Market
June 1, U.S. stocks opened lower as investors digested mixed chip earnings and awaited key labor data later in the week. The Dow Jones slipped 0.32% to 50,869.76, the S&P 500 lost 0.22% to 7,563.10 and the Nasdaq Composite eased 0.21% to 26,916.02, with risk appetite subdued despite bright spots in technology.
Big early movers skewed to the upside. Virgin Galactic rockets 21.2% after a successful final test flight ahead of commercial service. ARM Holdings leaps 9.6% on robust licensing revenue and upbeat AI-chip commentary. ServiceNow climbs 6.6% after unveiling a generative-AI overhaul of its workflow platform. Micron Technology jumps 5.4% on memory-chip price hike forecasts, while IBM adds 5.1% on new quantum milestones. On the downside, Qualcomm falls 7.1% amid reports of a fresh FTC antitrust review, Intel drops 6.1% after trimming its revenue outlook, and Advanced Micro Devices slips 3.5% as competitive pressures mount.
Elsewhere, gainers include CoreWeave, Inc. up 5.6% on a new $1 billion funding round, Roundhill Memory ETF 4.8% higher alongside the DRAM rally, SanDisk Corp. up 4.3% on takeover speculation, Dell Technologies Inc. up 2.6% after strong PC shipment data, and Taiwan Semiconductor Manufacturing up 1.8% on reports of price increases. Laggards feature Lumentum down 5.0% after weak guidance and Marvell Technology off 2.2% following a cautious margin outlook.
News
ARM Holdings beats estimates and lifts guidance. The chip IP giant reported sharply higher licensing revenue driven by AI demand, topping Street forecasts. Management raised full-year targets, reinforcing confidence in long-term growth.
Virgin Galactic completes final crewed test flight, shares soar. The successful mission clears the path for commercial launches this summer. Investor optimism pushed the stock more than 20% higher at the open.
ServiceNow unveils generative-AI platform upgrade. New workflow tools powered by large language models aim to boost enterprise productivity and expand addressable markets. The announcement sent shares higher as analysts praised the initiative.
Micron Technology signals DRAM price hikes. Executives said tighter supply is allowing contract prices to rise, easing margin concerns. The update sparked a 5% rally and lifted memory-focused peers.
IBM showcases 10,000-qubit quantum roadmap. The company highlighted breakthroughs that could commercialize quantum advantage within three years. Investors welcomed the progress, driving a 5% stock gain.
Qualcomm faces new FTC antitrust inquiry. Regulators are reportedly reexamining the firm’s 5G licensing practices. The renewed scrutiny weighed on shares, down over 7%.
Intel warns of softer PC demand, trims Q2 outlook. Management cited inventory corrections and cautious enterprise spending. The downgrade pressured the stock, which fell more than 6%.
Advanced Micro Devices slides on competitive concerns. Analysts flagged NVIDIA’s accelerating data-center GPU roadmap, spurring fears of market-share erosion. Shares dropped about 3.5% in early trade.
Dell Technologies rises on robust server orders. Channel checks indicated double-digit growth in hyperscale demand, supporting margin expansion expectations. The stock advanced roughly 2.5%.
Tesla Motors under investigation over Autopilot crashes. The National Highway Traffic Safety Administration opened a new probe into recent incidents involving the driver-assist system. Shares slipped nearly 3% on regulatory uncertainty.
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