Last week ended ugly. Chip stocks took a $1.3 trillion hit on Friday, the SOX dropped over 10%, and the Nasdaq closed at 25,709 after its worst day since April 2025. A hot jobs report, 172,000 versus the 85,000 expected, buried what was left of the rate-cut story. The dollar stayed firm. That tension carries straight into this week.

CPI on Wednesday is the one everyone has circled. Core is seen near 2.9% year-on-year, and after Friday's jobs print, a sticky number lands differently than it would have a month ago. PPI follows Thursday, Michigan sentiment Friday. Inflation, again, sets the tone, with the Fed's June 16-17 meeting now sitting right behind it.

Semis are the other thread worth watching. Broadcom's soft AI guidance cracked the whole group, and whether dip buyers show up or the unwind keeps going tells you a lot about risk appetite. NASDAQ leading the downside fits how we have been framing this.

Crypto stayed heavy. Bitcoin near $61,700 after its worst week since February, ETH down around 21% to roughly $1,600, ETF outflows not helping. Liquidity-dependent, and it shows.

Gold slipped to $4,341, a 2026 low, but it is still the one we would watch on the other side of this. Oil is the wildcard: Hormuz is still shut, Iran sent drones Friday, Brent near $95.

Plenty to digest before Wednesday even arrives.