Five Things You Need to Know to Start Your Day: Asia

Good morning. Wall Street warns of a stock market jolt. Bond traders brace for higher-for-longer US interest rates. Apple debuts new tools. Here’s what’s moving markets. — Kristine Aquino

While the S&P 500 eked out another record-high close on Monday, banks from JPMorgan to Citigroup say investors should prepare for large swings in equity markets ahead of the latest inflation data and Federal Reserve policy decision — both of which are due on Wednesday. The options market is betting the US benchmark will move 1.3% to 1.4% in either direction by Friday, according to JPMorgan’s Andrew Tyler. That comes amid expectations for US core consumer prices to have moderated in May to the slowest pace in three years, on an annual basis.