* 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)