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Market Headlines 👀 

• US President Trump is pushing countries to provide their best offers on trade deals by Wednesday suggesting the July 8th deadline will stay in tact.

• US Treasury Secretary Scott Bessent spoke to CBS on Sunday giving an update on tariffs and his latest thoughts on our fiscal situation.

• US and China trade deal per reports, China claims US has violated the trade deal, Trump says the same about China. Trump expected to speak with China this week.

• US Federal Reserve Chair Powell gave opening remarks at the 75th Fed Board International Finance meeting today.

• US 20y bond yields fall below longer dated yields, steepening the curve and first time this 20y fell below 30y since 2021.

• Fundstrat strategist Tom Lee updates his S&P 500 target to 6,600.

• Snowflake (SNOW) announces acquisition of Crunchy data for $250m.

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S&P 500 Heatmap 🔥 

Recap Around the Street 🧠

The S&P 500 is working off an overbought condition reached in a couple weeks ago. The index has shown signs of resilience, testing support at its 200 day moving average and staging big intra-day reversals when the trading sessions began weak. Buy-the-dip flows and performance have been robust (shown in the later slides), with retail being a big driver of the last two months of equity flows(Contributed by Cameron Dawson, CIO at NewEdge Wealth).

Latest ATL Fed Q1 GDP estimate showing +4.6% growth:

Market Preview 🎞️ 

• Tuesday, June 3rd: Durable goods orders; JOLTs job openings

• Tuesday earnings: Crowdstrike (CRWD), and Asana (ASAN) 

• Wednesday, June 4th: MBA mortgage applications; ADP employment report; S&P global services and composite PMIs

• Wednesday earnings: MongoDb (MDB), and Dollar Tree (DLTR)

• Thursday, June 5th: Weekly jobless claims; Challenger job cuts

• Thursday earnings: Broadcom (AVGO), Docusign (DOCU), and Lululemon (LULU) 

• Friday, June 6th: Consumer credit; Non-farm payrolls; Unemployment data

Enjoy reading?👇

That’s all for today, folks! We’ll be back around the same time Thursday with a curated list of important news, economic data and market highlights. 

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