Pre-opening Comments for Tuesday June 3^rd

U.S. equity index futures were lower this morning. S&P 500 futures were down 5 points at 8:30 AM EDT.

OECD lowered its economic growth projection for the United States. Annual growth rate for 2025 was reduced to 1.6% from 2.2% in 2025 and to 1.5% from 1.6% to 1.5% in 2026.

Dollar General advanced $8.12 to $105.29 after reporting higher than consensus first quarter results. The company also raised guidance.

Constellation Energy jumped $7.28 to $313.43 after Meta announced purchase of its nuclear power under a 20 year deal

Moonlake added $7.84 to $49.00 on reports that Merck wants to buy the company for $3 billion

EquityClock’s Market Outlook for June 3^rd

The market is no longer enticing the type of buying demand that was apparent between mid-April and mid-May when support at the 50-hour moving average produced large thrusts higher. See:

https://equityclock.com/2025/06/02/stock-market-outlook-for-june-3-2025/

Technical Notes

Metals & Mining SPDRs $XME moved above $62.79 extending an intermediate uptrend.

Gold Miners ETF $GDX moved above US$53.25 to a 12 year high extending an intermediate uptrend.

Junior Gold Miners ETF $GLDX moved above $66.80 to a 12 year high extending an intermediate uptrend.

Wheaton Precious Metals $WPM a TSX 60 stock moved above US$87.25 and Cdn$120.20 to all-time highs extending an intermediate uptrend.

Gold Bug Index (HUI) moved above $415.92 to a 12 year high extending an intermediate uptrend.

Enbridge $ENB.TO a TSX 60 stock moved above Cdn$64.17 to an all-time high extending an intermediate uptrend.

Trader’s Corner

Equity Indices and Related ETFs

Daily Seasonal/Technical Equity Trends for June 2^nd 2025

Green: Increase from previous day

Red: Decrease from previous day

Source for all positive seasonality ratings: www.EquityClock.com

Commodities

Daily Seasonal/Technical Commodities Trends for June 2^nd 2025

Green: Increase from previous day

Red: Decrease from previous day

Sectors

Daily Seasonal/Technical Sector Trends for June 2^nd 2025

Green: Increase from previous day

Red: Decrease from previous day

Links offered by valued providers

Croft: Given all the global economic headwinds, oil prices are managing to hang on

Croft: Given all the global economic headwinds, oil prices are managing to hang on – YouTube

Investors should turn down the noise and focus on what’s actually happening: Robinhood CIO

Investors should turn down the noise and focus on what’s actually happening: Robinhood CIO – YouTube

Trade Tensions Rise: What The Charts Tell Us:: Guy Adami, Dan Nathan and Carter Worth

https://www.youtube.com/watch?v=P0jz1VyVB2A

Will June match May’s gains? This strategist says probably not, but momentum is on the bull side.

Will June match May’s gains? This strategist says probably not, but momentum is on the bull side. – YouTube

S&P 500 Momentum Barometers

The intermediate term Barometer slipped 0.20 to 70.20. It remains Overbought.

The long term Barometer slipped 0.40 to 50.60. It remains Neutral.

TSX Momentum Barometers

The intermediate term Barometer added 2.76 to 88.48. It remains Overbought.

The long term Barometer added 0.92 to 72.35. It remains Overbought.

Disclaimer: Seasonality ratings and technical ratings offered in this report and at

www.equityclock.com are for information only. They should not be considered as advice to purchase or to sell mentioned securities. Data offered in this report is believed to be accurate, but is not guaranteed.

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