Market Update Into June 1st: Nine Weeks Green

3 mins read

Markets continued higher last week as $DELL and $SNOW both ripped over 30% on earnings, and a potential U.S./Iran ceasefire deal awaits Trump’s approval. The memory theme stayed in full force, with $MU hitting a $1T market cap alongside SK Hynix. The space theme ran hot early, with SpaceX IPO chatter intensifying, Tesla/SpaceX merger rumors resurfacing, and Starlink inking a deal with American Airlines, before a Blue Origin rocket explosion Friday sent some space names lower to close the week. In other news:

Looking ahead, $AVGO, $PANW, and $CRWD earnings are all on deck. Those prints could set the tone for the cybersecurity sector, which only began trending in early May but has already been one of the market’s strongest themes. Traders will also be watching the ceasefire situation, a wildcard that could break at any moment. Friday brings employment data to close the week. Let’s see how the charts are setting up.

Weekly Analysis

SPY (SPDR S&P 500)

$SPY ended the week at $756.46 (+1.45%), pushing to fresh all-time highs for the 9th consecutive green week, a streak that has only occurred 10 times since 1945. The entire move launched off the 2025 lows aVWAP, which acted as a springboard and has since been left far behind. Nine weeks straight is historic territory. How much more runway does this rally have?

QQQ (Invesco QQQ Trust)

$QQQ closed at a fresh all-time high of $738.31 (+2.90%), leading the major indexes on the week. Price passed off from the 2025 lows aVWAP to the 2026 lows aVWAP, which has since taken over as the key support level driving this run. At 1.13, $QQQ carries the lowest put/call ratio of all the major indexes, signaling options traders are most bullish on tech.

IWM (iShares Russell 2000)

$IWM closed at $290.43 (+1.86%), pushing to fresh all-time highs alongside the broader market. The 2026 lows aVWAP has been the key support level throughout this run, holding on multiple retests. At 2.59, the put/call ratio is the highest of the major indexes, meaning options traders are far more hedged on small-caps than on tech. That’s a divergence worth watching.

Earnings

Notable Results

SNOW (Snowflake)

EPS: $0.39 vs $0.14 est
REV: $1.391B vs $1.322B est

DELL (Dell Technologies)

EPS: $4.86 vs $2.93 est
REV: $43.842B vs $35.706B est

MDB (MongoDB)

EPS: $1.32 vs $0.89 est
REV: $687.616M vs $663.466M est

ZS (Zscaler)

EPS: $1.08 vs $0.80 est
REV: $850.475M vs $835.484M est

CRM (Salesforce)

EPS: $3.88 vs $2.96 est
REV: $11.133B vs $11.057B est

OKTA (Okta)

EPS: $0.91 vs $0.74 est
REV: $765.000M vs $751.697M est

BURL (Burlington Stores)

EPS: $2.10 vs $1.75 est
REV: $2.856B vs $2.785B est

HRL (Hormel Foods)

EPS: $0.40 vs $0.35 est
REV: $2.973B vs $2.958B est

SNPS (Synopsys)

EPS: $3.35 vs $2.98 est
REV: $2.276B vs $2.251B est

DLTR (Dollar Tree)

EPS: $1.74 vs $1.56 est
REV: $4.976B vs $4.970B est

NTAP (NetApp)

EPS: $2.43 vs $2.19 est
REV: $1.948B vs $1.869B est

ADSK (Autodesk)

EPS: $2.99 vs $2.70 est
REV: $1.934B vs $1.892B est

MRVL (Marvell Technology)

EPS: $0.80 vs $0.75 est
REV: $2.418B vs $2.401B est

A (Agilent Technologies)

EPS: $1.49 vs $1.41 est
REV: $1.835B vs $1.799B est

AZO (AutoZone)

EPS: $38.07 vs $36.15 est
REV: $4.841B vs $4.862B est

BBY (Best Buy)

EPS: $1.28 vs $1.23 est
REV: $8.936B vs $8.823B est

DKS (Dick’s Sporting Goods)

EPS: $2.90 vs $2.88 est
REV: $5.165B vs $5.052B est

COST (Costco)

EPS: $4.93 vs $4.92 est
REV: $70.527B vs $69.476B est

VSAT (Viasat)

EPS: ($0.02) vs $0.28 est
REV: $1.171B vs $1.196B est

What’s Happening Now

MU Micron
Memory chipmakers catapulted into the trillion-dollar tech club this month, led by Micron and South Korean firms Samsung and SK Hynix (which largely comprise the EWY ETF as a proxy). Driven by surging AI demand and exceptional fundamentals, MU has now officially outpaced NVDA with +1,200% returns over the past four years. And even with the two new Korean semiconductor contenders, U.S. firms continue to dominate markets by hosting ten of the world’s fourteen largest companies today.

RSP S&P 500 Equal Weight
New all-time highs across major equal-weight ETFs, led by EQAL (Russell 1000) and RSP (S&P 500), show breadth expansion beyond red-hot semiconductors. Although large cap tech continues to dominate global indexes, the synchronized rally indicates a healthier foundation for the average stock. However, it’s worth noting that despite fresh ATHs, nearly 4/10 stocks in both the S&P 500 and Russell 2000 are still trading below their 200D moving averages.

AMZN Amazon
AMZN is entering June with an exceptional 80% win-rate over the past 15Y, buoyed by strong Q1 earnings and a 28% surge in AWS revenue. As Amazon capitalizes on enterprise demand for AI infrastructure, it’s also aiming to disrupt the $1.3T physical logistics market (pressuring incumbents like FedEx and UPS). Record Q2 revenue guidance at $199 billion and analyst targets as high as $350, a nearly 30% increase from Friday’s close, supports its positive seasonality.

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