Closing Bell: Can Anything Derail this Record Rally? 6/2/26

Closing Bell

CNBC

News, Business

4.4 • 139 Ratings

🗓️ 2 June 2026

⏱️ 42 minutes

🔗️ Recording | iTunes | RSS

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Summary

We discuss what could be next for stocks’ record run with Schwab’s Kevin Gordon and Northwestern Mutual’s Matt Stucky. Plus, star analyst Dan Ives gives his instant reaction to the biggest headlines out of Microsoft’s Developer Conference. And, Goldman Sachs’ Greg Calnon tells us where he is seeing further upside in the market right now.

Transcript

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0:00.0	Welcome to closing bell. I am Frank Holland in for the judge Scott Wapner. We are live right here at post nine at the New York Stock Exchange. This make or break hour, it begins with another day of highs for this roaring market. Let's get straight to the scorecard with 60 to go in regulation. The SMP hitting a fresh all-time high. You can see it's up fractionally right now. Supported by some big moves in tech. The NASDAQ composite, however,
0:21.1	pulling back fractionally. Marvell soaring on an endorsement from NVIDIA CEO. Jensen Wong saying
0:26.5	that may be the next member of the trillion dollar club. We're also seeing the S-O-X moving higher,
0:32.0	up almost 5% right now. HPE also surging on the heels of its results. Then we got the flip side of things.
0:38.2	Alphabet, it's lagging.
0:39.9	After saying it would raise $80 billion from stock sales to fund its AI buildout.
0:44.3	We're also checking the sectors, utilities and energy leading the charge with comm services, pulling back a bit because of alphabet and health care also lagging.
0:52.6	It all takes us to our talk of the tape.
0:54.5	Can anything derail this record rally?
0:56.8	We will ask our All-Star panel in just a moment.
0:58.8	But first, we're getting some news out of Microsoft Developer
1:01.6	Conference.
1:02.2	Our Kate Rooney is there and joins us now with the very latest
1:05.7	as Microsoft is actually the biggest drag on the S&P.
1:08.4	Kate, what are you hearing and seeing there? So Frank, today for Microsoft, it's all about developers and really the big picture, long-term
1:16.6	case for the company. These are the people that are important. They're building the apps and the
1:20.6	companies of the future in AI. Today, Microsoft unveiling seven new in-house AI models.
1:24.6	It's really tries to diversify away from Open AI. First is a
1:28.6	reasoning model says it's affordable, but at the same time built for efficiency and performance. They
1:34.4	highlight the low token cost, which is especially important for developers, for coders who are
1:39.8	really grappling with the rising cost of coding on AI, building on AI, also unveiling a video creation
1:45.7	model and then a speech-based model as well, plus an AI coding model for GitHub. This is very
	...

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