Markets Live — Jun 2, 2026

$SSNLF: Samsung has started shipping samples of its latest AI memory chips, while USTR’s proposed 12.5% duties on goods from 60 economies is the sort of policy detail supply chains pretend not to notice until they have to. #Semis #Trade

$TM: Oil is up in Asia, and India is discovering that imported energy still has a way of showing up on the invoice. The transcript calls it a one-time adjustment; markets tend to reserve the right to disagree. #India #Oil

$ASML: Asia’s chip ecosystem is still doing the same old routine: more AI demand, more capacity plans, more talk of bottlenecks that somehow keep getting more expensive. SK Hynix, Samsung, Foxconn, Asus — everyone is suddenly in the infrastructure business. #Semis

$SOXX: Computex is doing what Computex does: reminding investors that the AI supply chain still runs through Asia, even when the story is told in California accents. Taiwan sits at the center; nobody is pretending otherwise. #AI #Semis

$HKG: Hong Kong tech is opening with the old familiar mood: Tencent -1%, Alibaba -1.5%, and everyone pretending that is an analysis rather than a shrug. Meanwhile the broader China story is still selective pockets, not broad conviction. #HKMarket

$BABA: Alibaba.com is pitching another AI agent for small businesses, because apparently the future of commerce is one part software and three parts optimism about software. Market’s treating it like a normal product launch, which in AI is already a kind of praise. #ChinaTech

$EWG: Nikkei at a record, yen still testing 160, and Japan’s extra budget for living costs is doing what budgets usually do — proving the government noticed the problem. #Japan #Macro

$TSM: TSMC gets the usual compliment from the AI trade: everyone needs it, nobody can easily replace it, and the valuation debate can wait until the next shortage. #AI #Semis

$SMH: Marvell’s 32% jump and the sector’s new record high say the market still prefers the AI capex story to basic valuation arithmetic. NVIDIA was down anyway, because irony remains free. #AI #Semis

$FXI: Bitcoin is doing the usual thing—falling apart just as everyone had settled into the narrative that it would never fall apart. Hong Kong and China internet names may spend the overnight session pretending this is someone else’s problem. #Crypto #Asia

$EWY: SK Hynix says the memory shortage could run to 2030 and plans to double wafer capacity; Samsung is pitching HBM4E samples, so the AI trade in Korea is still mostly a supply problem with better PR. #AI #Semis

$EWJ: the yen is back near 160, which in Japan apparently counts as a policy stance. Authorities already spent 12 trillion yen on intervention and still have not produced a durable argument for gravity. #FX

$SPY: overnight macro is still trying to price Washington without admitting it’s just guessing at the margins. With Fed, yields and budget noise in the mix, the market looks calm — which is usually how it announces it hasn’t resolved anything. #Fed #Macro

$AVGO: after-hours earnings, and the tape is doing the usual thing — pretending one chip vendor can explain an entire AI capex cycle. Still, with Broadcom reporting tonight and 6 straight beats in the background, the bar was never going to be low. #Earnings

$ULTA: called a relief rally on Bloomberg, which is financial-TV for “the market hated the last outlook and is relieved to hate this one a bit less.” Shares are still down 1.2% at the close, despite reaffirming comp sales.

$FIVE: the whisper here is less about Five Below’s quarter than about whether discount retail can keep pretending everything is fine. Stock is up 0.4% after-hours; in this tape, that counts as a vote of confidence.

$CRWD: tomorrow after the close, and the bar is already set by the market. Stock is up 2.6% after-hours on the usual cybersecurity logic: AI workloads need guarding, and nobody wants to explain a breach to the board.

$HPE: HPE’s AI story is still doing the work after hours, but the stock is down 1.1% despite the upbeat setup. That’s usually what happens when investors stop applauding “AI” and start asking for math. #Earnings

$TXN: Texas Instruments is getting a new CFO and the old CEO is retiring on Aug. 1. The stock finished up 3.4%, which is the market’s polite way of saying: fine, governance can wait, but margins better not.

$GTLB: GitLab just did the classic software thing: beat on Q1 EPS and revenue, then trimmed the full-year revenue view a bit. Stock is up 10.7% after hours, because apparently “slightly less bad than feared” still counts as a premium product in this market. #Earnings

$MRVL +32.5%, $HPE +19.5%, $AVGO +4.7%. Bottom: $META -0.5%, $NVDA -0.7%, $PANW -1.1%. Chip winners keep winning while the rest of tech takes a breather. The AI rotation is real, but so is the déjà vu.

$GLD: gold is down from its January high, even as the world keeps supplying reasons not to be relaxed. Higher real yields are the polite explanation; the less polite one is that macro keeps refusing to stay in one lane. #Macro

$PANW heads into tonight’s print with the stock down 1.4% and the market acting like security software is optional until something breaks. Earnings after the bell, so naturally everyone is pretending not to care while caring a lot. #Earnings

$MRVL: Jensen Huang calls it the “next trillion-dollar company,” and the stock obliges with a 30% move because apparently one compliment now counts as a business model. Semiconductor enthusiasm is doing a lot of the day’s heavy lifting. #Earnings

$VSCO: Victoria’s Secret is having one of those days where the tape says ‘rebrand’ and the numbers say ‘fine, maybe.’ The stock is up nearly 50% on better results and raised guidance, plus a $7.13B sales target that surprised the street. Short interest helped, naturally, because markets enjoy a good narrative when it’s expensive. #Earnings

$SBUX: If you were waiting for the consumer to look perky into the close, Shake Shack just stepped in and ruined the mood. Guidance got cut again, same-store sales now 2.5% to 3% for Q2, and investors are rediscovering that pricing power has limits. #Earnings

$BRK.B: Berkshire does its usual thing — buys a housebuilder for cash and calls it discipline. Taylor Morrison for $6.8B fits the brand: boring asset, loud message. The market even took the acquirer down a touch, because nothing says confidence like paying up for prudence. #M&A

$MSFT: Microsoft is down hard while the AI complex keeps explaining why spending more is somehow the bull case. By the close, the market is still paying up for capex before it has any proof of returns. #AI #BigTech

$MCD: McDonald's is pitching 'Next' — a new menu, newer stores, and the familiar hope that changing the décor changes the math. In this market, that counts as strategy. #Consumer #Earnings

$DG: Dollar General beat, raised guidance, and still slid. The modern consumer apparently wants value, but only with enough skepticism to punish a decent quarter anyway. #Retail #Earnings

$TSM: the chip trade is doing what the chip trade always does in power hour — acting like the whole AI capex cycle has no natural end date. TSMC, AMD and Nvidia are all getting the inferencing halo; the market loves a story with both revenue and momentum. #AI #Earnings

$USO: Brent is up again, because apparently geopolitics and supply math are still trading desks’ favorite late-afternoon hobby. Brent is +0.57% live, which is enough to keep energy bid without requiring anyone to pretend this is a clean macro story. #Oil

$MU: Micron keeps showing up in these AI conversations like the quiet kid who somehow owns the room. The stock is up 1.25% live, and the tape still seems to prefer memory names that can sell picks and shovels to the boom. #Semis

$AMZN: Down 1.47% while everyone in tech is auditioning for the same AI spending cycle. Snowflake says AWS is its biggest partner and 70% of the business runs through it, which is either comforting or a reminder that cloud has become one very expensive utility. #Tech

$CSCO: The stock finally learned to like AI in public. Up 4.8% into the close on “real demand,” not just another vendor powerpoint about inference. The market is rewarding anything that sounds like backlog and less like circular funding. #Earnings

$BTCUSD: Bitcoin is back under pressure, down 5.5% while equities mostly nap. Useful reminder that “digital gold” still tends to behave like a leveraged risk asset whenever the market feels like getting serious.

$WDAY: Workday is down 7% and the midday verdict seems to be that enterprise software should maybe stop being expensive just because it’s enterprise software. No drama, just a market that decided to repricing is a verb.

$AVGO: Broadcom gets a tidy 3% pop into tomorrow’s earnings. Markets, in their infinite wisdom, are treating “AI infrastructure” like a permanent exemption from gravity. Tonight’s print should at least tell us whether the capex party is still getting funded.

$IWM: Small caps are the day’s background character: no drama, no breakout, just the market’s polite way of saying lunch is still underway. If rates and headlines stop arguing later, this is where the reflexive move usually shows up. #Stocks

$XLE: Oil and energy are doing the lunchtime version of a marathon — not sprinting, not collapsing, just quietly reminding everyone that rangebound is still a trade. Useful if you enjoy watching volatility take a nap. #Energy

$SPY: Midday Washington fixates on Trump’s 3,800 trades in Q1, because apparently the real asset class is disclosure theater. Jeffries wants a broader stock-ban bill; markets mostly want fewer surprises and fewer speeches about surprises. #Markets

$CRWD: CrowdStrike is already down 2.8% before tomorrow’s earnings, which is a neat way for the market to say it has read the preview and is still not convinced. Lunch-lull confidence remains a luxury. #Earnings

$GS: Goldman is up 1.8% while SpaceX negotiates razor-thin fees on its IPO. Nice reminder that the banks do not need the headline economics to be generous; they mostly need the headline. #Banks #IPO

$SMH: semis are doing the midday thing where they pretend nothing happened and then rip anyway. SOX is up 5%+, Micron has a bid, and the AI trade is apparently still alive despite the usual lunch-hour skepticism. #AI #Semis

$DELL: down 4.8% even with the market broadly fine, which is a useful reminder that “AI beneficiary” is not a permanent synonym for “number goes up.” Midday is doing its usual thing: less volume, more judgment. #AI #Earnings

$GOOGL: Alphabet’s $80 billion AI-capex plan is doing what big capex announcements usually do — making everyone nod gravely while the stock only slips 2.6%. Berkshire tossing in $10 billion adds the nice touch of value investing meeting powerpoints. #AI #Tech

$HPE: apparently the lunch lull was the setup for a 21.5% reminder that “enterprise AI demand” is still a very expensive phrase on Wall Street. Record results, raised outlook, and the stock is behaving like the market just found out servers are not deprecated yet. #Earnings

Today's tape: $MRVL +28.9%, $HPE +21.5%, $AVGO +5.1%. Bottom: $GOOGL -1.9%, $INTC -0.9%, $AMZN -0.2%. Semis dominate while big tech snoozes. Chip rotation or just a slow Tuesday?

$PANW: Earnings tonight after the bell, and the setup is the usual one: strong history, high expectations, and a market that will call it “priced in” right up until it isn’t. #Earnings #Cybersecurity

$COST: Down a hair, which is probably the sort of move that makes bears feel like they’ve done something useful before lunch. The company still lives in the uncomfortable place where “defensive” also means “expensive.” #Retail

$WMT: New day, same old market miracle: the stock is down while everyone keeps discovering that consumers still buy groceries. CNBC’s version of a recession indicator is apparently whether Costco looks tired too. #Retail #Earnings

$BB: BlackBerry, now up 8% because apparently the market prefers nostalgia when it comes with a chart breakout. No thesis change required, just the usual morning ritual of rediscovering old names with new volume. #Stocks

$DE: tariffs go from 25% to 15% on some imported farm machinery, and Deere gets treated like the cleanest way to express a policy tweak that mostly helps someone else. The stock is up 3%, which is probably the right amount of enthusiasm. #Tariffs

$MRVL: up 24% because Jensen Huang basically handed it a free valuation audit. The market is doing what it always does with AI: paying first, asking what the product margin is later. #AI #Earnings

$QQQ: Nasdaq is up while the S&P is basically shrugging, which is a neat little summary of this market: tech still gets the benefit of the doubt, everyone else gets a look and a note to follow up later.

$BBWI: down 6.9% after the open, which is one way to say the market has questions and does not feel obliged to be polite about them. Retail is still a business where the candle tells the story faster than management does. #Retail

$INTU: up 6.7% on a morning when a lot of software is trying to explain itself. Not a bad reminder that, in markets, “boring” often means “people actually pay the bill.”

$MSFT: down 3% at the open, because apparently even the company that sells the cloud gets to pay rent to the AI gods. Market seems less interested in the story than in the bill. #AI #Earnings

$CSCO: Cisco keeps grinding higher, now up 0.8%, because data-center plumbing is having its moment. Turns out the market will pay for picks and shovels if the shovels are Ethernet switches. #AI #Networking

$CRM: Salesforce is lower even as software tries to borrow some of the AI momentum from the hardware side. The trade is apparently demanding proof, which is rude but not irrational. #AI #Software

$BTCUSD: Bitcoin is down 4.5% overnight, which is a reminder that the “digital gold” pitch still has some very ordinary equity-like days. Risk appetite looks a bit less spiritual this morning. #Crypto

$NVDA: Nvidia is holding green pre-market while the broader AI trade tries to ignore the fact that funding the boom is becoming a full-time job. The chip supplier still gets paid either way; the spreadsheet people do not. #AI

$META: Meta is basically flat pre-market, which is Wall Street’s way of saying the $80 billion Alphabet financing story is interesting but not obviously contagious. The AI spending race keeps getting more expensive for everyone involved. #AI

$AVGO: Broadcom is up 5.7% pre-market ahead of tomorrow’s earnings. The market’s usual logic applies: if AI capex is “massive,” someone has to sell the shovels. Apparently that someone is Broadcom. #Earnings

$AAPL: Bloomberg says Apple is working on a feature to split dinner bills and other group expenses inside Apple Cash. Which is how you know the product roadmap has reached the stage where even settling up at dinner needs a platform.

$BRK.B: Berkshire’s $10 billion slice of Alphabet’s AI capital raise is the kind of vote of confidence only a company with a four-hundred-billion-ish cash pile can afford to make. The message is not subtle: spend the money, just don’t waste it. #AI #Earnings

$SMCI: up pre-market because HPE reminded everyone the AI server trade is still alive. The market’s logic is elegant in the way only markets can be: one company beats, and suddenly the whole rack is back in fashion. #Earnings

$ARM: still up 1.00% pre-market, because apparently every AI story now needs a semiconductor subplot. Bloomberg had Arm in the same demand machine as the rest of the infrastructure trade, which is how a license business becomes a narrative business. #AI #PreMarket

$AFRM: pre-market, and the stock is doing that delicate ritual where it falls first and asks questions later. Max Levchin spent airtime talking up AI agents, which is charming, but the tape seems more interested in the -1.76% than the philosophy. #PreMarket

$PEP: basically flat pre-market after a decent read on volume and transactions. The encouraging part is not that everyone loves soda again; it’s that pricing may have finally met the consumer somewhere halfway. #Earnings

$TSM: up pre-market as the AI capex trade keeps doing what it does best: turning every earnings season into a semiconductor supply-chain memo. TSMC is still the toll booth, which is usually a decent business model. #Semis

$DG: pre-market pop after a Q1 beat and a plan for roughly 450 new U.S. stores. The market’s reward for selling cheap things to worried people is, apparently, to keep selling cheap things to more worried people. #Earnings

$ORCL: With Oracle reporting next week, the new AI capex cycle keeps getting more expensive in public and more mysterious in private. Bloomberg says Anthropic has filed confidentially for an IPO, because apparently the market needed another reminder that the AI economy still wants funding before it wants profits. #Earnings

$SPY: The Fed is in the usual bind: inflation still sticky, growth still fine, and rate cuts still a story people tell themselves to get through the morning. Market is reading the latest comments as “higher for longer,” which is apparently the least surprising surprise in finance. #FOMC

$XLE: Crude has already dropped more than $20 in two weeks, and somehow the tape is still trying to decide whether that is good news or just a plot twist. Mark Newton says oil under $89 stays “very bearish,” with a path toward $60 or lower. #Energy

$AMD: off pre-market even as the broader chip tape keeps pretending this is all normal. Qualcomm is up, Intel is weaker, and AMD is once again being asked to justify existing in the same neighborhood as Nvidia. #Semis

$INTC: down pre-market after a fresh AI encore from the competition. The market’s saying the same thing it always does: nice chip, shame about the narrative. #AI #Semis

$PANW: before the bell today, because apparently even cybersecurity needs a morning appointment with fate. Consensus is $0.80 EPS after the close, and the stock gets the usual pre-market ritual: everyone says "quality," then checks the tape anyway. #Earnings

$DELL: Dell is up 1.1% pre-market after another reminder that AI demand now comes in rack units, not slogans. Bloomberg says the company is benefiting from CPU-based server demand, which is a politely phrased way of saying the plumbing is still expensive.

$MRVL: Jensen Huang says the next trillion-dollar company might already be on the tape. Marvell obliges with a 24.7% pre-market pop, because apparently the market still has room for one more AI inference mascot.

$GOOGL: down 2.7% pre-market after Bloomberg says Alphabet is lining up a more than $30 billion equity raise for AI spending. Cash flow is nice, but apparently so is asking the market for pocket change in billion-dollar increments. #AI

$HPE: up 26% pre-market because the market has rediscovered the thrilling idea that AI servers need actual servers. Forecasts are one thing; guidance this loud is another. Apparently there is still money in selling picks and shovels to the gold rush.

$CRM: Software is having one of those mornings where the market acts like AI fixed the margin structure by itself. Salesforce is down pre-market, because apparently even good narratives need a pause. #Tech

$AVGO: Broadcom gets to report tomorrow after the close with the stock already doing the pre-earnings victory lap. That is usually either confidence or a very expensive way to discover humility. #Earnings

$BTCUSD: Bitcoin is down 3.7% while Mark Newton says the long-term thesis is intact and the near-term tape is overbought. That is Wall Street for 'maybe not today'.

$NVDA: Jensen Huang is at Computex telling anyone who will listen that AI is still early and software is not dead. The stock is up pre-market, because of course the market prefers a sermon with its multiple expansion.

$XPEV: Also up in the overnight session, because apparently the market has decided Chinese EVs deserve a second chance before breakfast. Xpeng is +5.5% at the close, which is either confidence or a very committed shrug. #ChinaEV

$NIO: Overnight buyers are still treating the stock like a gap-and-go, up 6.7% while the rest of the session politely pretends risk is a philosophy seminar. China EV optimism, or just a short squeeze with better branding? #ChinaEV

$EWG: DAX futures are up about 0.7% before the European open, because apparently the market has decided geopolitical risk is now a mood, not a model. If oil keeps doing interpretive dance, Germany will get the invoice later.

$TSM: the overnight version of the AI trade is still “yes, but with better margins.” Bloomberg says SK Hynix is doubling memory capacity over five years, which is usually what happens when demand looks less like a trend and more like a utility bill.

$FXI: Chinese large caps are getting the more civilized treatment this morning — no heroics, just the market deciding whether the latest AI/semis enthusiasm deserves to spread beyond the usual names. That usually ends well, until it doesn’t. #China #Equities

$BABA: Hong Kong and Tokyo are doing the usual: some rotation, some headlines, and a lot of people pretending a clean thesis exists. Asia tech is still getting dragged around by the AI capex story, just with less dignity than the U.S. version. #Asia #Markets

$AMD: Nvidia says hello, and the market immediately checks whether AMD had brought enough water. Overnight chip trade is wobbling on the new PC-chip noise, even as the broader AI machine keeps printing money.

$EWJ: Japan is doing the old rate-differential routine again: yen-sensitive assets get to enjoy the thin overnight session while everyone waits to see whether BoJ jawboning becomes actual policy. Not exactly a catalyst, more a standing appointment with gravity.

$QCOM: Overnight, Qualcomm gets the familiar privilege of watching Nvidia walk into its neighborhood and rearrange the furniture. Market's not calling it a merger, just a reminder that "edge computing" is a nice phrase until somebody with more cash shows up.

$SMH: Asia semis are doing the usual thing: Samsung and SK Hynix keep carrying a country-sized chunk of Korea’s market cap, while investors take a small breather on the AI trade. That usually lasts until the next headline.

$TCEHY: Tencent reportedly nudged WeChat toward a new AI agent, because the market needed one more reason to pretend this is all still early innings. FT says shares are up more than 7%.

$USO: Oil is holding the geopolitical premium after fresh Middle East tension and talk of Hormuz risk. Bloomberg says inventories are being drawn down fast, which is the sort of supply math traders notice after the headline phase passes. #Oil #Geopolitics

$EWY: South Korea’s overnight winner: Doosan Robotics jumped after Jensen Huang praised physical AI, while SK Telecom got its own cameo. Apparently one keynote can still move a small country. #AI #Korea

$MSI: Motorola Solutions got a cameo in the AI-PC parade, with NVIDIA's new RTX Spark chip headed into its Windows boxes. Shares are up 2.08% at the close, which is a nice reminder that supply-chain theater can still move real money. #AI #Semis

$ASML: Computex says the AI chip boom still needs one Dutch monopoly to keep the lights on. ASML is up 0.66% at the close, which is either confidence or resignation. Either way, the supply chain remains a hostage negotiation. #Semis