Overnight Summary and Early Morning Trading:
- The S&P 500 finished Tuesday lower by -0.45% at 7503.85 from Monday higher by 0.72% at 7537.43.
- 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 4.573% from 4.493%.
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 ended Tuesday.
Key Geopolitical Events of Note:
- Economic news of note.
- 10 Year Note Auction at 1:00 p.m. EDT.
- Weekly –
- MBA Mortgage Applications and Crude Oil Inventories of note.
- Monthly-
- FOMC Minutes this afternoon.
- Consumer Credit this afternoon.
- Fed Speakers of Note today: None of note.
- President Trump’s schedule:
- Participates in Executive Time at 1:00 a.m. EDT.
- Participates in a Greeting with the Secretary General of NATO at 3:30 a.m. EDT.
- Participates in a NATO Leaders’ Working Session at 4:15 a.m. EDT.
- Participates in a Bilateral Meeting with the President of Ukraine at 7:30 a.m. EDT.
- Participates in a Bilateral Meeting with the President of the Syrian Arab Republic at 8:30 a.m. EDT.
- Participates in a Press Conference at 11:15 a.m. EDT.
- Heads back to the U.S. at a time to be determined.
Capital Raises of Note/Pricings:
- IPO Filings & News: None of note.
- Secondaries Filed Or Priced:
- FCEL – Upsize and Pricing of Offering of Common Stock.
- IPX – Pricing of Public Offering of American Depositary Shares.
- SXTC: FORM F-3 – 157,500,000 Class A Ordinary Shares.
- Notes Filed Or Priced: None of note.
- Convertible Offerings Filed or Priced: None of note.
- Private Placement:
- BBLG – up to $9.0 Million Private Placement Priced At-The-Market Under Nasdaq Rules$3.0 million upfront with up to approximately $6.0 million of potential additional gross proceeds upon the exercise in full of warrants in cash.
- Direct Offering: None of note
- Exchangeable Subordinate Voting Shares: None of note.
- Selling Shareholders: None of note.
- Mixed Shelf Offerings: None of note.
Notable Earnings Out After The Close:
- Beats: PENG +0.30, EPAC +0.10 of note.
- Misses: None of note.
- Flat: None of note.
Winners From After The Close: SHMD +10%, PENG +4.8%, MTZ +3.2%, RIG +2%
Losers From After The Close: FCEL -18.3%, KRUS -9.8%,
After The Close:
- Gamestop (GME) received the affirmative vote of 68.7% of votes cast, and provides the Company with the capacity to issue common stock in connection with strategic transactions, including its proposed acquisition of eBay, Inc. (EBAY).
- Sempra Energy (SRE): San Diego Gas & Electric unit reports more than 350,000 residential customers now generating power through rooftop solar, one of the highest adoption rates in the nation.
- Estee Lauder (EL) discloses in SEC filing that it now expects cumulative restructuring and other charges of $1.75 billion. (Filing)
- MasTec (MTZ) announces that it has entered into a definitive agreement to acquire Electrical Specialists, Inc., d/b/a The Superior Group (“Superior”) for $1.65 billion, consisting of approximately $475 million payable in shares of MasTec common stock and approximately $1.175 billion payable in cash.
- First Majestic Silver (AG) enters into definitive agreement to sell its San Martin Silver mine for total proceeds of $90 million.
- Lockheed Martin (LMT) awarded a $502 mln Army contract.
- U.S. Central Command says “forces have begun launching a series of powerful strikes against Iran to impose heavy costs for targeting and attacking commercial shipping crewed by innocent civilians in an international waterway”.
- Netflix (NFLX), Disney (DIS) and Alphabet’s (GOOGL) YouTube all interested in US broadcast rights to 2030 and 2034 World Cup.
Executive, Corporate Changes:
- GNW announces that Tom McInerney, President & Chief Executive Officer, will be taking a temporary leave of absence to focus on his health.
- PRMB announces leadership changes; to eliminate Chief Operating Officer role.
- FISV discloses that President Dhivya Suryadevara has resigned.
- SPRY names Donn Casale as CEO effective today.
- Chris Sambar, the Chief Operating Officer of Public Storage (PSA), resigned effective at the end of July to join T-Mobile (TMUS) as Chief Enterprise Officer.
Buybacks of Note: None of note.
Dividend Calendar:
- UMC ROP DGX TIGO NYT GAP IDCC MSM GNTX MAIN of note for today.
What Happening This Morning:
Futures S&P 500 -68, NASDAQ 100 -397, Dow Jones -583. Europe and Asia are lower. Bond yield is at 4.573% from 4.493% 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 higher against the Yen. Bitcoin is at $62,055 from $63.1519.
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:
- Thursday Before The Open:
Notable Earnings of Note This Morning:
- Beat: HELE +0.15 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: COTY +4.5%, SHMD +3.8%, EPAC +3.5%, RIG +3.4%, MSLE +3%, PENG +2.9%, VLRS +2.1%, TMUS +2% of note
- Gap Down: FCEL -18%, IPX -8.1%, KRUS -7.4%, NVTS -6.9%, RIVN -4.7%, WOLF -4.3%, AMPH -3.3%, SPRY -3.2%, AG -2.7%, FIGR -2.6%, LTRX -2.2%, RMD -2.2%, EL -2.1%, CRM -2.1%, JACK -2.1%, GNW -2%, FISV -2% of note.
Insider Action: RIG CV 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.
- Trump Says Latest Ceasefire Is Over. (WSJ)
- Oil Prices Jump and Stocks Drop After Trump Says Ceasefire Over. (NYT)
- ACA Enrollees Face Higher Bills. (USA Today)
- Nvidia’s $1 Trillion Slide Sends Valuation into Pre-AI Levels. (Bloomberg)
- Market Wrap: Stocks fall as Iran- US truce face test. (Bloomberg)
Economic & Geopolitical:
- Federal Reserve Speakers of note today: None of note.
- President Trump’s schedule for today:
- Participates in Executive Time at 1:00 a.m. EDT.
- Participates in a Greeting with the Secretary General of NATO at 3:30 a.m. EDT.
- Participates in a NATO Leaders’ Working Session at 4:15 a.m. EDT.
- Participates in a Bilateral Meeting with the President of Ukraine at 7:30 a.m. EDT.
- Participates in a Bilateral Meeting with the President of the Syrian Arab Republic at 8:30 a.m. EDT.
- Participates in a Press Conference at 11:15 a.m. EDT.
- Heads back to the U.S. at a time to be determined.
- Economic Data Out –
- Weekly
- MBA Mortgage Applications out at 7:00 p.m. EDT.
- Crude Oil Inventories out at 10:30 a.m. EDT.
- Monthly
- FOMC Minutes are out at 2:00 p.m. EDT.
- Consumer Credit for May is out at 3:00 p.m. EDT and came in April at $20.7 billion. Estimates are $18.9 billion.
- Weekly
M&A Activity & Daily:
- MasTec (MTZ) announces that it has entered into a definitive agreement to acquire Electrical Specialists, Inc., d/b/a The Superior Group (“Superior”) for $1.65 billion, consisting of approximately $475 million payable in shares of MasTec common stock and approximately $1.175 billion payable in cash.
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: PRG SBRA VGNT of note.
Downgrades: CYH MC of note.
Initiations: Buys: ANVS JAGU LNT PINS PMN SRE WYNN of note. Sells: None of note.