A double-digit plunge in Broadcom on disappointment around its earnings clipped the tech market today, but consumer stocks rose as oil and yields dipped. Jobs data looms Friday.
Investors are rotating out of chips stocks, triggered by a sell-off in Broadcom, while the Dow Jones Industrial Average rallies to fresh all-time highs.
Counted out after a negative first quarter, the bull market roared back in April and May. Can earnings keep feeding this bull? And what could slow it down?
Markets could enter a holding pattern as participants consolidate before Friday's nonfarm payrolls report. Yields threatened 4.5% and oil threatens $100 as war jitters continue.
As the S&P digests the possibility of an end to the war with Iran through a house vote and final negotiations, CBOE Volatility Index Futures (/VX) sit in a long-term supportive range.
The ADP report on May jobs growth is due before the open, while chip giant Broadcom reports after the close. Stocks keep posting record highs, and breadth improved Tuesday.
Tech led a narrow rally to new record highs to start the week, and investors now wait for earnings from Palo Alto Networks today and Broadcom tomorrow. Job openings data also loom.
Find Market Commentary content
Broadcom's Plunge Takes a Chip Out of Long Rally
Today's Options Market Update
Bad Vibes Appear No Match for This Bull Market
Market Snapshot | June 2026
Rising Oil, Yields Threaten Rally Before Jobs Data
Looking to the Futures
2026 Mid-Year Outlook: U.S. Stocks and Economy
Fresh Jobs Data Next, Followed by Broadcom Later
Awaiting Jobs Data, Tech Results After New Highs