CNBC
03 Jun 2026, 18:32 UTC · 2h ago
Historic stock rally faces key test
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CNBC
03 Jun 2026, 18:32 UTC · 2h ago
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Story key points
3 claims · impact-rated
Broadcom and Crowdstrike are reporting earnings after the bell, with options markets pricing in an 8% move for both stocks. — High implied volatility for two mega-cap tech leaders can drive significant short-term price swings in the broader index and tech sector.
+0.60Broadcom's market cap has exceeded $2 trillion, with year-to-date gains of nearly 40%, outperforming the 'Magnificent Seven' peers. — Broadcom's role as a primary driver of the S&P 500 rally makes its continued momentum critical for maintaining risk appetite.
+0.40Palo Alto Networks shares dropped 6.5% despite beating analysts' estimates, creating potential pressure on Crowdstrike's report. — Negative price action for a peer despite a beat suggests a high bar for cybersecurity earnings, increasing the risk of a sell-off.
-0.30Ticker attribution
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Model heads
The company has significantly outperformed mega-cap peers with a strong year-to-date gain and bullish options volume.
The stock dropped 6.5% despite reporting earnings that beat most analysts' estimates.
Described as a leader helping lift cloud stocks out of a bear market and has more than doubled since March lows.
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