Stock Market News Week of June 1-5 2026: Jobs Report, Broadcom Earnings, AI Rally Continues

Dell Technologies proved the AI infrastructure cycle is intact when it gapped 33% at Friday's open after reporting AI server revenue up 757% year over year. The S&P 500 closed the week higher despite a hot PCE reading. When trading resumes Monday June 1, three things will drive the tape: the May jobs report on Friday, Broadcom earnings Wednesday, and whether the AI rally broadens beyond hardware into software. Here is the full breakdown for the week of June 1-5, 2026.

The market closed the shortened holiday week on a strong note led by AI infrastructure. The S&P 500 pushed higher for the ninth consecutive week, holding above the 7,300 level heading into June. The Nasdaq outperformed as the DELL earnings print reset expectations for the entire AI hardware cycle.

Dell Technologies was the headline of the week. The company reported Q1 FY2027 earnings on Thursday May 28 with EPS of $4.86 versus the $2.93 estimate, a 66% beat. AI-optimized server revenue hit $16.1 billion, up 757% year over year. Full-year guidance was raised to $165-169 billion from a prior range of $138-142 billion. The stock gapped 33% at Friday's open. We flagged DELL as the key earnings event to watch in our May 26-29 week preview.

Salesforce reported Wednesday after the close and beat on every line with EPS of $3.88 versus $2.96 expected and revenue of $11.13 billion, up 13% year over year. Agentforce ARR crossed $1 billion for the first time. Despite the beat, CRM dropped after hours on Q2 guidance of $11.3 billion, slightly below the $11.4 billion Wall Street expected. Read the full CRM earnings breakdown here. The pattern was identical to what we saw with Walmart in May. Read the WMT earnings breakdown here.

SentinelOne was the biggest gap down of the week, falling 15% after missing revenue at $276.7 million versus the $282.9 million estimate, announcing an 8% workforce reduction, and providing cautious Q2 guidance. The cybersecurity sector came under broad pressure with Tenable and Qualys trading lower in sympathy.

The space complex sold off hard on Thursday after Bloomberg reported SpaceX is targeting an IPO valuation of $1.8 trillion, down from the $2 trillion-plus figure that had been circulating. ASTS fell 14%, LUNR dropped 6%, and RKLB lost 5% on the valuation revision.

PCE inflation data released Friday came in at 3.3% year over year on the core reading, in line with estimates but still well above the Federal Reserve's 2% target. Headline PCE jumped to 3.8% year over year. Rate cut expectations remain pushed out, with the market pricing no cuts until late 2026 at the earliest.

Monday June 1: ISM Manufacturing PMI 10:00 AM ET Impact: High. The manufacturing sector has been under pressure from tariff uncertainty and slowing global demand. A reading above 50 signals expansion and supports industrials. A reading below 50 adds to recession concerns. Watch the new orders and employment sub-components as the leading indicators inside the report.

Tuesday June 2: JOLTS Job Openings, April 10:00 AM ET Impact: Medium. Job openings data gives a read on labor demand. The Fed watches this closely for signs the labor market is cooling. Recent readings have shown openings declining gradually, which the Fed views as a soft landing signal rather than a hard break.

Wednesday June 3: ADP Private Payrolls, May 8:15 AM ET Impact: Medium/High. ADP is the preview to Friday's jobs report. Consensus is around 120,000 to 130,000 jobs added in May. A significant miss here would set up a volatile Friday open. ISM Services PMI also releases Wednesday at 10:00 AM ET. Services make up the bulk of the U.S. economy and a soft reading would compound tariff and inflation concerns.

Thursday June 4: Jobless Claims -- 8:30 AM ET -- Impact: Medium. Weekly claims have been creeping higher in recent weeks. A reading above 250,000 would signal the labor market is softening faster than expected and increase recession risk heading into Friday's payrolls number.

Friday June 5: Nonfarm Payrolls + Unemployment Rate, May 8:30 AM ET Impact: VERY HIGH. This is the single most important number of the week. The April report showed 115,000 jobs added. The consensus for May is around 130,000 to 140,000. If payrolls come in below 100,000, expect a sharp growth stock selloff as recession fears spike. If payrolls surprise above 160,000, rate cut expectations get pushed further out and bonds sell off. The reaction in the first 15 minutes after the 8:30 print sets the tone for the entire session.

Unusual options activity flags where institutional money is placing large, high-conviction bets ahead of expected moves. These are educational observations, not trade recommendations.

Call volume in AVGO surged in the final two sessions of May as traders positioned ahead of Wednesday June 3 earnings. The concentration was in the $240 to $260 strike range across June and July expirations, skewed heavily to the buy side. The pattern mirrors the pre-earnings call activity we saw in NVDA and DELL ahead of their respective prints. Institutional traders appear to be making a directional bet that Broadcom's custom AI chip commentary will match the tone set by DELL's blowout AI server numbers.

After the 14% gap down on SpaceX IPO valuation news Thursday, unusual call buying appeared in ASTS at the $110 to $120 strike range for June and July expirations. This pattern suggests traders view the SpaceX valuation revision as a short-term catalyst rather than a structural change to the ASTS thesis. The put-to-call ratio shifted from bearish to neutral by end of day Friday. See also: the quantum complex momentum trade from May 21.

This week carries significant weight for the AI infrastructure trade heading into the summer. Broadcom is the centerpiece but consumer health reads from Dollar General and Lululemon will test the bifurcation thesis.

Broadcom is the most important earnings event of the week. The company designs custom AI chips for Google, Meta, and Apple, making it a direct read on hyperscaler AI spending. Estimates: EPS around $2.39, up 51% year over year. Revenue around $22 billion, up 47% year over year. After DELL's AI server beat, the bar for AVGO is elevated but the setup is strong. Watch custom ASIC order commentary and any guidance on the AI networking segment. A beat and raise here confirms the AI infrastructure cycle is not slowing.

Dollar General is the lower-income consumer health check that follows the Walmart and Dollar Tree reads from May. The company serves customers most exposed to tariff-driven price increases. Watch same-store sales and whether management adjusts full-year guidance. A guidance cut here would compound the narrative that the lower-income consumer is under real pressure heading into summer.

Lululemon is the high-end consumer read. Strong results from LULU alongside a weak Dollar General print would confirm the consumer bifurcation theme: the high-income consumer is holding up while the lower-income consumer absorbs tariff pressure. This same pattern showed up when Costco reported strong results the same week Walmart guided soft in May.

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