June 4, 2026

Markets:

S&P 500 futures fell Thursday as traders dumped chip stocks following an underwhelming report from Broadcom, while they also monitored the latest developments in the Middle East.

Shares of Broadcom traded 13% lower after the chipmaker reported a fiscal second-quarter revenue miss. Cybersecurity stock CrowdStrike
 also fell 10% after giving lackluster second-quarter revenue guidance.

Semiconductor names, which led the latest leg higher in the market’s rally to record levels, fell broadly. The VanEck Semiconductor ETF (SMH) lost more than 3% before the bell. Arm Holdings, Micron Technology and Marvell Technology were also down around 6% each.

Thursday’s moves follow a losing day on Wall Street, with stocks pressured by rising tensions in the Middle East. Attacks escalated between the U.S. and Iran. Iran struck Kuwait International Airport early Wednesday, while one day earlier U.S. Central Command said it had defeated multiple Iranian ballistic missiles and drones, and carried out “self-defense strikes” on Qeshm Island in the Persian Gulf. It said that this was in response to “attempted attacks” by Tehran.

Initial jobless claims hit their highest level since early February last week, the Labor Department reported Thursday.

Portfolio:

We enter the day holding just two setups; MRAM and NBIL.  We will addjust our stop on MRAM to 26.50. We're relatively light on positions by design, and that's exactly where we want to be right now.

Welcome this pullback today. This is where opportunity begins to build.

Nothing has changed regarding the bigger picture or the overall trend. In fact, I continue to believe 8,000 on the S&P this summer is a conservative target.

We'll be watching both price action and flow closely throughout the day. For now, patience remains the key.

We're waiting for the right spots to attack, and when they come, we'll be ready.

Make sure you're ready too.