CAPIS Morning Note – 06/03/26: Stocks Mixed

Overnight Summary and Early Morning Trading: The S&P 500 finished Tuesday higher by 0.13% at 7609.78 from Monday higher by 0.26% at 7599.96. The S&P 500 sees support now at 7600 from 7500. Resistance is now at 7700 from 7600. In the last two months, support has moved from 6300 to 7600. S&P 500 hit […]

Overnight Summary and Early Morning Trading: 

  • The S&P 500 finished Tuesday higher by 0.13% at 7609.78 from Monday higher by 0.26% at 7599.96.
  • The S&P 500 sees support now at 7600 from 7500. Resistance is now at 7700 from 7600. In the last two months, support has moved from 6300 to 7600.
  • S&P 500 hit its 24th All-Time Closing High of 2026 on Monday.
  • Futures are lower this morning by -10.75 (-0.14%) at 7614 on the SP 500 at 7:00 a.m. EDT.
  • Bond Market is higher today on price with the 10-Year Yield at 4.481% from 4.434%.

Executive Summary:

  • Stocks had a ninth up week, with the S&P 500 gaining 19.49% in the last nine weeks. We are now up 8.63% since the peak in January on the S&P 500 as of last Friday’s close.
  • U.S. moves into Week 15 of its attack on Iran. Deal or no deal?

Key Geopolitical Events of Note:

  • Economic news of note.
    • Weekly –  Crude Oil Inventories and MBA Mortgage Applications of note.
    • Monthly –  ADP Employment Report, Global US Services PMI , Factory Orders, ISM Non-Manufacturing Index and Beige Book of note.
  • Fed Speakers of Note today: Barr (9:00 a.m. EDT) and Logan (4:00 p.m. EDT).
  • President Trump’s schedule: 
    • Participates in Executive Time at 8:00 a.m. EDT.
    • Participates in a Policy Meeting at 11:00 a.m. EDT.
    • Participates in a Policy Meeting at 2:00 p.m. EDT.
    • Signs Executive Orders at 3:00 p.m. EDT.
    • Participates in a Policy Meeting at 4:30 p.m. EDT
    • Participates in a Rose Garden Club Dinner at 7:00 p.m. EDT.

Notable Earnings Out After The Close: 

  • Beats: ULTA +0.85, GME +0.14, PANW +0.06, GTLB +0.02, YEXT +0.02 of note. 
  • Misses: None of note. 
  • Flat: None of note.

Capital Raises of Note/Pricings:

  • IPO Filings: None of note.
  • Secondaries Filed Or Priced:
    • TTI announces the commencement of an underwritten public offering of $100 mln of shares of its common stock.
    • HGV announces launch of secondary offering of 5 mln shares of common stock.
  • Notes Filed Or Priced: None of note.
  • Convertible Offerings Filed or Priced: None of note.
  • Private Placement: None of note.
  • Direct Offering: None of note.
  • Exchangeable Subordinate Voting Shares: None of note.
  • Private Placements: None of note.
  • Selling Shareholders:
    • ASB files for 22,478,042 share common stock offering by selling shareholders.
  • Mixed Shelf Offerings:
    • FBRX files for $500 million mixed securities shelf offering.

After The Close:

  • Palo Alto Networks (PANW) beat on earnings and revenues.
  • Ulta Beauty (ULTA) beat on earnings and revenues.
  • Canadian Pacific (CP) Kansas City Ltd. has broken its May monthly record for transporting Canadian grain and grain products.
  • 10-Q Delays: None of note.

Tuesday’s Winners:  

  • GME +7.8%, PANW +2.3%, ULTA +0.8%

Tuesday’s Losers:

  •  YEXT -13.8%, GTLB -6.9%

Executive, Corporate Changes:

  • TXN announces that CFO Rafael Lizardi will retire; names Julie Knecht as next CFO.
  • VEL appoints Dean Thevaos as Chief Technology Officer.
  • Lending Club (LC) to transfer the listing of its common stock to the Nasdaq from the NYSE on June 22 to reflect the rebranding of LendingClub Bank to Happen Bank.

Dividend Announcements:

  • Top Names Ex-Dividend Wednesday: HAL HRB NPO PBR PVH RCL SLB WSC AMKR MKSI ODFL.
  • Top Names Ex-Dividend Thursday: None of note.

Buybacks:

  • SHOP announces $3 billion increase to share repurchase program.

What Happening This Morning:

Futures S&P 500 -7.00, NASDAQ 100 +55 Dow Jones  -147. Europe is lower while Asia is mixed. Bond yield is at 4.481% from 4.434% on the 10-Year. Crude Oil and Brent Crude are higher with Natural Gas higher. Gold, Silver and Copper are lower. The U.S. Dollar is higher versus the Euro, higher against the Pound and lower against the Yen. Bitcoin is at $67,247 from $69,393.

Sector Action: 

  • Daily Positive Sectors:  Utilities, Materials, Energy, Technology, and Industrials were the leaders. 
  • Daily Negative Sectors: Communications Services, Healthcare, Consumer Cyclical and Consumer Defensive led the way lower.
  • One Month Winners: Technology, Communication Services, Consumer Defensive, Healthcare and Real Estate of note.
  • Three-Month Winners: Energy, Materials, Utilities, Consumer Defensive and Industrials of note.
  • Six-Month Winners: Energy, Materials, Utilities, Industrials, Healthcare and Consumer Defensive of note.
  • Twelve-Month Winners: Materials, Energy, Industrials, Utilities, Communication Services and Technology of note.
  • Year to Date Winners:  Energy, Materials, Consumer Defensive, Utilities and Industrials of note.

Bolded means the Sector is new to the period in which it falls.

Upcoming Earnings Of Note: (Erlanger Chartroom Software – sorted by market cap, highest to lowest with most visible names)

  • Today After the Close:

  • Thursday Before The Open:

Notable Earnings of Note This Morning: 

  • Beat: M +0.10, OLLI +0.04, MDT +0.01 Of note. 
  • Missed: MMED -0.53 of note. 
  • Flat:  None of note.
  • Still to Report: None of note.

Company Earnings Guidance: 

  • Positive Guidance: After The Close & This Morning – PANW of note.
  • Mixed – None of none.
  • Negative or Mixed Guidance: After The Close & This Morning – MDT OLLI of note.

Advance/Decline Daily Update:

Gap Ups & Down In Early Pre-Market: (+2% or down more than -2%): 

  • Gap Up:  FBRX +10%, GME +9.9%, AUPH +4.3%, SHW +3.1%, CATX +2.8%, CTKB +2.6%, OBE +2.3% of note
  • Gap Down: NRXP -21%, YEXT -16.9%, TTI -14.4%, THO -9.8%, LUNR -7.7%, ATNI -4.8%, TE -4.5%, GTLB -3.9%, PANW -3.9%, ARDT -3.6%, KEN -3.5%, DBVT -3.2%, CDRO -2.2%, HGV -2.1%, ARGX -2.1%, NBTX -2%, of note.

Insider Action: None see Insider Buying with dumb short selling. None see Insider Buying with smart short sellers. Above $100,000 in purchases with high shorts but no history:  None of note.

Other Trading Action: None of note.

Rags & Mags: Repeated stories from prior days never listed, i.e. “rehashed news”. Sorted by Global, U.S. and stock specific. Bolded source means paywall.

  • WSJ Lead Story: US Data Center Build Out is Way Behind Schedule. (WSJ)
  • NY Times Lead Story: Kuwait Says Iran Damaged Its Main Airport. (NYT)
  • USA Today: Wendy’s is giving away Canon cameras.  (USA Today)
  • Bloomberg: Trump Begins Rebuilding His Tariff Wall. (Bloomberg)

Economic & Geopolitical:

  • Federal Reserve Speakers of note today:
    • Federal Reserve Governor Michael Barr speaks at 9:00 a.m. EDT.
    • Federal Reserve Dallas President Lorrie Logan speaks at 4:00 a.m. EDT.
  • President Trump’s schedule for today:
    • Participates in Executive Time at 8:00 a.m. EDT.
    • Participates in a Policy Meeting at 11:00 a.m. EDT.
    • Participates in a Policy Meeting at 2:00 p.m. EDT.
    • Signs Executive Orders at 3:00 p.m. EDT.
    • Participates in a Policy Meeting at 4:30 p.m. EDT
    • Participates in a Rose Garden Club Dinner at 7:00 p.m. EDT.
  • Economic Data Out –
    • Weekly
      • Crude Oil and MBA Mortgage Applications at 10:30 a.m. EDT and 7:00 a.m. EDT.
    • Monthly
      • May ADP Employment Report at 8:15 a.m. EDT with estimates of 110,000.
      • Global US Services PMI at 9:45 a..m. EDT and came in last month at 50.9.
      • April Factory Orders at 10:00 a.m. EDT and estimates are 3.5%.
      • May ISM Non-Manufacturing Index at 10:00 a.m. EDT and estimates are 53.60%.
      • May Beige Book out at 2:00 p.m. EDT.

M&A Activity & Daily: None of note.

Moving Average Table: 96% from 100% of Equities are Positive, and 24% from 68% Bonds are Positive. 

 

Meeting & Conferences of Note:

  • Sellside Conferences:
    • Baird Consumer, Technology & Services Conference
    • DB dbAccess Basic Materials Conf
    • Evercore TMT Global Conference
    • Jefferies Defense Technology Summit
    • Jefferies Healthcare Conference o Microsoft Build
    • Noble Emerging Growth Equity Conference
    • Piper Global Exchange & Fintech
    • RBC Global Energy, Power & Infrastructure Conference
    • TD Cowen Future of the Consumer Conference
    • UBS Auto and AutoTech Summit
    • William Blair Growth Stock Conference
  • Top Analyst, Investor: CRDF F HONA KURA NNDM of note.
  • Shareholder Meetings: ANF ALRM APP CG GDDY LYFT OKLO PLTR URBN USAR ZUMZ of note.
  • Fireside Chat: None of note.
  • FDA Presentation: None of note.
  • R&D Day: None of note.
  • Meetings:
    • Nareit REIT Week Conference
    • Snowflake Summit
    • Cisco Live!

Upgrades & Downgrades: 

The recommendations listed below in this “Upgrade/Downgrade” section are compiled from what we believe are Tier I, II and III firms. Recommendations posted are taken from a variety of sources each day and we only post upgrades or significant initiations as well as downgrades to underweight or sell. The purpose of this posting is to make the reader aware of market-moving recommendations. None of these recommendations should be interpreted as actual recommendations from CAPIS or its employees.

Upgrades: ACHC of note.
Downgrades: FULC of note.