Overnight Summary and Early Morning Trading:
- The S&P 500 finished Monday higher by 0.72% at 7537.43 from Thursday higher by 0.001% at 7483.24.
- The S&P 500 sees support now at 7500 from 7400. Resistance is now at 7600 from 7500. In the last three months, support has moved from 6300 to 7500.
- S&P 500 hit its 25th All-Time Closing High of 2026 on Tuesday, 6/2/26.
- Bond Market is lower today on price with the 10-Year Yield at 4.493% from 4.459%.
Executive Summary:
- Stocks are now in a two-week winning streak, with the S&P 500 gaining 1.76% in the last week.
- U.S. moves into Week 20 of its attack on Iran, almost six months. Is the deal really a deal and a conclusion to the war going to really happen this week or just another week of kicking the can down the road?
- 2 Day Winning Streak on the S&P 500 started Thursday.
Key Geopolitical Events of Note:
- Economic news of note.
- 3 Year Note Auction at 11:00 a.m. EDT.
- Weekly –
- API Petroleum Institute Data of note.
- Monthly-
- Trade Balance of note this morning.
- Fed Speakers of Note today: None of note.
- President Trump’s schedule:
- Participates in an arrival ceremony and greeting from the President of Turkey at the NATO Summit in Ankara Turkey at 7:15 a.m. EDT.
- Participates in a State Arrival Ceremony and Honor Guard Review at 8:00 a.m. EDT.
- Participates in a bilateral meeting with the President of Turkey at 8:15 a.m. EDT.
- Participates in the NATO Leaders Social Dinner at 12:05 p.m. EDT.
Capital Raises of Note/Pricings:
- IPO Filings & News: None of note.
- Secondaries Filed Or Priced:
- RIVN may offer up to 75,000,000 shares of common stock.
- Notes Filed Or Priced: None of note.
- Convertible Offerings Filed or Priced:
- NUVB announces the underwriters purchased an additional $37.5 million aggregate principal amount of its 0.75% Convertible Senior Notes due 2032; aggregate principal amount of Notes sold in the offering was $287.5 million.
- Private Placement: None of note.
- Direct Offering: None of note
- Exchangeable Subordinate Voting Shares: None of note.
- Selling Shareholders:
- PRQR files for 3,030,303 ordinary share offering by selling shareholder.
- SLF files for 3,277,951 common share offering by selling shareholders.
- Mixed Shelf Offerings: None of note.
Notable Earnings Out After The Close:
- Beats: None of note.
- Misses: None of note.
- Flat: None of note.
Winners From After The Close: CRNX +99.9%, TTRX +2.7%
Losers From After The Close: RIVN -7.9%, VRTX -2.2%
After The Close:
- Turn Therapeutics (TTRX) to host webcast presenting comprehensive interim analysis and optimized stage 2 design for GX-03 in atopic dermatitis.
- Galaxy Digital (GLXY) announces it has completed delivery of the first phase of power at its Helios data center campus in West Texas for CoreWeave (CRWV).
- CBOE reports trading volume for June. (Release)
- Toyota (TM) announces $3.6 billion expansion, 2,000 new jobs at its San Antonio plant.
- President Trump says Walmart will be lowering prices.
- LHX awarded a $499.5 million Missile Defense Agency contract.
Executive, Corporate Changes: None of note.
Buybacks of Note: None of note.
Dividend Calendar:
- BNS BBDO BBD EIX DG ERIE MTCH QGEN YMM GBCI WLY OPRA SLVM PFBC of note for today.
What Happening This Morning:
Futures S&P 500 -13, NASDAQ 100 -292, Dow Jones +90. Europe is mixed and Asia was lower. Bond yield is at 4.493% from 4.459% 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 $63,151 from $62,919.
Sector Action:
- Daily Communication Services, Technology, Financials, Consumer Cyclicals and Industrials were higher.
- Daily Healthcare, Consumer Defensive, Utilities and Real Estate were 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:
- Wednesday Before The Open:
Notable Earnings of Note This Morning:
- Beat: None 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 – LAES of note.
- Mixed – None of none.
- Negative or Mixed Guidance: After The Close & This Morning – ABBV of note.
Advance/Decline Daily Update: Market Breadth remains in good shape.
Gap Ups & Down In Early Pre-Market: (+2% or down more than -2%):
- Gap Up: CRNX +99.3%, DMLP +5.1%, TTRX +4%, ASR +3.7%, AMPG +3.2%, CW +2% of note
- Gap Down: ATHE -8.8%, RIVN -8.2%, SEV -2.3%, DMRC -2%, RXST -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.
- Will Someone Finally Blink In The AI Spending War? (WSJ)
- Trump’s Idealogical Fight With The Smithsonian. (NYT)
- USMST Dream Died Ugly. (USA Today)
- Qatari Ship Struck in Strait of Hromuz, Testing Talks. (Bloomberg)
- Market Wrap: U.S. Stocks Falls as Samsung Hits Global Chipmakers. (Bloomberg)
Economic & Geopolitical:
- Federal Reserve Speakers of note today: None of note.
- President Trump’s schedule for today:
- Participates in an arrival ceremony and greeting from the President of Turkey at the NATO Summit in Ankara Turkey at 7:15 a.m. EDT.
- Participates in a State Arrival Ceremony and Honor Guard Review at 8:00 a.m. EDT.
- Participates in a bilateral meeting with the President of Turkey at 8:15 a.m. EDT.
- Participates in the NATO Leaders Social Dinner at 12:05 p.m. EDT.
- Economic Data Out –
- Weekly
- API Petroleum Institute Data out at 4:30 p.m. EDT.
- Monthly
- May Trade Balance are out at 8:30 a.m. EDT and is expected to fall to -$78.8 billion from -$55.9 billion.
- Weekly
M&A Activity & Daily: Vertex (VRTX) will acquire Crinetics (CRNX) for $85.00 per share in cash, for a total equity value of approximately $10.0 bln, or approximately $8.8 bln net of estimated cash acquired.
Moving Average Table: 90% from 77% of Equities are Positive, and 12% from 0% Bonds are Positive.
Meeting & Conferences of Note:
- Sellside Conferences:
- Bank of America Convertible Bond Investor Conference
- Top Analyst, Investor: CLMB CRTD NCPL OCUL of note.
- Shareholder Meetings: AZZ CLRB GME LPAA of note.
- Fireside Chat: None of note.
- FDA Presentation: None of note.
- R&D Day: None of note.
- Meetings: None of note.
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: FSLR META RGEN of note.
Downgrades: LULU of note.
Initiations: Buys: SPCX (5) CHEF FRBT PFGC USFD NUAI WHK of note. Sells: OHI of note.