Overnight Summary and Early Morning Trading:
- The S&P 500 finished Wednesday lower by -0.28% at 7482.71 from Tuesday lower by -0.45% at 7503.85.
- The S&P 500 sees support now at 7400 from 7500. Resistance is now at 7500 from 7600. In the last four months, support has moved from 6300 to 7400.
- 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 4.577% from 4.573%.
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 Losing Streak on the S&P 500 started Tuesday.
Key Geopolitical Events of Note:
- Economic news of note.
- 30 Year Note Auction at 1:00 p.m. EDT.
- Weekly –
- Jobless Claims and Natural Gas Inventories of note.
- Monthly-
- Existing Home Sales this morning.
- Fed Speakers of Note today: Williams at 9:00 a.m. EDT and Logan at 1:30 p.m. EDT.
- President Trump’s schedule:
- Participates in Executive Time at 1:00 a.m. EDT.
- Receives the Intelligence Briefing at 1:00 p.m. EDT.
- Participates in Signing Time at 3:00 p.m. EDT.
- Participates in a Policy Meeting at 4:00 p.m. EDT.
- Participates in a Policy Meeting at 5:00 p.m. EDT.
Capital Raises of Note/Pricings:
- IPO Filings & News: None of note.
- Secondaries Filed Or Priced:
- AEON: Form S-1.. 17,479,373 Shares of Common Stock.
- NCRA: Form S-3.. 7,500,000 Shares of Common Stock.
- Notes Filed Or Priced:
- JEF – Pricing of €850,000,000 4.500% Senior Notes Due 2033.
- NCDL – Prices Public Offering of Additional $100.0 Million 6.650% Notes Due 2030.
- SHIP – Pricing of €100 Million Unsecured Corporate Bond trading on Euronext Athen.
- 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.
- Selling Shareholders: None of note
- Mixed Shelf Offerings:
- CCNE files for $150 million mixed securities shelf offering.
- MDA: FORM F-10 – Mixed Shelf Offering.
Notable Earnings Out After The Close:
- Beats: AZZ +0.16, LEVI+0.04 of note.
- Misses: PSMT -0.04 of note.
- Flat: None of note.
Winners From After The Close: AP +14.6%, AZZ +6.9%, BYRN +2.9%.
Losers From After The Close: KRUS -9.8%, MDA -5.7%, LEVI -5.6%.
After The Close:
- NASDAQ (NDAQ) reports June 2026 volumes and 2Q26 statistics. (Release)
- Costco (COST) reports June adjusted comparable sales of +7%.
- U.S. Central Command says “forces have started conducting additional strikes against Iran”.
Executive, Corporate Changes:
- UCTT announces the appointment of Michael Keogh as Chief Financial Officer, effective August 5, 2026.
- NSSC announces leadership transitions; Richard Soloway, currently Chairman and Chief Executive Officer, will serve as Founder and Executive Chairman.
- CPRT promotes Jane Pocock to President.
Buybacks of Note: None of note.
Dividend Calendar:
- CF announces 20% increase in quarterly dividend to $0.60/share.
- MA ACN INTU DAL CHT RDY KRG AZZ CVBF of note for Today.
- ORCL MRVL TD VZ T BTI SUNB NTAP DRI LEN TOL LNC MORN SAIC BRC AAP BKU AEO HLIO for Friday.
What Happening This Morning:
Futures S&P 500 +8, NASDAQ 100 +170, Dow Jones -72. Europe is higher ex FTSE and Asia is mixed. Bond yield is at 4.589% from 4.573% on the 10-Year. Crude Oil and Brent Crude are higher with Natural Gas lower. Gold, Silver and Copper are higher. The U.S. Dollar is lower versus the Euro, lower against the Pound and lower against the Yen. Bitcoin is at $62,600 from $62.055.
Sector Action:
- Daily Energy and Technology were higher.
- Daily All others 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:
- Friday Before The Open:
Notable Earnings of Note This Morning:
- Beat: SMPL +0.07, PEP +0.02 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 – PEP 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: AP +18.4%, VMAR +16.4%, CBRS +7%, ASX +7%, AZZ +6.8%, BYRN +5.9%, UCTT +5.7%, GLSI +5.6%, RMBS +3.2%, TENX +2.9%, CABO +2.8%, NOK +2.3%, FRVO +2.2%, ODV +2.1%, AG +2%, LTM +2% of note
- Gap Down: IONS -20.7%, AZN -8.5%, MDA -7.2%, ALEC -7.1%, LEVI -6%, RDY -5.1%, PERI -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.
- Trump Declares Ceasefire Over. (WSJ)
- A Tale of Two Summits: Trump Show and NATO Alliance. (NYT)
- Americans Keep Leaving The Workforce. (USA Today)
- SK Hynix is 7X Oversubscribed. (Bloomberg)
- Chipmakers Fuel Gains in Stocks. (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.
- Receives the Intelligence Briefing at 1:00 p.m. EDT.
- Participates in Signing Time at 3:00 p.m. EDT.
- Participates in a Policy Meeting at 4:00 p.m. EDT.
- Participates in a Policy Meeting at 5:00 p.m. EDT.
- Economic Data Out –
- Weekly
- Jobless Claims out at 8:30 a.m. EDT.
- Natural Gas Inventories out at 10:30 a.m. EDT.
- Monthly
- June Existing Home Sales are due out at 10:00 a.m. EDT and are expected to rise to 4.20 million from 4.17 million.
- Weekly
M&A Activity & Daily: None of note.
Moving Average Table: 56% from 70% of Equities are Positive, and 0% from 0% Bonds are Positive.
Meeting & Conferences of Note:
- Sellside Conferences:
- Bank of America Convertible Bond Investor Conference
- Top Analyst, Investor: None of note.
- Shareholder Meetings: CHWY PL PSQH of note.
- Fireside Chat: None of note.
- FDA Presentation: None of note.
- R&D Day: None of note.
- Meetings:
- CJS Securities New Ideas Summer Conference
- Piper Sandler Ophthalmology Symposium
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: KNX SAIA SOLS of note.
Downgrades: EH GSBD GVA KALU of note.
Initiations: Buys: AX CFFN CPF FIX OSTX PLYX SHAZ of note. Sells: None of note.