Morning Preview: June 02, 2026

Early Look

Tuesday, June 2, 2026

Following another record high on Monday for the S&P 500, Dow Jones Industrials and Nasdaq Comp, U.S. futures are edging down slightly this morning as investors weighed uncertainty over Iran talks alongside the latest developments in AI. Stocks slipped off their highs late Monday, paring gains, with the S&P 500 closing around 7,600 (off highs 7,617.66) after Israel PM Benjamin Netanyahu said, “Tonight, I spoke with President Trump and told him that if Hezbollah does not cease attacking our cities and citizens—Israel will attack terror targets in Beirut. This stance of ours remains unchanged. In parallel, the IDF will continue to operate as planned in southern Lebanon.” Overall, on Monday, the S&P 500 closed at its highest level on record, now on track for a 10-week win streak for the first time since 1985 as the S&P 500 and Nasdaq Composite both posted an 8 day winning streak. That’s +$11.7 TRILLION in market cap since March 30th. In Asian markets, The Nikkei Index fell -200 points to 66,734, the Shanghai Index rose 17 points to 4,075, and the Hang Seng Index advanced 640 points to 26,038. In Europe, the German DAX is up 262 points to 25,266, while the FTSE 100 rises 38 points to 10,377. After the closing bell, Alphabet (GOOG) stock edged lower after the company said it aims to raise $80 billion to realize its AI infrastructure plans. Hewlett Packard Enterprise (HPE), meanwhile, reported a record quarter driven by AI data center expansion, sending its stock up more than 20%. Shares of MRVL spiked after NVDA CEO called the chipmaker the next “trillion-dollar company”. On Tuesday, investors will get fresh insight into the health of the economy with the release of the Job Openings and Labor Turnover Survey (JOLTS) report. The JOLTS report is the first in a series of employment data releases this week

• The Dow Jones Industrial Average rose 46.42 points, or 0.09%, to 51,078.88
• The Nasdaq Composite gained 114.19 points, or 0.42%, to 27,086.81
• The Russell 2000 Index declined -13.56 points, or 0.46% to 2,905.78

• 8:55 AM ET                  Johnson/Redbook Weekly Sales
• 10:00 AM ET                JOLTs Job Openings for April
• 4:30 PM ET API Weekly Inventory Data

• Earnings After the Close: GTLB PANW SPWJ ULTA

• 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
• Jefferies Global healthcare Conference, 6/2-6/4, in New York
• Raymond James 2026 Internet, AI & Autonomous Tour, 6-1/6-2
• 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

• Estee Lauder (EL) merger with Jean Paul Gaultier-owner Puig failed to go through because of the price tag, Stephane de La Faverie, President and CEO of the U.S. cosmetics maker said on Tuesday, but added the company was still open to acquisitions if they made financial sense – Reuters.
• General Mills (GIS) will sell its Häagen-Dazs ice cream shops in Mainland China. The group of investors includes Ningji, a Chinese company that operates thousands of quick-service retail tea shops. The investors will receive an exclusive license from General Mills to use the Häagen-Dazs brand.
• Philip Morris (PM) outlook FY adjusted EPS $8.31-8.46 vs. consensus estimate $8.41; updates Q2 adj diluted EPS forecast for currency only to a range of $1.97 to $2.02; says to record $500M non-cash impairment charge in Q2 2026.

• Donaldson (DCI) Q3 adj EPS $1.06 vs. est. $1.05; Q3 revenue $995.1M vs. est. $973.65M; narrows FY26 adjusted EPS view to $3.94-$4.01 from $3.93-$4.01 (est. $3.98); FY26 organic sales, which exclude the impact from Facet, are forecast to increase between 3% and 5%, versus between 1% and 5% previously.
• Genco Shipping’s (GNK) Board of Directors unanimously rejected the revised unsolicited tender offer from Diana Shipping (DSX) to acquire all outstanding common shares of Genco not already owned by Diana for $24.80 per share in cash
• Generac (GNRC) announced it has signed a global supply agreement with a hyperscale data center operator to supply backup power generators for the company’s data center infrastructure.
• Knight-Swift (KNX) upgraded to Positive from Neutral at Susquehanna
• Northern Oil And Gas Inc (NOG) files for mixed shelf offering.
• @GasBuddyGuy noted on X, “The U.S. Strategic Petroleum Reserve (SPR) is less than 10 days away from falling to its lowest level since August 1983- over 15,625 days ago- a level not seen since the SPR’s initial fill-up that began in 1977.”

• Citron Research Andrew Left faces the possibility of decades behind bars after being found guilty of using disingenuous social media posts to manipulate stocks.

• Fulcrum Therapeutics (FULC) announced the discontinuation of its pociredir program for the treatment of sickle cell disease, or SCD, and the initiation of a review of strategic alternatives. On May 28, Fulcrum received meeting minutes from recent end-of-phase interactions with the FDA. The minutes reflected heightened FDA concerns regarding pociredir’s benefit-risk profile in SCD, stemming from an unexpectedly high rate of secondary hematologic malignancies observed with Tazverik, which was withdrawn from the global market in March.
• Xometry (XMTR) 2.65M share Spot Secondary priced at $85.00

• Arm Holdings (ARM) CEO Rene Haas said that it would be difficult to block the export to China of CPUs that are useful for AI because of their widespread use and as it would be difficult to block only AI CPUs, per Reuters. “CPUs are kind of like oil relative to the application space,” Haas said in an interview with Reuters. “That’s a pretty hardcore cut.”
• Broadcom (AVGO) Launches Edge AI Portfolio with Wi-Fi 8 And 50G PON; introduced a new Edge AI semiconductor portfolio spanning seven broadband and networking product categories. Unveiled an industry-first 50G ITU PON Gateway SoC with an embedded NPU, alongside new Wi-Fi 8 solutions
• Credo Technology (CRDO) Q4 EPS $1.16 tops est. $1.03 on revs rising 157% y/y to $437M vs. est. $433.3M;Q4 GAAP gross margin of 68.2% and non-GAAP gross margin of 68.3%; sees Q1 revs $465M-$475M, vs. consensus $464.67M and sees Q1 adjusted gross margin 67%-69%; sees Q1 operating expenses $167.6M-$171.7M.
• Hewlett Packard Enterprises (HPE) shares jump as Q2 adj EPS $0.79 vs est $0.53 on rev $10.68B vs est $9.79B; non‑GAAP gross margin 36.9%; operating Income $747M; Cloud & Ai rev $7.71B; networking rev $2.69B; completes H3C exit with about $3.5B pretax proceeds including ~$1.36B for remaining 19% stake; guides Q3 adj EPS $0.88–$0.93 vs est about $0.58, rev $11.5B–$12.1B vs est about $10.96B; guides FY26; rev growth 29%–33% vs est about 19%; adj EPS $3.35–$3.45 vs est about $2.43; says cumulative networks‑for‑AI orders expected to reach at least $2B by FY26 end and that it is two years ahead of its FY28 long‑term financial plan.
• Marvell Technology (MRVL) shares surge over 27% after Nvidia’s (NVDA) CEO Huang called the chipmaker the next “trillion-dollar company”. NVDA CEO Jensen Huang made the remark at the Computex conference in Taipei; earlier this yr, NVDA invested $2B in MRVL for its custom AI chips used in data centers
• Hive Digital Technologies (HIVE) Q4 revs $71.8Mdriven by bitcoin mining and HPC services; Q4 adj EBITDA was negative, reflecting hash price compression and FX translation losses; said Q4 Bitcoin mining revenue fell sequentially due to lower bitcoin prices and higher network difficulty; targets $660M ARR by year-end 2028; expects to double GPU cloud to 11,000 GPUs by end of 2026, generating over $200M AI Cloud ARR; 320 MW GTA Gigafactory expected online in H2 2027.
• Microchip Technology (MCHP) to implement Selective price increases across broad product portfolio; price increase will have no impact on guidance or results for fiscal qtr ending June 30, 2026; Data center solutions business unit generated $302.7M revenue in 2025; expects 65% growth to $500M in 2026.
• STMicroelectronics (STM) shares jumped after raising its data-center revenue targets, saying demand for artificial-intelligence infrastructure continues to boom; said it now expects data-center revenue to come in at about $1B this year, against its prior forecast of above $500M; Data-center revenue could double in 2027, assuming current trends continue, STMicroelectronics added.
• Super Micro Computer, Inc. (SMCI) announced a new class of AI-centric solutions featuring Arm(R) AGI CPUs. The increasing compute demands of modern agentic AI require a new class of rack-scale infrastructure that maximizes compute performance within the power envelopes and physical footprints of enterprise data centers.