Morning Preview: June 03, 2026

Early Look

Wednesday, June 3, 2026

U.S. futures are looking mixed, with Dow and S&P futures pointing to a lower open while the tech heavy Nasdaq Comp is looking higher aided by another bounce in semiconductors as MRVL, INTC shares jump overnight. The S&P 500 has risen the first two days of the week, bringing its winning streak to 9 straight days and is trying to make it an astounding 11-straight weeks of gains (a feat not seen since 1985). The Nasdaq Composite is also up 9 straight days coming into Wednesday and has been the Wall Street leader in 2026 thanks to the massive surge in semis (SOX) due to AI demand, which have risen a whopping 93% in 5 months alone (after 40% returns in 2026). Yesterday saw the SOX index jump another 5.87% or 760 points to a record 13,726 led by a 32% surge in MRVL on positive comments by NVDA CEO Huang, a 15% jump in STM and a 5.9% rise in MCHP after both raised data center rev targets and SMCI bounced 7%, while HPE rose about 20% after results driven by AI infrastruture demand.

Lots of macro headlines overnight as President Trump said the Iran blockade could be lifted by Labor Day as the U.S. works toward an agreement with Iran. He also said Iran has agreed it will not possess nuclear weapons and that Iran’s Supreme Leader is involved in talks with the U.S. Trump added that he will “probably” meet with the Supreme Leader at some point. In trade news, The U.S. is proposing new tariffs of at least 10% on imports from 60 trading partners after a forced-labor-related trade investigation. Canada, Mexico, the EU, Taiwan, and the UK would face a 10% tariff. China, India, Japan, South Korea, Brazil, Switzerland, and other major economies would face a 12.5% tariff.

In Asian markets, The Nikkei Index surged again by 1,667 points or 2.5% to 68,402, the Shanghai Index gained 8 points to 4,083, and the Hang Seng Index declined -405 points to 25,633. In Europe, the German DAX is down -249 points to 24,875, while the FTSE 100 is down -31 points to 10,341. Oil prices jump overnight as Gulf hostilities flared again, with an Iranian missile attack damaging Kuwait’s airport and the U.S. military carrying out strikes near the Strait of Hormuz, as diplomacy between Washington and Tehran showed little progress. The latest flare-up comes with the conflict stalemated in a shaky ceasefire and the Strait of Hormuz largely closed, more than three months after initial U.S. and Israeli strikes on Iran.

Just absolutely no fear on Wall Street these days…none…as stock markets have surged 10 straight weeks in the face of several potential obstacles, as the growth in the AI world has dragged everything up in tech from semis, opticals, hardware, power suppliers, cooling companies, data centers and infrastructure in one massive swoop higher. The stats of the morning comes from @t1alpha on “X”, which noted, “It’s been 92 trading days since $SPX has seen a 2% decline or worse. For context, that stretch includes a partial government shutdown, the Iran conflict, an oil shock, inflation pressure, AI-linked layoffs, and even a new Fed chair.”

• The Dow Jones Industrial Average rose 228.91 points, or 0.45%, to 51,307.79
• The Nasdaq Composite gained 7.09 points, or 0.03%, to 27,093.90
• The Russell 2000 Index advanced 26.21 points, or 0.90% to 2,931.97

• 8:15 AM ET ADP Private Payrolls for May…est. 117K (prior 109K)
• 9:45 AM ET S&P Global Composite PMI, May-final…prior 52.3
• 9:45 AM ET S&P Global Services PMI, May-final…prior 50.9
• 10:00 AM ET ISM Non-Manufacturing PMI for May…est. 53.8
• 10:00 AM ET                Factory Orders M/M for April…est. +4.6% (prior +1.5%)
• 10:30 AM ET                Weekly EIA Inventory Data

• Earnings After the Close: AI AVGO CHPT CRWD DSGC FIVE NTSK PVH TLYS VEEV WOOF

• Bank America Global Technology Conference, 6/2-6/4, in San Francisco, CA
• Deutsche Bank 23rd Annual Global Consumer Conference, 6/2-6/4, in Paris
• Deutsche Bank 17th Annual Basic Materials Conference, 6/3-6/4, in New York
• Jefferies Global healthcare Conference, 6/2-6/4, in New York
• RBC Capital Global Energy, Power and Infrastructure Conference, 6/2-6/3, in New York
• Stifel 2026 Boston Cross Sector 1×1 conference, 6/2-6/3, in Boston
• TD Cowen 10th Annual Future of the Consumer Conference, 6/2-6/3, in New York

• The American Petroleum Institute (API) estimated that crude oil inventories in the United States fell by 6.75 million barrels in the week ending May 29. In the week prior, US crude oil inventories fell by 2.8 million barrels. Analysts had expected a 3.6 million draw. Gasoline inventories saw a build this week of 3.45 million barrels. Distillate inventories fell by 214,000 barrels.
• The US said its forces intercepted Iranian missiles targeting Bahrain and Kuwait and carried out strikes on Iran’s Qeshm Island after what Washington described as attempted Iranian attacks across the Middle East. – Financial Times.

• Hilton Grand Vacations (HGV) announces secondary offering of 5M shares held by Apollo affiliates; not selling shares, will not receive offering proceeds; authorizes repurchase of up to 750,000 shares, not to exceed $40M
• Shopify (SHOP) board has authorized an additional $3B for the repurchase of Class A subordinate voting shares, bringing its aggregate repurchase authorization to $5B.
• Sportsman’s Warehouse (SPWH) Q1 adj EPS loss (-$0.39) vs. est. loss (-$0.58); Q1 revs rose 2.8% y/y to $256.08M vs. est. $252.95M, driven primarily by a 7.4% gain in Hunting and Shooting Sports, led by firearms, ammunition; Q1 comp store sales +2.1%; Q1 operating income -$18.1M; backs FY26 adjusted EBITDA view $30M-$36M and backs FY26 same store sales view down 1% to up 2%; sees no new store openings in 2026.
• Thor Industries (THO) cuts FY26 EPS view to $3.30-$3.80 from prior $3.75-$4.25 due to prolonged macroeconomic headwinds; reported Q3 EPS $1.86 vs. est. $1.91 and on sales $2.78B vs. est. $2.65B
• Ulta Beauty (ULTA) Q1 EPS $7.74 topped consensus $6.91 and revs +11% y/y to $3.16B vs. est. $3.12B; Q1 comp store sales increased +5.3% saying FY26 off to a strong start driven by broad-based growth across all channels; raises FY26 EPS to $28.36-$28.80 from $28.05-$28.55, vs. est. $28.61; maintains FY26 revs 6%-7%, or $13.14B-$13.26B, vs. est. $13.24B; backs FY26 comps +2.5%-3.5%

• Intuitive Machines (LUNR) files up to $500M stock offering.
• Leidos (LDOS) was downgraded to Hold from Buy at Jefferies and cut tgt to $140 from $185 saying that the firm had been wrong on the thought Leidos could outperform on organic growth given defense tech exposure. EPS revisions seem limited from here.
• SpaceX (SPCX) plans to raise a record $75B by pricing its IPO at $135 per share, selling 555.6 million shares and targeting a valuation of $1.75T, Reuters’ reports, citing sources familiar with the matter. SpaceX’s roadshow begins on Thursday.
• T1 Energy Inc. (TE) has entered into a definitive agreement to acquire KORE Power, Inc., an established engineering-focused BESS (Battery Energy Storage Systems) and software solutions provider supporting industrial hyperscaler development. The purchase enterprise value consists of approximately $32 million of equity, cash, and assumption of debt at anticipated closing in Q2 2026.

• Cliffwater’s flagship private credit fund redemption requests hit 17 the FT reports. Cliffwater capped withdrawals from its $31 billion flagship private credit fund after redemption requests surged to more than $5 billion in the second quarter, highlighting growing investor exits from the sector.
• LendingClub (LC) said it will transfer the listing of its common stock to the Nasdaq from the NYSE. The company’s common stock is expected to begin trading on the Nasdaq Global Select Market on June 22 under the new ticker symbol – HAPN – to reflect the rebranding of LendingClub Bank to Happen Bank.

• PetMed Express (PETS) Q4 EPS loss (-$0.19) vs. loss (-$0.56) y/y; Q4 revenue fell -16% y/y to $42.82M vs. $50.76M y/y primarily due to lower prescription medication sales; Q4 adj EBITDA -$2.8M and Q4 Net Income -$4.1M; Q4 net loss narrowed from prior year due to lower expenses and no impairment charge; said it completed strategic, operational and technology initiatives that reduced its cost structure

• DeepSeek, China’s AI startup, is set to raise about 50 billion yuan ($7.4B) in its first funding round from investors including Tencent Holdings and CATL Reuters reported citing people with knowledge of the matter said. The fundraising could value the company after the investment at between 350 billion yuan and 400 billion yuan, or between $52 billion and $59 billion.
• Palo Alto networks (PANW) Q3 adj EPS $0.85 vs est $0.79 on revs $3.0B vs est $2.94B; subscription & support rev $2.41B; product rev $594M; NGS ARR $8.1B; RPO $18.4B; guides Q4 adj EPS $0.96–$0.98 vs est $0.94; rev $3.345B–$3.355B vs est $3.283B; guides FY26 rev $11.415B–$11.425B (raised) vs est $11.295B and adj EPS $3.77–$3.79 (raised) vs est $3.69; NGS ARR $8.9B–$8.95B; RPO $20.9B–$21.0B.
• GitLab Inc. (GTLB) Q1 adj EPS $0.23 vs est $0.21 on revs $264.2M vs est $254.52M (+23% YoY); adj gross margin 88% (GAAP 86%); adj operating Income $37.5M vs est $33.74Mm; guides Q2 adj EPS $0.17–$0.18 vs est $0.19; rev $272M–$274M vs est $273.2M; adj operating Income $30M–$32M vs est $31.13Mm; guides FY2027 rev $1.112B–$1.118B vs est $1.11B; adj EPS $0.79–$0.82 vs est $0.80; is cutting 14% of its workforce, exiting 22 countries, and taking $30M-$35M in restructuring charges.
• Texas Instruments (TXN) names Julie Knecht as CFO, effective August 1. Current CFO Rafael Lizardi will serve as advisor through August 31.
• Yext Inc. (YEXT) Q1 revs fell -1% y/y to $107.9M vs est $112.1Mm; Q1 adj BITDA $26.9M (25% margin, vs. $24.7M Q1 FY26) vs est $26.44Mm; non-GAAP EPS $0.15 vs est $0.13; ARR $440.8M; ARR ≥$50K cohort $403.1M (+1% YoY); ARR <$50K cohort $37.7M (-19% YoY); buyback authorization upsized by $100M.