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South Korean AI chip startup FuriosaAI announced a strategic partnership with Broadcom (AVGO.O) to jointly develop its third-generation AI accelerator.

On May 28, Reuters, citing US military officials, reported that the US military "carried out new strikes against an Iranian military facility and intercepted and shot down several drones." The facility and the drones were alleged to "pose a threat to US forces and commercial shipping in the Strait of Hormuz."

1. The three major U.S. stock indexes closed slightly higher. The Dow Jones Industrial Average rose 0.36% to 50,644.28 points, the S&P 500 rose 0.02% to 7,520.36 points, and the Nasdaq Composite rose 0.07% to 26,674.73 points. Procter & Gamble rose more than 3%, and Boeing rose more than 2%, leading the Dow Jones. The Wind U.S. Tech Big Seven Index rose 0.47%, Facebook rose more than 3%, and Amazon rose more than 2%. 2. The three major European stock indexes closed mixed. The German DAX fell 0.03% to 25,177.80 points; the French CAC40 rose 0.43% to 8,207.89 points; and the UK FTSE 100 rose 0.13% to 10,505.01 points. 3. US Treasury yields were mixed. The 2-year Treasury yield rose 0.32 basis points to 4.033%, the 3-year Treasury yield rose 0.30 basis points to 4.084%, the 5-year Treasury yield rose 0.73 basis points to 4.177%, the 10-year Treasury yield fell 0.19 basis points to 4.483%, and the 30-year Treasury yield fell 0.82 basis points to 5.012%. 4. The WTI crude oil futures contract closed down 4.77% at $89.41 per barrel; the Brent crude oil futures contract fell 3.92% to $92.88 per barrel. 5. International precious metals futures generally closed lower. COMEX gold futures fell 1.05% to $4454.90 per ounce, and COMEX silver futures fell 2.25% to $74.89 per ounce. 6. London base metals fell across the board. LME tin fell 0.36% to $54,550.0/ton, LME nickel fell 0.44% to $18,890.0/ton, LME lead fell 0.67% to $2,001.0/ton, LME zinc fell 0.72% to $3,507.5/ton, LME copper fell 0.79% to $13,516.0/ton, and LME aluminum fell 1.23% to $3,627.5/ton.

US President Trump: Soon, the United States and Armenia will jointly launch the Trump Road to International Peace and Prosperity, which will transform the South Caucasus and help our excellent American energy companies gain direct access to the United States from Central Asia.

Sources in Bandar Abbas, Iran, said they heard three or four explosions in the distance, sounding from the same direction as the explosions that occurred a few nights earlier.

According to the Wall Street Journal, Google (GOOG.O) employees have been charged with insider trading on the prediction market Polymarket.

Conflict Updates: 1. The Ukrainian Foreign Minister called for an end to Russian attacks on Kyiv. 2. Five Ukrainian provinces experienced power outages due to a new round of Russian attacks. 3. A Russian Black Sea port caught fire after being attacked by a Ukrainian drone. 4. A local governor stated that a missile was shot down in the southern Russian city of Taganrog. 5. The Russian Ministry of Defense reported capturing Vozdvizhevka in the Uzaporizhzhia region and Khraniv in the Ukrainian Kharkiv region. 6. Ukrainian General Andriy Biletsky believes that Russian forces in Ukraine are exhausted and unable to achieve significant breakthroughs. Other Updates: 1. Russian and Iranian diplomats were prevented from attending the UN. 2. Zelensky wrote to Trump stating that Ukraine faces a severe shortage of air defense equipment. 3. Ukrainian President Zelensky rejected a proposal for Ukraine to gain partial membership in the EU. 4. Turkish President Erdogan sought to meet with Trump during the World Cup to discuss NATO issues. 5. European Commission President Ursula von der Leyen: Speaks with Ukrainian President Volodymyr Zelensky, reiterating Europe's full support for Ukraine. 6. Kremlin: The EU pretends to want to negotiate with Russia on the Ukraine issue, but in reality it is only pushing Ukraine to continue fighting.

Boeing (BA.N) has been awarded an $854.7 million contract revision by the U.S. Navy.

U.S. officials: The U.S. Department of Defense has awarded Microsoft (MSFT.O) a $9.7 billion enterprise software contract in an effort to reduce costs.

Reserve Bank of New Zealand Governor Brehman: Supply chains and oil prices will have a greater impact on the government budget than expected.

Wells Fargo (WFC.N) CEO: Consumer spending has improved in recent weeks, and while businesses remain cautious, their financial situation is good.

Reserve Bank of New Zealand Governor Brehman: The committee believes that inflationary pressures will increase in the future, and the cash rate needs to be raised further.

Reserve Bank of New Zealand Governor Brehman: I've heard that export-oriented businesses are performing well, but are concerned about the uncertain environment.

On May 28th, Federal Reserve Governor Lisa Cook stated in a speech at a Stanford University event that inflation is heading in the wrong direction, and she is prepared to raise interest rates if this continues. While Cook indicated she currently favors keeping borrowing costs unchanged and expects price growth to cool again in the coming months, her remarks align with the views of many Fed officials that accelerating inflation is now a greater policy concern than the labor market. Cook stated, "I want to be clear about my risk assessment: the risks still tilt towards higher inflation." Cook indicated that five years of inflation exceeding the Fed's 2% target poses a risk that price pressures are embedded in price and wage setting behavior. "Therefore, if the expected process of inflation easing does not materialize in time, I am prepared to raise interest rates," she said.

Reserve Bank of New Zealand Governor Brehman: Recognizing that it will take some time to see the impact of higher oil prices on the broader industry.

Federal Reserve Governor Cook: It may take a long time to see structural changes in the economy brought about by artificial intelligence.

Moody's: The country cap on local currency and the country cap on foreign currency in the Democratic Republic of Congo remain unchanged.

The API reported that U.S. crude oil production increased by 629,000 barrels per day in the week ending May 22, compared with a previous week's decrease of 78,000 barrels per day.

U.S. refined product imports for the week ending May 22 (API) fell by 171,000 barrels per day, compared to 282,000 barrels per day in the previous week.