 points and the nine-day record streak is over
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The Dow fell 1.21% to 50,687, the S&P 500 dropped 0.74% to 7,553, and the Nasdaq lost 0.89%. Treasury yields moved higher as oil-driven inflation expectations returned. ISM Services came in at 53.6, below the 53.9 estimate, with new orders slumping 7.1 points — a sign that demand in the part of the economy where most Americans work is softening even as prices stay high.
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The other side: The S&P gained 16% in April and May combined — a run matched only four times in history — so a one-day pullback after a nine-day streak is a normal correction, not a reversal.
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4
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Your job
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ADP +122K beat · ISM jobs 48.0 · payrolls tomorrow
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ADP beat expectations — but service-sector hiring is still shrinking
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Private payrolls added 122,000 jobs in May, above the 117,000 estimate, but the ISM Services employment index came in at 48.0 — still in contraction. Nonfarm payrolls land tomorrow at 8:30, and if they match the split signal — hiring up but the biggest sector struggling — Warsh's FOMC decision gets harder.
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The other side: JOLTS showed 7.6 million open jobs on Tuesday — 700,000 above estimates — and ISM Manufacturing hit 54, so the economy is running two speeds, not one.
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5
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Markets
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AVGO + CRWD after hours Wed · LULU tonight
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Broadcom and CrowdStrike results landed last night — Lululemon reports today
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Broadcom and CrowdStrike both reported after the bell Wednesday — analysts had expected Broadcom to post earnings up 51% on revenue near $22 billion, making it the last major AI chip read of the cycle. Lululemon reports tonight and will signal whether higher-income shoppers are still spending or starting to pull back.
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The other side: Palo Alto Networks fell 3% after hours Tuesday despite raising its profit outlook — a sign the bar is so high right now that beating isn't enough.
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Off The Stack
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Gold overtook US Treasuries as the largest reserve asset held by central banks worldwide. — A long-term structural shift, but not one that changes your week; gold prices actually fell 1.25% Monday.
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The US sanctioned Iran's largest cryptocurrency exchange, Nobitex, for helping Tehran evade sanctions. — Part of the broader economic pressure campaign; no direct consumer impact unless you hold Iranian crypto exposure.
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DocuSign, Rubrik, and ServiceTitan all report Thursday after the bell alongside Lululemon. — Software and SaaS reads, but Broadcom and CrowdStrike are the ones moving the sector today.
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Daily Stack · Five stories ranked by Real-Life Impact
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