Biggest S&P 500 Movers on Monday
June 02, 2025 06:43 PM EDT
Advancers
Shares of several U.S. steelmakers surged after President Trump announced a plan that would double steel tariffs to 50%. The president said the higher duties on steel imports would protect U.S. workers in the industry and encourage more companies to source the material from U.S. steelmakers. Steel Dynamics (STLD) shares soared 10.3%, marking Monday’s top performance in the S&P 500, while Nucor (NUE) shares surged 10.1%.
Gold futures prices jumped more than 2% on Monday, boosted by heightening geopolitical tensions and a weakening U.S. dollar. The uptick in the price of the precious metal helped lift gold-related stocks, including shares of Newmont (NEM), the world’s largest gold producer, which added 5.4% on Monday.
According to a Wall Street Journal report, Facebook and Instagram parent Meta Platforms (META) intends to launch a service by the end of next year that will allow advertisers to create and target campaigns entirely through artificial intelligence (AI) technology. Meta shares gained 3.6%.
Decliners
Renewable energy stocks remained under pressure following last week’s announcement that the Department of Energy would terminate more than $3.7 billion in grants for clean energy and climate-related projects. The funding cuts exacerbated concerns about the proposed elimination of some renewable energy incentives under the House’s reconciliation bill. First Solar (FSLR) stock tumbled 5.3%, declining the most of any S&P 500 stock on Monday.
Shares of defense technology specialist Leidos Holdings (LDOS) dropped 4.6%. Last week, Leidos announced that it had acquired Kudu Dynamics, a firm known for developing offensive cyber capabilities enabled by artificial intelligence (AI), in line with a new company strategy that pegs cyber as a key growth area. However, Baird analysts downgraded Leidos stock last week to “neutral” from “outperform,” citing a challenging booking environment and an uncertain outlook for government contracting.
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Shares of U.S. automakers lost ground following Trump’s comments on steel tariffs. Higher import taxes threaten to raise vehicle manufacturing costs. Both General Motors (GM) and Ford Motor (F) saw their share prices drop 3.9%.
-Michael Bromberg
Palantir Levels to Watch as Stock Hits Fresh Record High
June 02, 2025 06:20 PM EDT
Palantir Technologies (PLTR) shares hit another record high on Monday, as the AI-powered analytics software provider benefits from investor optimism about its expanding business with the federal government.
The government has integrated a Palantir product called Foundry into at least four agencies, including the Department of Homeland Security and the Health and Human Services Department, The New York Times reported Friday. Officials at the Social Security Administration and Internal Revenue Service have also had discussions with Palantir about buying its technology, the report said.
Palantir shares rose 0.2% to close Monday at just above $132, after surging nearly 8% the previous session to a record high. The stock has doubled since hitting its early-April low and is up 75% since the start of the year, as investor enthusiasm for AI stocks has recovered lately and investors bet that Palantir will be a prime beneficiary of the government’s efficiency drive.
After reaching last month’s peak, Palantir shares consolidated in a pennant pattern, indicating a continuation of the stock’s longer-term uptrend.
Indeed, the price staged a volume-backed breakout above the pattern in Friday’s trading session, paving the way for higher prices this week. Moreover, while the relative strength index confirms bullish momentum, the indicator remains below overbought levels, providing ample room for the price to test higher prices.
Bars pattern analysis projects a a bullish target of around $220 and indicates the current uptrend may last until early July. Investors should eye crucial support levels on Palantir’s chart around $125, $97 and $83.
Read the full technical analysis piece here.
-Timothy Smith
Sports Betting Stocks Slide as Illinois Passes New Tax
June 02, 2025 05:26 PM EDT
Shares of several sports betting companies dropped Monday after lawmakers in Illinois passed a state budget that includes a new tax on the industry.
The budget includes a new provision taxing every sports bet made in Illinois by 25 cents for the first 20 million wagers a company takes and 50 cents for each bet past that threshold. Illinois Governor J.B. Pritzker has said he plans to sign the budget into law.
DraftKings (DKNG) stock tumbled 6%. Shares of FanDuel parent Flutter Entertainment (FLUT), MGM Resorts (MGM), and Rush Street Interactive (RSI), which operates BetRivers in Illinois and other states, also fell. The Roundhill Sports Betting & iGaming ETF (BETZ) closed 1.3% lower.
Citi analysts on Monday estimated that DraftKings would have been subject to roughly $68 million in additional taxes if the new tax had been in effect over the last 12 months. They said they expect betting companies like FanDuel and DraftKings, which they estimate are the only two over the 20 million bet limit, to reduce the amount of promotional events they run in the state to offset the cost.
The new tax comes after the state previously passed a progressive tax system of up to 40% in last year’s budget, up from 15% previously.
“For the second consecutive year, the Illinois legislature chose to balance its budget with a crippling tax on legal online sports betting operators and their million plus Illinois customers — this time with no warning and no consideration of the devastating impact this tax would have on the legal market,” the Sports Betting Alliance, which represents the gaming companies, said in a statement.
The group said it would “continue fighting this discriminatory tax.”
-Aaron McDade
Applied Digital Soars on Deal With Nvidia-Backed CoreWeave
June 02, 2025 05:16 PM EDT
Shares of Applied Digital (APLD) rose nearly 50% Monday after the company announced a deal to lease data center space to AI darling CoreWeave (CRWV).
Applied Digital inked a pair of 15-year agreements to host CoreWeave AI infrastructure at its Ellendale, N.D., campus. The deal is expected to generate $7 billion in total revenue over the decade-and-a-half span; the company reported about $53 million in revenue in its most recently completed quarter.
Both Applied Digital and CoreWeave are backed by Nvidia (NVDA), the second-most valuable company in the world and the chipmaking giant most associated with the rise of artificial intelligence. Nvidia held roughly 7.7 million shares of Applied Digital and 24.2 million shares of CoreWeave as of March 31, according to a regulatory filing.
CoreWeave provides its clients with access to data centers, which are used to develop artificial intelligence models. The company’s data centers are equipped with Nvidia chips.
Shares of CoreWeave rose about 8% on Monday.
–Andrew Kessel
What’s Next for the Mag 7 Stocks After Surging in May?
June 02, 2025 03:38 PM EDT
The Magnificent Seven gained more than 13% last month, making the group of big tech stocks one of the best-performing corners of financial markets in May.
The group is still trading in the red for the year, but stocks could get a boost from Apple’s Worldwide Developers Conference and Tesla’s scheduled robotaxi rollout this month.
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After rebounding from their post-“Liberation Day” slump, tech valuations have returned to historically high levels.
Read the full article here.
-Colin Laidley
JPMorgan Says Best Buy and Wayfair ‘Worth the Risk’
June 02, 2025 03:12 PM EDT
Best Buy and Wayfair stock offer a healthy balance of risk and reward, JPMorgan said.
The companies aren’t among the safest investments highlighted in a retailer research note, but they are “worth the risk,” JPMorgan said Monday.
Business should pick up at the electronics retailer Best Buy (BBY), beginning in June, when pre-orders of Nintendo Switch show up in financial records, the note said. The momentum will likely carry over into July as consumers buy computers, tablets and phones during back-to-school shopping, they said.
Best Buy has integrated current tariffs into its guidance, which limits–but doesn’t completely eradicate–risks to its future earnings, JPMorgan said. Sales of non-computer merchandise could remain sluggish, analysts said, concluding that shares are “highly worth the risk-reward at this price.”
Shares were recently up 2.5% at around $68, but have lost about a fifth of their value so far this year. Best Buy stock began declining in late February amid new tariffs, and has generally been ticking up since early April, when a number of “reciprocal” tariffs were delayed.
Wayfair (W) shares also appear to be undervalued, JPMorgan said. Misconceptions about how tariffs may impact the company appear to be weighing on its stock, the note said, adding that Wayfair operates a platform for buying furniture and home goods and doesn’t function like a traditional retailer.
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Wayfair stock was recently up 1.5%, selling for just shy of $42, but remain down about 6% this year.
Moderna Rises as FDA Approves New COVID-19 Vaccine
June 02, 2025 01:50 PM EDT
Shares of Moderna (MRNA) climbed Monday after the Food and Drug Administration (FDA) approved the drugmaker’s new COVID-19 vaccine.
Moderna said its new vaccine, mNEXSPIKE, showed a higher relative efficacy in a clinical trial than its first FDA-approved COVID-19 vaccine and was approved “for use in all adults 65 and older, as well as individuals aged 12-64 years with at least one or more underlying risk factor as defined by the Centers for Disease Control and Prevention (CDC).”
The Cambridge, Mass.-based company said it “expects to have mNEXSPIKE available for eligible populations in the U.S. for the 2025-2026 respiratory virus season, alongside Spikevax and mRESVIA, the Company’s approved respiratory syncytial virus (RSV) vaccine.”
Moderna’s original COVID-19 vaccine, Spikevax, generated $3.1 billion in sales last year.
Moderna shares were up nearly 2% in recent trading but have lost about a third of their value since the start of the year.
-Andrew Kessel
SAIC Shares Sink as Earnings Disappoint
June 02, 2025 12:33 PM EDT
Shares of Science Applications International Corp. (SAIC) fell Monday after the technology firm reported fiscal 2026 first-quarter profit and free cash flow below analysts’ expectations.
The Reston, Va.-based government contractor posted adjusted earnings per share (EPS) of $1.92 on revenue that increased 2% year-over-year to $1.88 billion. Analysts surveyed by Visible Alpha expected $2.12 and $1.87 billion, respectively.
SAIC reported negative free cash flow of $44 million a year after posting a positive $13 million. Analysts were looking for the metric to increase to $91 million.
SAIC affirmed its full-year outlook. Last quarter, it lifted its fiscal 2026 adjusted EPS projection to between $9.10 and $9.30 and the low end of its revenue forecast to a range of $7.60 billion to $7.75 billion.2
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Shares of SAIC were down 14% recently, trading at a three-month low.
-Aaron Rennie
BioNTech Stock Soars on Cancer Drug Collaboration
June 02, 2025 12:05 PM EDT
U.S.-listed shares of BioNTech (BNTX) jumped Monday after the German vaccine maker announced a collaboration with Bristol Myers Squibb (BMY).
The companies will work together to develop and eventually sell BNT327, one of BioNTech’s developmental antibodies that is in trials to treat a number of types of tumors. More than 20 trials are ongoing or planned to study the drug’s effectiveness in treating certain lung, breast, and other types of cancer.
Princeton, N.J.-based Bristol Myers Squibb “will pay BioNTech $1.5 billion in an upfront payment and $2 billion total in non-contingent anniversary payments through 2028.” BioNTech is also eligible to receive up to $7.6 billion in future payments based on certain developmental and regulatory milestones, while the companies will share manufacturing costs and profits or losses.
“Our collaboration with BMS, a pioneering leader in immuno-oncology, aims to accelerate and broadly expand BNT327’s development to fully realize its potential,” BioNTech CEO Dr. Ugur Sahin said. “Our focus remains on advancing high-impact, pan-tumor programs and combination strategies in oncology, with BNT327 complementing our antibody-drug conjugate programs and mRNA-based immunotherapies.”
BioNTech shares were up 18% in recent trading, while Bristol Myers Squibb stock rose slightly.
-Aaron McDade
Stocks You Should Watch in June
June 02, 2025 10:58 AM EDT
APPLE: Tariffs have been the primary focus of Apple (AAPL) investors in recent months, but their attention is likely to shift to artificial intelligence when the company hosts its Worldwide Developer Conference (WWDC) on June 9. Last year’s WWDC saw the unveiling of Apple Intelligence, the company’s proprietary artificial intelligence offering. Executives touted Apple Intelligence’s personalization and privacy features, and showed off a few AI applications like image and emoji generators. At this year’s WWDC, Apple is reportedly planning to release a software development kit that enables third parties to build features using the large language models underpinning Apple Intelligence. Apple has disappointed Wall Street and some users with its slow AI roll-out. Opening up Apple Intelligence to outside parties could satisfy the critics by accelerating the development of AI apps for the iPhone and other AI-enabled devices. Apple shares, weighed down by President Trump’s tariff threats, had lost about 20% of their value so far this year through Friday’s close.
TESLA: Now that CEO Elon Musk has left Washington, he’ll be spending much more time delivering on his promise to transform Tesla (TSLA) from an electric vehicle manufacturer to a leading artificial intelligence company. Tesla is reportedly aiming to launch its new robotaxi service on June 12 in Austin, Texas, about eight months after Musk first unveiled prototypes of the company’s completely autonomous “Cybercab” and “Robovan.” The rollout is arguably the most high-profile test yet of Tesla’s full self-driving software. The public and Wall Street’s perception of its success will likely affect how quickly Tesla expands the robotaxi service beyond its home turf of Austin. The stakes are high for Tesla. Sales plummeted in the first quarter as consumers across the globe revolted against Musk’s controversial work with the Department of Government Efficiency. Shares shed more than 50% of their value between hitting a record high in mid-December and reporting disappointing first-quarter earnings in April. Musk’s decision to step away from government—first intimated during Tesla’s most recent earnings call—has resuscitated Tesla’s ailing stock. Through Friday, shares were down about 14% since the start of the year but up 60% from their lows in early April.
NIKE: Nike (NKE) is scheduled to report results for the quarter ending May 30 after the closing bell on Thursday, June 26, and investors will be bracing for signs tariff mayhem is weighing on earnings. Nike’s fiscal fourth-quarter report will be one of the first from a major U.S. consumer goods company to encompass the brief implementation of President Trump’s “Liberation Day” tariffs and the weeks when duties on Chinese goods started at 145%. Executives said on Nike’s last earnings call they expected tariffs on China and Mexico to cause profit margins to compress by 4 to 5 percentage points in the quarter. However, that forecast was in March, before tariff rates went through the roof, and Nike hasn’t updated its guidance since. Granted, Nike has a relatively diversified supply chain. Bank of America analysts estimate it manufactures just 18% of its footwear and 16% of its apparel in China. Still, its results may give investors an idea of how April and May’s tariff mayhem will show up in the next round of corporate earnings. Nike shares have lost about a fifth of their value since the start of the year.
UNITEDHEALTH: UnitedHealth Group (UNH) was the worst-performing stock in the S&P 500 in May, shedding about a quarter of its value. The company enters June with former CEO Stephen Helmsley, who led the company from 2006 to 2017, back in the driver’s seat to navigate a tangle of controversies. Shares tumbled nearly 20% in a day mid-month when the healthcare giant withdrew its full-year earnings guidance, citing elevated care activity and costs, and announced its CEO was stepping down “for personal reasons.” The stock slumped by double-digits again just days later following reports the Justice Department was investigating UnitedHealth for Medicare fraud. No sooner had shares recovered from that sell-off than the stock tanked again after a report the company paid nursing homes secret bonuses to reduce hospital transfers. Despite the investigations and difficult business environment, May’s slump has left the stock at a historically low valuation. Of the 16 UnitedHealth analysts tracked by Visible Alpha, 13 rate the stock a buy. Wall Street’s average price target of about $415 represents nearly 40% upside from the stock’s close at the end of May. UnitedHealth shares have lost nearly 40% of their value since the start of the year.
-Colin Laidley
Steel Stocks Jump as Trump Plans to Raise Steel Import Tariffs
June 02, 2025 10:10 AM EDT
Several U.S. steelmaker stocks surged in early trading Monday following President Donald Trump’s announcement that he plans to double tariffs on steel imports to 50%.
Cleveland-Cliffs (CLF) stock soared 27%, while shares of Steel Dynamics (STLD) and Nucor (NUE) were each up roughly 11% and Commercial Metals (CMC) added 8%.
Trump made the announcement at a U.S. Steel (X) facility in Pennsylvania on Friday, highlighting his recent support for a “partnership” between the American steelmaker and Nippon Steel after the Biden administration rejected the Japanese firm’s proposed acquisition over national security concerns. U.S. Steel shares had rallied since that announcement but were little changed Monday morning.
Trump said at Friday’s event that doubling the steel tariffs would protect U.S. jobs and lead more companies to source from American steelmakers. Research found that the 25% tariff placed on steel and aluminum imports in Trump’s first term did boost jobs in the industries, but higher metal costs led to slowed hiring in other sectors, far outweighing the boost to manufacturing hires.
The U.S. imports nearly a quarter of the steel it uses annually, bringing in just under 29 million net tons of finished and raw steel products in 2024 from Canada, Brazil, Mexico, and others, according to the American Iron and Steel Institute.
-Aaron McDade
Major Index Futures Point to Lower Open
June 02, 2025 08:48 AM EDT
Futures tied to the Dow Jones Industrial Average were down 0.3%.
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S&P 500 futures were off 0.4%.
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Nasdaq 100 futures dropped 0.6%
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