Public Markets 8 Hours

Last updated: June 2, 2026, 8:31 AM ET

Equity Markets

US stocks rallied to new records but Wall Street analysts struggled to keep pace with the two-month advance, suggesting caution despite the upward momentum. The S&P 500 futures stalled 0.2% at 7:46 a.m. in New York, indicating the rally may be losing steam. In technology, Marvell soared after Nvidia's Jensen Huang predicted the semiconductor company would become the next business to hit a $1 trillion valuation, while cybersecurity stocks face a test as Palo Alto and CrowdStrike prepare earnings that will challenge the 37% rally in the sector. The "Nvidia Inside" concept expands to PCs, potentially extending the chipmaker's dominance beyond data centers.

Fixed Income & Currencies

Treasuries extended gains ahead of employment data, with yields declining as investors await progress in Middle East peace talks. The dollar eased modestly following news of a partial ceasefire between Hezbollah and Israel, while gold prices rose 1.2% in early trading to $2,340/oz, with markets waiting for clarity on U.S.-Iran negotiations. Gold has replaced US Treasuries as the world's top reserve asset, now accounting for 27% of global reserves as central banks diversify away from the dollar. Meanwhile, emerging market bonds rallied on a "Trump premium," with investors assessing which countries' leaders are in good standing with the president.

Commodities & Energy

Oil prices slipped amid mixed messages over U.S.-Iran talks aimed at reopening the Strait of Hormuz, with commodities described as being in a "super-squeeze" condition that could worsen if the vital shipping lane remains effectively shut. Persian Gulf LNG exporters adopted shadow-fleet tactics typically employed by Russia to navigate the Strait of Hormuz, reflecting the growing disruptions to global energy trade. India's fuel exports plummeted to a four-year low in May as the country prioritized domestic supplies during the Iran war shock. European natural-gas prices declined after President Trump indicated talks with Iran were continuing, though losses were limited by supply uncertainty.

Retail & Consumer

Dollar General reported stronger profit and sales in its fiscal first quarter, driven by new store openings and continued consumer reliance on low-cost goods. Victoria's Secret swung to a $47.7 million profit in the first quarter from a $1.7 million loss a year earlier, powered by strong bra sales that helped drive its turnaround. Signet Jewelers lifted its guidance after reporting higher sales in the first quarter, while British American Tobacco cut its cigarette outlook