U.S. stocks surged across the board yesterday (6/10) as market optimism grew regarding the U.S.-China trade agreement, coupled with heightened anticipation for the upcoming CPI data release. The S&P 500 extended its gains for the third consecutive day, now just 1.7% shy of its all-time high. Tech stocks and related semiconductor shares performed exceptionally well, with TSMC ADR rising by 2.64%. Meanwhile, U.S. and Chinese officials engaged in a new round of negotiations in London, where Commerce Secretary Howard Lutnick described the progress as "quite smooth." Bitcoin saw a modest 0.22% increase compared to the previous day, while Ethereum stood out with a significant 3.91% surge, briefly climbing to $2,833.
U.S.-China London Negotiations Progress Smoothly; CPI Data Takes Center Stage
U.S. Commerce Secretary Howard Lutnick stated that the U.S.-China talks are "quite smooth" and expressed optimism that an agreement could be finalized by Tuesday evening (6/10) local time—otherwise extending to Wednesday. Lutnick further hinted that recent U.S. restrictions on Chinese high-tech exports might ease if Beijing agrees to release rare earth materials. Markets are hopeful that both sides will reach a consensus on key issues such as "tariff reductions" and "rare earth exports."
The U.S. Consumer Price Index (CPI) is set to be released this Wednesday (6/11), with expectations that the annual rate will rise from 2.3% to 2.5%, primarily due to inflationary pressures from the Trump administration's import tariffs. Citibank predicts that the Federal Reserve (Fed) will hold rates steady in June and July, with the earliest possible rate cut occurring in September.
Musk vs. Trump Beef Continues as Tesla Extends Three-Day Rally
Tesla CEO Elon Musk and former President Donald Trump have been publicly sparring over the One Big Beautiful Bill Act on social media, prompting even Vice President JD Vance to intervene in hopes of reconciliation.
Musk announced on X (formerly Twitter) that the first Tesla self-driving vehicle would roll off the production line on 6/28 and drive directly to a customer's home. According to Austin, Texas, transportation department records, Tesla has been officially listed as an autonomous vehicle operator (Known AV Operators in Austin). The company is currently in a testing phase, with self-driving taxis spotted on Texas roads. Tesla stock has surged for three consecutive days, gaining 5.67% and closing at $326.09.
Bitcoin Pulls Back to $109K While Ethereum Rallies on ETF Inflows
Bitcoin (BTC) briefly surpassed the $110K mark before retracing to the $108K–$109K range, while Ethereum (ETH) delivered a standout performance.
According to on-chain analyst Trader T, U.S. Ethereum spot ETF net inflows reached $124.01 million, marking the highest trading volume in four months. Consequently, Ethereum (ETH) surged to $2,833. Below are the net inflows for major Ethereum ETFs:
- BlackRock ETHA: $79.67 million net inflow
- Fidelity FETH: $26.32 million net inflow
- Bitwise ETHW: $8.35 million net inflow
- Grayscale ETH: $9.67 million net inflow
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FAQ Section
What drove Ethereum's price surge?
Ethereum’s rally was fueled by record-high net inflows into U.S. spot ETFs, signaling strong institutional demand.
Will the Fed cut rates soon?
Citibank projects no rate changes in June or July, with the earliest potential cut in September—pending CPI data and economic conditions.
How did Tesla gain amid Musk-Trump tensions?
Positive developments in Tesla’s autonomous vehicle program overshadowed the public feud, boosting investor confidence.
What’s next for U.S.-China trade relations?
Both sides aim to finalize agreements on tariffs and rare earth exports, with negotiations described as "progressing smoothly."
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