Market Update: Lulu, Broadcom & PMIs in Focus
- NexxtGen Markets
- Jun 2
- 3 min read
Good morning, here's the latest Global Financial Markets update from Steve Halls at NexxtGen Markets here in the City of London.
May wrapped up on a high note, with U.S. stocks rebounding strongly. The S&P 500 climbed +6.0%, the Nasdaq surged +9.0%, and the Dow gained +4.0%, fuelled by Big Tech momentum and easing inflation in Europe.
This week, investors are keeping a close eye on key earnings reports from Broadcom and Lululemon, alongside global PMIs and Friday’s U.S. jobs report, which could provide crucial macroeconomic signals.
Meanwhile, oil output hikes and short-term Treasury flows are under scrutiny as markets navigate interest rate uncertainty and trade policy shifts.
Market Movers
Several stocks made big moves last week:
Red Robin Gourmet (RRGB) – +63% surge to $5.10, driven by strong earnings and expansion plans.
Ulta Beauty (ULTA) – +12% rise to $471, as beauty retail demand remains resilient.
MPH Health Care (93M1.DE) – -28% drop to €18.32, following weaker-than-expected earnings.
Net Digital (VRL.DE) – +21% jump to €5.99, fuelled by AI-driven growth.
Severfield (SFR.L) – +6% increase to £34.34, as infrastructure projects boost demand.
The Week in Review
Markets faced heightened volatility as trade tensions resurfaced, with Trump accusing China of breaching agreements. Despite early uncertainty, May ended strong, with Nvidia beating expectations and European inflation easing, raising hopes for rate cuts.
Asia saw mixed results, with Japan gaining 5.3%, while Nissan announced a $7B capital raise and Nippon Steel pursued a strategic U.S. acquisition.
What’s Ahead?
Economic Preview
Global PMIs will be closely watched for manufacturing and services sector trends.
U.S. jobs report could shape the Federal Reserve’s next move.
Eurozone slowdown may push the ECB toward rate cuts.
China’s PMIs will offer insights into tariff impacts and global demand shifts.
Earnings Spotlight
The first full week of June brings lighter earnings, but key reports from:
Just Like Buffett: Investors Flock to Short-Term Treasuries
With bond market volatility and tariff uncertainty, investors—including Warren Buffett—are favouring short-term Treasuries. ETFs like SGOV and BIL have seen massive inflows, as longer-term bonds struggle.
Why Short-Term Treasuries?
Lower risk and steady yields in uncertain markets.
Liquidity and capital preservation benefits.
Alternative to volatile equities amid trade concerns.
OPEC+ Oil Production Hike – What It Means for Traders
OPEC+ announced a 411,000 barrels/day increase for July, aiming to regain market share despite falling prices.
Impact on Markets:
Short-term: Oil prices may stay under pressure.
Medium-term: Seasonal demand could lift prices if inventories remain low.
U.S. shale response: Tight margins could limit production growth.
Trading opportunities: Volatility may create short-term plays.
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*All prices / quotes correct at the time of writing.
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