Your Evening Briefing

June 04, 2026

S&P 500 gains while chip stocks drag down Nasdaq 100

The S&P 500 gained while the Nasdaq 100 fell as underwhelming results from Broadcom dragged chip stocks lower.

Information technology was the worst-performing sector, while health care was the best.

Bitcoin slid toward its February lows amid $1.4 billion exiting its ETFs, while ethereum, solana, XRP, and dogecoin all sank with tokens falling to lows not seen in over a year.

Stocks that moved higher:

Blue Owl Capital, KKR & Co., Apollo Global Management, and Blackstone bounced back after Wednesday's drop in private-credit exposed stocks, even as Blackstone moved to restrict fund redemptions.
Pinterest popped after announcing an expanded Amazon partnership with a $4 billion cloud deal to power its visual search features.
Quantinuum opened above its IPO price and continued to rise as Wall Street remained hungry for quantum exposure.
SciSparc surged after announcing the closing of its acquisition of a majority stake in NeuroThera Labs.
Oscar Health gained on an upgrade by Wells Fargo to equal weight from underweight.
GM edged up after reports it has rehired more than 100 former Cruise employees, 18 months after shuttering its robotaxi unit.
ChargePoint, an electric vehicle infrastructure company, reported Q1 earnings after the bell yesterday, topping analysts’ expectations for first-quarter revenue, though its cash pile dropped by about one-third.

Stocks that moved lower:

Micron and Sandisk sank on a double-dose of bad news from Broadcom and SK Hynix.
Despite crushing Q2 estimates and raising its full-year outlook, Ciena Corp. sank as investors took profits on the already well-loved fiber networking stock.
PVH shares plunged on a lowered revenue outlook tied to geopolitical tensions.
CrowdStrike sank, despite edging past analysts’ estimates for revenue and earnings in its first fiscal quarter in yesterday’s post-market quarterly report.
American Airlines fell after suspending six routes as jet fuel remains elevated.
Discount retailer Five Below sank, despite delivering impressive Q1 earnings, beating out analyst estimates yesterday after the bell.

How Victoria’s Secret finally managed to get its sexy back

After years of struggle, Victoria’s Secret shares have been hitting new highs this week. Read more.

We interviewed the CEO of Andon Market, who is not a real person at all

Luna is an AI model that runs a little shop called Andon Market in San Francisco selling books, candles, and... tungsten cubes. We asked Luna about the job, union busting, and if an AI deserves compensation.

Read more.

It took Facebook and Instagram around eight years; it took YouTube just over six; even TikTok, which at the time felt like it was a global sensation almost as soon as it arrived, took more than half a decade.

Now, though, the mobile version of ChatGPT has positively left the biggest platforms (and all of your other favorite apps) in the dust, hitting 1 billion monthly active users in just three years, per new data from market intelligence firm Sensor Tower, as more users turn to OpenAI’s chatbot each month. Read more.

Amazon unveils a new warehouse robot that takes verbal commands
The robot is the centerpiece of a massive €10 billion investment to modernize Amazon’s European logistics network.
Meta has repeatedly delayed developer access to its new AI model, Muse Spark
Muse Spark came out in April and developers were supposed to receive API access “soon.” Meta now plans to release it this month.

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