OP Wire 6/4 (OP – Lite)

By Steve

Good morning, OP Fam! Futures are flat this morning as markets digest President Trump’s new tariff hikes and wait for key jobs data. Meanwhile, $QQQ continues its breakout run, and we’re only inches from new all-time highs. Let’s dive into what matters today.

🧨 1. Steel Tariffs Now In Effect – Market on Pause

Futures are holding steady ahead of the open:

Dow Futures: Flat
S&P 500 Futures: Flat
Nasdaq 100 Futures: -19 pts (-0.1%)

Markets are steady after Tuesday’s rally, driven by tech strength and chip momentum. However, caution lingers following President Trump’s move to double steel and aluminum tariffs to 50%, now officially in effect.

Trump’s administration argues the hikes are needed to “protect national security” and curb foreign dumping. Markets are watching closely as this could ripple into inflation, earnings, and hiring trends.

📞 2. Trump-Xi Call Could Cool or Ignite Trade War

The White House confirmed Trump will speak with China’s Xi Jinping this week, just days after accusing China of violating a prior trade agreement. China denied the claim.

Trump, on Truth Social, called Xi “very tough” and “hard to make a deal with.” Still, strategists at ING noted recent leader-to-leader calls have tended to ease trade tensions short term.

Meanwhile, Trump officials gave countries until today to submit trade deal proposals before the July expiration of the 90-day tariff pause from “Liberation Day.” Negotiators say several deals are “close,” but only the U.K. deal has been finalized so far.

📊 3. ADP Jobs Data in Focus Today

Watch for the ADP private payrolls report @ 8:15AM ET, expected to show 111,000 jobs added in May. That’s a rebound from April’s weak 62,000 number.

This is a key prelude to Friday’s NFP report, and traders are watching to gauge how tariff volatility is hitting hiringacross sectors.

Yesterday’s JOLTS data showed 7.4M job openings and a drop in layoffs — solid labor demand, but still mixed signals.

🛒 4. Dollar Tree Earnings Today (DLTR)

After Dollar General ($DG) posted a monster beat and lifted guidance yesterday, all eyes are on Dollar Tree’s numbers premarket.

With inflation and tariffs biting, budget-conscious consumer names are gaining momentum. Dollar General’s outperformance helped lift $DLTR shares over 4% Tuesday — and today’s report could be a trading catalyst for retail.

🛢 5. Oil Prices Choppy After OPEC+ & Supply Risks

Brent: $65.63 (unchanged)
WTI: $63.40 (unchanged)

Oil held Tuesday’s 2% rally, sparked by:

Wildfires in Canada
Tensions between Iran and the U.S.
OPEC+ reaffirming July’s 411,000 bpd output hike

Watch Crude Oil Inventory data at 10:30AM ET for intraday energy sentiment.

📈 6. QQQ Pushes Higher – Breakout Still Active

$QQQ closed yesterday at 527.30, now just 2.5% away from breaking out to new all-time highs.

Key Resistance: 530 → 540 (ATH zone)
Support Levels: 517 → 510 → 500
Below 500 = potential gap fill to ~493

Tech strength and chip rallies are fueling the move. Just stay cautious of pullbacks on macro surprises.

🪙 7. Bitcoin, Gold Stay Elevated

Bitcoin: Holding around $105,000
Gold: Firm near $3,400/oz

Precious metals & crypto remain strong on safe-haven demand and rate cut bets. Gold miners continue to outperform into strength. Keep these sectors on your radar.

📰 Other Headlines to Watch

📦 Meta inks 20-year nuclear energy deal with Constellation Energy to power AI expansion
🚗 Toyota stock drops 13% after $33B buyout deal of Toyota Industries announced
💊 CVS to close 270 stores this year amid footprint realignment
🧾 IRS confirms May tax filers to receive refunds this month via direct deposit
🛠️ INTC paid 85%+ yesterday from our trade plan — still holding LEAPS, will trim today ✅

🗓️ Today’s Key Economic Data:

🇺🇸 8:15 AM – ADP Nonfarm Employment Change (May)
🇺🇸 8:30 AM – FOMC Member Bostic Speaks
🇺🇸 9:45 AM – S&P Global Services & Composite PMI (May)
🇺🇸 10:00 AM – ISM Non-Mfg. PMI, Employment & Prices
🇺🇸 10:30 AM – Crude Oil Inventories
🇺🇸 2:00 PM – Fed Beige Book

📺 Today is Secret Sauce LIVE stream — don’t miss the setups.
📩 Need access? Email steve@optionsplayers.com now.

Let’s stack well, follow the plan, and trade what confirms. See you in chat!

— Team OptionsPlayers | Stack Your Gains™

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