On June 2, 2026, the S&P 500 extended its AI-driven rally to a ninth consecutive session, closing around 7,611 and surpassing the 7,600 mark for the first time. The session was marked by strong gains in semiconductor stocks, particularly Marvell Technology, which surged after Nvidia CEO Jensen Huang expressed a bullish outlook, suggesting Marvell could reach a trillion-dollar valuation. Hewlett Packard Enterprise also saw significant gains following robust quarterly results and an upward revision to its full-year outlook. In contrast, Alphabet's shares fell nearly 4% after the company announced an $80 billion equity offering, raising dilution concerns, but this was not enough to halt the S&P 500's winning streak [1].
The U.S. labor market showed resilience, with the April JOLTs Job Openings report revealing 7.62 million openings, significantly above the 6.8 million forecast and marking the highest level in nearly two years. This data likely reinforced market confidence in the strength of U.S. economic activity. Meanwhile, Bitcoin diverged sharply from the positive equity sentiment, dropping more than 5% in a persistent decline with no clear catalyst identified. Crude oil prices reversed earlier losses to settle modestly higher, supported by ongoing geopolitical risks related to the U.S.-Iran Strait of Hormuz standoff, which remained unresolved [1].
Other notable economic data included Euro area CPI growth at 3.2% year-over-year for May 2026 (versus a 3.4% forecast), and core inflation at 2.5% year-over-year (above the 2.4% forecast). In the U.K., mortgage approvals for April reached 65.94k, surpassing the 62.0k forecast, while the BoE consumer credit figure came in at 1.86 billion. Swiss trade balance and Australian economic indicators were also reported, but did not have a significant impact on the broader market narrative [1].
CONCLUSION
The S&P 500's record-breaking rally was fueled by optimism in the semiconductor sector and strong U.S. labor market data, overshadowing concerns about equity dilution from Alphabet's large share offering. Bitcoin's sharp decline contrasted with the positive sentiment in equities, while crude oil remained supported by geopolitical tensions. Overall, the market reaction was broadly positive, with risk appetite remaining strong in equities.