Losers:

Super Micro -26.85% : The high-density server maker suffered from the pullback in tech and semiconductors, which were pressured midweek by renewed geopolitical tensions between Washington and Tehran. In parallel, the group priced its capital increase, which could reach $7 billion, a transaction that mechanically dilutes existing shareholders.

Adobe -18.86% : The creative software publisher lost ground, despite a quarter that beat expectations and raised annual revenue targets, now between $26.5 billion and $26.6 billion. Investors punished the departure of the CFO, seen as an unsettling governance signal.

AppLovin Corporation -10.85% : The mobile monetization platform declined after one of its executives sold shares worth nearly $11.3 million, as disclosed by the SEC on June 8. This type of insider sale is traditionally seen by the market as a short-term cautionary signal.

Oracle Corporation -13.83% : The enterprise software giant stumbled. Its quarterly results came with heavier-than-expected investment forecasts, which UBS identified as the main cause of the correction. A $395.8 million federal contract won this week was not enough to reassure investors.

Workday -9.34% : The HR and finance management software specialist was hurt by an insider’s sale of shares worth nearly $14.9 million, reported to the SEC on June 12. Such an internal transaction is generally interpreted by markets as a call for caution on short-term prospects.

Halma PLC -16.42% : The British safety technology conglomerate plunged despite results considered solid, after publishing forecasts pointing to a slowdown in annual growth, disappointing the market.

Energy: Crude prices fell by around 10% over the week, down 9.40% for Brent August delivery and 9.70% for WTI July delivery, reaching their lowest level in nearly two months. This decline reflects growing signs of a possible agreement between the United States and Iran, which would include an extension of the 60-day ceasefire and the reopening of the Strait of Hormuz, a vital passage for nearly 20% of global oil. U.S. President Donald Trump announced the cancellation of new strikes against Iran, easing fears of military escalation. However, the agreement still needs to be finalized and signed, notably by Donald Trump, while Tehran says no final decision has yet been made. The reopening of the Strait of Hormuz would immediately relieve the market by facilitating tanker transit through the Persian Gulf, but the recovery in production will remain gradual.

Metals: A tough blow for gold, whose price came close to the symbolic $4,000 mark. Prices nevertheless rebounded at the end of the week thanks to hopes for a ceasefire agreement between the United States and Iran, supporting a decline in oil prices. At $4,220 an ounce, gold is heading for a decline of more than 2% over the week. The prospect of high inflation, linked to still-elevated energy prices, is fueling expectations that the Fed and the ECB will keep interest rates high. This environment remains unfavorable for gold, a non-yielding asset, despite partial support from central bank purchases and ETF inflows. Copper continued to fall, touching $13,380 per tonne on the LME, its lowest level in three weeks. This move is explained by heightened tensions in the Middle East and the prospect of a global economic slowdown, which exacerbates concerns over copper demand. It is worth noting that inventories continue to shrink in LME warehouses, evidence of tightening supply.

Agricultural products: Soybeans fell in Chicago to 1,110 cents per bushel, weighed down by beneficial rains in the U.S. Midwest, which are supporting crop growth, as well as by a decline in crude oil prices affecting soybean oil, used in biodiesel. Corn remained fairly stable at 410 cents, despite improving production prospects. Indeed, the USDA raised its yield forecasts for Argentina and Brazil. Finally, nothing notable to report for wheat, which is trading around 582 cents per bushel.

Macro: Financial markets are trying to keep their heads above water amid a stream of sometimes contradictory news that is struggling to provide a clear reading of the situation. On the macroeconomic front, U.S. inflation, now above 4%, has returned to its highest level since April 2023, fueling fears of a 25-basis-point increase in key interest rates by the end of the year. The ECB, for its part, did not wait to act: it has already raised its main refinancing rates by a quarter point. On the geopolitical front, Donald Trump continues to blow hot and cold with Iran. As is often the case, threats are giving way to fresh delays, against the backdrop of an agreement presented as imminent. The market wants to believe in it, but only an actual signature would remove the sword of Damocles still hanging over global markets. This did not prevent SpaceX from making a spectacular debut on the New York Stock Exchange, proof that the power of narrative still has a powerful gravitational pull.

Crypto: Bitcoin remains flat after four consecutive weeks of declines, which drove it down from USD 83,000 to USD 63,000. It has also been a cold shower for spot Bitcoin ETFs. No less than USD 5.8 billion in net outflows were recorded from these exchange-traded products. Total assets under management fell to USD 79.5 billion, their lowest level since the end of 2024. At bitcoin’s peak in late 2025, at USD 126,500, assets under management hovered around USD 150 billion. More broadly, cryptocurrencies are suffering from investors’ appetite for anything related, directly or indirectly, to artificial intelligence. Until bitcoin and its peers find bullish catalysts of their own again, or until Elon Musk announces the use of bitcoin to pay for SpaceX rockets and satellites, the cryptosphere will probably be left on the sidelines. The total valuation of the crypto market has fallen to its lowest level since October 2024, at around USD 2.15 trillion.