Wall Street is set for a modestly positive open on Monday, the first trading day of June, with S&P 500 futures up 0.24%, Nasdaq 100 futures gaining 0.51%, and Dow futures adding 0.08%. The constructive start builds on recent record highs, supported by a combination of geopolitical relief, relentless AI momentum, and a blockbuster earnings season.

Geopolitical Tailwind: Oil Slides on Ceasefire Hopes

The S&P 500 closed near 7,580 on Friday after notching fresh all-time highs. The rally has been fueled by growing optimism over a potential 60-day extension of the U.S.-Iran ceasefire, which could restore normal traffic through the Strait of Hormuz — a chokepoint for roughly 20% of global oil trade.

Brent crude has fallen nearly 19% in May alone, its worst monthly performance since the pandemic, trading around $92–93 per barrel. The drop in energy costs has provided a broad tailwind for equities, easing one of the key risk factors that weighed on markets earlier this year.

Nvidia Takes Center Stage at Computex

Jensen Huang, CEO of Nvidia, delivered a keynote at GTC Taipei on Sunday evening, kicking off Computex 2026. The presentation covered updates to the Vera Rubin platform including NVL72 rack systems, alongside advances in agentic AI, physical robotics (Jetson Thor), and the new N1/N1X ARM-based laptop SoCs developed with MediaTek.

The event comes on the heels of Nvidia's strong Q1 FY2026 results, which showed revenue of $44.1 billion — up 69% year-over-year — driven overwhelmingly by data center AI chip demand.

Dell's AI Server Boom: Revenue Jumps 88%

Dell Technologies reported Q1 FY2027 results last week that stunned the market. Revenue hit $43.84 billion, an 88% year-over-year surge, with the Infrastructure Solutions Group posting a record $29 billion. AI-optimized server revenue alone reached $16.1 billion — up 757% from a year ago — surpassing the company's PC business for the first time.

Dell booked $24.4 billion in new AI orders and exited the quarter with a record $51.3 billion AI backlog. The stock surged roughly 30% on the day, its best single-session performance ever.

HPE Earnings Due After Close

Hewlett Packard Enterprise reports fiscal Q2 results after the bell today. Analysts expect revenue of around $9.8 billion, up nearly 28% year-over-year, with the market focused on whether AI server momentum is accelerating. HPE shares rallied alongside Dell and other AI infrastructure names last week on sector-wide optimism.

Economic Calendar: ISM Manufacturing Today

The May ISM Manufacturing PMI is due at 10:00 a.m. ET, with consensus around 52.6 — close to April's reading of 52.7 and signaling continued moderate expansion. The jobs report and retail earnings round out a busy data week ahead.

The Bottom Line

The week opens with cautious optimism as three powerful themes align: easing geopolitical risk, an unprecedented AI infrastructure buildout, and a corporate earnings season that keeps delivering upside surprises. Nvidia's Computex presence and key macro data will set the tone for the sessions ahead.