Wall Streets Set to Pause After Record-Setting Rally

Stock futures are lower this morning, with investors taking a breather after Wall Street’s latest run to record highs. Traders are also keeping a close eye on developments between the U.S. and Iran, while unpacking mixed price action across tech names.

Futures on the Dow Jones Industrial Average (DJI) are down nearly 200 points, while S&P 500 Index (SPX) and Nasdaq-100 Index (NDX) futures are modestly lower as well. Alphabet (GOOGL) is under pressure after unveiling an $80 billion stock sale to help fund its artificial intelligence expansion, though gains in Nvidia (NVDA) are helping support sentiment.

Continue reading for more on today's market, including:

• These 2 technical threats could trigger profit taking, says Senior V.P. of Research Todd Salamone.
• AI favorite snags record high before earnings.
• Plus, two stocks poised for record openings, and retailer pops on hiked outlook.

5 Things You Need to Know Today

1. The Cboe Options Exchange saw more than 346,499 million call contracts and 178,053 million put contracts traded on Monday. The single-session equity put/call ratio rose to 0.44, while the 21-day moving average fell at 0.58.
2. Marvell Technology (NASDAQ:MRVL) shares are up 19.3% before the bell, after Nvidia's CEO Jensen Huang hinted it could become the next trillion-dollar firm, while pointing out the how network infrastructures and data centers rely on each other. MRVL is poised to open at another record high and is up 158% year to date heading into today. 
3. Shares of Hewlett Packard Enterprise (NYSE:HPE) are 28% higher ahead of the open after the tech hardware name reported stronger-than-expected current-quarter and full-year guidance. HPE stock is set to open at a new record, and already sports a 171% 12-month lead. 
4. Victoria's Secret & Co (NASDAQ:VSXY) shares are 40% higher premarket, after the lingerie retailer lifted its full-year outlook well past analyst estimates for its fiscal first quarter, citing lower tariff costs. Today's pop will provide a nice lift from VSXY's flat year-to-date marker.
5. Investors will be eyeing key jobs data later this week. 

Euro Zone Inflation in Focus

Asian markets closed mostly higher on Tuesday, with the exception of Japan’s Nikkei, which dipped 0.3%. Hong Kong’s Hang Seng led the winners with a 2.5% pop, while China’s Shanghai Composite and the South Korean Kospi added 0.4% and 0.1%, respectively.

European markets are higher as oil prices ease, with the German DAX up 0.8%, the French CAC 40 up 0.7%, and London’s FTSE 100 rising 0.3%. Euro zone inflation climbed to 3.2% in May from April’s 3%, driven by double-digit energy price growth. This marks the highest rate since September 2023, staying well above the European Central Bank’s (ECB) 2.0% target.