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US STOCKS-S&P 500, Dow set to dip at open on Middle East stalemate
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US STOCKS-S&P 500, Dow set to dip at open on Middle East stalemate
Jun 3, 2026 6:01 AM

* Futures: Dow down 0.3%, S&P down 0.08%, Nasdaq up

0.26%

* Asset managers dip as Partners Group caps withdrawals

on PE fund

* Broadcom ( AVGO ) gains ahead of quarterly results after market

close

* S&P Global's manufacturing and services survey, ISM

services due

(Updates prices to pre-market open)

By Medha Singh and Twesha Dikshit

June 3 (Reuters) - The S&P 500 and the Dow were poised

to open lower on Wednesday, as a fresh Middle East flare-up

pushed oil prices higher and cast doubt on a quick end to the

war.

Brent crude futures rose over 2% after an Iranian missile

attack damaged Kuwait's airport and the U.S. military carried

out strikes near the Strait of Hormuz, raising the risk of

further supply disruption that could stoke broader inflation.

"It is not in the interest of either the U.S. or Iran to go

back towards fighting and bombing. Our base case scenario

remains that we would be moving towards a deal; even if it's a

fudge to get the Strait of Hormuz opened," Jefferies economist

Mohit Kumar wrote in a note.

At 08:14 a.m. ET, Dow E-minis were down 156 points,

or 0.3%, and S&P 500 E-minis were down 6.25 points,

or 0.08%. Nasdaq 100 E-minis were up 80 points,

or 0.26%.

The S&P 500 closed above 7,600 for the first time on

Tuesday, as all three major indexes ended at fresh peaks.

Wall Street's record run has been underpinned by a run of

corporate updates reinforcing expectations of sustained AI

spending.

Marvell Technology ( MRVL ) soared 12% in premarket trading

to top $280 billion in market value, extending gains a day after

Nvidia ( NVDA ) CEO Jensen Huang called the chipmaker the next

"trillion-dollar company."

Earlier this week, Nvidia ( NVDA ) launched new chips for

PCs, while Hewlett Packard Enterprise ( HPE ) moved up its

earnings target and Alphabet said it planned to raise

$80 billion to fund its AI expansion.

Broadcom ( AVGO ) shares rose 2.3% ahead of the company's

quarterly report due after market close. The results would be

the next key test of AI-driven momentum. The stock has already

risen 14% in the past four sessions.

Investors are awaiting upcoming economic data, including S&P

Global's manufacturing and services surveys and the ISM services

index, ahead of Friday's closely watched labor market report,

which could shape expectations for monetary policy.

Money markets expect the Federal Reserve to keep interest

rates on hold for the remainder of the year, with growing odds

of a 25 bps rate hike.

Fed Chair Kevin Warsh pledged to follow "the best of the

Fed's traditions" in a note to staff at the start of his

four-year term.

In other corporate news, asset managers dropped after

Switzerland's Partners Group capped withdrawals from an

$8.6 billion private equity fund. KKR, Blackstone

, Blue Owl and Ares Management ( ARES ) fell

between 5.3% and 6.3%.

GameStop ( GME ) advanced 11% after posting a rise in

quarterly revenue and unveiling a $2 billion share buyback

program.

Meanwhile, Elon Musk's SpaceX plans to price its IPO at $135

a share, ahead of a roadshow, to raise a record $75 billion, a

source familiar with the matter told Reuters on Tuesday.

The offering leads a wave of private companies preparing to

go public, including Anthropic and OpenAI, after a prolonged

drought in large-cap listings.

(Reporting by Medha Singh and Twesha Dikshit in Bengaluru;

Editing by Mrigank Dhaniwala and Shinjini Ganguli)

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