Your Evening Briefing

June 02, 2026

S&P 500 closes at record high for sixth consecutive session

The S&P 500 closed at a record high for the sixth straight trading session and gained for the ninth straight session, while the Nasdaq 100 posted its fourth closing high in a row. The Russell 2000 also gained, closing just shy of records.

Utilities was today’s best performing sector, while communications was the worst, dragged down by Alphabet, which had its largest one-day market cap loss ever.

Moving higher:

Marvell Technology soared after Nvidia CEO Jensen Huang said it will be the “next trillion-dollar company.”
Huang's comments that demand for optics will continue to grow over the next 5-10 years lifted the entire optical networking sector, with Lumentum, Applied Optoelectronics, and Coherent all rising.
Broadcom climbed after Alphabet announced an $80 billion equity raise, signaling continued massive AI infrastructure spending.
HP Enterprise skyrocketed after reporting strong Q2 earnings and a full-year guidance boost after the bell yesterday.
Victoria’s Secret jumped after posting surging sales and raising its full-year outlook.
Tencent gained on a Financial Times report that it will launch an embedded AI agent in WeChat, China’s most-used app.
Bloom Energy continued its retail investor-driven run-up after its CEO said the company has no plans to issue more shares.
Ethena spiked after Coinbase Ventures posted about making an open market purchase of ENA.

Moving lower:

Bitcoin fell below $68,000 as bitcoin ETFs hit a record losing streak and Strategy’s bitcoin sale dampened sentiment.
Solana fell to a more than three-month low.
Intuit fell after Goldman Sachs downgraded it to sell from neutral and cut its price target almost in half.
Dollar General dipped despite its Q1 earnings per share beating estimates and raising its full-year outlook — it did slightly miss on revenue.

Alphabet’s $80 billion equity raise is a signal that the AI party can continue

And the next round is on Google. Read more.

Tesla’s China-made EV sales grew 39% in May, marking 7 straight months of growth
Overall wholesale volume of new energy vehicles produced in China grew 12% from May 2025.
Microsoft releases seven new models, next-gen quantum chip at Build conference
Microsoft is making it clear it can stand on its own as a competitor in the AI arena.
Amazon’s Prime Day is coming early this year
Typically held in July, one of Amazon’s biggest sales events is now happening June 23 through 26, with the company citing major holidays and the World Cup as factors for the move.
White House releases watered-down executive order on AI
After weeks of back-and-forth, the executive order calls for allowing the US government to review new frontier models for 30 days before release, but the rule is voluntary.

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