MARKET WRAPS
STOCKS: Stocks rose slightly as optimism about the artificial-intelligence boom offset oil-price concerns.
TREASURYS: Treasury yields changed little from Monday amid no visible progress in U.S.-Iran talks to reopen the Strait of Hormuz
FOREX: The U.S. dollar was more or less flat against rivals after a surprisingly strong tally of April job openings.
COMMODITIES: Oil futures rose in New York as hopes for a swift peace deal between the U.S. and Iran faded.
HEADLINES
Trump Signs AI Executive Order to Increase Government Oversight
President Trump signed an executive order Tuesday asking artificial-intelligence companies to give the administration access to powerful models 30 days before public release, just two weeks after shelving a previous version.
The order, which aims to increase the federal government's oversight of the technology, also asks national-security and cyber officials to work with agency heads and top tech companies to address software vulnerabilities identified by models like Anthropic's Mythos, the White House said.
The executive order is a slimmed-down version of the one Trump shelved on May 21. That version included the cybersecurity component but would have asked companies to let the government review models for a longer period, up to 90 days.
SpaceX Eyeing Roughly $1.75 Trillion Valuation in IPO Next Week
SpaceX is eyeing a valuation of around $1.75 trillion in its blockbuster initial public offering planned for next week, according to people familiar with the matter.
Elon Musk's rocket-maker is likely to sell under 5% of its shares-a much smaller portion than in a typical IPO-or roughly between $60 billion to $80 billion worth, the people said.
It is still possible the exact figures could change ahead of Wednesday afternoon, when the company is aiming to file updated paperwork with a targeted share-price range for the offering. The filing will give investors their first official look at SpaceX's potential valuation in the IPO. It was valued around $1.25 trillion earlier this year following its acquisition of artificial-intelligence company xAI.
Palo Alto Networks Revenue Rises as Customers Beef Up Cyber Defenses
Palo Alto Networks reported higher revenue in the third quarter and lifted its outlook as customers continued to beef up their cybersecurity in the face of heightened threats from artificial-intelligence models.
Chief Executive Officer Nikesh Arora said the results should demonstrate that fears of a so-called "SaaS-Pocalypse," in which AI-native firms will come to displace legacy software incumbents, are misplaced as applied to the cybersecurity industry.
"Actually, the capabilities of these models, especially in the cyber space, are causing a renewed interest from our customers to go ahead and deploy much more modern solutions, acting more as a tailwind to the cybersecurity industry as opposed to the death of the cybersecurity industry," Arora said in an interview.
GM's Profitable Trucks Targeted in Latest UAW Strike
Hundreds of unionized workers walked off the line on Monday at an auto-parts supplier in Three Rivers, Mich. Their leverage is about 160 miles away, in Detroit: General Motors.
The work stoppage at the Dauch Corp. plant-still commonly known by its former name, American Axle-halts the supply of axles and axle tubes destined for GM's midsize and full-size pickup trucks. If GM's existing stockpile of the crucial parts runs out, the automaker won't be able to make some of its bestselling and most lucrative vehicles.
The situation imperils GM's heavy-duty Chevrolet Silverado and GMC Sierra pickups, as well as midsize trucks that compete for buyers with Toyota's Tacoma and Ford's Ranger.
Nvidia's Huang Says Marvell May Join $1 Trillion Club
Nvidia's Jensen Huang says Marvell Technology could be the next chip firm to join the trillion-dollar club, predicting a surge in demand for artificial-intelligence hardware fueled by the emergence of autonomous models.
Speaking at a trade show in Taipei alongside Marvell Chief Executive Officer Matt Murphy, Huang mapped out the future of AI infrastructure, highlighting a strategic transition from copper cables to optical communications.
"Useful AI has arrived," Huang said, citing the rise of autonomous AI agents that can run workflows and solve problems as the reason why demand for Marvell and Nvidia's respective products is "going through the roof."
Bra Sales Power Victoria's Secret Turnaround and Shares Soar
Victoria's Secret is hooking shoppers on bras. They are sticking around to buy everything else.
The retailer reported a 15% first-quarter sales gain and raised its full-year outlook.
Net sales for the three months ended May 2 rose to $1.56 billion from $1.35 billion a year earlier. Same-store sales, which excludes newly opened or closed stores, were up 13%.
U.S. Job Openings Increased While Hiring Fell in April
U.S. job openings increased while hiring fell in April, according to a report from the Labor Department's monthly job openings and labor turnover survey.
Available positions increased to 7.6 million in April, from 6.9 million in March. The rate of job openings rose to 4.6% in April, from 4.2% in March. The rate of workers facing layoffs was little changed, at 1.1% in April compared with 1.2% in March.
Meanwhile, the hiring rate worsened to 3.2% in April from 3.5% in March, with about 5.1 million Americans landing new jobs in April.
Dollar General Is Winning Over Value-Seeking, Stressed Shoppers
Dollar General's customers are feeling stressed, increasingly reining in spending on household expenses such as groceries as they face higher prices at the gas pump.
The pressure is especially pronounced for lower-income consumers in rural communities, who are looking to minimize trip distances and make trade offs in search of affordability and value, Chief Executive Todd Vasos said.
Dollar General has historically gained market share and outperformed competitors when operating in a tough macroeconomic environment, he said on a call with analysts Tuesday. He added that this current period of broad uncertainty shouldn't be any different.
TALKING POINT Berkshire Is Convinced the American Dream of Homeownership Will Stay Alive
Berkshire Hathaway's $6.8 billion deal to acquire a major home builder reflects its conviction that the housing market will shake off its yearslong slump and recover as it always has.
With an all-cash agreement Sunday for Taylor Morrison Home Corp., the Omaha, Neb.-based conglomerate is poised to become a top-five U.S. home builder, adding to its growing portfolio of housing-related companies.
Berkshire's home-builder deal is a sign that a prominent investor thinks the housing slump will eventually pass-and it wants to be positioned to take advantage of any market turn. More than 75% of young renters still think they someday will own a home, according to a survey by John Burns Research & Consulting.
"This investment is grounded in a long-term belief in the strength of America's housing market and its underlying fundamentals, which we see as enduring over time," Berkshire Chief Executive Greg Abel said.
Still, Berkshire is raising its exposure to a housing market in its fourth year of dismal sales.
High mortgage rates, job-market uncertainty and the rising cost of living have kept many prospective buyers on the sidelines. Builders have been forced to offer incentives, such as paying part of buyers' mortgage costs, just to unload their inventory.
- -Read full article by Rebecca Picciotto and Krystal Hur on NewsPlus.
Expected Major Events for Wednesday
00:30/JPN: May Japan Services PMI
06:00/RUS: May Russian Services PMI
07:45/ITA: May Italy Services PMI
07:50/FRA: May France Services PMI
07:55/GER: May Germany Services PMI
08:30/UK: May UK Official Reserves
08:30/UK: May S&P Global UK Services PMI
08:30/UK: May Narrow money (Notes & Coin) and reserve balances
11:00/US: 05/29 MBA Weekly Mortgage Applications Survey
12:15/US: May ADP National Employment Report
12:15/CAN: May Official International Reserves
12:30/CAN: 1Q Labour productivity, hourly compensation & unit labour cost
13:30/CAN: May Canada Services PMI
13:45/US: May US Services PMI
14:00/US: Apr Metropolitan Area Employment and Unemployment
14:00/US: Apr Manufacturers' Shipments, Inventories & Orders (M3)
14:00/US: May ISM Report On Business Services PMI
14:30/US: 05/29 EIA Weekly Petroleum Status Report
15:00/US: May Global Services PMI
18:00/US: U.S. Federal Reserve Beige Book
All times in GMT. Powered by Onclusive and Dow Jones.
Expected Earnings for Wednesday
BARK Inc $(BARK)$ is expected to report for 4Q.
BMTC Group Inc (GBT.T) is expected to report for 1Q.
Broadcom Inc $(AVGO)$ is expected to report $1.73 for 2Q.
C3ai Inc (AI) is expected to report $-0.85 for 4Q.
Canaccord Genuity Group Inc (CF.T) is expected to report $0.22 for 4Q.
ChargePoint Holdings Inc $(CHPT)$ is expected to report for 1Q.
Cognyte Software Ltd (CGNT) is expected to report $-0.01 for 1Q.
Costco Wholesale Corp $(COST)$ is expected to report.
CrowdStrike Holdings Inc (CRWD) is expected to report $-0.03 for 1Q.
Descartes Systems Group Inc (DSG.T,DSGX) is expected to report $0.71 for 1Q.
Excellon Resources Inc (EXN.T) is expected to report for 1Q.
Five Below (FIVE) is expected to report $1.74 for 1Q.
HOOKIPA Pharma Inc $(HOOK)$ is expected to report for 1Q.
Macy's Inc (M) is expected to report $0.04 for 1Q.
Medtronic PLC $(MDT)$ is expected to report $1.20 for 4Q.
MiniMed Group Inc $(MMED)$ is expected to report for 4Q.
Netskope Inc $(NTSK)$ is expected to report for 1Q.
Ollie's Bargain Outlet Holdings Inc $(OLLI)$ is expected to report $0.88 for 1Q.
(MORE TO FOLLOW) Dow Jones Newswires
June 02, 2026 16:38 ET (20:38 GMT)
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