Trade Secrets: Dailies 06.03.2026

US Stocks mixed as Dow futures slide after major indexes hit record highs, with markets digesting a blockbuster AI infrastructure earnings run and fresh uncertainty over the Iran ceasefire heading into Wednesday's open.

The S&P 500 closed above 7,600 for the first time ever on Tuesday, rising 0.13% to 7,600.06, while the Dow added 228.91 points, or 0.45%, to 51,032. The Nasdaq eked out a gain of 0.03%. All three indexes are at record highs heading into Wednesday's session, with Dow futures sliding modestly in premarket on renewed Iran tensions and rising Treasury yields.
Hewlett Packard Enterprise (HPE) is the overnight headline, surging roughly 30% after the company posted its biggest earnings beat since 2018. Q2 revenue came in at $10.68 billion against estimates of $9.79 billion — a 40% year-over-year increase — with EPS of $0.79 beating the $0.53 consensus by 49%. AI server revenue of $5.45 billion blew past the $4.66 billion expected. HPE raised its full-year EPS guidance by a full dollar to $3.35–$3.45 and lifted its revenue growth forecast to 29–33%, citing surging demand for AI infrastructure.
Marvell Technology (MRVL) continued to reverberate through the market after its 32.52% single-day surge on Tuesday — its biggest one-day gain in 26 years — following Nvidia CEO Jensen Huang's declaration at Computex 2026 in Taipei that Marvell would be the "next trillion-dollar company." The endorsement came alongside Nvidia's $2 billion investment in Marvell and its new Teralynx T100 switch silicon, a 102.4 Tbps chip for AI data centers. Marvell then climbed a further 10% in after-hours trading, adding roughly $50 billion in market cap across the session.
AMD, Intel, and Qualcomm remain under pressure after Nvidia's Monday RTX Spark PC chip announcement reset competitive expectations for the consumer computing market all three have historically dominated. Nvidia's expanding footprint — from data center to PC to robotics — is reshaping how Wall Street values the broader semiconductor sector.
Macy's (M) rose 2.3% in premarket after posting better-than-expected first-quarter results and raising its full-year guidance, reporting its strongest comparable sales performance in four years. CEO Tony Spring noted the company is about two years into a three-year turnaround plan focused on closing underperforming stores and reinvesting in selected locations.
Gold and silver fell in premarket on rising Treasury yields and higher crude oil prices. Gold futures dropped 0.78% to $4,484.60 an ounce and silver futures slipped 1.32% to $74.56.
On Iran, the ceasefire remains fragile. Iran suspended indirect negotiations with the U.S. in protest of Israel's continued strikes in Lebanon, though Trump contradicted the claim, telling CNBC on Monday, "I don't care if they're over, honestly." Oil edged lower on Tuesday following Monday's sharp gains but found support again on Wednesday as ceasefire skepticism reasserted itself. Brent crude and WTI struggled for direction, with Iran still reviewing the latest U.S. deal framework.
A partial Lebanon ceasefire and Trump's renewed claims that Hormuz reopening was imminent provided brief relief, but markets remain cautious — the IEA has warned that even if a deal is reached, restoring full Hormuz shipping flows will take six to eight months, keeping the floor on energy prices elevated well into late 2026.
Asian markets were mixed on Wednesday. Japan's Nikkei 225 fell 0.3% to 66,734.24, while the Topix declined 0.42% to 3,924.24, as investors monitored Iran uncertainty after Trump shrugged off the possibility of a peace deal breakdown. South Korea's KOSPI slipped 0.15% to 8,801.49, and the small-cap Kosdaq dropped 2.29% to 1,026.03, giving back some of Tuesday's record highs after the sharp run-up driven by semiconductor names.
Australia's S&P/ASX 200 ended flat at 8,724.40. Hong Kong's Hang Seng added 2.41% in its final hour of trade. China's CSI 300 rose 1.45% to 4,914.56. India's Nifty 50 was last up 0.5%.
S&P 500 futures, Nasdaq-100 futures, and Dow Jones futures were each slipping 0.2% ahead of the open, with investors gauging whether the AI infrastructure earnings euphoria can hold against the weight of the Iran overhang and the incoming jobs data week.

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