S&P futures are up 0.2% Monday morning after the S&P 500 posted its ninth straight weekly gain and finished May up more than 5%. The index has now rallied roughly 16% over the past two months. Global tone is firmer, with South Korea’s Kospi up more than 3.5%, Japan nearly 1% higher, and Europe up ~0.2%. Treasuries are weaker after last week’s rally, with yields up 2–4 bp. The dollar is up 0.1%, gold is down 1.3%, silver is up 0.7%, Bitcoin futures are down 1.0%, and WTI crude is up 4.2% after falling nearly 10% last week.
Oil and yields are higher following weekend strikes in the Middle East, though markets still appear to expect a near-term framework agreement that would include reopening the Strait of Hormuz. Lingering issues around nuclear commitments and financial relief remain unresolved, but the latest flare-up has not derailed deal optimism. AI remains a key support for risk sentiment, with agentic AI in focus after Nvidia’s Computex announcements. Recent commentary has also highlighted the upside “pain trade,” elevated short exposure, narrow breadth, concentration, leveraged ETF activity, and the potential for rotation if a formal Middle East agreement is announced. The Fed remains in focus as markets digest Warsh’s interest in alternative inflation measures and Powell’s warning about Fed independence.
Economic Calendar
Today brings final S&P Global U.S. manufacturing PMI, May ISM manufacturing, and April construction spending. ISM manufacturing is expected to rise to 53.0 from 52.7, marking a fifth straight expansionary reading. Tuesday brings JOLTS and Fedspeak from Kashkari and Hammack. Wednesday features ADP payrolls, final services PMI, ISM services, factory orders, the Beige Book, and remarks from Barr and Logan. Thursday brings claims, productivity, and unit labor costs, with Barkin and Daly speaking. Friday’s May employment report is the week’s key release.
Company News
- NVDA: Announced the new RTX Spark chip for the first personal laptop computers designed to run AI agents.
- INTC: Plans to ship a new AI chip by year-end designed to accelerate inference tasks, using cheaper memory and cooling technology.
- BRK.B / TMHC: Berkshire Hathaway agreed to acquire Taylor Morrison for $72.50/share in cash, valuing the equity at $6.8B and the enterprise value at $8.5B.
- Earnings calendar: Quieter week ahead, with AVGO, PANW, CRWD, DG, and LULU among the highlights.
U.S. equities finished mixed Friday, with the Dow up 0.72%, S&P 500 up 0.22%, Nasdaq up 0.20%, and Russell 2000 down 0.59%. The S&P 500 and Nasdaq both set fresh record closes, while the S&P logged its ninth straight weekly gain. The session was fairly quiet to end the holiday-shortened week, with earnings the main driver and AI demand still the key market narrative following Dell’s blowout results. U.S.-Iran deal expectations remained elevated and continued to pressure oil and yields, with WTI crude down 1.1% to $87.97 and off roughly 10% for the week. Treasuries were mostly firmer, with the 2-year yield down 2 bp to 4.00%, the 10-year down 1 bp to 4.44%, and the 30-year down 1 bp to 4.97%. The dollar slipped 0.1%, gold rose 1.0%, and Bitcoin futures gained 0.2%. May Chicago PMI beat expectations and rose to its strongest level since January 2022, while Fed commentary was more balanced after a recent hawkish stretch.
Sector performance was narrow. Technology was the clear leader, up 1.87%, helped by Dell, software, AI infrastructure, and tech hardware. Financials rose 0.56%, supported by larger-cap banks, investment banks, life insurers, credit cards, private equity, payments, and online brokers. Every other sector finished lower. Consumer Staples was the weakest group, down 2.00%, followed by Communication Services down 1.70%, Energy down 1.07%, Consumer Discretionary down 1.05%, Real Estate down 0.97%, Healthcare down 0.87%, Utilities down 0.46%, Industrials down 0.43%, and Materials down 0.38%. Outperformers included tech hardware, software, banks, insurers, payments, airlines, trucking, life sciences, casual diners, small caps, and cruise lines, while laggards included staples retailers, energy, pharma/biotech, rails, E&Cs, media, household products, hospitals, managed care, and food/beverage.
Information Technology
- DELL +32.8%: Blowout Q1 results and raised guidance, with takeaways focused on accelerating AI demand. AI server revenue rose more than 750% y/y, AI orders reached $24.4B, backlog increased nearly 20% q/q to $51.3B, and management also highlighted strength in traditional servers and storage.
- OKTA +30.1%: Q1 beat and FY27 guidance raise. Takeaways were positive on a 100 bp increase in net retention rate, large-customer growth, newer-product traction, better sales execution, stronger Q2 cRPO guidance, and an upbeat AI-agent pipeline.
- NTAP +22.4%: Fiscal Q4 came in ahead, and Q1/FY27 guidance topped Street expectations on most metrics. Analysts highlighted AI demand momentum, including roughly 500 deals, though gross-margin pressure from component costs remained a focus.
- SNOW +6.8%: Upgraded to buy from hold at HSBC, which cited the recent beat-and-raise, stronger AI visibility, and Cortex Code momentum.
- MDB +3.0%: Q1 revenue, EPS, margins, deferred revenue, billings, free cash flow, and customer metrics all beat. FY27 EPS, revenue, and operating income guidance were raised, though some analysts flagged potential Atlas growth deceleration in 2H.
- S -8.2%: Q1 earnings beat, but revenue was underwhelming, gross margin was soft, and bookings were back-end loaded. The company reaffirmed FY EPS and revenue guidance and announced restructuring that includes an 8% headcount reduction.
- ADSK -4.0%: Q1 results beat and FY27 guidance was raised, but the reaction was pressured by scrutiny around the $3.6B acquisition of MaintainX. Analysts were generally positive on strategic logic but flagged valuation and growth-sustainability questions.
- ESTC: Pressured by cloud-growth deceleration.
Consumer Discretionary
- GAP -16.0%: Q1 EPS beat on better gross margin and tax rate, but sales and comps missed. Q2 guidance was below expectations, FY26 revenue guidance was lowered, and weakness at Old Navy, particularly women’s dresses, continued into Q2.
- AEO -11.8%: Q1 EPS beat on better sales and margins, but American Eagle comps unexpectedly turned negative, largely blamed on women’s bottoms. Q2 operating income guidance was below expectations, though Aerie momentum remained a positive.
- COST -3.9%: Fiscal Q3 earnings missed despite better revenue. Margins were light on fuel-price dynamics, membership fees were in line, renewal rates improved, and e-commerce was a bright spot.
Consumer Staples
- CLX -6.4%: CEO Linda Rendle announced plans to step down for health reasons and asked the board to begin a comprehensive search process.
Industrials
- VSAT -7.0%: Q4 EPS beat, but revenue and EBITDA missed. FY27 revenue growth guidance was mid-single-digit versus consensus for 3.6%, with flat to slightly higher EBITDA growth and some caution around capacity constraints.
- HUBG -2.4%: Announced leadership changes, including the departures of CFO Kevin Beth and COO Brian Meents, while continuing to work through its 2023–2025 financial restatement.
Eco Data Releases | Monday June 1st, 2026
S&P 500 Constituent Earnings Announcements | Monday June 1st, 2026
Data sourced from FactSet Research Systems Inc.
