Good morning and welcome to Markets Desk.
Jerome Powell stepped back into the spotlight Sunday, warning that Federal Reserve independence is, in his words, a priceless asset. Speaking in one of his first major addresses since leaving the chairmanship, Powell made clear that political interference in monetary policy doesn't just threaten credibility — it threatens markets themselves. Investors will be watching how the current Fed navigates that pressure in the weeks ahead.
Shifting to biotech, Revolution Medicines delivered what can only be described as a landmark readout. Its Phase three RASolute trial of Daraxonrasib showed unprecedented survival gains in previously treated metastatic pancreatic cancer versus standard chemotherapy. Shares moved sharply higher on the news, and the data are drawing serious attention from the oncology community.
And looking ahead to semiconductors, Broadcom reports earnings on June third, and the setup is compelling. The company's AI-driven revenue doubled in its most recent quarter — up one hundred six percent — putting it squarely in the conversation alongside Nvidia as a primary infrastructure beneficiary of the AI buildout. Expectations are elevated, so execution will matter.
That's the tape. Markets Desk, signing off the floor.
