Market
June 2, U.S. stocks opened on the back foot as investors weighed fresh economic data and a mixed batch of corporate headlines. The Dow Jones slipped 0.1%, the S&P 500 shed 0.1%, and the Nasdaq Composite eased 0.2%, pointing to a cautious tone after last week’s record run.
Hewlett Packard Enterprise jumps 35.7% after a blow-out earnings report and upbeat AI server outlook, followed by Marvell Technology up 18.9% on strong guidance. Li Auto gains 6.8% on record deliveries, Lumentum rises 6.1% after announcing new optical-AI products, and JD.com adds 4.3% on an expanded buyback. On the downside, Alphabet falls 3.5% amid fresh antitrust scrutiny, Intel slides 3.8% on margin worries, and Virgin Galactic plunges 20.9% after delaying commercial flights.
Elsewhere, Broadcom climbs 5.3% on a $70 billion repurchase plan, VNET Group rallies 5.7% on data-center demand, XPeng rises 4.8% as EV incentives spread, Vipshop adds 3.3%, and Nokia gains 2.4% on a sizable 5G contract. Decliners include Palantir Technologies down 1.6%, IBM off 1.9%, ARM Holdings lower 3.1%, and United Microelectronics down 3.6% as profit-taking hits chip fabs.
News
Hewlett Packard Enterprise lifts guidance and touts AI server boom, sending shares up 36%. Revenue beat forecasts by nearly $1 billion and management raised full-year earnings targets, spurring the stock’s biggest one-day jump on record.
Marvell Technology tops consensus and issues bullish outlook, stock surges 19%. The chipmaker cited accelerating data-center and carrier spend on AI infrastructure, easing investor concerns over inventory.
Broadcom unveils a $70 billion share-buyback while expanding AI chip output, shares climb 5%. Management said the plan will be funded by robust free cash flow and positions the company to meet soaring accelerator demand.
Li Auto reports record monthly deliveries of 52,000 vehicles, ADRs advance 7%. The Chinese EV maker said its new Mega MPV is on track for U.S. homologation next year, boosting investor confidence.
JD.com authorizes an additional $5 billion repurchase and outlines cost-cutting drive, stock gains 4%. Executives expect the program to offset macro softness and lift margins in H2.
Alphabet hit with fresh DOJ antitrust lawsuit targeting ad-tech unit, shares drop 3%. The filing seeks structural remedies that could force a divestiture of DoubleClick, raising regulatory overhang.
Virgin Galactic delays first commercial tourism flight to 2027, shares plunge 21%. Management blamed supply-chain issues and higher capital needs, prompting analysts to slash near-term revenue estimates.
ARM Holdings flagged by multiple brokers for slowing licensing growth, ADRs slide 3%. Analysts warned the slowdown could cap royalty upside despite AI enthusiasm.
U.S. ISM manufacturing PMI beats expectations, pushing Treasury yields up and pressuring long-duration tech valuations. The stronger data reduced odds of an early Fed rate cut, weighing on growth stocks at the open.
Fed Governor Jefferson says September rate cut “remains possible” if inflation cools, helping futures stabilize. Traders now assign a 48% probability to a quarter-point move by the fall meeting.
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