Big tech breaks out… FAANG stocks help the Nasdaq briefly pass through the 10,000-point mark for the first time, while the Dow suffers its worst day in three weeks, snapping a six-day winning streak. Investors focus on the Fed, as the central bank prepares to release its first economic forecasts since before the pandemic. Morgan Stanley CEO James Gorman tells CNBC he believes that the worst of the Coronavirus fallout for the U.S. economy has now passed but warned the government not to be over-confident following the recent market rally. Chinese producer prices fell at their steepest rate in four years in May, which has raised the prospect of further easing by the PBOC. And in Hong Kong, HSBC comes under fire from U.S. Secretary of State Mike Pompeo who has accused the lender of ‘kowtowing’ to Beijing and investor Aviva says it’s also concerned about its support for a controversial new security law.

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