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Here’s what’s happening in the stock market today:
The U.S. stock market is starting June 5 on a softer note after a strong record-setting move on Thursday, with futures and the broad market easing as investors reassess the rally. The tone is still constructive, but traders are trimming risk after the Dow’s big jump and recent all-time highs across major indexes.
Major Indices Performance 📊
The Dow closed Thursday at a record 51,561.93, up 1.7%.
The S&P 500 rose 0.4% and also finished at a fresh high.
The Nasdaq finished slightly lower on the day, even as it remains near record territory.
Market Movers 🚀
Utilities and some defensive names participated in Thursday’s broad rally, while tech was more mixed.
AI enthusiasm remains a major support for the market, but that trade is showing signs of fatigue in some sessions.
Traders are still reacting to big post-earnings moves in semis and other growth names as the market digests elevated valuations.
Key Events Driving the Market 🗞️
A stronger-than-expected jobs report raised questions about whether the Fed may stay tighter for longer.
The recent surge in stocks has left valuations stretched, which is making investors more cautious about chasing new highs.
Futures are also reacting to cooling enthusiasm around the AI trade and broader global risk sentiment.
Investor Sentiment 👀
Sentiment is still positive overall, but investors are more selective after the latest record run.
The market looks resilient, yet it is vulnerable to pullbacks when strong data pushes rate-cut hopes further out.
For now, buyers remain in control, but the pace of gains is likely to be more uneven.
5 Stocks Already Pricing In the SpaceX IPO
Wall Street isn't waiting for the filing. Five publicly traded companies are already accumulating exposure to SpaceX's core revenue streams — Starlink, Falcon 9, and the defense contracts. We've identified each one, ranked by upside and risk tier. Get the full breakdown before the listing window closes.
TRADE OF THE DAY:
NET
Name: Cloudflare, Inc.
Symbol: NET
Current Price: Approximately $253.27
Trade
Sell to Open: 1 NET Jul 2, 2026 210/205 Put Vertical
Total Credit Received: $50.00
Credit per Contract: $50.00 (for one contract covering 100 shares)
Direction: Bullish (expects NET to stay above the break-even level)
Probability of Profit (PoP): 84.3% (as provided)
Potential ROI:
Max Risk (Loss): $450.00
ROI: ($50.00 ÷ $450.00) × 100 ≈ 11.1%
Trade Explained in Simple English:
You’re entering a bullish put credit spread by selling the 210 strike put and buying the 205 strike protective put, both expiring July 2, 2026. You receive $50.00 upfront when opening the trade. The position profits if NET stays above the break-even price of $209.50 at expiration, allowing you to keep the entire credit. Your maximum loss is capped at $450.00 if NET closes below $205.00 at expiration, while your maximum reward is limited to the $50.00 credit received.
Wall Street Highlights:
News Beyond the Numbers
SpaceX is preparing for its highly anticipated Nasdaq debut next week, targeting a valuation of roughly $1.75 trillion and potentially launching a new wave of major tech IPOs. Read More
AI has become the leading reason cited for U.S. layoffs in 2026, accounting for about 40% of announced job cuts in May alone. Read More
Broadcom's latest results disappointed investors who were expecting stronger AI-chip growth, triggering a sharp selloff across the semiconductor sector.
Read MoreLululemon cut its full-year outlook, citing weaker sales and ongoing leadership challenges, putting fresh pressure on the athletic apparel giant. Read More
S&P Global confirmed it will not fast-track newly public companies into major indexes, meaning upcoming IPOs such as SpaceX, OpenAI, and Anthropic will face the standard waiting period. Read More
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