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DAILY STACK
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Five stories ranked by Real-Life Impact
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Wednesday, June 3, 2026
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Today's Thesis: JOLTS showed 7.6 million open jobs — 700,000 more than Wall Street expected — the S&P closed above 7,600 for the first time with all three indexes hitting their fifth straight record, a Vitol executive warned the world hasn't grasped how bad the oil crisis is, ADP and ISM Services both land this morning, and Broadcom reports tonight, so whether your next paycheck, your gas bill, your mortgage rate, or your 401(k) goes up or down this summer is being decided in a 72-hour window that ends Friday at 8:30 a.m.
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June 12: $100 Turns Into $100,000?
I’ll get straight to the point because there’s not much time left…
The SpaceX IPO is scheduled for June 12…
And Elon Musk is predicting anyone who gets in today will have a chance to turn…
And $1,000 into $1 million!
But you cannot wait until after the IPO.
After the IPO, it will be too late…
And you’ll likely never see an opportunity like this again.
This IPO will only happen one time.
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1
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Your job
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JOLTS 7.6M vs 6.89M est · ADP today · payrolls Fri
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7.6 million open jobs — 700,000 more than expected — and ADP lands this morning
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The April JOLTS report dropped Tuesday and showed 7.6 million job openings — well above the 6.89 million Wall Street expected. That's the strongest sign yet that employers are still hiring, not pulling back, even with inflation at 3.8% and oil prices rising. ADP's private payroll survey lands at 8:15 this morning, and if it confirms what JOLTS just said, the odds of Warsh hiking at the June 16-17 FOMC go up. ISM Services drops at 10 a.m. too, covering the sector where most Americans actually work. Friday's nonfarm payrolls will be the final word.
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The other side: Job openings are a lagging indicator, and 25% of the unemployed have been looking for over a year — meaning the headline hides a market that's strong for employers but harder for job seekers than the number suggests.
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2
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Your health
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Vitol: crisis "not acknowledged" · DG raised guidance
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The world's biggest oil trader says the crisis is worse than anyone admits
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A top executive at Vitol — the world's largest independent oil trading firm — said Tuesday that US and European leaders haven't acknowledged the severity of the supply shock from the Iran war. Dollar General raised its full-year profit outlook after beating on earnings, a sign that lower-income shoppers are trading down to stretch their budgets. The savings rate already dropped in April's PCE report. When the biggest oil trader in the world says the crisis is being underestimated and discount retailers are the ones raising guidance, your grocery bill and gas bill are both heading higher.
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The other side: Oil fell 17% in May and Trump said talks are continuing at a "rapid pace" — if a deal lands in the next two weeks, the supply outlook reverses and the Vitol warning becomes a footnote.
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3
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Travel
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EIA crude inventories today · Hormuz still contested
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Crude oil inventories drop today — and airlines are watching closer than you are
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The EIA crude oil inventory report lands today and will show whether the billion-barrel supply drain the IEA flagged is getting worse or stabilizing. Airlines lagged the broader market on Tuesday as oil moved higher again. Iran is still reviewing the latest draft deal and hasn't responded, which means the Strait of Hormuz stays contested and jet fuel costs stay elevated for now.
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The other side: Oil still fell 17% in May — its steepest monthly drop since the war began — and if inventories hold steady in today's report, crude could slip back below $88 and take summer fares with it.
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4
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Markets
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S&P 7,609 · 5th record · MRVL +32% · Shiller P/E 42.78
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Five records in a row — and the Shiller P/E just hit its second-highest level ever
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The S&P closed above 7,600 for the first time Tuesday at 7,609.78, marking a fifth straight record for all three indexes — the longest streak since February 2017. Marvell surged 32% after Huang called it "the next trillion-dollar company," and HPE jumped 25% on record AI data center revenue. But the Shiller P/E ratio hit 42.78 — its second-highest reading ever, behind only the dot-com peak.
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The other side: The Russell 2000 gained 0.90% Tuesday — the best index on the day — which means the rally is broadening beyond the AI trade, and that's how the dot-com comparison breaks down.
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5
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Your money
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ADP + ISM Services + Beige Book today · AVGO tonight
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Today is the most data-heavy session of the week — and Broadcom reports tonight
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ADP at 8:15, ISM Services at 10, the Beige Book this afternoon, and Broadcom after the close — where analysts expect earnings up 51% and revenue of $22 billion. Broadcom is the last major AI chip name to report this cycle, and its numbers will set the tone for Nvidia and the rest of the sector heading into the FOMC.
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The other side: Markets have rallied through every data release for five straight days — at some point, good news becomes bad news for rate expectations, and today's stack of reports could be the trigger.
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Off The Stack
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Alphabet fell 4% after announcing an $80 billion AI capital raise — with $10 billion from Berkshire Hathaway. — A financing story, not a product story; the spending is already priced into the company's AI roadmap.
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Victoria's Secret beat on both lines and raised full-year guidance, citing lower tariff costs. — A positive signal for specialty retail, but too narrow to rank ahead of the macro data storm landing today.
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CrowdStrike and Five Below also report tonight alongside Broadcom. — Two different reads on cybersecurity spending and budget-conscious consumers, but Broadcom's AI numbers will drive the bigger market reaction.
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Daily Stack · Five stories ranked by Real-Life Impact
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