Are we getting toppy?

Where Futures Sit

Futures point to a green open as June begins. Dow futures are up 265 points, or about 0.52 percent, near 51,342. S&P 500 futures are higher by roughly 0.26 percent at 7,615, and Nasdaq futures are up about 0.19 percent near 30,462. This follows a strong May that closed at record highs across all three major averages, with the Nasdaq leading the month up more than 8 percent.

Macro Pulse

The week builds toward Friday's May jobs report, the number most likely to reshape rate expectations for the second half. Today brings the first read... ISM manufacturing at 10 a.m. Eastern, consensus near 52.7 against a prior 52.6, alongside construction spending. SoftBank added to the risk-on tone with a roughly fifty-billion-dollar, multi-year investment plan announced over the weekend. On the geopolitical front, the White House signaled no rush on an Iran deal even as reports of renewed strikes kept oil bid.

Tickers To Watch

NVDA: Up more than 2 percent pre-market after unveiling a new processor for personal computers, pulling the AI trade higher again.

HPE: Reports earnings today and is eyeing a record high after launching a new Nvidia-powered server... a direct read on AI infrastructure demand.

DELL: Following Nvidia higher on the PC chip news, up around 1 percent before the bell.

INTC: Down more than 6 percent as the new PC processor landscape threatens its longtime grip on that market.

Bottom Line

A strong month often invites the assumption that the next one follows suit. June opens with the same narrow leadership that drove May... a cluster of AI names doing most of the lifting. 

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