Early Look

Monday, June 1, 2026

Another day, another record on tap if early gains hold, just days after all three major indexes hit fresh all-time highs and closed the week higher, with the Nasdaq leading at +2%, closing the month strong. For last week, the S&P 500 gained 1.43%, the Nasdaq climbed 2.39%, and the Dow climbed 0.9%, while for the month the S&P 500 gained 5.15%, the Nasdaq climbed 8.36%, and the Dow climbed 2.78%. While tech was a massive leader in May, @bespokeinvest noted on X, “S&P 500 up. Breadth negative. Every. Single. Day. This. Week” noting the rally is being led mostly by the major mega cap tech names/semis. The Technology sector (XLK) rose 5.6% this past week and was up over 19% in May (and +32% YTD) while the next best monthly sector winner was Healthcare (XLV) 2.4% on the month, while Materials, Communications, Financials, Industrials, Consumer Staples, and REITs slipped and both Energy (XLE) and Utilities (XLU) fell over 5% this month. The rally got a final push from the US and Iran agreeing to a 60-day memorandum of understanding to extend the ceasefire. Regarding Iran, over the weekend President Trump said he is in “no hurry to finalize an Iran deal”; any deal will clearly stipulate Iran won’t possess a nuclear weapon; Iran really wants to make deal, will be a good one for the US and those that are with U.S. This morning, FARS reported Iran's revolutionary guards navy notes 15 ships, including 4 oil Tankers, passed through strait of Hormuz after obtaining permission from Iran in the last 24 hours. Meanwhile, a slew of US Employment data lies ahead for the first week in June, with ADP, JOLTs, Challenger on the docket ahead of Friday’s May NFP, as well as the ISM Manufacturing and Services reports. The softening in the labor market has eased recently, but wage pressures are muted, with real earnings falling below inflation. In Asian markets, The Nikkei Index jumped 604 points to 66,934, the Shanghai Index fell -10 points to 4,057, and the Hang Seng Index gained 215 points to 25,398. In Europe, the German DAX is up 69 points to 25,194, while the FTSE 100 is down -12 points to 10,396. Gold is lower, oil is higher along with Treasury yields and Bitcoin lower to start the week.

• The Dow Jones Industrial Average rose 363.49 points, or 0.72%, to 51,032.46
• The Nasdaq Composite gained 55.15 points, or 0.20%, to 26,972.62
• The Russell 2000 Index declined -17.23 points, or 0.59% to 2,919.34

• 10:00 AM ET ISM Manufacturing PMI for May…est. 53.0
• 10:00 AM ET                 Construction Spending for April…est. +0.2%

• Earnings After the Close: CRDO HPE

• Deutsche Bank Data Center Summit, 6/1, in New York
• Raymond James 2026 Internet, AI & Autonomous Tour, 6-1/6-2

• Iran's revolutionary guards navy notes 15 ships, including 4 oil Tankers, passed through strait of Hormuz after obtaining permission from Iran in the last 24 hours - FARS reports

• Campbell's (CPB) downgraded to Equal Weight from Overweight at Stephens and lower tgt to $21 from $28 saying promotional intensity in the packaged food industry remains elevated across many categories, and recent commentary from Walmart and Kroger suggests this dynamic will continue.
• Li Auto Inc. (LI) announced that it delivered 33,350 vehicles in May 2026. As of May 31, 2026, Li Auto's cumulative deliveries reached 1,702,792. Since March, monthly deliveries of Li i6 have consistently exceeded 20,000 units.
• Nio Inc. (NIO) said 7,705 vehicles were delivered in May 2026, increasing by 62.3% y/y; 150,526 vehicles were delivered year-to-date in 2026, increasing by 68.7% y/y; cumulative deliveries reached 1,148,118 as of May 31.
• XPeng Inc. (XPEV) announced its vehicle delivery results for May 2026. XPENG delivered a total of 32,158 vehicles in May, representing a 4% increase from the prior month.
• Yum! Brands (YUM) is in exclusive discussions to sell its Pizza Hut chain to LongRange Capital. Yum entered the exclusive talks in recent days, beating out offers from Sycamore, according to a Bloomberg report.

• Crude oil futures bounce after sinking last week to their lowest since mid-April as the U.S. and Iran appeared close to reaching a preliminary agreement that would include reopening the Strait of Hormuz. WTI crude plunged 9.6% this week, its biggest weekly decline in six weeks, and Brent sank 11.1% for its steepest weekly loss in seven.
• FirstEnergy (FE) files to offer up to $3B in various securities.
• Redwire (RDW) downgraded to Hold from Buy at Jefferies while raise tgt to $24 from $13 noting while general excitement around space has driven the stock price move, the firm sees limited near-term upside from here as the company proves out backlog conversion on strong orders.
• USA Rare Earth (USAR) said it will make an additional investment in France that could exceed €175 million ($204.03 million)to expand its metal, alloy, and magnet-making capacity in the country.

• Cardiff Oncology (CRDF) disclosed that Nerviano Medical Sciences was terminating the license agreement regarding onvansertib.
• Eli Lilly (LLY) said its targeted cancer therapy Retevmo significantly reduced the risk of disease recurrence or death in patients with early-stage RET fusion-positive non-small cell lung cancer, according to results from a Phase 3 clinical trial presented Sunday at the American Society of Clinical Oncology annual meeting and published simultaneously in the New England Journal of Medicine.
• Haisco Pharmaceutical Group Co., Ltd. announced a licensing and research collaboration with Eli Lilly (LLY) to develop innovative medicines across multiple therapeutic areas. Haisco will be eligible to receive up to $87M in upfront and near-term payments, up to $2,967M in all remaining downstream milestones, as well as single-digit tiered royalties on future product sales.
• Incyte’s (INCY) immunotherapy Monjuvi, developed with Xencor (XNCR), will soon become a first-line option for a common type of lymphoma after late-stage trial data indicated on Saturday that the CD19-targeting monoclonal antibody with other drugs improved cancer-free survival by 25%. The analysis represented data from the company’s Phase 3 frontMIND trial, which enrolled newly diagnosed adults with high-risk diffuse large B-cell lymphoma. Citing an interim analysis, Incyte said that compared to R-CHOP, the standard of care, Monjuvi reduced the risk of disease progression or death by 25% in DLBCL when added to R-CHOP plus enalidomide.
• Johnson & Johnson (JNJ) reported at ASCO this weekend new clinical trial results showing that its experimental subcutaneous formulation of amivantamab produced durable responses in patients with advanced head and neck cancer whose disease had progressed after immunotherapy and chemotherapy.
• Revolution Medicines (RVMD) reported at ASCO this weekend Phase 3 clinical trial results showing its experimental cancer drug daraxonrasib significantly extended survival for patients with previously treated metastatic pancreatic cancer. According to the company, daraxonrasib reduced the risk of death by 60% compared with standard chemotherapy and more than doubled median overall survival.
• Summit Therapeutics Inc. (SMMT) announced positive overall survival results from the Phase III HARMONi-6 trial, conducted in China and sponsored by Summit's partner Akeso, Inc.; Ivonescimab plus chemotherapy reduced the risk of death by 34% compared to Tislelizumab plus chemotherapy; hazard ratio 0.66.

• Nvidia (NVDA) launched Nvidia Cosmos 3, an open world foundation model for physical AI built on a mixture-of-transformers architecture that combines vision reasoning, world generation and action prediction in a single system.
• BE Networks announced that it is working with Iren (IREN) to leverage Nvidia (NVDA) DSX Air to simulate and validate the network architecture supporting IREN's upcoming deployment of more than 50,000 Nvidia Blackwell Ultra GPUs.
• Cadence (CDNS) announced the industry's first fully autonomous virtual agentic AI design engineer, extending the ChipStack(TM) AI Super-Agent to Level 5 autonomy. Built on Cadence's AI-driven electronic design automation (EDA) portfolio with NVIDIA Nemotron models, and secured by NVIDIA OpenShell runtime, the new agentic capabilities enable customers to run dynamic simulations in automated workflows.
• Zscaler (ZS) upgraded to Buy from Neutral at Guggenheim.

Mid-Morning Look

Monday, June 01, 2026

U.S. stocks open little changed and holding steady at all-time highs, as investors digest another run in several tech shares this morning and lots of back and forth headlines related to Iran. Note the S&P 500 ended May with its ninth consecutive weekly gain, closing at all-time highs for the S&P 500, Nasdaq and Dow. Stock futures were up overnight but slipped after reports Iran announces it is ending all negotiations with the US and vows to "completely" block the Strait of Hormuz and says it is ending negotiations due to repeated ceasefire violations including Israeli strikes in Lebanon. Semiconductors are lagging early after another monstrous month of returns in May (up 80% YTD), led by declines in INTC, QCOM, AMD after reports NVDA debuted its RTX Spark superchip for Windows laptops, which includes a Blackwell GPU and Grace CPU, will power laptops from manufacturers. The news also lifting shares of PC hardware makers while Nvidia rose 4% after unveiling a new chip that puts AI capabilities directly into laptops and desktop computers. U.S. Treasury yields slightly add to gains after ISM manufacturing, construction spending data were strong; yield on 10-year Treasury note last up 5.9 basis points at 4.512% and after reports Iran to be stopping talks to reopen the Strait of Hormuz following Israeli attacks on Lebanon against Hezbollah (sending oil futures up 7%). Early weakness in Smallcap stocks as the Russell 2000 falls over 1% while major averages are little changed. Gold prices along with Bitcoin tumble as oil prices and Treasury yields jump. Outside of Iran, investors await key jobs data this week (Nonfarm/ADP/JOLTs).

• ISM U.S. manufacturing activity index 54.0 in May (consensus 53.0) vs 52.7 in April; prices paid index 82.1 in May (consensus 85.0) vs 84.6 in April; new orders index 56.8 in May vs 54.1 in April; employment index 48.6 in May (consensus 47.5) vs 46.4 in April.
• US April construction spending +0.4% (consensus +0.2%) to $2.172 trln, vs March +0.2% (prev +0.6%); April private construction spending +0.4%, public spending +0.4%.

• Chinese Electric vehicles: LI announced that it delivered 33,350 vehicles in May 2026. As of May 31, 2026, Li Auto's cumulative deliveries reached 1,702,792. Since March, monthly deliveries of Li i6 have consistently exceeded 20,000 units. NIO said 7,705 vehicles were delivered in May 2026, increasing by 62.3% y/y; 150,526 vehicles were delivered year-to-date in 2026, increasing by 68.7% y/y; cumulative deliveries reached 1,148,118 as of May 31. XPEV announced its vehicle delivery results for May 2026. XPENG delivered a total of 32,158 vehicles in May, representing a 4% increase from the prior month.

• DELL +7%; as PC makers rise after NVDA debuted its RTX Spark superchip for Windows laptops. The processor, which includes a Blackwell GPU and Grace CPU, will power laptops from manufacturers including Acer, DELL, HPQ and MSFT when it lands this fall
• EWTX +27%; shares jumped after saying it would sell its sevasemten and its muscular dystrophy business for up to $2.65B to Servier, an independent pharmaceutical group run by a foundation. Servier will pay $1.55 billion in upfront cash consideration and up to $1.1 billion in additional milestone payments.
• IBM +6%; shares jumped after a video of President rump praising the company's CEO and discussing the stock at a December event recirculated on social media over the weekend.
• MGM +13%; shares jumped after People Incorporated, previously IAC, announced that it has submitted a non-binding proposal to the Board of Directors of MGM to acquire all outstanding shares of MGM that People Incorporated does not already own for $48.30 per share in cash. People Incorporated today owns 26.1% of the outstanding common stock of MGM.
• MSFT +3%; along with gains in DELL, HPW, LNVOY and other PC makers after NVDA debuted its RTX Spark superchip for Windows laptops. The processor, which includes a Blackwell GPU and Grace CPU, will power laptops from manufacturers including
• NVDA +3%; after unveiled a new “superchip”, dubbed “RTX Spark”, that would power a new line of Windows-based PCs built specifically for AI agents in a move that puts the chip giant in more direct competition with the likes of Intel and AMD
• RLYB +16%; and Avenzo Therapeutics agreed to merge and secure financing to continue developing Avenzo's drug programs. Avenzo will become a subsidiary of Rallybio, and the combined company will operate under Avenzo's name. It will trade on Nasdaq with the ticker AVZO.
• TMHC +22%; after Berkshire Hathaway Inc. agreed to acquire TMHC in an all-cash deal worth about $6.8B as the offer of $72.50 per common share represents a 24% premium to the home builder’s latest closing price on Friday. The deal is expected to close in the second half of this year.

• COIN -5%; along with MSTR and other crypto related names as Bitcoin prices falls to a seven-week low down -2.8% at $75,550.
• CRDF -18%; disclosed that Nerviano Medical Sciences was terminating the license agreement regarding onvansertib.
• GRAL -20%; after announced performance and safety results from the analysis of the full 35,878 cohort of its registrational Pathfinder 2 study are being presented during an oral session at the 2026 American Society of Clinical Oncology, ASCO, Annual Meeting.
• INTC -4%; along with weakness in AMD, QCOM after NVDA debuted its RTX Spark superchip for Windows laptops. The processor, which includes a Blackwell GPU and Grace CPU, will power laptops from manufacturers including ASUS, DELL, HPQ and MSFT when it lands this fall.
• OCS -32%; after the company reported that the Phase 3 DIAMOND-1 and DIAMOND-2 trials of OCS-01 eye drops in diabetic macular edema both missed the primary endpoint of mean change in best corrected visual acuity from baseline to Week 52
• RDW -15%; was downgraded to Hold along with BKSY at Jefferies noting shares of both are up 223% and 159% year-to-date respectively and while general excitement around space has driven the stock price move, and sees limited upside from here  

Closing Recap

Friday, May 29, 2026

U.S. stocks held in positive territory most of the afternoon as the S&P 500 (SPX) posted its longest winning streak since December 2023 at 9-weeks. If it can close next week higher for a 10^th straight week, it would be the first time since “Back to the Future” was in movie theaters (1985 for you non movie buffs) when it went 12 straight weeks ended that December. Overall, the S&P 500, Nasdaq Comp, Dow Industrials all posted record closing highs again today with the S&P and Nasdaq making it 7 straight days of gains  in what has been one of the more historic 2 month bull runs in history, paced by the massive gains in the technology sector! Speaking of the S&P Tech sector (XLK) rose 5.6% this week and was up over 19% in May (and +32% YTD) while the next best monthly sector winner was Healthcare (XLV) 2.4% on the month, while Materials, Communications, Financials, Industrials, Consumer Staples, and REITs slipped and both Energy (XLE) and Utilities (XLU) fell over 5% this month. Still, despite most sectors finishing lower in May, the fact the tech sector is so heavily weighed lifted the S&P 500 and Nasdaq overall. The semiconductor index (SOX) topped 13,000 today before paring gains after having been the main driver of the tech sector gains this year, now up 81% on the year. Economic data has been showing improvement as the lone piece of data today showed Chicago PMI for May a whopping 62.7, well above consensus of 51.8 (and prior month reading of 49.2) and highest reading since January 2022! Oil prices eased, posting big losses this week, capped by comments late week as President Trump said he is making a "final determination" on the Iran deal, helping push WTI crude below $87 a barrel for the first time since April 21^st. Though no final decision was made as of the close today, oil remains lower and stocks still held on to gains. It has been a helluva run for overall markets heading into the summer. For the week, the S&P 500 gained 1.43%, the Nasdaq climbed 2.39%, and the Dow climbed 0.9%; for May, the S&P 500 gained 5.15%, the Nasdaq climbed 8.36%, and the Dow climbed 2.78%.

With the bulk of earnings now truly behind us after a few key retailers and tech names the last two weeks (NVDA, SNOW, DELL, WMT, etc.), and PCE inflation data also behind us, market attention turns back to jobs data with ADP, JOLTs, and Nonfarm payrolls next week. The jobs report will be key especially after data showed this week that consumers are tapping savings as the Savings Rate falling to near historic lows of 2.6%. Also, Fed rhetoric has ramped up in more hawkish tones setting up trouble for new Fed Chair Warsh. No major central bank actions this upcoming week. Obviously headlines pertaining to a deal between the U.S./Iran is of much importance for the market as the war drags on for three months and the Strait of Hormuz still not allowing free passage easily. This weekend, many will focus on the ASCO cancer conference taking place in Chicago, a big event for many cancer related drug companies.

Federal Reserve officials continued to signal the U.S. central bank may need to raise interest rates in the future if the war in the Middle East leads to a persistent increase in already-high inflation. The potential shift in the monetary policy outlook has even been embraced by Fed Vice Chair for Supervision Michelle Bowman, one of the central bank's most dovish policymakers. Bowman told a conference in Iceland on Friday that the war and its resulting energy shock could change her view on the outlook for rates. Philadelphia Fed President Anna Paulson said on Friday that monetary policy is "well positioned" considering the unacceptably high inflation pressures and economic uncertainty.

• Natural gas futures climb to a fresh 16-week high; NYMEX July nat gas rose 8.3 cents, or 2.5%, to $3.368 per million British thermal units (mmBtu), putting the contract on track for its highest close since February 6 for a second day in a row. For the week, the contract was up about 15% after sliding about 2% last week. For the month, it was up about 20% after falling about 4% in April.
• August gold settles +$60.60/oz, or +1.34%, at $4,593.00 (Prices fell to a two-month low of $4,365.76 on Thursday but closed higher.) while July silver prices were down slightly -0.05% at $75.88 an ounce helped the later part of the week as Treasury yields eased off more than year highs last week. metals also rose on reports that the U.S. and Iran may have agreed to extend their ceasefire, though still posted a monthly decline as inflation concerns and expectations of higher interest rates weighed on prices.

• Footwear sector: Stifel raised its price tgts for ONON to $60 from $58 and DECK to $144 from $140 saying the $197B global athletic footwear market has capacity for +4% 5-year and CAGR to $239B in 2030E representing +$42B incremental retail dollars. Stifel points to the durability of the sneaker market, size the growth potential of key sub-segments, and highlight market share winners and losers through 2030E. Stifel is most encouraged by premium brands with scale, momentum, and visibility to expanded distribution as highlights ONON as the #1 share gainer over the next 5 years as an underappreciated market winner.

• Chinese Electric Vehicles: Post recent earnings, Macquarie upgraded shares of LI from Underperform to Neutral with $15 tgt saying its large cash position (Rmb94B) is approaching its market cap (~Rmb113B), supported by the recently launched $1B buyback program and Q2 outlook suggests lower i6 volumes, which could improve mix despite a slower-than-anticipated L9 order intake, but believes Q1 is set to be the trough quarter. The firm also upgraded XPEV from Neutral to Outperform saying its strong order intake for the GX signals a strong start for Xpeng's new model Wave, which is to be followed by the new MONA SUVs (L03/L05) and the larger G9L.

• Solar/Renewal Energy sector: NXT shares jumped after quarterly results and entered into an agreement to acquire BESS provider Prevalon Energy for up to $365M. The deal marks Nextpower's entry into battery storage and AI data center power, adds 6.4+ GWh and a recurring LTSA base, and lifts FY27 guidance.
• Utilities/Water: UBS upgraded AWK to Buy from Neutral at UBS and raise PT to $140 from $137 due to declining regulatory overhang (expect deal with WTRG to close) over the next few months (and recent stock underperformance and notes AWK received a reasonable 9.7% ROE (vs. 9.45% currently allowed) proposed decision in the PA rate case recently and has made progress on merger approvals.

• AGIO announced that it will not advance tebapivat, a next-generation oral pyruvate kinase activator, in lower-risk myelodysplastic syndromes. This decision follows results from its Phase 2b trial that did not meet the company's predefined threshold to support further development in this indication.
• BMY said its antitumor candidate Mezigdomide, as part of a combination regimen, improved cancer-free survival by more than 50% in a late-stage trial for multiple myeloma, a type of blood cancer. Citing data from its Phase 3 SUCCESSOR-2 trial, the company said that a Mezigdomide-containing regimen improved progression-free survival with a clinically meaningful and statistically significant effect.
• HQY reported a solid beat & raise with revenues topping consensus by ~1% and adj. EBITDA 8% above consensus. HSA accounts totaled 10.6 million (up 8%), with 18% growth in HSA investment accounts.
• MDGL announced new analyses of Phase 3 data and real-world evidence demonstrating Rezdiffra reduced markers of cardiovascular and liver-related risk in patients with MASH. The data are featured across eight poster presentations at the European Association for the Study of the Liver (EASL) Congress 2026, taking place May 27-30 in Barcelona, Spain
• MNKD said the FDA approved Afrezza Inhalation Powder for use in children and adolescents aged 6 and older living with type 1 and type 2 diabetes. This approval expands Afrezza's availability beyond adults, introducing a new mealtime insulin option for pediatric patients and caregivers.
• OCS shares tumbled after reports primary endpoint of DIAMOND Phase 3 trials was not met and will not pursue FDA filing for ocs-1 in diabetic macular edema.
• REPL shares soared after saying it would resubmit application for its experimental treatment for advanced melanoma. The treatment, RP1, also known as vusolimogene oderparepvec, is being tested with BMY’s Opdivo; the FDA had twice rejected the drug, citing issues in clinical trials and inadequate evidence of effectiveness (shares of competing melanoma drug maker IOVA declined on the headlines).

• Aerospace: PKE Q4 net sales $24.187M topped est $22.3M (+43% YoY) while EPS $0.19 (+58% YoY) and adj EBITDA $5.171M (+51% YoY); FY2026 net sales $73.301M (+18% YoY). In Satellites: VSAT Q4 rev $1.171B vs est $1.196B (+2% YoY); adj EPS ($0.02) vs est ($0.36); adj EBITDA $370M (1% YoY) vs est $383.26Mm; backlog $4.073B (+3% YoY); Defense & Advanced Technologies rev +12% YoY; Communication Services rev (2%) YoY; Q4 awards $1.3B (+3% YoY).
• In Transports: railroads UNP, NSC shares were active after Fortune magazine President Donald Trump recently expressed interest in the federal government acquiring a 15% stake in a massive railroad merger—remarks that took on new resonance this week when a federal regulator put the $71.5B merger of Union Pacific and Norfolk Southern on pause for additional review https://tinyurl.com/5f8zzpnk
• In Chemicals: IFF agreed to sell its food ingredients business to private equity firm CVC Capital Partners in a deal that values the unit at about $4.3M, sharpening its focus on fragrances and health business in a deal that is expected to close at the end of the second quarter of 2027.

• Security Software: OKTA reported Q1 that beat on all key metrics, with revenue and CRPO upside that was similar to the past few quarters (12.2% cRPO growth beat est. by ~2 pts & NRR accelerated to 107%) supported by channel strength, new products, & rep productivity; Q2 cRPO guide for 10.8% y/y growth was better than expected (& typical 2 PT beat would imply accel to ~13% y/y growth said Jefferies). SentinelOne (S) reported an in-line Q1 and offered only in-line guidance for FY27. Positively, mgmt highlighted robust demand across endpoints, AI security, and cloud workload protection, while negatively, SentinelOne announced a restructuring plan (~8% RIF), and a large deal pipeline is back-end loaded, potentially pushing deals from 2QFY27 into 3QFY27
• Other Software movers: ADSK Q1 results showed a 2.1% / $41M beat vs. consensus with a modest $50M raise to the FY27 midpoint and the company's $3.6B acquisition of MaintainX. PATH posted slightly better 1Q ARR growth of 12.3% (vs. Streets 12%) with net new y/y ARR growth accelerating for the second consecutive quarter. Incorporating the quarterly beat, FY27 ARR growth guide is moving up slightly to ~11.2%.

• IT Services: Jefferies downgraded shares of EPAM and GDYN to Hold as progress in Ai-led coding shows no signs of slowing down, while they upgraded EFOR to Hold from Underperform as expectations appear too pessimistic. The firm said they reiterate their cautious outlook on IT Services as Q1 results were largely in line, with full-year guidance mostly reiterated but 2H loaded, a reflection of some near-term weakness from clients more carefully managing spend. Downgrade EPAM as path back to sustainable double-digit organic revenue growth appears challenging and GDYN as exposure to retail industry increases risk of growth not accelerating as expected.
• Optical/Storage: NTAP shares jumped as reported a 4Q beat, and guided 1Q/FY27 above consensus expectations amid multiple positives during the quarter including AFA strength ($1.2B; +18% YoY) and AI acceleration (500 wins), while mgmt highlighted AFX’s continued momentum and multiple wins this quarter, including a deal with a top five US neo-cloud; guides Q1 FY2027 revs $1.75B–$1.90B vs est. $1.674B; optical names broadly lower the last few days (AAOI, GLW, COHR, LITE) after massive runs this year.

Street Recommendations

Monday, June 1, 2026

• AMD Barclays analyst Tom O'Malley raised the firm's price target on AMD to $665 from $500 and keeps an Overweight rating on the shares. The firm says CPU-to-GPU ratios are narrowing as CPU demand reaches new levels in the "rapidly expanding world of agentic AI." AMD is best positioned to benefit from this transition, the analyst tells investors in a research note.
• CM Barclays analyst Brian Morton raised the firm's price target on CIBC to C$144 from C$141 and keeps an Overweight rating on the shares post the fiscal Q2 report. The bank's results again exceeded consensus, driven by better than expected net interest and fee income, the analyst tells investors in a research note.
• INTC Barclays analyst Tom O'Malley raised the firm's price target on Intel to $100 from $65 and keeps an Equal Weight rating on the shares. The firm says CPU-to-GPU ratios are narrowing as CPU demand reaches new levels in the "rapidly expanding world of agentic AI." AMD is best positioned to benefit from this transition, the analyst tells investors in a research note.

• PD BofA raised the firm's price target on PagerDuty to $7 from $6 and keeps an Underperform rating on the shares. PagerDuty reported "good" fiscal Q1 results that were above expectations, but the firm thinks shares are still likely to underperform given a continued tough macro backdrop and lower growth versus infrastructure software peers seeing acceleration, the analyst tells investors.
• ESTC BofA analyst Koji Ikeda raised the firm's price target on Elastic to $70 from $60 and keeps a Neutral rating on the shares. The firm is more constructive given remaining performance obligation growth of 28% year-over-year, but thinks the risk/reward is balanced until sales-led subscription revenue grows durably above 20%, the analyst tells investors in a post-earnings note.
• TIGR BofA lowered the firm's price target on UP Fintech to $9.96 from $12.40 and keeps a Buy rating on the shares. The firm cut its 2026 GAAP EPS estimate by 45% and 2027-28E EPS forecasts by 9%-13% to incorporate the proposed RMB 411M regulatory penalty expected to be recognized in Q1, declined profitability in the mainland China segment due to regulatory tightening and revised Fed rate expectations.

• IRTC Canaccord lowered the firm's price target on iRhythm to $152 from $180 and keeps a Buy rating on the shares. The firm updated its modelto correct an error in their EPS calculations for 2026. Because of this correction, they now model $0.24 of adjusted EPS compared to our previous $0.35 and adjust its price target accordingly.

• ADSK Citi raised the firm's price target on Autodesk to $252 from $246 and keeps a Neutral rating on the shares. The firm views the company's Q1 report as strong. The acquisition of MaintainX provides a new growth opportunity but Autodesk's decelerating core business could pressure the shares, the analyst tells investors in a research note.
• F Citi raised the firm's price target on Ford to $19 from $13 and keeps a Neutral rating on the shares. The firm believes General Motors and Ford are positioned to benefit from higher industry production and adjacent revenue streams in energy storage, autonomous technologies, robotics, and digital services. These provide growth and margin expansion relative to the auto business, the analyst tells investors in a research note. Citi upped the price targets of both companies to reflect these opportunities and continues to preview GM over Ford.
• GM Citi analyst Michael Ward raised the firm's price target on General Motors to $131 from $108 and keeps a Buy rating on the shares. The firm believes General Motors and Ford are positioned to benefit from higher industry production and adjacent revenue streams in energy storage, autonomous technologies, robotics, and digital services. These provide growth and margin expansion relative to the auto business, the analyst tells investors in a research note. Citi upped the price targets of both companies to reflect these opportunities and continues to preview GM over Ford.
• AAPL Citi analyst Atif Malik is "incrementally positive" on Apple's iPhone shipments in 2026. It keeps a Buy rating on the shares with a $315 price target as part of a mid-quarter update. Apple is positioned to gain market share as higher memory prices driving pricing pressure, the analyst tells investors in a research note. Citi expects the company's WWDC event starting on June 8 to focus on the major Siri update.

• TH Deutsche Bank initiated coverage of Target Hospitality with a Hold rating and $22 price target.

• ESS Evercore ISI upgraded Essex Property Trust to Outperform from In Line with a price target of $295, up from $269. While the firm generally remains cautious on the outlook for rent growth across the apartment sector, it has a bias for coastal oriented companies given lower supply trends and relatively stronger new lease growth, says the analyst, whose upgrade is predicated on the company's stronger Q2 update that was released ahead of NAREIT that showed better trends on several key performance indicators, including new lease growth, renewal growth and economic occupancy.

• TNL Goldman Sachs upgraded Travel + Leisure to Buy from Neutral with a price target of $85, up from $73. The firm believes the stock's underperformance post the Q1 results is overdone. Travel + Leisure is "arguably the cleanest capital-light recurring fee story" in the sector, the analyst tells investors in a research note. Goldman is taking a more constructive view on the timeshare sector citing opportunity for execution-driven earnings growth and self-help initiatives. This is on top of a broader backdrop for strong travel demand, particularly within the U.S., the analyst tells investors in a research note.
• HGV Goldman Sachs analyst Lizzie Dove upgraded Hilton Grand Vacations to Neutral from Sell with a price target of $55, up from $44. The company is starting to sees benefits from HGV Max and its inventory overhang is now less of a concern post the Bluegreen Vacations acquisition, the analyst tells investors in a research note. The firm believes Hilton Grand's earnings power is likely understated in Street estimates. Goldman is taking a more constructive view on the timeshare sector citing opportunity for execution-driven earnings growth and self-help initiatives. This is on top of a broader backdrop for strong travel demand, particularly within the U.S., the analyst tells investors in a research note.
• CWST Goldman Sachs analysts added Casella Waste to the firm's US Conviction List as part of its monthly date. The firm sees potential for sustained, mid-single-digit percentage annual EBITDA growth at Casella, driven by the company's pricing algorithm. Goldman has a Buy rating on the shares with a $120 price target.
• TPG Goldman Sachs analysts added TPG to the firm's US Conviction List as part of its monthly date. The firm cites the stock's 40% drop year-to-date and its expectations for base management fee growth of 20% in 2026 and 2027 for the addition. Goldman has a Buy rating on the shares $61 price target.
• TSN Goldman Sachs analysts added Tyson Foods to the firm's US Conviction List as part of its monthly date. The firm expects above-consensus earnings growth at Tyson given the company's diversified protein portfolio and margin expansion. Goldman has a Buy rating on the shares with an $81 price target.
• ARES Goldman Sachs analysts removed Ares Management from the firm's US Conviction List as part of its monthly date.
• KTB Goldman Sachs analysts removed Kontoor Brands from the firm's US Conviction List as part of its monthly date.
• WYNN Goldman Sachs analysts removed Wynn Resorts from the firm's US Conviction List as part of its monthly date.
• DELL Goldman Sachs raised the firm's price target on Dell Technologies to $500 from $230 and keeps a Buy rating on the shares. Goldman has increased confidence in Dell's differentiated scale, business mix, and secular growth opportunities driven by agentic AI-related demand, the analyst tells investors in a research note.

• OCS Guggenheim lowered the firm's price target on Oculis to $45 from $75 and keeps a Buy rating on the shares after the company reported that the Phase 3 DIAMOND-1 and DIAMOND-2 trials of OCS-01 eye drops in diabetic macular edema both missed the primary endpoint of mean change in best corrected visual acuity from baseline to Week 52. Noting that management has confirmed it will not pursue an FDA regulatory filing for OCS-01 in DME and will redirect resources toward its remaining late-stage programs, the firm is removing all DME-related contribution from its model.

• NTST Jefferies analyst Joe Dickstein assumed coverage of Netstreit with a Buy rating and $23 price target. The firm assumed coverage of the retail net lease real estate investment trusts with a positive outlook. Executing on investment pipelines will drive a re-rating to historical valuation multiples, the analyst tells investors in a research note. Jefferies says the net lease group trades at the third-highest discount to the 10 year-average in the REIT space. This places net lease in the "same cohort as secular challenged sectors" such as office and lab despite "intact fundamentals," the firm contends.
• O Jefferies assumed coverage of Realty Income with a Buy rating and price target of $69, down from $75. The firm assumed coverage of the retail net lease real estate investment trusts with a positive outlook. Executing on investment pipelines will drive a re-rating to historical valuation multiples, the analyst tells investors in a research note. Jefferies says the net lease group trades at the third-highest discount to the 10 year-average in the REIT space. This places net lease in the "same cohort as secular challenged sectors" such as office and lab despite "intact fundamentals," the firm contends.
• NNN Jefferies analyst Joe Dickstein assumed coverage of NNN REIT with a Hold rating with a price target of $47, up from $46. The firm assumed coverage of the retail net lease real estate investment trusts with a positive outlook. Executing on investment pipelines will drive a re-rating to historical valuation multiples, the analyst tells investors in a research note. Jefferies says the net lease group trades at the third-highest discount to the 10 year-average in the REIT space. This places net lease in the "same cohort as secular challenged sectors" such as office and lab despite "intact fundamentals," the firm contends.
• BKSY Jefferies downgraded BlackSky to Hold from Buy with a $50 price target with shares up 159% year-to-date. While general excitement around space has driven the stock price move, the firm views the event as unrelated to BlackSky's core market and sees limited upside from here.
• RDW Jefferies downgraded Redwire to Hold from Buy with a price target of $24, up from $13, with shares up 223% year-to-date. While general excitement around space has driven the stock price move, the firm sees limited near-term upside from here as the company proves out backlog conversion on strong orders.

• RCL Loop Capital initiated coverage of Royal Caribbean with a Hold rating and $304 price target.
• NCLH Loop Capital initiated coverage of Norwegian Cruise Line with a Buy rating and $22 price target.

• AMD Mizuho raised the firm's price target on AMD to $615 from $515 and keeps an Outperform rating on the shares. The firm upped price targets in the semiconductor group, saying agentic AI demand is strong across the CPU ecosystem. Suppliers remain supply-constrained into 2027, which indicates upside in servers, the analyst tells investors in a research note. Mizuho sees agentic AI driving demand higher, but says memory and CPU supply could potentially limit upside in in the second half of 2026.
• CRDO Mizuho analyst Vijay Rakesh raised the firm's price target on Credo Technology to $260 from $220 and keeps an Outperform rating on the shares. The firm upped price targets in the semiconductor group, saying agentic AI demand is strong across the CPU ecosystem. Suppliers remain supply-constrained into 2027, which indicates upside in servers, the analyst tells investors in a research note. Mizuho sees agentic AI driving demand higher, but says memory and CPU supply could potentially limit upside in in the second half of 2026.
• DELL Mizuho raised the firm's price target on Dell Technologies to $500 from $435 and keeps an Outperform rating on the shares. The firm upped price targets in the semiconductor group, saying agentic AI demand is strong across the CPU ecosystem. Suppliers remain supply-constrained into 2027, which indicates upside in servers, the analyst tells investors in a research note. Mizuho sees agentic AI driving demand higher, but says memory and CPU supply could potentially limit upside in in the second half of 2026.
• INTC Mizuho raised the firm's price target on Intel to $128 from $124 and keeps a Neutral rating on the shares. The firm upped price targets in the semiconductor group, saying agentic AI demand is strong across the CPU ecosystem. Suppliers remain supply-constrained into 2027, which indicates upside in servers, the analyst tells investors in a research note. Mizuho sees agentic AI driving demand higher, but says memory and CPU supply could potentially limit upside in in the second half of 2026.
• SMCI Mizuho analyst Vijay Rakesh raised the firm's price target on Super Micro to $44 from $36 and keeps a Neutral rating on the shares. The firm upped price targets in the semiconductor group, saying agentic AI demand is strong across the CPU ecosystem. Suppliers remain supply-constrained into 2027, which indicates upside in servers, the analyst tells investors in a research note. Mizuho sees agentic AI driving demand higher, but says memory and CPU supply could potentially limit upside in in the second half of 2026.
• MSTR Mizuho lowered the firm's price target on Strategy to $265 from $320 and keeps an Outperform rating on the shares. The firm remains constructive on shares of Strategy despite the "crypto winter" remaining intact. The company has $2B of reserves intended to cover two years of dividends and "innovative products," the analyst tells investors in a research note. Mizuho updated Strategy's model post the Q1 report, reducing its end of 2027 bitcoin price assumption to $94,000 from $128,000. It cites lower bitcoin values for the target cut.

• OCS Needham lowered the firm's price target on Oculis to $38 from $46 and keeps a Buy rating on the shares.
• PLXS Needham analyst James Ricchiuti raised the firm's price target on Plexus to $310 from $285 and keeps a Buy rating on the shares.
• VSAT Needham raised the firm's price target on ViaSat to $90 from $58 and keeps a Buy rating on the shares.

• CM Scotiabank downgraded CIBC to Sector Perform from Outperform with a price target of C$155, down from C$159, following the fiscal Q2 report. The firm says the bank's two-year stretch of consistent outperformance relative to peers is set to moderate in the quarters ahead. CIBC faces diminishing net interest margin upside and downside risk in the capital markets business as the bank's growth since 2024 has been the most outsized, the analyst tells investors in a research note. Scotiabank adds that CIBC has more exposure to the lending market in Canada, which it thinks will trail growth rates in the U.S.

• CRDF TD Cowen downgraded Cardiff Oncology to Hold from Buy with no price target after the company disclosed that onvansertib's orginator Nerviano Medical Sciences has alleged that Cardiff has breached its license obligations and is moving to end Cardiff's license. Given the ownership uncertainty of its sole asset and financing needs to fund any additional work, the firm is moving to the sidelines, the analyst tells investors.

• ACN Truist analyst Arvind Ramnani downgraded Accenture to Hold from Buy with a price target of $210, down from $260. Accenture faces continued pressured budgets, expanding competition from new AI pure plays, and geopolitical uncertainty, the analyst tells investors in a research note. The firm says that while Accenture is rapidly expanding its AI capabilities, the company still has a significant portion of its business exposed to AI-driven revenue cannibalization. The shares may have limited near-term upside as it transforms its business, contends Truist.
• CNC Truist raised the firm's price target on Centene to $71 from $58 and keeps a Buy rating on the shares as part of a broader research note on Managed Healthcare names. The firm continues to see meaningful embedded earnings potential tied to ongoing margin recovery across the government businesses and also expects continued solid trends in Commercial business, the analyst tells investors in a research note. Q1 medical cost trends landed favorably to consensus expectations, with forward guidance maintaining an upward bias, the firm added.
• CVS Truist raised the firm's price target on CVS Health to $108 from $102 and keeps a Buy rating on the shares as part of a broader research note on Managed Healthcare names. The firm continues to see meaningful embedded earnings potential tied to ongoing margin recovery across the government businesses and also expects continued solid trends in Commercial business, the analyst tells investors in a research note. Q1 medical cost trends landed favorably to consensus expectations, with forward guidance maintaining an upward bias, the firm added.
• ELV Truist analyst David MacDonald raised the firm's price target on Elevance Health to $450 from $375 and keeps a Buy rating on the shares as part of a broader research note on Managed Healthcare names. The firm continues to see meaningful embedded earnings potential tied to ongoing margin recovery across the government businesses and also expects continued solid trends in Commercial business, the analyst tells investors in a research note. Q1 medical cost trends landed favorably to consensus expectations, with forward guidance maintaining an upward bias, the firm added.
• UNH Truist raised the firm's price target on UnitedHealth to $440 from $395 and keeps a Buy rating on the shares as part of a broader research note on Managed Healthcare names. The firm continues to see meaningful embedded earnings potential tied to ongoing margin recovery across the government businesses and also expects continued solid trends in Commercial business, the analyst tells investors in a research note. Q1 medical cost trends landed favorably to consensus expectations, with forward guidance maintaining an upward bias, the firm added.
• HUM Truist analyst David MacDonald raised the firm's price target on Humana to $320 from $270 and keeps a Hold rating on the shares as part of a broader research note on Managed Healthcare names. The firm continues to see meaningful embedded earnings potential tied to ongoing margin recovery across the government businesses and also expects continued solid trends in Commercial business, the analyst tells investors in a research note. Q1 medical cost trends landed favorably to consensus expectations, with forward guidance maintaining an upward bias, the firm added.

• PLCE UBS raised the firm's price target on Children's Place to $4 from $3.50 and keeps a Neutral rating on the shares. The firm's checks suggest Q1 sales trends were soft, but slightly improved quarter over quarter, the analyst tells investors in a research note.
• HEI UBS analyst Gavin Parsons raised the firm's price target on Heico to $390 from $371 and keeps a Neutral rating on the shares. Following a strong Q2 beat featuring 18% organic growth and segment EBIT margins well above consensus, EBITDA estimates are moving higher as demand remains robust across both commercial aerospace and defense markets, with no meaningful aftermarket slowdown observed despite geopolitical tensions and higher fuel prices, the analyst tells investors in a research note.

• STX Wells Fargo raised the firm's price target on Seagate to $900 from $700 and keeps an Equal Weight rating on the shares. The firm notes last week, it hosted meetings on its 4th Annual Wells Fargo Silicon Valley Bus Tour, with every one of those having a positive demand tone -- from AI data center build-outs to the proliferation of AI inferencing / Agentic AI driving significant incremental server CPU demand and continued drives of memory expansion. Memory constraints appear very poised to continue through 2027; to be determined on 2028, adds Wells. Economies-of-scale are a significant competitive advantage / lever, the firm argues.
• WDC Wells Fargo analyst Aaron Rakers raised the firm's price target on Western Digital to $575 from $500 and keeps an Overweight rating on the shares. The firm notes last week, it hosted meetings on its 4th Annual Wells Fargo Silicon Valley Bus Tour, with every one of those having a positive demand tone -- from AI data center build-outs to the proliferation of AI inferencing / Agentic AI driving significant incremental server CPU demand and continued drives of memory expansion. Memory constraints appear very poised to continue through 2027; to be determined on 2028, adds Wells. Economies-of-scale are a significant competitive advantage / lever, the firm argues.
• LRCX Wells Fargo analyst Aaron Rakers raised the firm's price target on Western Digital to $575 from $500 and keeps an Overweight rating on the shares. Last week, the firm hosted meetings on its 4th Annual Wells Fargo Silicon Valley Bus Tour, with every one of those having a positive demand tone -- from AI data center build-outs to the proliferation of AI inferencing / Agentic AI driving significant incremental server CPU demand and continued drives of memory expansion. Memory constraints appear very poised to continue through 2027; to be determined on 2028, adds Wells. Economies-of-scale are a significant competitive advantage / lever, the firm argues.
• INTC Wells Fargo raised the firm's price target on Intel to $110 from $85 and keeps an Equal Weight rating on the shares. Last week, the firm hosted meetings on its 4th Annual Wells Fargo Silicon Valley Bus Tour, with every one of those having a positive demand tone -- from AI data center build-outs to the proliferation of AI inferencing / Agentic AI driving significant incremental server CPU demand and continued drives of memory expansion. Memory constraints appear very poised to continue through 2027; to be determined on 2028, adds Wells. Economies-of-scale are a significant competitive advantage / lever, the firm argues.
• ARGX Wells Fargo raised the firm's price target on Argenx to $1,291 from $1,260 and keeps an Overweight rating on the shares. The firm remains constructive into Vyvgart's Phase 3 myositis read out and believes the current setup offers attractive risk/reward, with incremental analysis supporting its view that positive data could reinforce Argenx's path to becoming a large-cap biotech.

Rating abbreviations…

***OP = Outperform

***SP = Sector Perform

***UP = Underperform

***OW = Overweight

***EW = Equal-weight

***UW = Underweight

***Report powered by thefly.com***

What’s on Tap Weekly Calendar

• 10:00 AM ET ISM Manufacturing PMI for May
• 10:00 AM ET                 Construction Spending for April

• Earnings After the Close: CRDO HPE

• Deutsche Bank Data Center Summit, 6/1, in New York
• Raymond James 2026 Internet, AI & Autonomous Tour, 6-1/6-2

• 8:55 AM ET                   Johnson/Redbook Weekly Sales
• 10:00 AM ET                 JOLTs Job Openings for April
• 4:30 PM ET API Weekly Inventory Data

• Earnings After the Close: GTLB PANW SPWJ ULTA

• Bank America Global Technology Conference, 6/2-6/4, in San Francisco, CA
• Deutsche Bank 23rd Annual Global Consumer Conference, 6/2-6/4, in Paris
• Jefferies Global healthcare Conference, 6/2-6/4, in New York
• Raymond James 2026 Internet, AI & Autonomous Tour, 6-1/6-2
• RBC Capital Global Energy, Power and Infrastructure Conference, 6/2-6/3, in New York
• Stifel 2026 Boston Cross Sector 1x1 conference, 6/2-6/3, in Boston
• TD Cowen 10th Annual Future of the Consumer Conference, 6/2-6/3, in New York

• 8:15 AM ET ADP Private Payrolls for May
• 9:45 AM ET S&P Global Composite PMI, May-final
• 9:45 AM ET S&P Global Services PMI, May-final
• 10:00 AM ET ISM Non-Manufacturing PMI for May
• 10:00 AM ET                 Factory Orders M/M for April
• 10:30 AM ET                 Weekly EIA Inventory Data

• Earnings After the Close: AI AVGO CHPT CRWD DSGC FIVE NTSK PVH TLYS VEEV WOOF

• Bank America Global Technology Conference, 6/2-6/4, in San Francisco, CA
• Deutsche Bank 23rd Annual Global Consumer Conference, 6/2-6/4, in Paris
• Deutsche Bank 17th Annual Basic Materials Conference, 6/3-6/4, in New York
• Jefferies Global healthcare Conference, 6/2-6/4, in New York
• RBC Capital Global Energy, Power and Infrastructure Conference, 6/2-6/3, in New York
• Stifel 2026 Boston Cross Sector 1x1 conference, 6/2-6/3, in Boston
• TD Cowen 10th Annual Future of the Consumer Conference, 6/2-6/3, in New York

• 8:30 AM ET                   Continuing Claims
• 8:30 AM ET                   Nonfarm productivity for Q1
• 8:30 AM ET                   Unit Labor Costs for Q1                 
• 10:30 AM ET                 Weekly EIA Natural Gas Inventory Data

• Earnings After the Close: AGX BBCP COO CURV DOCU GWRE IOT LULU NX PL RBRK TTAN WLTH ZUMZ

• Deutsche Bank 23rd Annual Global Consumer Conference, 6/2-6/4, in Paris
• Deutsche Bank 17th Annual Basic Materials Conference, 6/3-6/4, in New York
• Jefferies Global healthcare Conference, 6/2-6/4, in New York
• RBC Capital 2026 Canadian Private Technology Conference, 6/4 in Toronto

• 8:30 AM ET                   Private Payrolls for May
• 8:30 AM ET                   Manufacturing Payrolls for May
• 8:30 AM ET                   Unemployment rate for May
• 8:30 AM ET                   Average Hourly Earnings M/M and Y/Y for May
• 1:00 PM ET                    Baker Hughes Weekly rig count data
• 3:00 PM ET                    Consumer Credit for April