--- title: "SG Morning Brief | S&P Tops 7,600 as Marvell Surges 33%, SOX Jumps 6%; Broadcom Reports Tonight" type: "News" locale: "en" url: "https://longbridge.com/en/news/288495711.md" description: "US OvernightThe S&P 500 rose 0.13% to a record 7,609.78, closing above 7,600 for the first time. The Nasdaq edged up 0.03% to 27,093.90, extending its winning streak to nine sessions, while the Dow gained 0.45% to a record 51,307.79. Beneath the surface, leadership was narrow and volatile. The Philadelphia Semiconductor Index surged 5.9%, driven by Marvell and HPE, but the Magnificent Seven underperformed the broad market as Microsoft fell 4.2% and Amazon dropped 3.9%." datetime: "2026-06-03T00:52:48.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/288495711.md) - [en](https://longbridge.com/en/news/288495711.md) - [zh-HK](https://longbridge.com/zh-HK/news/288495711.md) --- # SG Morning Brief | S&P Tops 7,600 as Marvell Surges 33%, SOX Jumps 6%; Broadcom Reports Tonight ## US Overnight The S&P 500 rose 0.13% to a record 7,609.78, closing above 7,600 for the first time. The Nasdaq edged up 0.03% to 27,093.90, extending its winning streak to nine sessions, while the Dow gained 0.45% to a record 51,307.79. Beneath the surface, leadership was narrow and volatile. The Philadelphia Semiconductor Index surged 5.9%, driven by Marvell and HPE, but the Magnificent Seven underperformed the broad market as Microsoft fell 4.2% and Amazon dropped 3.9%. Alphabet declined after announcing an $80 billion equity financing plan. The software ETF fell 2.7% as the three-day rally paused. Crypto names were hit hard, with Strategy dropping 9.2% and Coinbase falling 4.7%. JOLTS data showed job openings rose 4.6% to 7.6 million in April, the highest in nearly two years, reinforcing the view that the labor market remains too tight for the Fed to cut. ### Key Movers **Marvell (MRVL) +33%** — Marvell surged 32.52% after Nvidia CEO Jensen Huang called the company a future trillion-dollar chipmaker during his Computex Taipei keynote. Nvidia has invested $2 billion in Marvell, whose networking and optical interconnect solutions are critical to AI data center infrastructure. Data center revenue now accounts for 75% of Marvell's total, up from 50% two years ago. The stock has rallied over 130% year-to-date. **HPE (HPE) +20%** — HPE jumped 19.47% on its first full trading day after Monday's blockbuster Q2 earnings, which beat estimates and raised full-year guidance. The stock opened near $56 after surging 26% in Monday's after-hours session, then traded between $43 and $48 during the day as early profit-taking gave way to renewed buying. The result confirms enterprise AI server demand is broad-based. **Microsoft (MSFT) -4%** — Microsoft fell 4.2%, dragging the Mag 7 lower alongside Amazon's 3.9% decline. The selloff reflected rotation from mega-cap software into semiconductor and infrastructure names rather than any fundamental catalyst. The divergence between SOX (+5.9%) and the software ETF (-2.7%) underscores a market that is rewarding hardware over software in the current AI cycle. ## SGX Preview The STI closed at 5,070.55 near its all-time high. DBS is near S$62.18 and UOB near S$37.91. The SOX's 5.9% surge should lift Venture Corp and local semiconductor names. The strong JOLTS data, however, supports the higher-for-longer rate thesis — positive for bank net interest margins but a headwind for rate-sensitive sectors. Tonight's Broadcom earnings are the key catalyst for Asian tech sentiment tomorrow. ## Asia Pre-Market S&P 500 futures are edging lower (-0.1%), Nasdaq futures down 0.3%, as markets consolidate ahead of Broadcom. WTI crude is at $93.51. The cautious tone reflects rotation rather than risk-off: chips are surging while mega-cap software retreats, and crypto is selling off while small caps hold up. Broadcom's report tonight will determine whether the semiconductor rally extends or exhausts. ## Today's US Earnings and Economic Calendar Company Timing Broadcom (AVGO) Post-mkt CrowdStrike (CRWD) Post-mkt Event Time (ET) Time (SGT) ADP Employment (May) 8:15 AM 8:15 PM ISM Services PMI (May) 10:00 AM 10:00 PM Friday: Nonfarm Payrolls. **Earnings Spotlight: Broadcom (AVGO)** — The last major AI chip report of the season. Broadcom's custom accelerator and networking business is directly tied to hyperscaler AI buildout. After Marvell's 33% surge on Jensen Huang's endorsement, expectations for Broadcom are sky-high. A beat validates that the AI hardware supercycle has legs beyond Nvidia; a miss could trigger the first meaningful chip correction since mid-May. CrowdStrike reports the same evening and will test whether the cybersecurity-AI crossover is translating into revenue growth. ## One More Thing The market split in two on Tuesday. Semiconductors surged 5.9%. Software fell 2.7%. Crypto crashed. Mag 7 underperformed. And yet the S&P 500 still closed at a record. That tells you everything about market structure right now: the AI hardware trade is powerful enough to carry the index even when most other sectors are selling off. JOLTS at 7.6 million — the highest in two years — means the labor market is not giving the Fed any reason to cut. Warsh's first rate decision is June 17, and the market now prices a 45% chance of a hike. Tonight Broadcom reports into a semiconductor sector that has gained 75% year-to-date. Jensen Huang has endorsed Marvell, partnered with Corning, and launched a PC chip — but Broadcom is his most important supply chain partner. If Broadcom delivers, the chip rally survives June. If it doesn't, the 75% run faces gravity. _This briefing is for informational purposes only and does not constitute investment advice._ ## Related News & Research - [Why 102.4 Tbps AI-Optimized Switch Silicon Is Such a Huge Deal for Marvell Technology Stock](https://longbridge.com/en/news/288619577.md) - [Marvell Stock Looks Built for a Massive Multi-Year Run](https://longbridge.com/en/news/288093877.md) - [Stock Of The Day: Is The Marvell Technology Rally Over?](https://longbridge.com/en/news/288765550.md) - [Is Marvell Technology stock a buy after providing a strong outlook?](https://longbridge.com/en/news/288179417.md) - [Riding the data center and AI wave: What a $1,000 bet on Marvell Technology 10 years ago is worth today](https://longbridge.com/en/news/288595824.md)