Good morning, investors. Keep an eye out for the inflation data due this morning, but don’t fixate on it too much.

If this report is anything like the last half-dozen, it won’t matter anywhere near as much as what hyperscalers are saying and doing in the AI economy.

The market spent Tuesday morning spooked and the afternoon pretending it never happened.

The S&P 500 fell more than 2.2% after President Trump called for fresh strikes on Iran. Yet by the end of the trading day it clawed almost all those losses back, finishing down just 0.26% and still within reach of its record-high.

This pattern has played out twice already and each occasion proved to be a bullish opportunity.

On the"Liberation Day" tariff announcement in April 2025, the S&P 500 fell roughly 20%.

It took about a month to make the money back.

Importantly, when President Trump on April 9, 2025 announced a pause to those tariffs, investors who stayed invested captured one of the best trading days in history and have benefitted ever since.

Investors who sold and missed that one trading day remain down 12% to this day.

When the Iran conflict started at the end of February 2026, stocks fell and oil prices skyrocketed.

That dip in equities, similarly, did not last long.

In V-shaped fashion, the index quickly returned to record highs and shrugged off the geopolitics.

On Tuesday the same reflex compressed into a single session, like a microcosm of the broader recurring theme.

The selloff and the recovery happened within hours of one another.

At this point, investors do not seem interested in waiting for the geopolitical or policy shock to resolve before they buying the dip.

Smart money is buying into the panic, betting any damage will be walked back or simply ignored.

That has turned out to be a winning playbook under this administration.

The April dip-buyers were richly rewarded, as were the ones who looked through the missiles in Iran.

That said, each faster rebound teaches the next wave of buyers to move quicker and ask fewer questions. That inherently makes for riskier, less predictable markets.

History teaches us that, at some point, the dip-buyers will find themselves on the wrong side of the trade.

That lesson however has yet to materialize during the AI boom.

Most retirement accounts limit what you’re allowed to invest in, but smart investors like Peter Thiel and Warren Buffet have used self-directed IRAs to accumulate millions of dollars in tax-free retirement accounts. 

BitcoinIRA makes it easy to boost retirement savings by investing in crypto through a tax-advantaged IRA.

Since 2016, they’ve been a leader in the space, offering the best in service and security including military-grade cold storage and up to $250M² in custody insurance. 

Save up to 37% on capital gains taxes and get expert help from IRA specialists. Trusted by 200K+ Americans, it’s designed to make crypto retirement investing simple and secure, and it only takes a few minutes to sign up.

Plus, Opening Bell Daily readers can win up to $4,000 of rewards¹.

🚨 President Trump said the US “must” respond to Iran following a report that a US helicopter was shot down near the Strait of Hormuz. The two pilots were safe and not injured, the president said. (WSJ)

📈 US inflation is expected to have ticked higher in May. The latest CPI data is out at 8:30 AM in New York Wednesday, arriving three months into the conflict with Iran. Bloomberg economists expect inflation to climb 4.2% year-over-year. (Yahoo Finance)

📊 Small-business price-hike plans hit a four-year high in May. NFIB's optimism index fell to 95.3 while the share of owners planning to raise prices jumped seven points to 34%, the highest reading since July 2022. (Investing.com)

🍎 Apple stock tumbled further after its WWDC keynote and Siri AI updates. The stock touched a record intraday high before fading as investors digested another delay to the long-promised assistant overhaul. (CNBC)

I sat down with Bloomberg Intelligence ETF analyst James Seyffart to unpack the SpaceX IPO and why it’s not being fast-tracked into the S&P 500, the rise of leverage in markets, prediction market ETFs, and the bitcoin bear market.

Tune in on Spotify, Apple Podcasts, or YouTube (and please leave a review if you enjoy the show!).

🗓 June 10, 2020: The FOMC ended its first post-pandemic meeting with a projection that the federal funds rate would stay near zero through 2022, formalizing the zero-rate regime that fueled the longest tech-led bull market in modern history.

📩 Want to get in front of 207,000+ investors who get this newsletter and the 350,000 professionals who can access it on Bloomberg Terminals? Reply to this email and tell us why we should work together.

Sponsor disclaimers: Some taxes may apply. We recommend you consult your tax, legal or investment advisor.

1. Visit https://bitcoinira.com/disclosures for more details. 

2. Security, storage, wallet providers, and insurance may vary based on asset chosen and custody solution available.