Archives -> Tuesday June 2nd, 2026 Market Newsletter
Tuesday June 2nd, 2026 Market Newsletter
As you all know Matt is out of town this week, as such this will be a shorter newsletter.
Relatively slow day on the market today, continuing our meltup, however the S&P 500 did close above 5600 for the first time.
#1: Sectors Table
We saw crypto movement with a 5.36% reduction in Bitcoin and a 4.98% reduction in Ethereum prices relative to the dollar.
And upsides for semiconductors at 5.87% and uranium at 5.7%
Not much else happened other than a 2% gain for oil off renewed fears for prolonged conflict in Iran, and metals which were likely buoyed by semiconductor movement.
And upsides for semiconductors at 5.87% and uranium at 5.7%
Not much else happened other than a 2% gain for oil off renewed fears for prolonged conflict in Iran, and metals which were likely buoyed by semiconductor movement.
| Major Indexes | Index Symbol | ETF Symbol | % G / L Day | % G / L Week | Close |
|---|---|---|---|---|---|
| Dow Jones | INDU - W | DIA - W | 0.45% | 0.54% | 51,307.79 |
| S&P 500 | SPX - W | SPY - W | 0.13% | 0.39% | 7,609.78 |
| Nasdaq | COMPQ - W | 0.03% | 0.45% | 27,093.90 | |
| NDX 100 | NDX - W | QQQ - W | 0.48% | 1.08% | 30,660.60 |
| Russel 2000 (Small Caps) | IWM - W | 0.93% | 0.42% | 291.66 |
| Market Sectors | Index Symbol | ETF Symbol | % G / L Day | % G / L Week | Close |
|---|---|---|---|---|---|
| Transports | TRAN - W | IYT - W | -0.28% | 0.28% | 21,470.14 |
| Banks | BKX - W | 1.70% | 1.32% | 171.65 | |
| Financials | XLF - W | 0.06% | -0.23% | 51.46 | |
| Brokers | XBD - W | -1.04% | -0.08% | 1,069.51 | |
| XLE (Energy Select) | XLE - W | 1.15% | 2.97% | 57.96 | |
| Oil Service Holders | OIH - W | 2.34% | 2.92% | 430.45 | |
| Technology | XLK - W | 1.25% | 3.76% | 198.21 | |
| Semiconductor | SOX - W | SMH - W | 5.87% | 6.99% | 13,726.27 |
| Communication Services | XLC - W | -1.76% | -1.83% | 113.57 | |
| Retail | XRT - W | 0.46% | -0.35% | 83.70 | |
| Consumer Staples | XLP - W | -0.24% | -1.30% | 81.83 | |
| Consumer Discretionary | XLY - W | -0.51% | -2.71% | 117.59 | |
| Industrials | XLI - W | 1.04% | 0.61% | 174.19 | |
| Real Estate | IYR - W | 0.39% | -1.42% | 99.99 | |
| Homebuilders | HGX - W | XHB - W | 0.78% | 0.10% | 657.06 |
| Materials | XLB - W | 1.18% | 0.72% | 51.52 | |
| Metals And Mining | XME - W | 4.21% | 6.09% | 132.83 | |
| Biotechnology | BTK - W | XBI - W | -2.54% | -3.61% | 7,471.29 |
| Healthcare | XLV - W | -0.97% | -2.05% | 146.40 | |
| Drugs | DRG - W | -0.86% | -3.09% | 1,123.55 | |
| Utilities | UTIL - W | XLU - W | 1.75% | -0.74% | 1,101.32 |
| Currencies | Index Symbol | ETF Symbol | % G / L Day | % G / L Week | Close |
|---|---|---|---|---|---|
| US Dollar | UUP - W | 0.00% | 0.36% | 27.76 | |
| Euro | XEU - W | FXE - W | -0.36% | -0.08% | 108.98 |
| Yen | XJY - W | FXY - W | -0.70% | 0.29% | 63.55 |
| Australian | XAD - W | FXA - W | -0.34% | -1.12% | 67.07 |
| British Pound | XBP - W | FXB - W | -0.50% | -0.32% | 129.45 |
| Canadian Dollar | CDW - W | FXC - W | -0.17% | -0.53% | 72.94 |
| Swiss Franc | XSF - W | FXF - W | -0.12% | 1.24% | 113.07 |
| Cryptocurrencies | Index Symbol | ETF Symbol | % G / L Day | % G / L Week | Close |
|---|---|---|---|---|---|
| Bitcoin | BTCUSD - W | -5.36% | -8.28% | 67,508.93 | |
| Ethereum | ETHUSD - W | -4.98% | -4.99% | 1,904.47 |
| Commodities | Index Symbol | ETF Symbol | % G / L Day | % G / L Week | Close |
|---|---|---|---|---|---|
| Commodities | DBC - W | 0.43% | 2.17% | 30.12 | |
| Crude Oil | WTIC - W | USO - W | 1.31% | 6.34% | 93.37 |
| Natural Gas | NATGAS - W | UNG - W | -0.61% | -3.86% | 3.17 |
| Copper | COPPER - W | CPER - W | 1.60% | 4.48% | 6.65 |
| Uranium | URA - W | 5.70% | 5.24% | 53.42 | |
| Agriculture | DBA - W | -0.44% | -0.48% | 27.12 | |
| Corn | CORN - W | CORN - W | -1.06% | -1.23% | 440.08 |
| Wheat | WHEAT - W | WEAT - W | -0.69% | -0.98% | 602.94 |
| Coffee | COFFEE - W | COFF.L - W | -0.09% | -3.36% | 259.21 |
| Sugar | CANE - W | 0.20% | 2.30% | 9.78 |
| Precious Metals | Index Symbol | ETF Symbol | % G / L Day | % G / L Week | Close |
|---|---|---|---|---|---|
| Gold Metal | GOLD - W | GLD - W | 0.17% | -1.24% | 4,488.30 |
| Silver | SILVER - W | SLV - W | 0.47% | -0.50% | 75.11 |
| Platinum | PLAT - W | PPLT - W | 0.46% | 0.46% | 1,937.60 |
| Palladium | PALL - W | PALL - W | 0.52% | 1.05% | 1,391.00 |
| GDX Gold Miners ETF | GDX - W | 1.58% | -1.61% | 88.05 |
| Bonds | Index Symbol | ETF Symbol | % G / L Day | % G / L Week | Close |
|---|---|---|---|---|---|
| High Yield Corporate Bond | HYG - W | 0.08% | 0.00% | 79.90 | |
| TLT 20 Year Bond ETF | TLT - W | 0.21% | 0.26% | 85.65 | |
| 10 Year Treasury Yield | TNX - W | -0.45% | 0.04% | 44.55 | |
| 30 Year Treasury Yield | TYX - W | -0.48% | -0.52% | 49.67 | |
| Yield Curve 10y / 2y | UST10Y:$UST2Y - W | -0.55% | -0.95% | 1.10 |
* percent change for commodities is based on ETF's, closing prices for continuous contracts are sometimes delayed and may reflect the previous trading day's values from time to time.
#2: Chart
The economic news to watch out for tomorrow are EIA crude inventories, and the ISM-non manufacturing index.
| Release | ET | For | Trading Impact | Forecast | Consensus | Prior |
|---|---|---|---|---|---|---|
| Jun 01 | ||||||
| S&P Global U.S. Manufacturing PMI - Final | 09:4 | May | Low | NA | NA | 55.3 |
| Construction Spending | 10:0 | Apr | Low | 0.5% | 0.3% | 0.2% |
| ISM Manufacturing Index | 10:0 | May | High | 53.0% | 53.1% | 52.7% |
| Jun 02 | ||||||
| JOLTs - Job Openings | 10:0 | Apr | Low | NA | NA | 6.887M |
| Jun 03 | ||||||
| MBA Mortgage Applications Index | 07:0 | 05/30 | Low | NA | NA | -8.5% |
| ADP Employment Change | 08:1 | May | Medium | 100K | 110K | 109K |
| S&P Global U.S. Services PMI - Final | 09:4 | May | Low | NA | NA | 50.9 |
| Factory Orders | 10:0 | Apr | Low | 4.0% | 3.5% | 1.5% |
| ISM Non-Manufacturing Index | 10:0 | May | High | 53.8% | 53.6% | 53.6% |
| EIA Crude Oil Inventories | 10:3 | 05/30 | High | NA | NA | -3.327M |
| Beige Book | 14:0 | May | Low | NA | NA | NA |
| Jun 04 | ||||||
| Productivity-Rev. | 08:3 | Q1 | Low | 0.8% | 0.8% | 0.8% |
| Unit Labor Costs-Rev | 08:3 | Q1 | Low | 2.5% | 2.3% | 2.3% |
| Initial Claims | 08:3 | 05/30 | High | 210K | 216K | 215K |
| Continuing Claims | 08:3 | 05/23 | High | NA | NA | 1786K |
| EIA Natural Gas Inventories | 10:3 | 05/30 | Low | NA | NA | +92 bcf |
| Jun 05 | ||||||
| Nonfarm Payrolls | 08:3 | May | High | 105K | 96K | 115K |
| Nonfarm Private Payrolls | 08:3 | May | High | 99K | 89K | 123K |
| Unemployment Rate | 08:3 | May | High | 4.3% | 4.3% | 4.3% |
| Average Hourly Earnings | 08:3 | May | High | 0.2% | 0.3% | 0.2% |
| Average Workweek | 08:3 | May | High | 34.3 | 34.3 | 34.3 |
| Consumer Credit | 15:0 | Apr | Low | $19.0B | $17.5B | $24.9B |
Stock Earnings Calendar:
Click here for a list of Stocks that are reporting Earnings
**Generally we never hold a position into earnings since the risk/reward is too great
#3: SPX Daily
No changes to our trailing stops, and no new R2M trades.
#4: QQQ Daily
No changes to our trailing stops, and no new R2M trades.
#5: SCCO Copper View live chart
This trade idea triggered monday, and had strong follow through today, if you're following you may want to consider placing a stop around 190.30, which is the 9 MA.
A tighter stop could also be placed at the trigger at 195.
A tighter stop could also be placed at the trigger at 195.
#6: AIRG - Airgain, Inc. View live chart
This trade idea triggered today and is already up nicely, you could lock in profits with a stop at the trigger point, 7.12, which roughly matches the 9 period at 7.09
#7: $BTCUSD - bitcoin daily 3 View live chart
Bad day for crypto with a retracement into the demand zones Matt identified back in February.
#8: $ETHUSD Daily Zoom View live chart
Crypto sell off also negatively impacted ethereum, which looks like it could retest February lows around 1745
#9: OKLO nuclear View live chart
Eric highlighted OKLO on the trading community today, and the chart had nice followthrough into the afternoon.
You can read more about it on the trading community.
https://breakpointtrades.com/blog/post/480617/
You can read more about it on the trading community.
https://breakpointtrades.com/blog/post/480617/
