Wall Street is trading quietly while investors are looking for clues to shape market sentiment. Meanwhile, the crypto market is going through a perfect storm. The US Securities and Exchange Commission sparked off a standoff between regulators and risky assets.

As expected, the US stock market opened a new trading week with cautious pessimism. No wonder, the benchmark stock indices retreated from multi-month highs.
The Dow Jones fell by 0.59%. The Nasdaq shed a modest 0.09%. The S&P 500 edged down by 0.20% to close at 4,273.
The major indices traded slightly lower in the New York pre-market. The S&P 500 is expected to trade in the intraday corridor between 4,210 and 4,290.
Wall Street traded quietly on Monday digesting red-hot economic data and applying them to the nearest Fed’s decision on interest rates.
Investors increased expectations for a pause in rate hikes because the Institute for Supply Management proved that the US service sector stagnated in May amid a slower growth in new factory orders. As a result, prices paid by suppliers for raw materials hit a three-year low. In theory, this could help the US Fed in its fight against high inflation.
Bad news for the economy is currently viewed as positive by stock investors because it increases the likelihood that the Federal Reserve will halt a series of aggressive rate hikes. So, the fresh ISM report assured investors to reassess the Fed’s agenda.
According to the FedWatch tool, traders estimate there is almost an 80% chance that the Fed will put interest rates on hold at its meeting next week, although they expect another rate hike in July.
As for corporate news, Apple stocks were in the spotlight again. They fell by 0.8% after the world's most valuable company introduced the Vision Pro augmented reality headset, its biggest and riskiest bet since the iPhone was released. Earlier, Apple shares rose by 2.2% to an all-time high.
The Vision Pro will start at 3,499 dollars, more than three times the cost of the most expensive headset in the Meta mixed and virtual reality device lineup.
Other heavyweight growth stocks traded mixed. Nvidia shares shed 0.4%, losing some of its recent gains. Tesla shares climbed by 1.7% after electric vehicle sales in China jumped in May.
Shares of large US banks declined after the Wall Street Journal reported that US regulators are preparing to tighten rules on large banks, which could include raising their capital requirements by an average of 20%.
Of the 11 S&P 500 industry indices, seven declined, led by the industrial sector, which slipped by 0.71%, followed by a 0.58% loss in energy.
Futures on Wall Street on Tuesday remained virtually unchanged, reflecting a lull in the information field. Wall Street seems to have already digested everything it could and is now just waiting for a clearer signal from inflation data, which is due next week before the Fed meeting. Consumer prices are likely to have declined slightly in May from a month ago, but core inflation is expected to remain unchanged.
Last week, Fed officials argued that at the June meeting, the central bank would keep rates unchanged and look for additional factors to decide whether the economy is actually cooling or a rate hike is a must-do.
However, the Reserve Bank of Australia surprised the market today. It raised interest rates by a quarter percentage point today to an 11-year high and warned that further tightening may be needed to bring inflation down to its target.
At the same time, the stock and bond markets remained calm. Futures on the S&P 500 are trading virtually unchanged after a mixed start to the week.
In the corporate sector, Coinbase securities were in the spotlight as the US Securities and Exchange Commission sued America's largest crypto asset trading platform a day after it also sued Binance. As a result, Coinbase shares tumbled by 13% before the opening bell.
Apple shares lost 0.5% after hitting a record high in the previous session. Advanced Micro Devices rose by 1.8% after Piper Sandler raised its share price target to 150 dollars, the second highest on Wall Street.
Shares in oil companies such as Exxon Mobil and Chevron were down about 1% each as crude oil prices fell by about 2% amid worries about the global demand.

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