S&P 500 Reaches Ninth Straight Day of Gains | The Close 6/2/2026
Speakers
Nancy Tengler
— CEO & CIO, Laffer Tengler Investments
Abby Roach
— Senior Portfolio Analyst, Allspring Global Investments
Dina Ting
— Head of Global Index Portfolio Management, Franklin Templeton
Gary Marcus
— Emeritus Professor, NYU
Summary
The S&P 500 extended its winning streak to nine days, driven by AI-related stocks. Guest experts discussed the durability of the semiconductor supply chain, cybersecurity earnings, and retail results. Political primaries and Iran deal negotiations also featured.
- S&P 500 closes at record for ninth straight gain.
- Philadelphia Semiconductor Index surges 5.4%.
- Palo Alto Networks and CrowdStrike rally after earnings.
- HPE and Marvell soar on AI demand outlook.
- Ulta Beauty beats on margins and raises guidance.
- Alphabet falls 4% on $80B equity raise for AI capex.
- Nancy Tengler bullish on PANW, CRWD, and AVGO.
- Gary Marcus warns of AI capital misallocation.
Trade Ideas
Palo Alto growing organically, AI bolsters growth.
Palo Alto Networks is showing organic growth after a period of M&A-dependent growth. AI will bolster future growth, and management is now delivering on promises. The stock is reasonably valued given the growth trajectory.
CrowdStrike strong AI-driven growth continues.
CrowdStrike is a big beneficiary of AI-driven demand for cybersecurity. It has strong growth momentum, leading Palo Alto on the way up, and we will continue to see strong growth from that company.
Broadcom benefits from Alphabet AI spend.
Broadcom will benefit from Alphabet's $80 billion equity raise, which will be spent on AI infrastructure, including TPUs that use Broadcom's products. Broadcom is a key chip name that will see increased spend.
Ulta solid earnings, well-positioned retail.
Ulta Beauty reported solid earnings with operating margin beating expectations by 120 bps and raised guidance. The company is well-positioned with its mass-to-prestige price range and strong loyalty program, making it a durable retail name even in a discretionary slowdown.
Up Next
This Bloomberg Markets video, published June 02, 2026, features Nancy Tengler, Abby Roach discussing PANW, CRWD, AVGO, ULTA. 4 trade ideas extracted by AI with direction and confidence scoring.
Speakers: Nancy Tengler, Abby Roach · Tickers: PANW, CRWD, AVGO, ULTA