Market Update Into June 2nd: Tariff Games Persist

3 mins read

Markets entered the shortened week on a bullish note, driven by President Trump’s surprise delay of new EU tariffs and stronger-than-expected consumer confidence data. However, any sense of clarity quickly evaporated. In a confusing turn, the U.S. Court of International Trade first struck down Trump’s April tariff package, only to reinstate it less than 24 hours later. The back-and-forth left traders scrambling to reassess sentiment, causing a jittery market environment. Meanwhile, positive Nvidia earnings and a strong University of Michigan’s Sentiment Survey gave bulls a temporary boost.

Looking ahead, all eyes turn to Fed Chair Powell’s upcoming remarks and Friday’s unemployment report, both of which come on the heels of a cooler PCE reading that hinted at potential disinflation. However, with tariffs once again emerging as the market’s wildcard, traders should brace for headline-driven swings as June kicks off. Let’s see how the charts are setting up.

Weekly Analysis

SPY (SPDR S&P 500)

SPY closed the week at $589.39 (+1.79%), hovering near the year-to-date volume point of control, a key resistance zone. Bulls successfully defended the open gap near the 200-day SMA, showing underlying support. However, a bearish MACD curl and a lower high suggest momentum is fading. With signals pulling in both directions, traders are now watching for a decisive move, whether it’s a breakdown toward the $565 high-volume node or a push to new highs.

QQQ (Invesco QQQ Trust)

Fueled by Nvidia’s earnings, the tech-heavy QQQ ETF closed at $519.11 (+1.94%), essentially flat over the past two weeks. Although it briefly broke to new highs, the move failed to hold as tariff headlines and fading post-earnings momentum from Nvidia weighed on sentiment. With the MACD starting to curl lower and a fresh gap now sitting below, traders are watching closely to see how QQQ reacts to its year-to-date volume point of control.

IWM (iShares Russell 2000)

IWM closed the week at $205.07 (+1.26%), finishing green but still lagging its large-cap counterparts as it remains below the 200-day SMA. While it’s a positive sign that the recent gap has been filled, momentum is fading, with the MACD curling lower and the year-to-date volume point of control just overhead acting as resistance. While Friday’s cool PCE print offered some relief, small-cap investors will be watching Powell’s Monday remarks for clearer direction.

Earnings

Notable Results

NVDA (NVIDIA)

EPS: $0.81 vs $0.88 est
REV: $44.06B vs $43.21B est

CRM (Salesforce)

EPS: $2.58 vs $2.55 est
REV: $9.83B vs $9.75B est

COST (Costco Wholesale)

EPS: $4.28 vs $4.13 est
REV: $63.20B vs $63.19B est

DELL (Dell Technologies)

EPS: $1.55 vs $1.69 est
REV: $23.38B vs $23.14B est

MRVL (Marvell Technology)

EPS: $0.62 vs $0.61 est
REV: $1.90B vs $1.88B est

DKS (Dick’s Sporting Goods)

EPS: $3.37 vs $4.34 est
REV: 3.17B vs $3.59B est

ANF (Abercrombie & Fitch)

EPS: $1.59 vs $1.40 est
REV: $1.10B vs $1.08B est

BMO (Bank of Montreal)

EPS: $1.83 vs $1.84 est
REV: $6.05B vs $6.39B est

M (Macy’s)

EPS: $0.16 vs $0.14 est
REV: $4.60B vs $4.50B est

RY (Royal Bank of Canada)

EPS: $2.19 vs $2.25 est
REV: $11.03B vs $11.20B est

BBY (Best Buy)

EPS: $1.15 vs $1.31 est
REV: $8.77B vs $9.22 est

ULTA (Ulta Beauty)

EPS: $6.70 vs $5.77 est
REV: $2.85B vs $2.79B est

What’s Happening Now

TSLA Tesla
June has been Tesla’s best month since its IPO, boasting a 79% win rate and a +10.26% average return. This seasonal stretch of strength arrives as Musk returns to TSLA full-time, a robotaxi launch set for June 12, and the stock fresh off a 23% rally in May. Still, headwinds remain. Sales are plummeting in key markets, and pension funds are demanding tighter governance. Momentum and pressure are building in tandem.

PLTR Palantir
PLTR jumped nearly 9% this week, fueled by a breakout from a textbook cup and handle pattern. Despite its short trading history, the seasonal setup is strong. Next week has delivered gains, closing higher than the week before 100% of the time, with an average return of 4.22%. The month of June also shares a perfect track record since its IPO. After holding steady last week, the Palantir looks to keep the streak alive.

NVDA Nvidia
NVIDIA delivered $44.06B in revenue and a 28% EPS beat, even after a $4.5B charge tied to China. Growth was broad, with strength across AI, gaming, and data centers. Guidance came in slightly below expectations, but margins are expanding and demand remains strong. With Blackwell chips back in production and a growing push into robotics, NVIDIA is evolving from a hypergrowth story into a dominant force at an unprecedented scale.

Believe it or not, this is just a fraction of what happened in the markets this week. For a full rundown delivered straight to your inbox every weekend, sign up for The Official Trendspider Newsletter!