US and Iran Exchange Strikes, Trump Begins Rebuilding Tariff Wall | The Opening Trade 6/3/2026

Why It Matters

The resurgence of U.S. tariffs and escalating Middle‑East tensions reshape trade costs and energy markets, while record‑size tech IPOs and AI valuation splits redefine capital allocation for investors.

Key Takeaways

• Trump reactivates tariffs, reviving Section 301 trade measures against China.
• Iran‑US skirmishes persist, cease‑fire holds; oil inventories plunge sharply.
• SpaceX plans $75 bn IPO at $135 per share, targeting $1.8 tn valuation.
• Semiconductor index up 94% YTD; Marvel nears $1 tn market cap.
• Japan intervenes in yen, adds $19.4 bn budget to offset energy costs.

Summary

The Opening Trade highlighted a volatile mix of geopolitics and market moves on June 3, 2026. President Trump announced the revival of Section 301 tariffs, signaling a hard‑line stance toward China while Europe eyes a minimum 10% tariff floor. Simultaneously, U.S. and Iranian forces exchanged fire in the Gulf, though a fragile cease‑fire remains, prompting oil inventories to fall by more than 6 million barrels daily and pushing Brent up 1.7%.

Equity markets reflected the turbulence: European futures slipped 0.2‑0.3%, while U.S. tech rallied, with the S&P 500 hitting a record high and the semiconductor index soaring 94% year‑to‑date. SpaceX disclosed plans for a $75 billion IPO at $135 per share, valuing the company near $1.8 trillion, and Marvel’s surge suggested a looming $1 trillion market cap. AI valuations also diverged, as Anthropic’s revenue‑per‑gigawatt metrics outpaced OpenAI’s loss‑heavy model.

Policy commentary added depth: the Bank of England’s Megan Greene warned that the Iran‑U.S. conflict could justify higher rates, while Japan’s finance minister signaled yen intervention and a $19.4 billion extra budget to cushion soaring energy costs. Private‑credit funds faced redemption pressure, with Cliff Water limiting withdrawals to 5% after a wave of outflows.

For investors, the confluence of renewed trade barriers, Middle‑East tension, and massive tech IPOs creates both risk and opportunity. Companies reliant on global supply chains must reassess tariff exposure, energy‑intensive sectors should monitor oil drawdowns, and capital‑hungry tech firms may find abundant liquidity but heightened valuation scrutiny.

Original Description

US stocks struggled to build on record gains as growing strains on the ceasefire between the US and Iran sent oil prices higher for a third straight day. The cautious mood follows flare-ups in the Middle East that are testing a fragile truce between Washington and Tehran, with US forces intercepting ballistic missiles and drones aimed at neighboring countries and striking an Iranian command center in response.

The US is proposing new tariffs of at least 10% on imports from 60 trading partners in President Donald Trump’s biggest move to rebuild his protectionist wall since his earlier levies were struck down by the US Supreme Court.

The Opening Trade has everything you need to know as markets open across Europe. With analysis you won't find anywhere else, we break down the biggest stories of the day and speak to top guests who have skin in the game. Hosted by Anna Edwards, Guy Johnson and Tom Mackenzie.

Chapters:

00:00:00 - The Opening Trade - 6/3/2026

00:01:24 - Trump Rebuilds Tariff Wall

00:04:23 - Oil Gains Amid Fresh Strikes

00:06:39 - AI Enthusiasm

00:08:42 - Daybook

00:09:29 - BOJ Rate Decision Preview

00:13:18 - SpaceX IPO

00:20:51 - Need To Know

00:25:30 - UBS Chief US Economist Jonathan Pingle

00:36:01 - US and Iran Exchange Strikes

00:38:49 - Markets in 3 Minutes

00:42:29 - Stocks To Watch

00:47:52 - The Market Open

00:51:04 - JPMorgan Private Bank’s Nataliia Lipikhina

00:59:41 - Core 6 & Early Morning Movers

01:04:01 - Inditex shows Resilience

01:08:25 - US Proposes Levies of at Least 10%

01:14:51 - SpaceX IPO

01:17:56 - Xpeng Vice Chairman & President Brian Gu

01:28:46 - Yen Suddenly Strengthens Vs Dollar

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