S&P 500 – 7,609.78 (+0.13%)

Dow Jones – 51,307.79 (+0.45%)

NASDAQ – 27,093.90 (+0.026%)

• Job Openings Surge: U.S. job openings surged to 7.62 million in April, the highest in nearly two years, led by gains in professional and business services.
• Fed Rate Warning: Cleveland Fed President Beth Hammack signaled that interest rates could rise again if inflation pressures persist, warning that current policy may not be restrictive enough and that delaying action could require more aggressive tightening later.
• Bitcoin Weakness: Bitcoin fell more than 5% to its lowest level since April as ETF outflows and a small bitcoin sale by Strategy weighed on sentiment. Treasury yields also eased, with the 10-year near 4.44% and the 2-year around 4.03%.
• Oil Prices & Geopolitics: Oil climbed about 1% to a one-week high amid volatile trade as markets tracked developments in the Iran conflict, with Brent settling at $96.00 and WTI at $93.76.
• Eurozone Inflation Rise: Euro area inflation rose to 3.2% in May, marking a fourth straight monthly increase ahead of next week’s European Central Bank meeting.
• Strong 2026 Market Start: U.S. stocks posted strong gains in the first five months of 2026, with the S&P 500 up 10.7%, marking its best start to a year since 2021.
• HPE AI Growth Boost: Hewlett Packard Enterprise (HPE) jumped after strong earnings and guidance, with AI and cloud revenue rising 22.9% year over year, alongside a Buy upgrade from Loop Capital.
• Marvell AI Optimism: Marvell (MRVL) surged after Nvidia’s CEO called it a potential “next trillion-dollar company,” supported by its $2 billion partnership with Nvidia.
• Alphabet AI Spending Plan: Alphabet (GOOGL) fell after announcing an $80 billion equity raise to fund AI infrastructure expansion, a move that could benefit chip partner Broadcom (AVGO).
• CoreWeave AI Momentum: CoreWeave (CRWV) advanced after BNP Paribas initiated coverage with an Outperform rating, highlighting its strategic role in AI infrastructure.
• Palantir Software Weakness: Palantir (PLTR) dropped more than 4% amid broader pressure on software names.
• Dollar General Strength: Dollar General (DG) rose after beating earnings expectations and raising guidance while reaffirming its long-term outlook.
• Tesla Pressure: Tesla (TSLA) fell more than 4% amid concerns over rising competition in robotics and ongoing margin pressure tied to geopolitical uncertainty.
• MGM Acquisition Boost: MGM Resorts International (MGM) gained 16% after reports of an $18 billion acquisition proposal from People Inc.

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“Your margin is my opportunity.”

 — Jeff Bezos

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Notable Stocks

• Nvidia (NVDA)
• Alphabet (GOOGL)
• Marvell Technologies (MRVL)
• Tesla (TSLA)
• Micron (MU)

Weekly Notables

Morningstar Questions SpaceX IPO Valuation Ahead of Public Debut

As SpaceX prepares for what could be one of the largest IPOs in history, Morningstar is warning investors that the company may be worth far less than its proposed valuation. The research firm initiated coverage of SpaceX with a fair-value estimate of $780 billion—less than half of the roughly $1.8 trillion valuation the company is reportedly seeking in its upcoming public offering.

Victoria’s Secret Surges After Strong Results and Raised Outlook

Victoria’s Secret shares soared to a record high after the retailer delivered stronger-than-expected quarterly results and raised its full-year outlook, signaling growing momentum in CEO Hillary Super’s turnaround strategy. The company reported first-quarter net sales of $1.56 billion, topping analyst expectations, while comparable sales also came in ahead of forecasts. Management raised its annual revenue guidance to as much as $7.13 billion, up from a previous high-end estimate of $6.95 billion, and issued second-quarter guidance above Wall Street projections.

Earnings Spotlight: Broadcom (NASDAQ: AVGO)

Broadcom will be reporting its earnings today. Analyst Rick Schafer reiterated a Buy rating and a $450 price target, saying the company looks likely to post a second-quarter beat and then raise its July-quarter outlook, with AI demand doing most of the heavy lifting.

What's Ahead

Friday’s nonfarm payrolls and unemployment data will be the primary event. Consensus expectations call for nonfarm payrolls to increase by 100,000 in May, while the unemployment rate is projected to remain unchanged at 4.3%. Recent data suggest labor-market conditions have stabilized in 2026. Payroll growth has averaged 76,000 jobs per month this year, improving from roughly 10,000 per month in 2025, while layoffs remain relatively subdued.

The unemployment rate has held at 4.3% for the past two months and has remained below 5% since 2021. Other measures of labor-market health tell a similar story, with initial jobless claims averaging 211,000 this year compared with a long-term average above 300,000.

June 3: April factory orders, ADP employment change, May ISM Services PMI®, and expected earnings from Medtronic (MDT), Macy's (M), Broadcom (AVGO), and CrowdStrike Holdings (CRWD). 
June 4: First quarter nonfarm productivity, Challenger May job cuts, and expected earnings from Ciena (CIEN), Planet Labs (PL), and Lululemon Athletica (LULU).
June 5: May nonfarm payrolls, unemployment, and wages.
June 8: Expected earnings from Campbell's (CPB).
June 9: May existing home sales and expected earnings from J.M. Smucker (SJM), Casey's General Stores (CASY), and GameStop (GME).