After Hours Report

The major averages closed higher on Monday, with the S&P 500 (+0.3%), Nasdaq Composite (+0.4%), and DJIA (+0.1%) all setting fresh record highs during the session as investors navigated a sharp jump in oil prices and another round of AI-driven technology leadership.

Early trading was shaped by a surge in crude oil following reports that Iran had stopped messaging the U.S. in protest of Israel's strikes in Lebanon. Oil prices remained elevated throughout the session, although they pared their worst levels after President Trump stated on Truth Social that discussions with Iran were continuing "at a rapid pace." WTI crude oil futures ultimately settled up $4.77 (+5.5%) at $92.19 per barrel.

Despite the gains in the major averages, market participation was relatively narrow. The information technology sector (+2.5%) was the clear leader and provided much of the market's upside support. NVIDIA (NVDA 224.36, +13.22, +6.26%) and Microsoft (MSFT 460.52, +10.28, +2.28%) remained focal points after announcing a partnership to develop a secure Windows platform for on-device AI agents, while Dell (DELL 466.02, +45.11, +10.72%) also benefited from the news.

Elsewhere in the sector software stocks extended their recent momentum as well, with the iShares Expanded Tech-Software Sector ETF (IGV) jumping 5.9%.

Outside of technology and energy (+1.9%) sectors, the tone was less encouraging. Rising energy prices pressured several oil- and rate-sensitive areas of the market, limiting participation beneath the surface. The consumer discretionary (-2.6%) and utilities (-3.1%) sectors finished sharply lower, with nine total S&P 500 sectors posting a loss.

Broader market measures generally lagged the major averages despite the record highs, with the Russell 2000 (-0.5%) and S&P Mid Cap 400 (-0.1%) retreating modestly.

Corporate news contributed to several notable individual stock moves. MGM Resorts (MGM 50.69, +7.02, +16.08%) surged after confirming it received an acquisition proposal from IAC, while Taylor Morrison Home (TMHC 71.55, +13.05, +22.31%) rallied following Berkshire Hathaway Inc.'s (BRK-B 470.28, -4.21, -0.89%) agreement to acquire the homebuilder in an $8.5 billion all-cash transaction.

Separately, FedEx (FDX 338.49, -73.26, -17.79%) completed the spin-off of FedEx Freight (FDXF 149.53, -10.84, -6.76%), which began trading as an independent public company.

In conclusion, record highs across the major averages masked another session of narrow leadership, as enthusiasm surrounding AI-related technology stocks proved strong enough to overcome the headwinds created by higher oil prices and lingering geopolitical uncertainty.

U.S. Treasuries started June with losses in most tenors, though the market put up a fight, finishing the session closer to the day's opening levels than session lows. The 2-year note yield settled up four basis points to 4.05%, and the 10-year note yield settled up two basis points to 4.48%. 

Reviewing today's data:

• May S&P Global U.S. Manufacturing PMI - Final 55.1 (May Prelim was 55.3)
• April Construction Spending: 0.4% vs Briefing.com consensus of 0.3%; March was revised to 0.2% from 0.6%
  • The key takeaway from the report is that it included a sharp downward revision to growth rate from March (0.2%), resulting in a weak report overall. New single-family construction spending increased a solid 1.4% in April but was still down 2.9% year-over-year.
• May ISM Manufacturing Index 54.0% vs Briefing.com consensus of 53.1%; April was 52.7
  • The key takeaway from the report is that it continued showing some stagflationary elements for the second consecutive month, as employment remained in contraction—though at a slower rate—while the prices index only dipped slightly from its sharpest increase since early 2022.

Overseas:

• Europe: DAX -0.4%, FTSE -0.7%, CAC -0.5%
• Asia: Nikkei +0.9%, Hang Seng +0.9%, Shanghai -0.3%

Commodities:

• Crude Oil +4.77 @ 92.19
• Nat Gas -0.11 @ 3.18
• Gold -79.90 @ 4512.80
• Silver -0.65 @ 75.26
• Copper +0.16 @ 6.55

After-Hours Spotlight:

• Alphabet (GOOG) discloses on its site proposed $80 bln equity capital raise to expand AI infrastructure and compute; Includes agreement by Berkshire Hathaway to invest $10 bln in company in private placement...GOOG -2.3%
• Array Digital Infrastructure (AD) declares $11/sh special dividend as it closes on sale of licenses for $1 bln with Verizon...AD +0.4%
• Credo Technology Group (CRDO) beats by $0.14, beats on revs; guides Q1 revs above consensus...CRDO -9.8%
• Hewlett Packard Enterprise (HPE) beats by $0.26, beats on revs; guides Q3 EPS above consensus, revs above consensus; raises FY26 EPS above consensus, revs above consensus; Introduces FY27 growth framework...HPE +35.6%
• LXP Industrial Trust (LXP) guides FY26 adjusted FFO above consensus...LXP +1.9%
• Manhattan Assoc (MANH) discloses plans to reduce its global headcount by approximately 6%; reaffirms FY26 guidance...MANH -1.9%
• Microchip (MCHP) provides additional information regarding its Data Center Solutions Business Unit; Expecting revenue of $500 mln in CY26 for the unit...MCHP +8.1%
• Penguin Solutions (PENG) CFO Nate Olmstead will step down on July 8; reaffirms FY26 guidance, but now expects FY26 results will be at high end of prior guidance...PENG +5.4%
• Repay Holdings (RPAY) completes acquisition of KUBRA; updates FY26 guidance...RPAY +0.3%

Fair Value for Tuesday, June 2:

• S&P 500: 7,610
• Nasdaq 100: 30,563
• DJIA: 51,129

For a full rundown of today's market and after hours developments, see Live In Play

• Earnings/Guidance (Full Earnings Calendar):
  • BNP Paribas (BNPQY) raises Belgium bank profitability targets through 2030
  • Humana (HUM) reiterates full-year earnings outlook ahead of investor meetings
  • JetBlue Airways (JBLU) raises outlook
  • Li Auto (LI) reports May deliveries
  • NIO (NIO) reports May deliveries
  • Science Applications (SAIC) beats by $0.95, beats on revs; guides FY27 EPS above consensus, reaffirms FY27 revs guidance
  • UDR (UDR) provides investor updates in presentation; says first quarter and second quarter to-date results are consistent with guidance
  • XPeng (XPEV) reports May deliveries
• General News
  • President Trump asked his negotiators to amend Iran deal. He wants stronger language around Iran's nuclear material. President Trump's request started another round of negotiations which could last several more days. Axios
  • Israel captured a strategic site in Lebanon. NBC News
  • Fed Chairman Kevin Warsh wants Fed members to pay more attention to alternative measures of inflation. WSJ
  • Shipowners are getting more optimistic regarding traffic through the Strait of Hormuz after U.S. helps with transit through the waterway. Bloomberg
  • The Trump administration will appeal order that required tariff refunds. AP
  • The U.S. attacked Iranian radar and drone sites on Qeshm Island after Iran shot down a U.S. drone. WSJ
  • Some White House officials favor less regulation on artificial intelligence, while other officials believe artificial intelligence could be exploited for nefarious purposes. Politico
  • Homeland Security Secretary Markwayne Mullin considers removing some customs staff from Newark's airport to assist with immigration protests. Politico
  • European cloud providers want less reliance on U.S. technology. Reuters
  • Treasury says "Payments to and guarantees from the Government of Iran or the Islamic Revolutionary Guard Corps, directly or indirectly, for safe passage through the Strait of Hormuz would not be authorized for U.S. persons, including U.S. financial institutions, or for U.S.-owned or -controlled foreign entities."
  • California gubernatorial candidate Xavier Becerra will not commit to the state's goal of banning purchases of new gas and hybrid vehicles starting in 2035. Politico
  • Macau Gaming Inspection and Coordination Bureau reported May gross revs +6.7% yr/yr
  • Anthropic discloses on its website that it has confidentially submitted a draft registration statement to the SEC for a proposed IPO; Number of shares to be offered and proposed price range not yet determined
  • OpenAI CEO Sam Altman in CNBC interview says he is not focused on IPO timing after Anthropic filed; says he is “not sure” how AI will impact jobs, but says “people are right to be anxious.”
  • Agios Pharma (AGIO) expands rare blood disease pipeline with late-stage licensing deal
  • Amerant Bancorp (AMTB) names Adrian Rodriguez as Chief Operating Officer
  • Americas Silver (USAS) reports high-grade drill results from the Company's ongoing resource conversion drilling program at the Cosalá Complex
  • Apple (AAPL) aiming for a broader business opportunity in smart glasses. Bloomberg
  • Apple (AAPL) planning to introduce new feature that will allow users to split restaurant bills by taking photo of receipt, according to Bloomnerg
  • Ascentage Pharma (AAPG) presents its first dataset on MDM2-p53 Inhibitor Alrizomadlin (APG-115) in Pediatric Solid Tumors at ASCO 2026
  • Bayer AG (BAYRY) shares new findings for NUBEQA (darolutamide) regarding cognitive decline in men with advanced prostate cancer compared to Enzalutamide in Phase II ARACOG Head-to-Head Trial
  • BeOne Medicines (ONC) highlights accelerating solid tumor pipeline with new data at ASCO 2026
  • BioNTech (BNTX) and Bristol Myers Squibb (BMY) report global data of PD-L1xVEGF-A Bispecific Pumitamig showing encouraging efficacy in patients with non-small cell lung cancer in ROSETTA Lung-02 Trial
  • Blue Origin will face months of delays following explosion. Reuters
  • Boeing (BA) has been awarded a maximum $528 mln modification to a Defense Logistics Agency delivery order; awarded a $200 mln US Air Force contract
  • BP's (BP) ousted Chairman Albert Manifold clashed with a director over the handling of deal talks. WSJ
  • Bristol-Myers (BMY) announces Opdivo in combination with AVD receives expanded EU label with approval in frontline advanced classical hodgkin lymphoma
  • Bristol-Myers (BMY) announced the FDA accepted a sNDA for Camzyos (mavacamten) as a potential treatment for adolescents (ages 12 years to <18 years) with symptomatic obstructive hypertrophic cardiomyopathy
  • Canadian Pacific Kansas City (CP) maintains operations after union launches strike
  • CGI Group (GIB) and Telia announce agreement for business services transfer and new strategic partnership
  • Cogent Biosciences (COGT) reports detailed clinical data from PEAK Phase 3 trial with Bezuclastinib in combination with Sunitinib in Gastrointestinal Stromal Tumors (GIST) at 2026 American Society of Clinical Oncology (ASCO) Annual Meeting
  • Corcept Therapeutics (CORT) presents new data at ASCO 2026: Lifyorli overall survival across all subgroups of patients with platinum-resistant ovarian cancer, including those with recent taxane exposure
  • Dell (DELL) introduced a redesigned XPS 13 laptop to compete with Apple (AAPL). Bloomberg
  • Exelixis (EXEL) reports results from Subgroup Analysis of Phase 3 CABINET pivotal trial evaluating CABOMETYX (cabozantinib) in non-functional and functional neuroendocrine tumors at ASCO 2026
  • FedEx  (FDX) completes spin-off of FedEx Freight (FDXF) 
  • Ford Motor (F) issues "do not drive" warning for certain 2026 Bronco Sport models as multiple recalls pile up, including block heater fire risk and steering suspension inspection campaign.
  • GoPro (GPRO) discloses updated financial statements; there is substantial doubt about the Company's ability to continue as a going concern; anticipates non-compliance with the restrictive covenants of the Credit Facilities (1.25)
  • GRAIL (GRAL) reports full results from NHS-Galleri trial demonstrating substantial reduction in Stage IV Cancer Diagnoses at 2026 ASCO Annual Meeting
  • Honeywell (HON) unveils post-spin identities ahead of June separation
  • Incyte’s (INCY) pivotal frontMIND Trial showed Tafasitamab (Monjuvi/Minjuvi) combination significantly prolonged progression-free survival, reducing the risk of disease progression or death by 25% in patients with previously untreated, high-risk DLBCL
  • Intel (INTC) aiming to develop new data center chip by the end of 2026, according to FT
  • IREN Limited (IREN) has closed a $3.65bn investment-grade GPU financing facility to support the delivery of its AI Cloud contract with Microsoft (MSFT)
  • Ivanhoe Electric (IE), through its subsidiary Mesa Cobre Holding Corporation, entered into an Agreement for the Purchase, Supply, Transport, Assembly, Testing, and Commissioning of a tunnel boring machine and associated equipment with Global TBM Company on May 28, 2026
  • Jade Biosciences (JBIO) announces positive interim phase 1 results for JADE101 demonstrating potential best-in-class profile and every-12-week dosing in IgA nephropathy
  • Johnson & Johnson's (JNJ) Phase 3 prostate cancer study shows ERLEADA (apalutamide) before and after surgery significantly reduces risk of metastasis or death, breaking a decades-long treatment paradigm
  • Johnson & Johnson (JNJ) reports RYBREVANT FASPRO (amivantamab and hyaluronidase-lpuj) pivotal data showing strong and durable responses in advanced head and neck cancer where options remain limited
  • Kamada (KMDA) announces FDA approval of its new in-house Rapid Fluorescent Focus Inhibition Test laboratory
  • L3Harris (LHX) continues expansion of its Advanced Manufacturing Facility-South in Huntsville with a $25 mln investment that includes an additional 130,000 square feet of manufacturing space 
  • Lilly's (LLY) Retevmo (selpercatinib) demonstrated an 83% reduction in the risk of disease recurrence or death as adjuvant therapy for people with early-stage RET fusion-positive lung cancer
  • Lucid Group (LCID) completes CEO transition
  • MGM Resorts (MGM) confirms that it received an offer today from People Incorporated (IAC) to acquire all of the outstanding shares of the Company that it does not already own for $48.30 per share in cash
  • Mineralys Therapeutics (MLYS) presents new data from the Phase 3 launch-HTN trial of Lorundrostat in Participants with Hypertension and Chronic Kidney Disease at European Meeting on Hypertension and Cardiovascular Protection (ESH 2026)
  • Mirum Pharmaceuticals (MIRM) reports new data from rare liver disease programs presented at the EASL International Liver Congress 2026
  • Monopar Therapeutics (MNPR) presented results from a Phase 2 study evaluating the effect of ALXN1840
  • Monopar (MNPR) Presents Phase 2 ALXN1840 Data Demonstrating Liver Disease Stabilization and Neurologic Improvement in Treatment-Experienced Wilson Disease Patients at EASL 2026
  • MoonLake Immunotherapeutics (MLTX) detailed Master Commercial Supply Agreement with Vetter Pharma International
  • Nexa Resources (NEXA) provides update on Cajamarquilla operation
  • Norfolk Southern  (NSC) has appointed Brian Barr as Chief Operating Officer
  • Novartis AG (NVS) reports Pluvicto shows consistent benefit across metastatic prostate cancer subgroups
  • Novartis (NVS) showcases pipeline depth across multiple autoimmune diseases at EULAR
  • NVIDIA (NVDA): The Trump administration will halt Nvidia artificial intelligence chip shipments to Chinese firms that are outside China. Reuters
  • NVIDIA (NVDA) Vera Rubin Ramps Into Full Production to Power Agentic AI Factories Worldwide
  • NVIDIA (NVDA) Vera BlueField-4 STX Brings Agentic AI Storage Processing With In-Silicon Security
  • NVIDIA (NVDA) Unveils Vera, the CPU for Agents
  • NVIDIA (NVDA) and Microsoft (MSFT) Reinvent Windows PCs for the Age of Personal AI
  • NVIDIA (NVDA) Launches Cosmos 3, the Open Frontier Foundation Model for Physical AI
  • NVIDIA (NVDA) Launches Alpamayo 2 Super Open Reasoning Model for Robotaxis
  • NVIDIA (NVDA) Announces NVIDIA Isaac GR00T Reference Humanoid Robot for Academic Research
  • NVIDIA (NVDA), Foxconn and Taiwan Medical Centers Bring Agentic and Physical AI to ‘Healthy Taiwan’
  • NVIDIA (NVDA) and TSMC Bring AI Into Fabs to Advance Semiconductor Design and Manufacturing
  • Orrstown Financial Services (ORRF) discloses that on May 21, it received notice from a third-party vendor that the vendor experienced a cybersecurity incident whereby a third-party gained unauthorized access to sensitive personal information of the company’s customers
  • Pan Am Silver (PAAS) provides exploration update for its Timmins operations; Advances plans for potential production growth and mine life extension
  • Paramount (PSKY) preparing to sell $50 bln in debt. Bloomberg
  • Petrobras (PBR) will be domestic diesel prices starting Monday. Bloomberg 
  • Pfizer (PFE) reports TALZENNA plus XTANDI improves radiographic progression-free survival by more than 50% in metastatic prostate cancer
  • Pfizer’s (PFE) BRAFTOVI regimen nearly doubles median progression-free survival in metastatic colorectal cancer
  • Replimune (REPL) presents final first-in-human data for RP2 in Advanced Solid Tumors during oral presentation at the 2026 American Society of Clinical Oncology Annual Meeting
  • Revolution Medicines (RVMD) reports ASCO Plenary Presentation highlighting unprecedented results from Pivotal Phase 3 RASolute 302 Clinical Trial of Daraxonrasib in Previously Treated Metastatic Pancreatic Cancer
  • Softbank (SFTBY) to build 5 GW of AI data center capacity in France
  • Spire Global (SPIR) discloses that COO Celia Pelaz intends to resign, effective September 30, 2026
  • Summit Midstream Partners (SMC) announces inaugural $35 million stock repurchase program
  • Summit Therapeutics (SMMT) reports Ivonescimab with Chemotherapy demonstrated a statistically significant overall survival benefit compared to Tislelizumab plus Chemotherapy in 1L Treatment of Patients with Squamous NSCLC in the HARMONi-6 Study Conducted by Akeso in China
  • Taylor Morrison Home (TMHC) is set to be acquired by Berkshire Hathaway (BRK.B) for $72.50 per share.
  • Veracyte (VCYT) reports ENZAMET trial shows Decipher Prostate Test identifies which patients benefit from adding chemotherapy in metastatic prostate cancer
  • ZIM Integrated Shipping (ZIM) appoints Chen Lichtenstein as next CEO

• Upgrades:
  • Bank of Montreal (BMO) upgraded to Outperform from Sector Perform at Scotiabank
  • CNO Financial (CNO) upgraded to In Line from Underperform at Evercore ISI, tgt $48
  • Dell (DELL) upgraded to Equal Weight from Underweight at Morgan Stanley, tgt $448
  • Federal Realty (FRT) upgraded to Outperform from Neutral at Mizuho, tgt $130
  • Hilton Grand Vacations (HGV) upgraded to Neutral from Sell at Goldman, tgt $55
  • Kohl's (KSS) upgraded to Buy from Neutral at Citigroup, tgt $22
  • Tandem Diabetes Care (TNDM) upgraded to Overweight from Equal Weight at Wells Fargo, tgt $27
  • Travel + Leisure (TNL) upgraded to Buy from Neutral at Goldman, tgt $85
  • Marriott Vacations Worldwide (VAC) upgraded to Buy from Sell at Goldman, tgt $100
  • Vivendi (VIVHY) upgraded to Buy from Hold at Kepler Cheuvreux
  • Zscaler (ZS) upgraded to Buy from Neutral at Guggenheim, tgt $214
• Downgrades:
  • Accenture (ACN) downgraded to Hold from Buy at Truist, tgt $210
  • BlackSky (BKSY) downgraded to Hold from Buy at Jefferies, tgt $50
  • Campbell's (CPB) downgraded to Equal Weight from Overweight at Stephens, tgt $21
  • Cardiff Oncology (CRDF) downgraded to Hold from Buy at TD Cowen
  • Cardiff Oncology (CRDF) downgraded to Neutral from Buy at H.C. Wainwright
  • CIBC (CM) downgraded to Sector Perform from Outperform at Scotiabank
  • Corsair Gaming (CRSR) downgraded to Hold from Buy at Craig-Hallum, tgt $10
  • Crescent Biopharma (CBIO) downgraded to Neutral from Buy at H.C. Wainwright
  • Equity Residential (EQR) downgraded to In Line from Outperform at Evercore ISI, tgt $70
  • Redwire (RDW) downgraded to Hold from Buy at Jefferies, tgt $24
  • Winnebago Industries (WGO) downgraded to Neutral from Buy at Northcoast
• Others:
  • Agree Realty (ADC) assumed with a Buy at Jefferies, tgt $84
  • Apple Hospitality REIT (APLE) initiated with a Neutral at JPMorgan, tgt $15
  • Carnival (CCL) initiated with a Buy at Loop Capital, tgt $36
  • Chagee (CHA) initiated with a Hold at CLSA, tgt $10
  • FrontView REIT (FVR) initiated with a Buy at Compass Point, tgt $21
  • HawkEye 360 (HAWK) initiated with a Buy at Goldman
  • HawkEye 360 (HAWK) initiated with a Hold at Jefferies, tgt $34
  • HawkEye 360 (HAWK) initiated with a Neutral at BofA Securities, tgt $34
  • HawkEye 360 (HAWK) initiated with an Outperform at Robert W. Baird, tgt $41
  • HawkEye 360 (HAWK) initiated with an Outperform at RBC Capital, tgt $40
  • HawkEye 360 (HAWK) initiated with an Outperform at William Blair
  • HawkEye 360 (HAWK) initiated with an Overweight at Morgan Stanley, tgt $41
  • IBM (IBM) initiated with an Overweight at Barclays, tgt $350
  • Interparfums (IPAR) initiated with a Buy at TD Cowen, tgt $110
  • MP Materials (MP) initiated with a Buy at Needham, tgt $81
  • Microsoft (MSFT) initiated with an Outperform at Citizens, tgt $550
  • Netstreit (NTST) assumed with a Buy at Jefferies, tgt $23
  • NNN REIT (NNN) assumed with a Hold at Jefferies, tgt $47
  • Norwegian Cruise Line (NCLH) initiated with a Buy at Loop Capital, tgt $22
  • Octave Intelligence (OCTV) initiated with a Neutral at Goldman, tgt $17
  • REalloys (ALOY) initiated with a Buy at Needham, tgt $19
  • Rare Earths Americas (REA) initiated with a Buy at Canaccord, tgt $25
  • Rare Earths Americas (REA) initiated with a Buy at Stifel, tgt $30
  • Realty Income (O) assumed with a Buy at Jefferies, tgt $69
  • Red Cat Holdings (RCAT) initiated with a Buy at Roth Capital, tgt $25
  • Royal Caribbean (RCL) initiated with a Hold at Loop Capital, tgt $304
  • Suja Life (SUJA) initiated with a Buy at Goldman, tgt $31
  • Suja Life (SUJA) initiated with a Buy at Jefferies, tgt $25
  • Suja Life (SUJA) initiated with an Outperform at Evercore ISI, tgt $24
  • Suja Life (SUJA) initiated with an Outperform at William Blair
  • Target Hospitality (TH) initiated with a Hold at Deutsche Bank, tgt $22
  • Telix Pharmaceuticals (TLX) initiated with an Overweight at JPMorgan
  • Universal Health Services (UHS) resumed with an Equal Weight at Wells Fargo, tgt $165
  • USA Rare Earth (USAR) initiated with a Buy at Needham, tgt $39
  • Veritone (VERI) assumed with a Neutral at UBS, tgt $2.50
  • Viking Holdings (VIK) initiated with a Buy at Loop Capital, tgt $108
  • Wise (WSE) initiated with an Outperform at BNP Paribas

• Econ Data (Tuesday):
  • 10:00 ET: April Job Openings (prior 6.866 mln)

• Earnings:
  • Monday (June 1)
    • Pre-Market: SAIC
    • After-Hours: CRDO HPE
      
    Tuesday (June 2)
    • Pre-Market: DCI DG MOMO ODD SIG VSCO YSWY
    • After-Hours: GTLB PANW ULTA
      
  • Wednesday (June 3)
    • Pre-Market: M MDT MMED OLLI CXM
      
    • After-Hours: AI AVGO CRWD DSGX FIVE NTSK WOOF PVH VEEV
      
  • Thursday (June 4)
    • Pre-Market: BF.B CAL CIEN CMCO TTC
    • After-Hours: AGX COO DOCU GWRE LULU PL RBRK IOT TTAN WLTH ZUMZ
  • Friday (June 5)
    • Pre-market: ABM
    • After-Hours: None