June 2nd US stock market recap: Interest rate cut conditions announced, economic conditions become the biggest support!
Three Major Indices
All closed higher, with the Nasdaq leading the gains. Initially bearish, the market bottomed out and continued to rise.
Fed Rate Cut Conditions
Chicago Fed President Goolsbee reiterated that the U.S. economy appears strong on the surface, and if trade policy uncertainties are resolved, the Fed could continue to cut rates.
The dual conditions of economy + tariffs, while market expectations for tariffs have shifted to retreat, the real market impact now hinges on the U.S. economy. As long as the economy holds up, market optimism will persist.
Trump's Remarks
Trump justifies tariffs.
Today's Index Futures
Sideways movement, this pre-market V-shape has been seen many times.
From a positional perspective, S&P 500 futures have shown upward momentum in the past two days, testing resistance levels.
Tonight's U.S. Stocks
Recent bullish sentiment is strong. Although there is strong selling pressure at resistance levels and skepticism about breakthroughs, the sentiment shows no signs of fading in the short term, as Wednesday marks the deadline for Trump's negotiation plan. The market is waiting for the outcome. Overall, TACO strategy sentiment dominates the market, and Trump's aggressive stance may not be fully implemented.
Current market risks are twofold: economic bomb and tariff bomb. The latter has already faded significantly due to expectations, with the focus shifting to whether the U.S. economy remains stable.
Tonight, U.S. stocks are likely to move sideways with attempts to rise in the absence of other stimuli.
S&P 500 resistance levels: 5938/5947/5958//5986/6000.
S&P 500 support levels: 5922/5912/5900/5890/5870/5845.
Nvidia Position$NVIDIA(NVDA.US)
First, let's look at Nvidia itself. After earnings, the stock rebounded from a decline, but recent intraday selling pressure remains heavy, with profit-taking sentiment + skepticism about U.S. stocks. However, if the stock retreats and sentiment dissipates, bullish pressure may ease.
Nvidia's affiliate APLD$Applied Digital(APLD.US) secured a partnership with Nvidia's subsidiary CRWV, both in data centers, leading to a short-term surge of 48%.
Nvidia's subsidiary CRWV$Coreweave(CRWV.US) also rose 8% to $120. Perhaps Nvidia's stock price is its ceiling.
Constellation Energy$Constellation Energy(CEG.US)
Reports indicate Meta will purchase nuclear energy from the company for data centers. The two have signed a 20-year power purchase agreement to ensure the continued operation of an Illinois nuclear plant until 2047. The stock has returned to its previous high in pre-market trading.
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