Morning Preview: June 04, 2026

Early Look

Thursday, June 4, 2026

A day after snapping their respective 9 day winning streaks for both the S&P 500 and Nasdaq Composite, and both falling off record highs, Nasdaq futures are lower by over 1% this morning after Broadcom (AVGO) shares fall -12% overnight following a Q2 earnings beat but guides Q3 Semiconductor revenue from Ai $16B below ests $17.2B and at the same time did not raise its Ai Semiconductor sales forecast for 2026. Oil prices slipped (but remain elevated) keeping inflation worries elevated as progress on Middle East peace talks appeared to be in limbo. Last night, the Republican-led House voted to halt the US war with Iran. Recent days have brought contradictory messages regarding the U.S.-Iran peace process while they traded a new round of air strikes. But last night, Israel and Lebanon said late on Wednesday they had agreed to implement a ceasefire, raising hopes for a deal between Washington and Tehran. Iran has made any agreement conditional in part on an end to fighting between Israel and Hezbollah, an Iran-aligned group in Lebanon. Among the benchmark index’s 11 major industry sectors, six lost ground on Wednesday as Energy (XLE) was the biggest gainer with U.S. crude oil futures settling up 2.4%. Consumer discretionary, technology and financials were the biggest laggards space during the session. In Asian markets, The Nikkei Index tumbled -931 points to 67,470, the Shanghai Index dropped -26 points to 4,057, and the Hang Seng Index dropped -379 points to 25,253. In Europe, the German DAX is up 83 points to 24,879, while the FTSE 100 is down -77 points to 10,255. Bitcoin prices tumbled to February lows, down over -3% at $62,775 after hitting lows of $61,344 overnight. Investor sentiment deteriorated earlier this week after digital asset treasury giant Strategy (MSTR) revealed it sold tokens for the first time since 2022. The US dollar (DXY) pulls back off 2 month highs. Markets seeing their first overall pullback in semis overnight after the AVGO guidance, pulling the Semi index (SOX) off its record highs – does it bounce?

• The Dow Jones Industrial Average fell -620.72 points, or 1.21%, to 50,687.07
• The Nasdaq Composite dropped -239.93 points, or 0.89%, to 26,853.98
• The Russell 2000 Index slumped -38.45 points, or 1.31% to 2,893.51

• 8:30 AM ET                  Continuing Claims…est. 1.78M
• 8:30 AM ET                  Nonfarm productivity for Q1…est. +0.5%
• 8:30 AM ET                  Unit Labor Costs for Q1…est. +2.5%
• 10:30 AM ET                Weekly EIA Natural Gas Inventory Data

• Earnings After the Close: AGX BBCP COO CURV DOCU GWRE IOT LULU NX PL RBRK TTAN WLTH ZUMZ

• 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 2026 Canadian Private Technology Conference, 6/4 in Toronto

• The bull-bear spread in the American Association of Individual Investors (AAII) weekly survey was -0.7% vs -6.3% last week. Bulls rose to 36.3% from 35.6%, Neutrals rose to 26.7% from 22.6%, Bears fall to 37.0% from 41.9%.

• Five Below (FIVE) Q1 adj EPS $2.22 vs est $1.76 on sales $1.29B vs est $1.226B; guides Q2 sales $1.18-1.2B vs est $1.1489B; sees FY sales $5.4-5.48B vs est $5.36B and adj EPS $8.65-9.05 vs est $8.28.
• PVH Corp. (PVH) Q1 EPS $2.01 above consensus $1.82 and revs $2.025B vs. est. $2.0B; Q1 inventory decreased 5% to $1.51B y/y; sees Q2 EPS $3.00-$3.10 vs. est. $2.47 and sees Q2 revenue down 4% to down 3% vs. est. $2.16B; backs FY26 EPS view of $11.80-$12.10 vs. est. $12.10 and sees FY26 revenue to be about flat compared to a slight increase prior; expects to repurchase at least $300 mln of shares in 2026.
• ChargePoint (CHPT) Q1 EPS $(1.75) vs est $(1.90); revenue $101.8M vs est $95.6M +4% YoY with networked Charging systems revenue $53.3M and subscription revenue $40.8M; GAAP gross margin 29% and non-GAAP gross margin 32%; non-GAAP opex $54.4M and non-GAAP net loss $(18.3)M with non-GAAP adj EBITDA loss $(19.2)M; guides Q2 revenue $100–$110M vs prior guide range $90–$100M and est $102.58Mm.

• RTX Corp. (RTX) upgraded to Buy from Hold with a price target of $220 from $210 as estimates RTX organic sales grow 7% per year to 2028 sales of $107B, raised its EPS estimates by about 5% in 2026-2028. RTX is in a hot section of the market and now taking advantage.
• Space Exploration Technologies (SPCX) launches IPO of 555.56M Class A shares as IPO price expected to be $135 per share; Elon Musk would hold more than 82% of voting power after IPO; IPO has overallotment option of 83.3 million shares; SpaceX sees $74.4 billion net proceeds from IPO, or $85.7 billion with Greenshoe

• Coinbase Global (COIN), Robinhood Markets (HOOD), Strategy (MSTR) shares tied to cryptocurrency retreated premarket as bitcoin extended its slide, slumping to its lowest intraday level since early February.
• W. R. Berkley (WRB) increases share repurchase authorization to 25M shares; declares special dividend, increases regular quarterly cash dividend 11.1%, and increases share repurchase authorization.

• Petco Health (WOOF) Q1 EPS ($0.05) vs est $0.02, adj EBITDA $97.36Mm vs est $92.23Mm on revs $1.5B vs est $1.489B; sees Q2 sales about +0.3% vs est $0.48% and adj EBITDA $110-112Mm vs est $116.04Mm and FY adj EBITDA $415-430Mm vs est $424.53Mm.
• UnitedHealth (UNH) upgraded to Buy from Neutral at Bank America and raise tgt to $450 from $420.
• Veeva Systems (VEEV) Q1 adj EPS $ vs est $2.13 on revs $882.9Mm vs est $853.65Mm; sees Q2 revs $902-905Mm vs est $883.54Mm and adj EPS $2.21-2.22 vs est $2.18; sees FY revs $3.64-3.65B vs est $3.584B and adj EPS about $9.05 vs est $8.82.
• Verastem Oncology (VSTM) announces U.S. FDA fast track designation for vs-7375, an oral and potential best-in-class investigational KRAS g12d (on/off) inhibitor for the treatment of KRAS g12d-mutated locally advanced or metastatic non-small cell lung cancer; initiates phase 2 target-d 202 trial for advanced NSCLC.

• Crowdstrike (CRWD) Q1 adj EPS $1.10 vs. consensus $1.07; Q1 revenue $1.39B vs. consensus $1.36B; Q1 total operating expenses came in at $1.07B, compared with $934.3M a year earlier; sees Q2 adj EPS $1.16-$1.17 and sees Q2 revenue $1.436B-$1.442B vs. est. $1.43B; board approved & declared four-for-one split of co’s outstanding shares of class a common stock in form of stock dividend; raises FY27 EPS view to $4.88-$4.96 from $4.78-$4.90 (est. $4.84) and boosts FY27 revenue to $5.914B-$5.958B from $5.868B-$5.928B, vs. est. $5.87B.
• Amazon (AMZN) announced a €10B investment in its European fulfillment network and introduced an upgraded AI-powered Proteus warehouse robot. The new Proteus can respond to conversational prompts, prioritize tasks, plan routes, and move autonomously across warehouse floors, with European deployment expected in 1H27.
• C3.ai (AI) Q4 EPS loss (-$0.33) vs. est. loss (-$0.37); Q4 revenue $51.6M vs. est. $50.2M; sees Q1 revenue $50M-$54M, vs. consensus $51.7M and FY27 revenue $210M-$240M, vs. consensus $224.7M.
• IBM (IBM) and Google Cloud (GOOGL) announced the launch of a new Google Cloud Practice, designed to help organizations more quickly scale AI into production and modernize core systems.
• IDT Corp. (IDT) Q3 EPS $0.87 vs est $0.89; revenue $315.7M vs est $308.0M; gross profit $122.5M; operating Income $29.8M vs est $26.9Mm; raises FY2026 adj EBITDA guidance to $150–$152M from prior $147–$149M vs est $147Mm.
• Foxconn said on y it will work with U.S. chipmaker Intel (INTC) to jointly develop and deploy next-generation AI infrastructure and intelligent computing platforms in a move to capture booming demand for AI computing systems. Foxconn said the partnership would combine Intel’s chip technology with Foxconn’s manufacturing.
• Meta Platforms (META) has delayed plans to release its newest AI model to developers multiple times and as of Tuesday didn’t have a planned date to release it, the Journal reported – WSJ.
• Netskope Inc. (NTSK) Q1 EPS loss (-$0.06) vs. est. loss (-$0.07); Q1 revs rose 28% y/y to $201.59M vs. est. $198.2M; sees Q2 EPS loss (7c)-(6c), vs. est. loss (-$0.07) on revs up 25%-26% y/y to $213M-$215Mvs. Est. $211.83M; long-term succession planning process, CFO drew Del Matto has announced his intention to retire; ARR grew 29% year-over-year to $845 million as of April 30, 2026.
• Quantinuum (QNT) 28M share IPO priced at $60.00 after the deal size was increased to 28M shares from 26.5M and priced above $53.00-$55.00 target range.
• Taiwan Semi (TSM) CEO said it is striving to keep up with demand and avoid becoming a bottleneck in the global supply chain during the relentless boom in artificial intelligence. C.C. Wei, speaking at the company’s annual shareholder meeting in the Taiwanese city of Hsinchu, said customers are still upbeat on the outlook for AI, while TSMC is monitoring the impact of rising component costs.
• VIAVI (VIAV) launched AI Experts, the first product in its NITRO AI portfolio for wireless testing and validation. The tools use product-specific AI agents to automate configuration, analysis, diagnostics, and reporting across field and lab workflows.
• 3D Systems (DDD) 16.4M share Spot Secondary priced at $3.05.