Overnight Summary and Early Morning Trading:
- The S&P 500 finished Tuesday lower by -0.57% at 7511.35 from Monday higher by 1.65% at 7554.29.
- The S&P 500 sees support now at 7500 from 7400. Resistance is now at 7600 from 7500. In the last two months, support has moved from 6300 to 7500
- S&P 500 hit its 25th All-Time Closing High of 2026 on Tuesday, 6/2.
- Futures are higher this morning at +9.50 (+0.13%) at 7596 on the SP 500 at 6:55 a.m. EDT.
- Bond Market is higher today on price with the 10-Year Yield at 4.435% from 4.439%.
Executive Summary:
- Stocks started a new week winning streak, with the S&P 500 gaining 0.65% in the last week. We are now up 6.50% since the peak in January on the S&P 500 as of last Friday’s close.
- U.S. moves into Week 17 of its attack on Iran. Is the ceasefire and a conclusion to the war going to really happen this week or just another week of kicking the can down the road?
Key Geopolitical Events of Note:
- Economic news of note.
- Weekly – MBA Mortgage Applications and Crude Oil Inventories of note.
- Monthly – Retail Sales, Pending Home Sales and FOMC Announcement and Press Conference of note.
- Fed Speakers of Note today: Blackout period.
- 20-Year Bond Auction at 1:00 p.m. EDT.
- President Trump’s schedule:
- Executive Time at 2:00 a.m. EDT. (8:00 a.m. Local Time)
- Participates in a working session with G-7 leaders and Development Countries at 3:30 a.m. (9:30 a.m. Local Time)
- Participates in a Bilateral Meeting with the President of Egypt at 5:30 a.m. (11:30 a.m. Local Time)
- Participates in a Working Lunch with the G-7 Leaders, Development Countries and Global Tech CEOs at 6:30 a.m. (12:30 p.m. Local Time)
- Participates in a Bilateral Meeting with the Prime Minister of India at 8:45 a.m. (2:45 p.m. Local Time)
- President Trump holds a Press Conference at 9:30 a.m. (3:30 p.m. Local Time)
- Participates in a Bilateral Dinner with the President of France at 1:00 p.m. (7:00 p.m. Local Time)
Notable Earnings Out After The Close:
- Beats: LZB +0.44
- Misses: None of note.
- Flat: None of note: None.
Capital Raises of Note/Pricings:
- IPO Filings: None of note.
- Secondaries Filed Or Priced:
- CVM Closing of Offering
- SOPH – Pricing of $50 Million Public Offering of Ordinary Shares
- Notes Filed Or Priced: None of note.
- Convertible Offerings Filed or Priced:
- ADPT – Prices Upsized $300 Million Convertible Senior Notes Offering
- Private Placement:
- CRC – Pricing Private Offering of $550 Million of Senior Unsecured Notes
- NOA – Closing of Private Placement Offering of $200 Million Senior Unsecured Notes
- Direct Offering: None of note
- Exchangeable Subordinate Voting Shares: None of note.
- Selling Shareholders:
- XRN files for 2,325,580 share common stock offering by selling stockholders
- Mixed Shelf Offerings:
- MTNB: FORM S-3 – $150,000,000 Mixed Shelf Offering
- RCT: Form F-3.. $100,000,000 Mixed Shelf
After The Close:
- WW and CheqUp expand partnership to deliver holistic support for weight health in the UK expand partnership to deliver holistic support for weight health in the UK.
- AMZN ticking slightly lower as company faces potential lawsuit from the FTC over claims company misled advertisers. (Bloomberg)
- Netflix (NFLX) is not interested in acquiring Lionsgate (LION).
Tuesday After the Close Winners:
- LZB +14.9%, FUN +2.3%, FMC +2.2%
Tuesday After The Close Losers:
-
- SOPH -4.7%, LION -4.5%,
Executive, Corporate Changes:
- AMCX announces Hozefa Lokhandwala has joined the company as Chief Financial Officer, effective today.
- T discloses that CFO Pascal Desroches intends to retire; appoints Jennifer Biry as Deputy Chief Financial Officer.
- Transocean (RIG) announces contract awards totaling $185 mln.
Dividend Calendar:
- Top Names Ex-Dividend Wednesday: LRCX MSI HBAN GEFB GEF FSK PLUS WSR DOLE of note.
- Top Names Ex-Dividend Thursday: HDB VICI IFF NDSN BBY ENS VSH KLIC HLNE UWMC ASO AVNT CURB MPT TR TTAM TPB QCRH of note.
Buybacks:
- AZO authorizes the repurchase of an additional $1.5 bln of common stock.
What Happening This Morning:
Futures S&P 500 +7, NASDAQ 100 +154 Dow Jones +12. Europe is higher ex the FTSE while Asia is higher ex Shanghai. Bond yield is at 4.441% from 4.443% on the 10-Year. Crude Oil and Brent Crude are higher with Natural Gas higher. Gold and Silver are lower with Copper higher. The U.S. Dollar is higher versus the Euro, higher against the Pound and lower against the Yen. Bitcoin is at $64,746 from $66,391.
Sector Action:
- Daily Positive Sectors: Financials, Industrials, Materials, Utilities and Communication Services were the leaders.
- Daily Negative Sectors: Technology, Energy, Consumer Cyclical and Healthcare 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: SWBI of note
- Monday Before The Open: ACN KR of note
Notable Earnings of Note This Morning:
- Beat: KMX +0.34, JBL +0.06 of note.
- Missed: None of note.
- Flat: None of note.
- Still to Report: None of note.
Company Earnings Guidance:
- Positive Guidance: After The Close & This Morning – JBL of note.
- Mixed – None of none.
- Negative or Mixed Guidance: After The Close & This Morning – None of note.
Advance/Decline Daily Update: Market Breadth ended its move higher for now.
Gap Ups & Down In Early Pre-Market: (+2% or down more than -2%):
- Gap Up: MCRP +28.8%, LZB +16.5%, VSTM +6%, ASTS +6%, INTC +4%, KMX +3.9%, STLA +2.6%, CDNA +2.4%, SOFI +2.3%, FUN +2.2%, SPHR +2%, OUST +2%, of note
- Gap Down: LION -5.9%, SOPH -3.4%, ADPT -2.4%, IRD -2.2% of note.
Insider Action: None see Insider Buying with dumb short selling. SOFI sees Insider Buying with smart short sellers. Above $100,000 in purchases with high shorts but no history: MH 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: Elon Musk Unleashes SpaceX’s New War Chest to Solve His AI Problem. (WSJ)
- NY Times Lead Story: Trump Delays Clayton Nomination to Director of Intelligence. (NYT)
- USA Today:. The problem of banning kids from social media. (USA Today)
- Bloomberg: Warsh Faces First Big Test As Fed Chair. (Bloomberg)
- Market Wrap: Stocks are steady into Fed. (Bloomberg)
Economic & Geopolitical:
- Federal Reserve Speakers of note today:
- Federal Reserve Black Out Period Ends Today & FOMC ends Day 2 of its two day meeting followed by the latest announcement at 2:00 p.m. EDT and then press conference at 2:30 p.m. EDT.
- President Trump’s schedule for today:
- Executive Time at 2:00 a.m. EDT. (8:00 a.m. Local Time)
- Participates in a working session with G-7 leaders and Development Countries at 3:30 a.m. (9:30 a.m. Local Time)
- Participates in a Bilateral Meeting with the President of Egypt at 5:30 a.m. (11:30 a.m. Local Time)
- Participates in a Working Lunch with the G-7 Leaders, Development Countries and Global Tech CEOs at 6:30 a.m. (12:30 p.m. Local Time)
- Participates in a Bilateral Meeting with the Prime Minister of India at 8:45 a.m. (2:45 p.m. Local Time)
- President Trump holds a Press Conference at 9:30 a.m. (3:30 p.m. Local Time)
- Participates in a Bilateral Dinner with the President of France at 1:00 p.m. (7:00 p.m. Local Time)
- Economic Data Out –
- Weekly
- MBA Mortgage Applications were out at 7:00 p.m. EDT and .
- Crude Oil Inventories are out at 10:30 a.m. EDT.
- Monthly
- May Retail Sales are due out at 8:30 a.m. EDT and expected to remain at 0.50%.
- May Pending Home Sales are due out at 10:00 a.m. EDT and expected to come in at 0.90% from 1.40%.
- Weekly
M&A Activity & Daily: None of note.
Moving Average Table: 100% from 76% of Equities are Positive, and 72% from 58% Bonds are Positive.
Meeting & Conferences of Note:
- Sellside Conferences:
- Benchmark Quantum Computing Summit
- Jefferies Consumer Conference
- Oppenheimer Hematologic Oncology Event
- Sidoti Small-Cap Conference
- Stephens Summer Bank Bash
- Stifel Summer Solstice Conference
- TD Cowen Disruptive Technology Summit
- TD Cowen U.S. Corporate Access Day
- Truist Industrials & Services Conference
- UBS Cape Cod Healthcare Summit
- Wolfe Materials of the Future Conference
- Top Analyst, Investor: HPE NEXN PETV SAIL VMI of note.
- Shareholder Meetings: COIN DLTR FIVE MA MET PENN SLM TWLO WDAY XYZ of note.
- Fireside Chat: None of note.
- FDA Presentation: None of note.
- R&D Day: None of note.
- Meetings:
- Databricks Data + AI Summit
- HP Enterprise Discover
- Planet MicroCap
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: MFA MITT WNC of note.
Downgrades: REXR of note.