The S&P 500 rose Tuesday, fueled by strong gains in AI leader Nvidia, as investors anticipated details on potential U.S. trade deals.
The broad market index added 0.58% to close at 5,970.37, while the Dow Jones Industrial Average gained 214.16 points, or 0.51%, ending at 42,519.64. The Nasdaq Composite climbed 0.81% and settled at 19,398.96.
Nvidia, along with other chip stocks, helped drive this advance. The dominant maker of artificial intelligence chips advanced nearly 3%, extending Monday’s gains and passing Microsoft in market cap for the first time since January. Meanwhile, others like Broadcom and Micron Technology rose more than 3% and more than 4%, respectively.
“The Street is seeing past this game of high stakes poker and believes Trump and [Chinese President Xi Jinping] on the schedule to speak this week is bullish for U.S.-China relations,” said analyst Dan Ives of Wedbush Securities, adding that Nvidia is a key beneficiary of deal talks between the two countries.
To be sure, CFRA Research’s Sam Stovall still cautions that the market might be in a trading range between 5,700 and its late February high for a little while.
“We’re not going to get second quarter GDP data until July, we’re not going to start to get second quarter earnings data until July, and we’re also not going to be hearing more about tariffs until July,” the chief investment strategist told CNBC. “The market is going to just sort of bob and weave in the meantime until we start to get a clearer understanding, if we get one, of the outlook for earnings, GDP growth, etc.”
Tuesday’s moves followed the Organization for Economic Co-operation and Development cutting its U.S. growth outlook. The OECD now sees the U.S. economy expanding by just 1.6% in 2025, down from 2.2%.
Tariffs and policy uncertainty were among the key factors cited by the OECD to explain the reductions.
Beijing recently said the U.S. was in violation of a trade truce, countering President Donald Trump’s own accusations that China wasn’t living up to the temporary trade agreement. Treasury Secretary Scott Bessent had said Sunday that Trump and Beijing’s Xi would speak soon to discuss trade.
Meanwhile, the European Union criticized Trump’s intention to double steel tariffs to 50%, saying that it “undermines” negotiations with the U.S. An EU spokesperson said that the bloc was “prepared to impose countermeasures.”
Stocks close in the green
Stocks rose on Tuesday, marking another positive day for June.
The S&P 500 gained 0.58% to finish at 5,970.37, while the Nasdaq Composite jumped 0.81%, closing at 19,398.96. The Dow Jones Industrial Average, meanwhile, advanced 214.16 points, or 0.51%, to end at 42,519.64.
— Sean Conlon
Brown-Forman is in eye of ‘Trump storm,’ Bernstein says
Kevin Carter | Getty ImagesBottles of Jack Daniel’s Old No. 7 Tennessee Whiskey are stacked at a Costco Wholesale store on April 4, 2025 in San Diego, California.Alcohol maker Brown-Forman finds itself grappling with President Donald Trump’s on-again-off-again tariff policy into its earnings report for the fiscal fourth quarter scheduled for Thursday, according to Bernstein.
“Between tariff risks and the pressure on the [U.S.] consumer, Brown-Forman finds itself in the eye of the ‘Trump storm,'” analyst Nadine Sarwat wrote to clients in a Tuesday note. “Uncertainty dominates and many root causes (and potential solutions) can be traced to decisions in the Oval Office.”
Concerns over possible retaliatory measures from the European Union can push investors to wait on investing in the Jack Daniel’s parent, Sarwat said.
“Investors who might be interested in Brown-Forman at today’s bottom valuation are incentivized to sit on the sidelines,” she said. “If the tariff goes ahead, they can get the stock for cheaper. If the tariff threat is eliminated, investors are happy to exchange the forgone upside for certainty.”
— Alex Harring
Dollar General shares on pace for best day on record after outlook raise, earnings beat
Shares of Dollar General surged more than 15% in afternoon trading on Tuesday after it raised its full-year forecast and its latest quarterly results beat on the top and bottom lines.
The stock’s rise puts it on track for its largest single-day percentage gain ever. Its current best day on record is May 26, 2022, when it jumped 13.7%.
This also brings the retailer’s shares to about 48% year to date, more than 35 times that of the S&P 500’s gain in the same period. Shares have also soared about 56% in the past three months.
— Sean Conlon, Melissa Repko
Stocks making the biggest midday moves: Bumble, Dollar General and more
Dado Ruvic | ReutersThese are the stocks moving the most in midday trading:
Bumble — The dating app’s stock lost 4% on the back of JPMorgan’s downgrade to underweight from neutral.
Dollar General — Shares of the discount retailer jumped more than 14% after the company raised its full-year outlook and said its updated guidance assumes that current tariff rates will remain through mid-August.
Pinterest — Shares added 4% after JPMorgan upgraded the social media platform to overweight from neutral.
Read the full list of stocks moving here.
— Lisa Kailai Han
Clean energy fund paces for best daily performance since May 12
Clean energy stocks were outperforming the broader market on Tuesday.
The WilderHill Clean Energy ETF (PBW) was last up 4%, pacing to break a three-day losing streak with its best daily performance since May 12. The exchange-traded fund is on pace for its sixth weekly gain in the past seven.
The fund rose 14.7% in May for its best month since January 2023. Last month, it also broke a five-month losing streak.
Sunrun was last up 16% and one of the fund’s biggest gainers. Shares of Joby Aviation, Plug Power and Navitas Semiconductor respectively surged 9%, 13% and 17%.
— Nick Wells, Lisa Kailai Han
UBS trims price target, earnings outlook for Berkshire Hathaway
UBS has trimmed its earnings outlook for Berkshire Hathaway and also the price target for the company’s B-class shares.
Analyst Brian Meredith said in a note to clients that the changes are due to lower estimates for investment income and removing share repurchases from projections in 2025 and 2026. The analyst still has a buy rating on the stock.
“We continue to believe BRK’s shares are attractive in an uncertain macro environment with $347bn of cash & [short-term] investments, a defensive business mix, and manageable tariff exposure,” the note said.
The new price target is $591 per share, down from $606 previously. That still implies upside of more than 17% for the B shares from Monday’s close.
— Jesse Pound
Aerospace and Defense ETF hits all-time high
The iShares U.S. Aerospace & Defense ETF (ITA) was marginally higher in midday trading Tuesday after hitting an all-time high earlier the session. That puts the fund on pace for its seventh straight positive session.
Tuesday’s move higher was led by gains in shares of Woodward, which increased more than 5%, and Hexcel, which gained more than 4%. Kratos Defense and Security Solutions also moved more than 2% higher, while Mercury Systems and BWX Technologies each climbed more than 1%.
Meanwhile, Boeing is up more than 6% over the past week, while GE Aerospace, RTX and Northrop Grumman are each up more than 2% in that time.
This comes after ITA, which has risen more than 5% in that period from May 23, advanced about 13% in May, its best month since October 2022, when it jumped more than 17%.
— Nick Wells, Sean Conlon
Fed’s Bostic sees one rate cut, notes negativity among business leaders
David A. Grogan | CNBCspeaking at Jackson Hole on August 23, 2024.Atlanta Federal Reserve President Raphael Bostic said Tuesday he sees an interest rate cut likely to happen before the end of the year despite a lingering air of uncertainty through the economy.
Bostic told reporters that when the Fed in March last updated its individual outlook for the interest rate trajectory, “I put one cut for the year, so I still think there’s space for that, and a lot of it will depend on how the uncertainty resolves itself. So I’m just going to stay diligent and take things out as they happen.”
The Fed meets in two weeks and will update its economic projections then. At the last update, officials indicated the likelihood of two cuts happening, through a lot has changed since then.
In an essay penned for the Atlanta Fed website, Bostic noted a high level of apprehension from business leaders in the region.
“Surveys and our staff’s one-on-one interviews with business leaders across the Southeast found sentiment turning increasingly negative in the spring,” he wrote. “The prospect of potentially higher costs has led many business leaders to pause new major investments and continue their cautious ‘not-hiring-but-not-firing’ approach to their workforce.”
— Jeff Cox
Joby rallies after announcing intention to explore Saudi Arabia opportunities
Joby Aviation shares surged more than 13% after the company announced it entered a memorandum of understanding to explore opportunities for entering the Saudi Arabia market.
The eVOTL air taxi maker entered the agreement with Abdul Latif Jameel, a network of businesses, according to a joint press release. There is potential for delivery of up to 200 Joby aircrafts in the coming years, it said.
Joby shares are now up more than 3% in 2025.
— Alex Harring
Correction: Joby said the company could delivery of up to 200 in the coming years. A previous version misstated the time horizon.
Stocks open little changed
Stocks were relatively unchanged on Tuesday morning.
The S&P 500 ticked lower by about 0.1% shortly after 9:30 a.m. ET, while the Nasdaq Composite gained 0.1%. The Dow Jones Industrial Average also lost 20 points, or about 0.1%.
— Sean Conlon
Dollar General, Constellation Energy, Hims & Hers among stocks making biggest premarket moves
Scott Olson | Getty ImagesA sign for a Dollar General store is seen on May 28, 2025 in Chicago, Illinois.Check out the companies making headlines before the bell:
Dollar General — Shares of the discount retailer popped more than 10% after the company lifted its annual sales outlook, saying its updated guidance assumes that current tariff rates will remain through mid-August. Dollar General also beat on top and bottom lines for the first quarter. The company reported earnings of $1.78 per share on revenue of $10.44 billion, exceeding estimates of $1.48 per share and $10.31 billion, per LSEG.Hims & Hers Health — The telehealth platform added more than 5% after the company said it will acquire European counterpart Zava. The deal will grow Hims & Hers Health’s active customer base by about 50%.Constellation Energy — Shares of the energy giant jumped 9% after Meta signed a 20-year agreement to buy nuclear power from Constellation Energy. Meta, which owns Facebook and Instagram, will buy roughly 1.1 gigawatts of energy from Constellation’s Clinton Clean Energy Center in Illinois beginning in June 2027. Shares of energy stocks Vistra Energy and NRG Energy rose 5% and 2%, respectively, in sympathy with the news.For the full list, read here.
— Pia Singh
U.S. reportedly looking for countries to provide their best trade offers by Wednesday
The U.S. wants countries to give their best offers on trade by Wednesday, Reuters reported Tuesday.
Reuters, which cited a draft letter to negotiating partners from the office of the United States Trade Representative, said the letter reveals that the Trump administration is asking countries to list their best proposals in various areas, such as tariff and quota offers for buying U.S. industrial and agricultural products as well as ways to alleviate any non-tariff barriers.
Though it is unclear which countries would receive the letter, Reuters said that the U.S. will assess countries’ responses within days and present “a possible landing zone,” which may include a reciprocal tariff rate.
The administration continues “to make very good progress” on trade negotiations and is “close to the finish line on a couple” deals, Deputy Treasury Secretary Michael Faulkender said on CNBC’s “Squawk Box” on Monday.
Trump’s pause on his “reciprocal” tariffs is set to expire in early July.
— Sean Conlon
JPMorgan turns bearish on Bumble
Mike Segar | ReutersDisplays in Times Square outside the Nasdaq MarketSite are pictured as dating app operator Bumble Inc. (BMBL) made its debut on the Nasdaq stock exchange during the company’s IPO in New York City, New York, U.S., February 11, 2021.Bumble has lost its buzz, according to JPMorgan.
Analyst Cory Carpenter downgraded the dating app to underweight from neutral. Carpenter’s $5 price target suggests shares can fall 12.9% from Monday’s close.
“We believe Bumble offers a differentiated, women’s first dating experience, but [management] efforts to reinvigorate growth are in the early innings and key competitor Hinge is taking share,” Carpenter wrote to clients in a Tuesday note. “We expect BMBL revenue and payer declines to accelerate in the near-term, with a return to growth unlikely until 2027.”
Bumble shares dropped more than 5% in Tuesday’s premarket. The stock has sunk more than 29% in 2025, on track for its fourth-straight losing year.
— Alex Harring
Citi raises Broadcom price target ahead of earnings
Citi sees more room for Broadcom to run into the semiconductor stock’s Thursday earnings report.
Analyst Christopher Danely hiked his price target by $66 to $276, which now implies upside of about 11% over Monday’s close. He also has a buy rating.
Danely said the company should be able to produce a beat-and-raise when reporting earnings given the health of its artificial intelligence business.
“We expect AVGO to report results above consensus, driven by continued AI strength,” Danely said in a Monday note to clients. “With its non-AI semi business … down roughly 40% from the peak, we believe the business should recover from the current levels and offset most of the gross margin dilution from its AI business.”
Shares have climbed more than 7% in 2025, outperforming both the VanEck Semiconductor ETF (SMH) and S&P 500.
— Alex Harring
Constellation Energy surges on Meta power deal
Danielle DeVries | CNBCThe cooling towers of the Three Mile Island Nuclear power plant is seen on October 30, 2024 in Middletown, Pennsylvania, U.S.Shares of Constellation Energy rallied 11% in the premarket after the company reached a 20-year deal to sell nuclear power to Meta Platforms. The tech giant will purchase about 1.1 gigawatts of power from Constellation’s Clinton Clean Energy Center in Illinois starting in 2027.
— Fred Imbert, Pippa Stevens
Asia-Pacific markets trade mixed as investors assess dismal China factory activity
China Daily | Via ReutersWorkers work on a production line manufacturing smart automotive central control navigation products at a factory of Beidou Intelligent Connected Vehicle Technology Co. (BICV) in the High Tech Industrial Development Zone in Suqian, Jiangsu Province, China April 9, 2025.Asia-Pacific markets traded mixed Tuesday after China’s manufacturing activity in May shrank at the fastest pace since September 2022, a private survey showed.
The Caixin/S&P Global manufacturing purchasing managers’ index came in at 48.3, missing Reuters’ median estimate of 50.6 and dropping sharply from 50.4 in April, as a sharper decline in new export orders highlighted the impact of prohibitive U.S. tariffs.
Hong Kong’s Hang Seng Index led gains in the Asia-Pacific region, ending the day 1.53% higher at 23,512.49 while Mainland China’s CSI 300 added 0.31% in choppy trade to close at 3,852.01.
Over in Japan, the Nikkei 225 benchmark pared gains to end the day flat at 37,446.81, while the broader Topix index fell 0.22% to 2,771.11.
Australia’s S&P/ASX 200 benchmark advanced 0.63% to end the day at 8,466.70, after briefly hitting a near four-month high earlier in the session.
The country’s seasonally adjusted current account balance for the first quarter of 2025 came in at a deficit of 14.7 billion Australian dollars ($9.53 billion), exceeding the AU$13.1 billion deficit forecast by economists polled by Reuters, but an improvement from the AU$16.3 billion deficit in the previous quarter’s revised reading.
Meanwhile, India’s benchmark Nifty 50 moved down 0.64%, while the BSE Sensex lost 0.88% as at 1.33 p.m. Indian Standard Time.
South Korean markets were closed for polling day.
— Amala Balakrishner
U.S. small-cap stocks unlikely to outperform large caps, no matter what, Capital Economics says
NYSETraders work on the floor of the New York Stock Exchange on June 2, 2025.Even if concerns that a U.S. economic slowdown will turn into a recession turn out to be unfounded, small-cap stocks in the U.S. are unlikely to outperform larger companies, according to Capital Economics chief markets economist John Higgins.
Small-cap stocks haven’t rebounded as much as large-cap indexes since the market bottom in early April, as shown in equal-weighted indexes that give the same importance to each stock, regardless of their market value, Higgins said. What’s more, small-cap underperformance has been only a U.S. phenomenon, not a global one.
Even fading worries about the U.S. economy are unlikely to drive small caps higher relative to large caps, Capital Economics says.
“We suspect the underperformance will continue as enthusiasm for AI grows again,” the researcher wrote. “That view is informed by the experience of the dotcom era: the underperformance of [small-cap] equities then only ended in mid-1999, the year before the bubble burst.”
— Scott Schnipper
Big cybersecurity ETFs close at records
A pair of cybersecurity exchange-traded funds ended the first trading day of June with record closes.
The Amplify Cybersecurity ETF (HACK) popped 1.6%, closing at a high dating back to its inception in 2014. The First Trust NASDAQ Cybersecurity ETF (CIBR) jumped 1%, closing at a record that goes back to 2015.
Both ETFs also touched fresh 52-week highs on Monday.
Names lifting the ETFs included CrowdStrike, up about 1.7%; Rubrik, up 4.6%; and Zscaler, up 6.3%.
— Darla Mercado, Gina Francolla
Stocks making the biggest moves after the bell: EchoStar, Credo Technology and more
These are the stocks moving the most in extended-hours trading:
EchoStar — The telecommunications stock popped 5% after EchoStar disclosed that it would not make around $183 million in cash interest payments on a series of Dish’s notes. EchoStar said that this non-payment was made in light of recent uncertainty raised by the Federal Communications Commission.
Pegasystems — Shares added 2% after the software firm raised its full-year earnings guidance to $3.94 per share, ex-items, versus its prior guidance of $3.10 and FactSet’s estimate of $3.40. Pegasystems also updated its full-year revenue guidance to $1.7 billion, up from its previous forecast of $1.6 billion and FactSet’s $1.62 billion estimate.
Credo Technology — The data infrastructure stock soared 13% after the company reported fiscal fourth-quarter non-GAAP earnings of 35 cents per share, exceeding the 27 cents per share analysts polled by FactSet had expected. Credo’s $170 million revenue also beat the estimated $159.6 million.
— Lisa Kailai Han
Stock futures are little changed
Stock futures traded near flat Monday night.
Dow futures were unchanged shortly after 6 p.m. ET, while S&P 500 futures were marginally below flat. Nasdaq 100 futures added less than 0.1%.
— Lisa Kailai Han
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