S&P futures are down 0.1% Wednesday morning after U.S. equities finished mostly higher Tuesday, with the S&P 500 up for a ninth straight session. Semis and select cyclicals, including machinery, industrial metals, and regional banks, were among the strongest groups, while software, hyperscalers, and exchanges lagged. Asian markets were mostly higher overnight, led by a 2.5% gain in Japan, while Europe is down roughly 0.3%. Treasuries are weaker, with yields up 2–4 bp, the dollar is up 0.1%, gold and silver are lower, Bitcoin futures are down 1.1% after Tuesday’s 6.5%+ drop, and WTI crude is up 2.8%, extending its rally to a third session.
The market remains resilient despite another move higher in oil following fresh Middle East military flare-ups. There was little incremental progress overnight on a broader framework agreement. Trade also returned to the headlines after USTR proposed new 10–12.5% tariffs on goods from several major trading partners, citing forced labor concerns. New Fed Chair Warsh remains in focus, with speculation he could move to dial back forward guidance as soon as the June meeting. Equity supply is another watch item ahead of the expected SpaceX IPO next week.
Economic Calendar
Today brings ADP private payrolls, final S&P Global U.S. services PMI, ISM services, April factory orders, and the Fed’s Beige Book. Fed officials Barr and Logan are also scheduled to speak. Thursday brings initial claims, final productivity, and unit labor costs, along with remarks from Barkin and Daly. The May employment report caps the week on Friday.
Company News
- SpaceX: Reportedly looking to raise $75B at a $1.75T valuation, selling more than 555M shares at $135/share, with pricing expected June 12.
- PANW: Beat and guided above expectations, with positive takeaways across most KPIs and evidence of both organic and inorganic strength, though the bar was high into the print.
- GTLB: Beat expectations, but takeaways flagged seat contraction tied to tech layoffs and M&A, along with a smaller-than-usual guidance raise.
- ULTA: Takeaways focused on gross-margin outperformance, share gains across prestige beauty led by Fragrance, and stable spending trends, though management noted a more value-oriented customer.
- GME: Higher after a beat and a $2B buyback announcement.
U.S. equities finished mostly higher Tuesday, though off best levels, with the Dow up 0.45%, S&P 500 up 0.13%, Nasdaq up 0.03%, and Russell 2000 up 0.90%. The S&P 500 and Nasdaq edged out fresh record closes, but the broader tape was mixed beneath the surface. Treasuries were mixed with modest curve flattening, the dollar was flat, gold rose 0.3%, silver gained 0.4%, Bitcoin futures fell 6.6% to around $67K, and WTI crude settled up 1.6% to $93.60 after Monday’s 5.5% rally. The macro narrative remained split between AI-driven equity leadership and renewed U.S.-Iran uncertainty. Secretary of State Rubio said an interim deal could be signed imminently, though without guarantees, while oil and short-end rates continued to reflect uncertainty around timing. April JOLTS job openings came in well ahead of estimates and reached the highest level since May 2024, with professional/business services a bright spot and both quits and layoffs rates ticking lower.
Sector performance was mixed. Utilities led, up 1.93%, followed by Materials +1.16%, Industrials +1.00%, Energy +0.99%, Technology +0.92%, and Real Estate +0.42%. Financials were nearly flat, up 0.04%. Communication Services was the weakest sector, down 2.61%, pressured by Alphabet’s equity-raise announcement, followed by Healthcare down 0.99%, Consumer Discretionary down 0.71%, and Consumer Staples down 0.10%. Semis, memory, tech hardware, networking/communications, energy, banks, insurers, machinery, multis, building products, autos/suppliers, homebuilders, industrial metals, chemicals, containerboard, utilities, China tech, small caps, and retail favorites outperformed. Software gave back some recent strength, while exchanges, payments, media, pharma/biotech, MedTech, airlines, restaurants, dollar stores, staples retailers, food, casinos, telecom, and entertainment lagged.
Information Technology
- NVDA: Said it has sufficient capacity to support robust AI growth, though management still acknowledged supply constraints.
- MRVL +32.5%: Rallied after Nvidia CEO Jensen Huang said Marvell could be the “next trillion-dollar company,” citing the importance of its networking and connectivity chips to data centers.
- HPE +19.5%: Reported blowout fiscal Q2 results and better guidance, driven by surging demand for infrastructure to support AI agents and inferencing workloads. Takeaways were also positive on the FY27 guidance framework.
- STM +15.2%: Raised 2026 data-center revenue guidance to roughly $1B from a prior target of “nicely above” $500M, citing strong AI infrastructure demand. Management said data-center revenue could double again in 2027.
- ARM: Said it may reach its $15B chip-sales target sooner than expected.
- MCHP +5.9%: Boosted by incremental disclosure around its Data Center Solutions segment, which is expected to grow roughly 65% in calendar 2026 to about $500M. The company also plans selective price increases to offset rising costs.
- CRDO: Declined despite a beat-and-raise and upbeat FY27 outlook.
- INTU -8.9%: Downgraded to sell from neutral at Goldman Sachs, which cited rising competition in tax software and slowing Mailchimp growth.
Communication Services
- GOOGL -3.9%: Weighed on the sector after announcing plans to raise roughly $80B in equity capital to fund AI compute infrastructure. Berkshire Hathaway is expected to invest $10B through a private placement, alongside a $40B at-the-market program and $30B of underwritten offerings and convertible stock.
- Media / entertainment / telecom: Underperformed, contributing to Communication Services’ 2.61% decline.
Consumer Discretionary
- ORLY: Raised its buyback authorization by $2B.
- SHAK -8.4%: Cut Q2 revenue, comp, and margin guidance and trimmed FY targets, citing macro uncertainty, competition, and related demand impacts.
- TSCO -5.6%: Said discretionary spending remains subdued and also flagged pressure from a declining dog population.
Consumer Staples
- DG: Earnings beat on better margin performance, though dollar stores were broadly cited among laggards.
- GIS: Agreed to sell its Häagen-Dazs ice cream stores in China.
Industrials
- GNRC +5.7%: Announced a supply agreement with a hyperscale data-center operator for backup power.
- VSXY +47.4%: Reported a large Q1 earnings beat with better revenue, stronger store/direct comps, higher full-price selling, and reduced promotions. Q2 revenue guidance came in ahead, and FY revenue guidance was raised.
- DCI +4.7%: Fiscal Q3 EPS and revenue beat, with Mobile Solutions the bright spot. The company raised the low end of its organic sales growth range.
- Machinery / multis / building products / containerboard: Outperformed as cyclicals participated in the broader risk-on tone.
Eco Data Releases | Wednesday June 3rd, 2026
S&P 500 Constituent Earnings Announcements | Wednesday June 3rd, 2026
Data sourced from FactSet Research Systems Inc.
