Your Evening Briefing

June 03, 2026

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Stocks break winning streak as oil rises amid strikes in the Middle East

Stocks broke their nine-session winning streak while oil prices rose amid renewed tensions in the Middle East, with Iran launching missiles on Kuwait and Bahrain and the US striking Iran’s Qeshm Island.

Energy was the best-performing sector while information technology was the worst.

The ADP employment report showed that the private sector added more jobs than expected, though continued signs of economic resilience could turn the Fed more hawkish.

Bitcoin tumbled toward $65,000 as an analyst warned crypto may be “forced to go through a painful metamorphosis.”

Stocks that moved higher:

GameStop shares popped after the company announced a $2 billion stock buyback and posted a blockbuster fiscal first-quarter profit in yesterday’s post-market Q1 earnings.
Meta rose after unveiling a subscription AI business agent for WhatsApp, Messenger, and Instagram.
Intel rebounded as executives touted AI progress and new deals.
Navitas Semiconductor surged on a release detailing its collaboration with Nvidia on data center racks.
EV maker Rivian continued its climb as the company prepares to start customer deliveries of its highly anticipated R2 SUV on June 9.
Eli Lilly rose after reaching a $1.9 billion deal with privately held Ascidian Therapeutics to develop kidney disease treatments.
Marvell Technology continued to rise after Nvidia CEO Jensen Huang said it will be the “next trillion-dollar company.”

Stocks that moved lower:

KKR & Co., Blackstone, Ares Management, and Blue Owl Capital fell after Swiss asset manager Partners Group capped withdrawals, rattling the private-credit space.
Ford fell after reporting a 14% year-over-year decline in sales, dragged lower by lagging SUV and truck demand.
Carvana declined despite a report it was granted warrants to buy shares in Bezos-backed EV maker Slate Auto as it looks to push into new-car sales.
Beta Technologies gave back early gains after Transportation Secretary Duffy posted a “Love Island” meme about his flight in its electric aircraft.

GameStop’s collectibles business just keeps booming, as “Pokémon” cards continue to fly

Collectibles revenue grew 65% year over year in its latest quarter. Read more.

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Is OpenAI on its way to becoming Lyft?

Once nearly synonymous with AI, it just got surpassed in valuation by Anthropic. Now it looks like it’s also going to get beaten to the IPO starting line.

Read more.

With gas prices soaring, the humble sedan is making a comeback
Recent US sales data reveals a “sedanaissance” among major automakers like Honda, Hyundai, and Toyota.
McDonald’s has a new strategy: Make its stores “easier to run”
Franchised and affiliated locations already make up over 95% of McDonald’s store count and 62% of its sales.
Major movie franchise sequels might not be the safe bet they once were
With internet-born indie horrors storming past the latest “Star Wars” movie, it seems Hollywood’s winning formula might not always add up.
A New York bar is using Kalshi to offer patrons free drinks during the first Knicks Finals game
Sentences are being written that have never been written before.
EU proposes “tech sovereignty package” to bolster domestic AI and chip industries
Europe is hastening its breakup with US tech as the Trump administration’s grip on American tech companies tightens.

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