Morning Preview: June 01, 2026

Early Look

Monday, June 1, 2026

Another day, another record on tap if early gains hold, just days after all three major indexes hit fresh all-time highs and closed the week higher, with the Nasdaq leading at +2%, closing the month strong. For last week, the S&P 500 gained 1.43%, the Nasdaq climbed 2.39%, and the Dow climbed 0.9%, while for the month the S&P 500 gained 5.15%, the Nasdaq climbed 8.36%, and the Dow climbed 2.78%. While tech was a massive leader in May, @bespokeinvest noted on X, “S&P 500 up. Breadth negative. Every. Single. Day. This. Week” noting the rally is being led mostly by the major mega cap tech names/semis. The Technology sector (XLK) rose 5.6% this past week and was up over 19% in May (and +32% YTD) while the next best monthly sector winner was Healthcare (XLV) 2.4% on the month, while Materials, Communications, Financials, Industrials, Consumer Staples, and REITs slipped and both Energy (XLE) and Utilities (XLU) fell over 5% this month. The rally got a final push from the US and Iran agreeing to a 60-day memorandum of understanding to extend the ceasefire. Regarding Iran, over the weekend President Trump said he is in “no hurry to finalize an Iran deal”; any deal will clearly stipulate Iran won’t possess a nuclear weapon; Iran really wants to make deal, will be a good one for the US and those that are with U.S. This morning, FARS reported Iran’s revolutionary guards navy notes 15 ships, including 4 oil Tankers, passed through strait of Hormuz after obtaining permission from Iran in the last 24 hours. Meanwhile, a slew of US Employment data lies ahead for the first week in June, with ADP, JOLTs, Challenger on the docket ahead of Friday’s May NFP, as well as the ISM Manufacturing and Services reports. The softening in the labor market has eased recently, but wage pressures are muted, with real earnings falling below inflation. In Asian markets, The Nikkei Index jumped 604 points to 66,934, the Shanghai Index fell -10 points to 4,057, and the Hang Seng Index gained 215 points to 25,398. In Europe, the German DAX is up 69 points to 25,194, while the FTSE 100 is down -12 points to 10,396. Gold is lower, oil is higher along with Treasury yields and Bitcoin lower to start the week.

• The Dow Jones Industrial Average rose 363.49 points, or 0.72%, to 51,032.46
• The Nasdaq Composite gained 55.15 points, or 0.20%, to 26,972.62
• The Russell 2000 Index declined -17.23 points, or 0.59% to 2,919.34

• 10:00 AM ET ISM Manufacturing PMI for May…est. 53.0
• 10:00 AM ET                Construction Spending for April…est. +0.2%

• Earnings After the Close: CRDO HPE

• Deutsche Bank Data Center Summit, 6/1, in New York
• Raymond James 2026 Internet, AI & Autonomous Tour, 6-1/6-2

• Iran’s revolutionary guards navy notes 15 ships, including 4 oil Tankers, passed through strait of Hormuz after obtaining permission from Iran in the last 24 hours – FARS reports

• Campbell’s (CPB) downgraded to Equal Weight from Overweight at Stephens and lower tgt to $21 from $28 saying promotional intensity in the packaged food industry remains elevated across many categories, and recent commentary from Walmart and Kroger suggests this dynamic will continue.
• Li Auto Inc. (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 Inc. (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.
• XPeng Inc. (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.
• Yum! Brands (YUM) is in exclusive discussions to sell its Pizza Hut chain to LongRange Capital. Yum entered the exclusive talks in recent days, beating out offers from Sycamore, according to a Bloomberg report.

• Crude oil futures bounce after sinking last week to their lowest since mid-April as the U.S. and Iran appeared close to reaching a preliminary agreement that would include reopening the Strait of Hormuz. WTI crude plunged 9.6% this week, its biggest weekly decline in six weeks, and Brent sank 11.1% for its steepest weekly loss in seven.
• FirstEnergy (FE) files to offer up to $3B in various securities.
• Redwire (RDW) downgraded to Hold from Buy at Jefferies while raise tgt to $24 from $13 noting while general excitement around space has driven the stock price move, the firm sees limited near-term upside from here as the company proves out backlog conversion on strong orders.
• USA Rare Earth (USAR) said it will make an additional investment in France that could exceed €175 million ($204.03 million)to expand its metal, alloy, and magnet-making capacity in the country.

• Cardiff Oncology (CRDF) disclosed that Nerviano Medical Sciences was terminating the license agreement regarding onvansertib.
• Eli Lilly (LLY) said its targeted cancer therapy Retevmo significantly reduced the risk of disease recurrence or death in patients with early-stage RET fusion-positive non-small cell lung cancer, according to results from a Phase 3 clinical trial presented Sunday at the American Society of Clinical Oncology annual meeting and published simultaneously in the New England Journal of Medicine.
• Haisco Pharmaceutical Group Co., Ltd. announced a licensing and research collaboration with Eli Lilly (LLY) to develop innovative medicines across multiple therapeutic areas. Haisco will be eligible to receive up to $87M in upfront and near-term payments, up to $2,967M in all remaining downstream milestones, as well as single-digit tiered royalties on future product sales.
• Incyte’s (INCY) immunotherapy Monjuvi, developed with Xencor (XNCR), will soon become a first-line option for a common type of lymphoma after late-stage trial data indicated on Saturday that the CD19-targeting monoclonal antibody with other drugs improved cancer-free survival by 25%. The analysis represented data from the company’s Phase 3 frontMIND trial, which enrolled newly diagnosed adults with high-risk diffuse large B-cell lymphoma. Citing an interim analysis, Incyte said that compared to R-CHOP, the standard of care, Monjuvi reduced the risk of disease progression or death by 25% in DLBCL when added to R-CHOP plus enalidomide.
• Johnson & Johnson (JNJ) reported at ASCO this weekend new clinical trial results showing that its experimental subcutaneous formulation of amivantamab produced durable responses in patients with advanced head and neck cancer whose disease had progressed after immunotherapy and chemotherapy.
• Revolution Medicines (RVMD) reported at ASCO this weekend Phase 3 clinical trial results showing its experimental cancer drug daraxonrasib significantly extended survival for patients with previously treated metastatic pancreatic cancer. According to the company, daraxonrasib reduced the risk of death by 60% compared with standard chemotherapy and more than doubled median overall survival.
• Summit Therapeutics Inc. (SMMT) announced positive overall survival results from the Phase III HARMONi-6 trial, conducted in China and sponsored by Summit’s partner Akeso, Inc.; Ivonescimab plus chemotherapy reduced the risk of death by 34% compared to Tislelizumab plus chemotherapy; hazard ratio 0.66.

• Nvidia (NVDA) launched Nvidia Cosmos 3, an open world foundation model for physical AI built on a mixture-of-transformers architecture that combines vision reasoning, world generation and action prediction in a single system.
• BE Networks announced that it is working with Iren (IREN) to leverage Nvidia (NVDA) DSX Air to simulate and validate the network architecture supporting IREN’s upcoming deployment of more than 50,000 Nvidia Blackwell Ultra GPUs.
• Cadence (CDNS) announced the industry’s first fully autonomous virtual agentic AI design engineer, extending the ChipStack(TM) AI Super-Agent to Level 5 autonomy. Built on Cadence’s AI-driven electronic design automation (EDA) portfolio with NVIDIA Nemotron models, and secured by NVIDIA OpenShell runtime, the new agentic capabilities enable customers to run dynamic simulations in automated workflows.
• Zscaler (ZS) upgraded to Buy from Neutral at Guggenheim.