01 Stock Market
As of Jun 2, U.S. stock index futures performed as follows: Dow Jones contracts fell 0.46%, Nasdaq 100 slipped 0.12%, and S&P 500 eased 0.23%, suggesting a cautious tone after the prior session’s record-setting cash close and ahead of fresh economic data and corporate updates. Traders weighed softer global manufacturing readings against renewed enthusiasm for artificial-intelligence capital spending, while keeping an eye on Treasury yields that edged lower overnight.
Notable Stock Movers: MRVL up 20.04% at $263.41 after a high-profile endorsement of its AI prospects; HPE up 26.81% at $59.60 on record quarterly results and accelerated growth targets; chip heavyweight NVDA added 1.22% at $227.10 as management pledged higher cash-return policies; memory specialist MU rose 0.84% at $1,044.23 following fresh price-target hikes; China EV maker LI advanced 7.29% at $15.60, while autonomous-driving peer XPEV gained 6.05% at $18.24 amid reports of stronger mainland sales. In contrast, semiconductor reverse-fund SOXS fell in double-digits as investors rotated into bullish chip exposure.
Momentum remained strong across U.S.-listed Chinese platforms: e-commerce leader BABA climbed 5.50% at $132.30 after unveiling a new multimodal AI model; search giant BIDU improved 3.29% at $136.76; livestreaming firm BILI gained 4.08% at $19.11; online retailer JD rose 4.58% at $30.42; and EV maker NIO was up 3.34% at $6.18. The collective strength reflects investors’ expectations that supportive policy signals and fresh product launches could reinvigorate growth for major mainland technology names.
02 Other Markets
• 10-year U.S. Treasury yield fell 1.02%, to 4.43%.
• U.S. Dollar Index fell 0.0908% to 99.08.
• WTI crude oil futures fell 1.35% to 90.92 USD/barrel; COMEX gold futures rose 1.10% to 4555.70 USD/ounce.
03 Key News
1. Dollar General lifted its full-year earnings guidance after beating quarterly profit expectations. Management cited resilient demand for low-priced essentials and a broadening customer base seeking value amid elevated fuel and tariff pressures; the discounter now expects stronger same-store sales growth and higher earnings per share for the current fiscal year.
2. Victoria’s Secret raised full-year sales and operating-income targets following double-digit first-quarter revenue growth. Executives highlighted improved regular-price selling, reduced promotions, and expanding customer acquisition across core brands, underpinning a steep rise in pre-market trading.
3. Microchip Technology projected a 65% surge in data-center revenue for its next fiscal year. The semiconductor supplier signaled robust AI-server demand and new design wins, propelling its shares higher as investors anticipated stronger top-line momentum.
4. Hewlett Packard Enterprise reported record quarterly results and moved its long-term financial goals forward by two years. Management credited accelerating orders for AI-optimized infrastructure, prompting a sharp pre-market share rally and reinforcing confidence in the firm’s pivot toward data-center solutions.
5. Abivax disclosed Phase 3 ulcerative-colitis trial data that met primary endpoints but disappointed investors. Although both tested doses achieved efficacy targets, market reaction suggested concerns over the magnitude of clinical benefit, leading to a steep early-session sell-off.
6. Tencent is testing an embedded AI agent for WeChat to automate mini-program tasks and enhance user engagement. The initiative, treated as a strategic priority, is undergoing compliance review before phased public rollout, signaling the tech giant’s push to deepen AI integration across its ecosystem.
7. Alibaba unveiled Qwen3.7-Plus, a multimodal large language model offering advanced reasoning and self-programming capabilities. The model is already accessible via Alibaba Cloud’s Bailian platform and is expected to support corporate demand for sophisticated AI services, coinciding with a notable rise in the company’s U.S. and Hong Kong shares.
8. NVIDIA committed to returning at least half of its annual free cash flow to shareholders. The pledge, delivered by its chief executive, underscores the chipmaker’s confidence in sustained cash generation from data-center demand and buoyed sentiment toward the stock.
9. U.S. and Iranian negotiators have resumed indirect talks aimed at easing regional tensions, according to media reports. The revival of diplomatic engagement follows a brief pause linked to Middle East hostilities and could influence energy and defense-related market sectors.
10. Palo Alto Networks is integrating recently acquired identity-security firm CyberArk into its platform ahead of earnings. The cybersecurity leader is expanding its suite of AI-ready services, but analysts note that near-term margin pressure and share dilution may offset sales growth from the acquisitions.
Sources: Reuters, Dow Jones, Tiger Newspress, public market data
Disclaimer: For informational purposes only; not investment advice.
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