Today, the usual suspects knee-jerked higher Thursday on Trump&#x27;s latest peace declaration as crude oil dropped, while the other usual suspects (software as a service) were some of the worst performers ahead of Adobe&#x27;s earnings release after the close. Also, a strong discussion of the status for gold, copper, crude oil and El Niño with Saxo Head of Commodity Strategy Ole Hansen, a look at macro and FX and much more. Today&#x27;s pod hosted by Saxo Global Head of Macro Strategy John J. Hardy. Links FT suggests that the quantum computing revolution may be coming sooner than we think. Jesse Felder on the Thoughtful Money podcast, pointing out some concerning trends within the AI phenomenon and suggesting we are near a bubble top. A recent Matt Stoller substack post, mostly just encouragement to follow his work and to read his book Goliath and to point out his link to this old post from May of 2009 about Wall Street&#x27;s capture of Washington - something that Treasury Secretary Bessent has promised to do something about. The new Kevin Warsh Fed will have a critical role to play if this is ever to amount to anything. About twice per week (in normal times, hopefully soon to resume), you will find links discussed on the podcast and a chart-of-the-day over at the John J. Hardy substack. Read daily in-depth market updates from the Saxo Market Call and the Saxo Strategy Team here. Please reach out to us at marketcall@saxobank.com for feedback and questions. Click here to open an account with Saxo. Intro music by AShamaluevMusic DISCLAIMER This content is marketing material. Trading financial instruments carries risks. Always ensure that you understand these risks before trading. This material does not contain investment advice or an encouragement to invest in a particular manner. Historic performance is not a guarantee of future results. The instrument(s) referenced in this content may be issued by a partner, from whom Saxo Bank A/S receives promotional fees, payment or retrocessions. While Saxo may receive compensation from these partnerships, all content is created with the aim of providing clients with valuable information and options.

Rounding up the usual suspects as a new era at the Fed dawns next week.

Saxo Market Call

# Full Transcript

**Podcast:** Saxo Market Call

## Participants

- **John J. Hardy** (SaxoStrats)
- **Ole Hansen** (Saxo Bank)

## Transcript

Welcome to the Saxo Market Call. Before we get started, it's important we emphasize that the views and opinions expressed in this podcast are those of the hosts and guests and do not constitute investment advice or recommendations. All information provided is for educational and entertainment purposes only.

Hey, everyone. It is Friday, 12th of June, 2026, and we have a market very much in comeback mode on the latest Trump spin on a ceasefire deal about to happen and the usual suspects rallying like stink. Sox index up 7.9% yesterday, but the broader market not having a bad day at all. If we look at the S&P and 500 Equiway, the broadest of all measures, up 1.6%, but even the Russell 2000 up over 3% and actually getting close to its all-time high.

Quite a divergence there relative to where the S&P 500 and especially the NASDAQ 100 are sort of chart-wise. The S&P was up 1.75, the NASDAQ up over 3, still a bit in the shadow of that prior sell-off. And today is that massive event. You all know what I'm talking about, but I can't discuss it.

And I think it's going to be a really key psychological test for this market through today's close and into next week, which I'll be talking about later in the podcast, of course, with the FOMC coming up next Wednesday. Now, what was the week? Not everything was up, and that was software as a service. Looking at all the worst losers on the day, almost all of them somehow related to software as a service.

The worst of all was PTC, not a company I'm even familiar with, apparently have a background in 3D CAD and sort of upgrading that to more of software solutions around industrial products. They just announced a big AI product for their product suite, but they were down over 12% yesterday. But everything from Autodesk, Adobe, Workday, and otherwise were down quite heavily on the day yesterday.

I'll talk more about Adobe yesterday. But let's look back at yesterday's podcast title when I was talking about either or levels for stocks soon, but also for gold. And we did survive so far that either or level in gold, 4,075 area, of course, with some slippage, but the strong close. I'm forgetting where it was, sub 4,200 yesterday. Stocks posting that strong rally.

And it turned out to be kind of an either or day for the dollar, for U.S. Treasuries, dipping, by the way, back into the range. Key move there. And even crypto, to agree, which has continued to manage to survive this test of key support and maybe even was slightly ahead of the game, kind of interestingly, for once. Ola, great to be back in the studio today and to have you here next to me. Gold. It feels a little bit passive to what's going on in the rest of the markets.

It seems to me key for this gold surviving the sell-off here was this big turnaround in energy prices. I don't know where you want to start. I think...

Rounding up the usual suspects as a new era at the Fed dawns next week.

Transcript

Built for investment professionals

Every day you wait, your competitors are finding
edge in conversations you're not hearing.

Rounding up the usual suspects as a new era at the Fed dawns next week.

Transcript

Built for investment professionals

Every day you wait, your competitors are findingedge in conversations you're not hearing.

Every day you wait, your competitors are finding
edge in conversations you're not hearing.