◆ QuantLogix Daily Brief

ES (S&P 500)

5,978.25

+0.21%

NQ (Nasdaq 100)

21,432.50

+0.34%

US10Y

4.47%

+3 bps

DXY

98.95

−0.08%

WTI Crude

$89.69

+2.67%

Gold

$4,593

+1.34%

BTC

$73,370

−0.62%

VIX

16.95

−0.12

Brent

$91.12

−1.70%

US2Y

4.04%

+2 bps

10Y-2Y Spread

+43 bps

Steepening

Nikkei 225

66,934

+0.91%

◆MARKET PULSE

Risk-on tape opens June with futures grinding higher as Nvidia's Computex keynote anchors AI optimism and the Chicago PMI prints a 4-year high at 62.7. Yields drift higher (10Y 4.47%) but the curve is steepening rather than breaking — a constructive backdrop so long as 4.55% holds. Regime: Risk-On / Pro-Cyclical, with AI hardware and industrials leading; rate-sensitives mixed pending Powell tonight.

◆SECTOR PERFORMANCE (YTD %)

◆TREASURY YIELD CURVE

◆OVERNIGHT HEADLINES

BLOOMBERG 04:32 ET

Nvidia unveils RTX Spark & N1X PC chip at Computex 2026

Huang's keynote moves NVDA into the x86 PC arena with Microsoft, Dell, HP, ASUS, Lenovo, MSI signed on. Bullish AI hardware, bearish QCOM (−9.6%) and INTC (−5.8%).

CNBC 03:11 ET

Vera CPU enters full production; Anthropic, OpenAI, xAI confirmed

Datacenter pipeline anchored. Power partners ARM, HPE, SNOW-adjacent names surge in pre-market.

REUTERS 05:02 ET

WTI tops $89 as US-Iran framework stalls

Both sides exchanged revised proposals overnight. Energy futures firm into the US open; watch XLE and refiners.

NIKKEI 02:45 ET

Nikkei 225 prints fresh record at 66,934 (+0.91%)

AI-related shares lead Asia. Positive read-through to US semis and Japan exporter ADRs.

FT 05:48 ET

European banks rally as ECB hints at hold; DAX +0.4%

Stoxx 600 banks +1.1%. Watch XLF for follow-through; EUFN pre-market bid.

WSJ 01:14 ET

Chicago PMI prints 62.7 — highest in 4 years

Order books & production accelerating. Constructive for industrials (XLI) ahead of ISM at 09:00 ET.

MARKETWATCH 06:01 ET

Gold breaks $4,590; safe-haven bid persists

Mid-East risk premium + rate-cut speculation lifts bullion. GLD, GDX firm pre-market.

◆EARNINGS RADAR — TODAY & AFTER HOURS

Ticker	Company	Time	EPS Surp.	Rev. Surp.	Guidance
HPE	Hewlett Packard Enterprise	AMC	+4.2%	+2.8%	Raised FY
ULTA	Ulta Beauty	AMC (Tue)	Est. +1.5%	In-line	Awaiting
PANW	Palo Alto Networks	AMC (Tue)	Est. +6.1%	Est. +14%	Likely Raise
DG	Dollar General	BMO (Tue)	Est. flat	Est. −0.8%	Cautious
AVGO	Broadcom	AMC (Wed)	Est. +51% YoY	Est. +47% YoY	AI guide watched
CRWD	CrowdStrike	AMC (Wed)	Est. beat	Est. beat	ARR focus

◆ECONOMIC CALENDAR — JUNE 1, 2026

Time (ET)	Release	Period	Consensus	Prior	Importance
08:45	S&P Global Mfg PMI (Final)	May	55.3	54.5	MEDIUM
09:00	ISM Manufacturing PMI	May	53.3	52.7	HIGH
09:00	ISM Mfg Prices Paid	May	82.0	84.6	HIGH
10:00	Construction Spending m/m	Apr	+0.3%	−0.5%	LOW
19:30	Fed Chair Powell — Speech	—	—	—	TIER 1

◆SECTOR SETUP

▲ BULLISH SETUP

Technology — AI HardwareXLK · SMH
Industrials — PMI ReflationXLI · ITA
Energy — Crude $90 Re-testXLE · XOP
Financials — Curve SteepeningXLF · KRE
Materials — Gold MinersGDX · XME

▼ BEARISH / FADE

Mobile Chip IncumbentsQCOM · INTC
Long-Duration TreasuriesTLT
Consumer StaplesXLP
Discount RetailersDG · DLTR
High-Vol DefensivesXLU (rate-sensitive)

◆IPO WATCH — JUNE 2026 PIPELINE

Ticker	Company	Date	Exchange	Size	Theme
AAD	Applied Aerospace & Defense	06/03	NYSE	$634M	Defense
INNI	INNIO Group	06/04	NASDAQ	$1.9B	Industrial Energy
WHWK	WhiteHawk	06/05	NYSE	$180M	Cybersecurity
SPCX	SpaceX (anticipated)	06/12	NASDAQ	~$1.75T val.	Aerospace · Mega-cap
LIME	Lime Micromobility	June TBD	NASDAQ	TBD	Urban Mobility

◆TRADING IMPLICATIONS

AI hardware long bias intact. NVDA / AVGO / SMH constructive into Computex week and AVGO print Wednesday. Fade pops in QCOM and INTC into Nvidia PC entry.
Reflation trade in play. Chicago PMI 62.7 and ISM consensus of 53.3 favor industrials (XLI, ITA) and small-caps (IWM) over staples; trim XLU on yield drift.
Hedge into Powell (19:30 ET). Curve steepening + sticky ISM Prices Paid raise odds of a hawkish tone. Consider VIX call spreads or a 1-day SPX 5,950 put for event hedge.