CNBC Business News Update - Market Close: Stocks Higher, Record Highs For Major Averages, Goldman Sachs CEO Says Markets Are In "Greed Mode" 6/2/26

Episode Date: June 2, 2026

CNBC Business News Update with Jessica Ettinger - market numbers and news featuring CNBC expert analysis and sound from top business names. Visit https://www.cnbc.com/ for more. Hosted by Simplecast, an AdsWizz company. See https://pcm.adswizz.com for information about our collection and use of personal data for advertising.

I'm Jessica Eddinger, CNBC. Wall Street opens Wednesday morning with the major averages at fresh new closing highs from Tuesday. Investors worries about Iran are on the back burner, the Dow, up 228 points. Cisco shares let it higher. They were up 5.5%. The S&P 500 index added 9 points. The NASDAQ added 7 points. Companies who shares at fresh all-time highs on Tuesday include Goldman Sachs, Morgan Stanley Applied Materials Broadcom, Cisco, Lamb Research, IBM, Micron, and Apple. Goldman Sachs, CEO David Solomon, telling CNBC, markets are in greed mode as AI companies seek billions. We are definitely in a moment where there's more greed than there is fear.

Okay. And, you know, that's one of the reasons why people that need this capital are coming to the markets because the capital's available. Wilmington trusts Megan Shue tells CNBC the market may be ready for a little breather. If we end this week on a positive note, it would be the 10th straight positive week in a row, which is a streak we haven't seen since the mid-1980s. It's for a lot of good reasons and a lot of optimism. I think it makes a lot of sense to see it pause here.

There is worry the market's getting frothy. Cities Lefkovich Index, which is named for the bank's late. stock strategist is starting to sound alarm bells. Here's City's Scott Cronert with CNBC's Carl Kintanilla. Rising euphoria suggestions on ways to hedge. Are you there? Yeah, we're there. I mean, our left-covich index, which is our measure of euphoria, is hitting the highest levels we've seen since back in 2021 with that risk on episode. Palo Alto network's shares popped more than 10% on first reaction to quarterly results and after-hours trading on Tuesday. generator maker Generac, an AI play now, making equipment for AI data centers, and an unnamed hyperscaler is a new customer.

Generac shares popped, but CEO Aaron Yagfeld tells CNBC, it's good to have a B-to-B business when you can't count on the weather. June 1st. It was the first day of hurricane season, right? Yeah, we love our residential business, and it's always going to be an important part of who we are. You know, we have millions of units out there, millions of customers that use our products, you know, when they are in a time of, need. That business is, you know, it's contingent on exogenous events that we don't control, but this is, I think this is a generational opportunity in data centers that I think are going to change completely the complexion of this company. Job openings in April surged to 7.6 million, the highest in nearly two years in the U.S. in the government's joltz report on job opportunity

and labor turnover. We're expecting a number around 6.8 million. Wow, way higher. 7,000, 6,680. thousand. That's the best since May of 24. Two years. CNBC's Rick Santelli, but just because jobs are open doesn't mean they're being filled. Hiring slipped in April by more than 400,000 from March. Victoria's secret shares spiked more than 47% on Tuesday strong earnings. And CNBC MedMoney host Jim Kramer with CNBC's Carl Kintanilla couldn't help but note Victoria's secret ticker symbol has been changed. and investors seem to like that. New symbol this one has. Very sexy.

VSXY. Victoria's Secret. I don't know if you knew they changed a symbol there. VSXY is just it turns out that that was maybe the trick. They did raise the guidance. On Wednesday's watch list, earnings are coming from Macy's Broadcom, Crowdstrike 5 below and Petco. And the NBA finals begin for the Spurs and Nix.

Jessica Eddinger C, NBC.