Key Takeaways
- Nasdaq 100 leads a global market retreat, tumbling 2.0% as tech volatility intensifies ahead of key central bank decisions.
- EU regulators order Meta (META) to grant rival AI chatbots unrestricted, free access to WhatsApp within five days to preserve competition.
- Boeing (BA) delivered 60 aircraft in May, including 51 737 MAX jets, though its total backlog dipped slightly to 6,178 units.
- SpaceX’s IPO is reportedly seeing massive investor demand, with the offering currently multiple times oversubscribed.
- The ECB is widely expected to hike rates by 25 basis points on June 11, with markets pricing in a 99% probability despite softening growth.
The Nasdaq 100 experienced a sharp decline on Tuesday, falling 2.0% as investors rotated out of high-growth technology stocks. This downward momentum spread to European markets, where Britain’s FTSE 100 dropped 1.27% and Germany’s DAX fell 0.8%. France’s CAC 40 and Spain’s IBEX also saw modest losses of 0.05% and 0.2%, respectively.
Meta (META) has been plunged into a regulatory battle with Brussels after EU antitrust regulators ordered the company to allow competing AI chatbots free access to its WhatsApp messaging service. The EU mandate requires compliance within five days, citing the need to prevent a monopoly in the AI chatbot market. Meta has announced plans to challenge the order, labeling it "excessive regulation" that is effectively funded by European companies.
In the aviation sector, Boeing (BA) reported a productive month with 60 deliveries in May, a significant portion of which were 737 MAX and 787 Dreamliner jets. Despite booking 27 new orders, the company faced 16 cancellations, bringing its year-to-date net order total to 295. The aerospace giant’s official backlog remains robust but saw a slight month-over-month decrease to 6,178 airplanes.
Energy giant BP (BP) is reportedly searching for a new recruitment firm to find its next chairman following the sudden dismissal of Albert Manifold after only eight months. This leadership vacuum has renewed concerns regarding the company’s long-term governance and strategic direction. Meanwhile, in the private markets, SpaceX is generating significant buzz as its IPO is reportedly multiple times oversubscribed, signaling intense appetite for space-tech exposure.
Google (GOOGL) continues to push its AI integration, announcing that its Gemini 3.5 model is now available globally on the Google Translate app for iOS and Android. Additionally, the company is launching a private preview of a Google Workspace update for select business users this month. These moves come as geopolitical tensions drive Japan and Malaysia to sign a joint statement focusing on economic security and the supply of rare-earth elements and LNG to counter regional export limits.
Market attention is now firmly fixed on the European Central Bank (ECB) meeting on June 11. While inflation remains energy-driven and economic growth appears to be softening, traders have priced in a 99% chance of a rate hike. Analysts are closely watching the Euro’s reaction, as a hike in a cooling economy could signal a shift in the central bank’s priority toward price stability over immediate growth concerns.
Ed Liston is a senior contributing editor at TheStockMarketWatch.com. An active market watcher and investor, Ed guides an independent team of experienced analysts and writes for multiple stock trader publications.