Spot palladium up more than 2.00% intraday at $1,239.62/oz.

BofA Securities urged caution on U.S. equities, saying about 70% of its bear‑market signals have been triggered—on par with historical levels seen near market tops—in a June 5 report from a strategy team led by Savita Subramanian. Seventeen of 20 S&P 500 valuation metrics show statistically significant overvaluation; eight exceed tech‑bubble levels. High‑P/E names have strongly outperformed low‑valuation stocks, which the strategists flag as a sign of excessive speculation. Within tech, the spread between best and worst quintiles is the widest since February 2000, and the three‑month return gap between the top 10% and bottom 10% of S&P constituents is at its highest post‑pandemic level. Subramanian added that cash‑conversion has stalled, supply of investment‑grade bonds and equity issuance is rising, buybacks as a share of market cap have fallen, and hyperscale cloud firms’ capex is forecast to approach 100% of operating cash flow by year‑end (vs. 40% in 2023).

An internal memo shows Elon Musk's xAI has seconded Jack Garabedian from SpaceX’s Starlink unit to lead model training for the Grok chatbot, replacing engineer Diego Pasini. Garabedian, a Starlink engineer at SpaceX since 2021, will head the 'human data team' of several hundred specialists training Grok across domains including finance and science. Pasini and Garabedian did not respond to requests for comment; SpaceX and xAI representatives also did not reply.