WaveRider
Start free
ProductsInsightsPodcast Start free Log in
Podcast

Next Day Prep #40: Tech Giants Surge Amid Market Resilience – Monday 6/2/2025

By WaveRider AI1 min read

Key takeaways

  • Despite early challenges, the market rallied on positive economic data and trade prospects. Keeping an eye on steel tariff impacts, earnings reports, and potential trade developments can help navigate the evolving market landscape.

Next Day Prep: Tech Giants Surge Amid Market Resilience

A quick analysis of today’s market outlook and key trading opportunities to start your day.

Intro & Market Mood

Welcome to Next Day Prep – What We Are Watching Tomorrow! Today, the market showed resilience with mega-cap growth stocks leading the charge. Notable gains in Meta (META) and NVIDIA (NVDA) set a positive tone, reflecting the strength of big players in the market.

Overnight Headlines

Market initially faced challenges due to increased tariffs on steel and aluminum, which raised concerns about inflation and trade uncertainties. However, optimism grew as reports emerged about potential trade negotiations and a better-than-expected ISM Manufacturing PMI for May.

Economic Announcements

  • ISM Manufacturing PMI: 48.5 (better than expected)
  • Construction Spending: Down 0.4% month-over-month

Earnings Highlights

Coming Up Tomorrow:

  • Pre-Market: Dollar General (DG), Ferguson (FERG), NIO, Ollie’s (OLLI), Signet Jewelers (SIG)
  • After the Bell: Asana (ASAN), CrowdStrike (CRWD), Hewlett Packard Enterprise (HPE), Yext (YEXT)

Top Movers

Steel Stocks: Steel producers like Cleveland-Cliffs (CLF) surged, while consumers like GM and Ford faced pressure from increased costs.

Commodities: Crude oil jumped 3% and gold surged over $81, reaching nearly $3400 on OPEC+ agreements and market dynamics.

Quick Trade Ideas

Continuation Plays:

  • AVGO: Support 243-245, Resistance 250, 252, 255
  • INTU: Support 755-760, Resistance 765, 768, 770
  • ULTA: Support 470-472, Resistance 478, 480, 485

Anticipation Setups:

  • U.S. Steel (X): Support $53.36-53.50, Resistance $53.60
  • FICO: Support $1732-1738, Resistance $1750-1751
  • Carvana (CVNA): Support $327-329, Resistance $330-331.50