🌅 Pre-Market Pulse

S&P Futures 7,616.50 ▲ +4.00 (+0.05%)	Nasdaq Futures 30,499.00 ▼ -47.50 (-0.16%)	Dow Futures 51,305.00 ▲ +188.00 (+0.37%)
10Y Treasury 4.45% ▼ -0.00%	US Dollar 99.06 ▼ -0.01 (-0.01%)	Bitcoin $72,578 ▼ -$997 (-1.36%)

Good morning! June is here, and markets are greeting the new month with a split personality. The Dow is leaning positive, the Nasdaq is slipping, and Nvidia is somehow dominating the headlines in three different stories at once. That last part should tell you everything you need to know about where the market's head is right now. Here's your morning rundown.

👀 What to Watch Today

June 1st kicks off a fresh month, which means macro data and positioning resets are front of mind. Traders will be watching ISM Manufacturing data due out today, a key read on whether U.S. factory activity is holding up under the weight of tariff uncertainty and slowing global demand. Any surprise to the downside could add pressure to an already cautious Nasdaq.

Geopolitics are also on the calendar whether traders like it or not. Overnight reports of an exchange of fire between U.S. and Iranian forces near the Strait of Hormuz have nudged Treasury yields and put energy traders on alert. Oil prices and defense names like LMT and RTX could see elevated activity if the situation escalates through the session.

Keep an eye on airline stocks after industry groups formally warned that potential U.S. limits on international flights could trigger serious supply chain disruptions. Pharma and semiconductor imports are specifically at risk, which gives this story legs beyond just travel names.

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🌏 Overnight Recap

Asian markets traded cautiously overnight as investors digested the geopolitical flare-up near the Strait of Hormuz and continued parsing signals from Nvidia's GTC conference in Taipei. European markets opened relatively steady, helped in part by a German retail sales report that came in better than feared. April retail sales in Germany fell just 0.3% month over month, less than expected, offering a small but welcome data point for euro-zone watchers.

The dollar index (DXY) is sitting at 99.06, barely moved overnight, which is keeping commodity and emerging market pressure contained for now. Bitcoin slid 1.36% to $72,578, continuing its choppy June entry as risk appetite stays uneven across asset classes.

The big overnight headline generating buzz at GTC in Taipei: Nvidia confirmed its push into the consumer PC market with the new N1X processor on the RTX Spark superchip. Laptops from Dell (DELL) and HP (HPQ) will be among the first to carry the Arm-based chip, a move that puts NVDA in direct competition with Qualcomm and Apple Silicon in a market it has never seriously contested before.

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📊 Pre-Market Movers

Nvidia (NVDA) is the name to watch in pre-market as multiple storylines collide. The RTX Spark superchip announcement targeting Dell and HP laptops is a genuine strategic pivot for the company, and its presence at GTC Taipei keeps the AI momentum narrative alive. A separate report revealing years of Chinese military procurement attempts for restricted NVDA chips adds a regulatory overhang that traders cannot ignore.

Uber (UBER) is catching attention after announcing plans to launch self-driving vehicle trials in Munich, marking a meaningful step in its European autonomous strategy. The timing, tied to the GTC conference, signals Uber is deepening its AI and autonomy partnerships. Expect rideshare and autonomy-adjacent names to get some attention as the market opens.

Moderna (MRNA) announced a collaboration with the Coalition for Epidemic Preparedness Innovations to develop a vaccine for the Bundibugyo ebolavirus. It is not a market-moving headline on its own, but it adds a pipeline data point for a stock that has been searching for post-COVID catalysts. Watch for any analyst upgrades or price target adjustments tied to the news.

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🔍 Today's Watchlist

1. NVDA: Three major storylines in one morning, PC chips, PLA procurement reports, and GTC conference momentum. Watch for volatility.
2. UBER: Munich robotaxi announcement puts autonomous vehicle strategy back in focus. Watch for analyst commentary through the day.
3. MRNA: New Bundibugyo Ebola vaccine partnership with CEPI adds to pipeline narrative. Small catalyst but worth tracking sentiment.
4. 10-Year Treasury at 4.45%: Iran tensions and ISM data today could be the push that moves yields off this flat range.
5. Airlines and logistics names: Flight restriction warnings hit pharma and chip supply chains. Watch DAL, UAL, and FDX for reaction.

🎯 The Morning Playbook

The playbook for today is really about managing two competing forces: genuine tech excitement around Nvidia's expansion and a geopolitical backdrop that has a habit of getting louder before it gets quieter. The Strait of Hormuz situation bears watching closely, because energy supply disruptions and safe-haven flows into Treasuries can shift the tone of an entire session fast.

On the opportunity side, Nvidia's move into consumer PCs via DELL and HPQ is a structural story, not a one-day trade. If you have been waiting for a re-entry point in the PC hardware space, today's news gives you a fundamental reason to revisit those names with fresh eyes.

June historically comes with repositioning, especially after a strong May. Keep position sizes disciplined, stay close to the ISM number this morning, and remember that the best move on a mixed-open day is often patience. The traders who wait for clarity usually end up with better entries than those who chase the first thirty minutes.

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