Mid-Morning Look: June 01, 2026

Mid-Morning Look

Monday, June 01, 2026

U.S. stocks open little changed and holding steady at all-time highs, as investors digest another run in several tech shares this morning and lots of back and forth headlines related to Iran. Note the S&P 500 ended May with its ninth consecutive weekly gain, closing at all-time highs for the S&P 500, Nasdaq and Dow. Stock futures were up overnight but slipped after reports Iran announces it is ending all negotiations with the US and vows to “completely” block the Strait of Hormuz and says it is ending negotiations due to repeated ceasefire violations including Israeli strikes in Lebanon. Semiconductors are lagging early after another monstrous month of returns in May (up 80% YTD), led by declines in INTC, QCOM, AMD after reports NVDA debuted its RTX Spark superchip for Windows laptops, which includes a Blackwell GPU and Grace CPU, will power laptops from manufacturers. The news also lifting shares of PC hardware makers while Nvidia rose 4% after unveiling a new chip that puts AI capabilities directly into laptops and desktop computers. U.S. Treasury yields slightly add to gains after ISM manufacturing, construction spending data were strong; yield on 10-year Treasury note last up 5.9 basis points at 4.512% and after reports Iran to be stopping talks to reopen the Strait of Hormuz following Israeli attacks on Lebanon against Hezbollah (sending oil futures up 7%). Early weakness in Smallcap stocks as the Russell 2000 falls over 1% while major averages are little changed. Gold prices along with Bitcoin tumble as oil prices and Treasury yields jump. Outside of Iran, investors await key jobs data this week (Nonfarm/ADP/JOLTs).

• ISM U.S. manufacturing activity index 54.0 in May (consensus 53.0) vs 52.7 in April; prices paid index 82.1 in May (consensus 85.0) vs 84.6 in April; new orders index 56.8 in May vs 54.1 in April; employment index 48.6 in May (consensus 47.5) vs 46.4 in April.
• US April construction spending +0.4% (consensus +0.2%) to $2.172 trln, vs March +0.2% (prev +0.6%); April private construction spending +0.4%, public spending +0.4%.

• Chinese Electric vehicles: LI announced that it delivered 33,350 vehicles in May 2026. As of May 31, 2026, Li Auto’s cumulative deliveries reached 1,702,792. Since March, monthly deliveries of Li i6 have consistently exceeded 20,000 units. NIO said 7,705 vehicles were delivered in May 2026, increasing by 62.3% y/y; 150,526 vehicles were delivered year-to-date in 2026, increasing by 68.7% y/y; cumulative deliveries reached 1,148,118 as of May 31. XPEV announced its vehicle delivery results for May 2026. XPENG delivered a total of 32,158 vehicles in May, representing a 4% increase from the prior month.

• DELL +7%; as PC makers rise after NVDA debuted its RTX Spark superchip for Windows laptops. The processor, which includes a Blackwell GPU and Grace CPU, will power laptops from manufacturers including Acer, DELL, HPQ and MSFT when it lands this fall
• EWTX +27%; shares jumped after saying it would sell its sevasemten and its muscular dystrophy business for up to $2.65B to Servier, an independent pharmaceutical group run by a foundation. Servier will pay $1.55 billion in upfront cash consideration and up to $1.1 billion in additional milestone payments.
• IBM +6%; shares jumped after a video of President rump praising the company’s CEO and discussing the stock at a December event recirculated on social media over the weekend.
• MGM +13%; shares jumped after People Incorporated, previously IAC, announced that it has submitted a non-binding proposal to the Board of Directors of MGM to acquire all outstanding shares of MGM that People Incorporated does not already own for $48.30 per share in cash. People Incorporated today owns 26.1% of the outstanding common stock of MGM.
• MSFT +3%; along with gains in DELL, HPW, LNVOY and other PC makers after NVDA debuted its RTX Spark superchip for Windows laptops. The processor, which includes a Blackwell GPU and Grace CPU, will power laptops from manufacturers including
• NVDA +3%; after unveiled a new “superchip”, dubbed “RTX Spark”, that would power a new line of Windows-based PCs built specifically for AI agents in a move that puts the chip giant in more direct competition with the likes of Intel and AMD
• RLYB +16%; and Avenzo Therapeutics agreed to merge and secure financing to continue developing Avenzo’s drug programs. Avenzo will become a subsidiary of Rallybio, and the combined company will operate under Avenzo’s name. It will trade on Nasdaq with the ticker AVZO.
• TMHC +22%; after Berkshire Hathaway Inc. agreed to acquire TMHC in an all-cash deal worth about $6.8B as the offer of $72.50 per common share represents a 24% premium to the home builder’s latest closing price on Friday. The deal is expected to close in the second half of this year.

• COIN -5%; along with MSTR and other crypto related names as Bitcoin prices falls to a seven-week low down -2.8% at $75,550.
• CRDF -18%; disclosed that Nerviano Medical Sciences was terminating the license agreement regarding onvansertib.
• GRAL -20%; after announced performance and safety results from the analysis of the full 35,878 cohort of its registrational Pathfinder 2 study are being presented during an oral session at the 2026 American Society of Clinical Oncology, ASCO, Annual Meeting.
• INTC -4%; along with weakness in AMD, QCOM after NVDA debuted its RTX Spark superchip for Windows laptops. The processor, which includes a Blackwell GPU and Grace CPU, will power laptops from manufacturers including ASUS, DELL, HPQ and MSFT when it lands this fall.
• OCS -32%; after the company reported that the Phase 3 DIAMOND-1 and DIAMOND-2 trials of OCS-01 eye drops in diabetic macular edema both missed the primary endpoint of mean change in best corrected visual acuity from baseline to Week 52
• RDW -15%; was downgraded to Hold along with BKSY at Jefferies noting shares of both are up 223% and 159% year-to-date respectively and while general excitement around space has driven the stock price move, and sees limited upside from here