Wall Street advanced on Thursday as ​progress toward ending the Iran war buoyed investor sentiment, while disappointing results from Broadcom led a chip selloff that held the Nasdaq’s gains in check.

The blue-chip Dow surged, hitting a record closing high with a boost from healthcare and financial stocks.

The S&P 500 posted more muted gains, while the Nasdaq ‌ended essentially unchanged. Chipmaker Broadcom ⁠missed revenue ⁠expectations, sending its shares tumbling and casting a pall over the AI frenzy, which has sent chip stocks soaring so far this year.

“About the only blemish ​on the market at this point is Broadcom, and I think investors are buying the dip,” said Paul Nolte, senior wealth adviser and market ​strategist at Murphy & Sylvest in Elmhurst, Illinois. “I don’t think investors have given up on chips yet, but what they’ve yet to come to grips with, ‘Is this real? Are these valuations legitimate?’ I’m not sure yet that investors have really questioned that.” The U.S. House of Representatives ​passed a measure on Wednesday that would block President Donald Trump from continuing ⁠the war on Iran. Additionally, ‌a U.S.-mediated ceasefire agreement between Israel and Lebanon, an essential condition of an Iranian agreement to ​a peace deal, bolstered ​optimism of a near-term resolution to the war. But the truce was rejected by the pro-Iran Hezbollah, ⁠which said it would not withdraw troops from Lebanon.

A drop in front-month crude ​futures reflected hopes that tanker traffic through the crucial Strait of Hormuz could shortly resume.

“How many ​deals have we had? It’s always right around the corner, a corner we’ve yet to reach,” Nolte added. “Things are moving, but are they moving at a pace that’s going to allow the world to get back to what passes for normal in a few weeks, a few months, or maybe sometime next year?”
On the economic front, initial jobless claims unexpectedly rose 6.1%, and first-quarter labor costs and productivity were revised sharply lower. A report from Challenger, Gray and Christmas showed layoffs announced by U.S. corporations jumped 11% in ‌May to 97,006. Nearly 40% of those layoffs were attributed to AI.According to preliminary data, the S&P 500 gained 31.14 points, or 0.41%, to end at 7,584.82 points, while the Nasdaq Composite lost 19.72 points, ​or 0.07%, to 26,834.26. The ​Dow Jones Industrial Average rose ⁠875.09 points, or 1.73%, to 51,562.16.

Chipmaker Marvell Technology gained, while Advanced Micro Devices, Micron Technology and Qualcomm lost ground on the day.

The healthcare sector got a boost from UnitedHealth after Bank of America raised its rating on the healthcare conglomerate’s shares to “buy.”

The financial index’s rebound ​followed a sharp selloff in the previous session due to revived concerns over private credit. Blackstone shares advanced after it became the latest asset manager to cap withdrawals from its flagship private credit fund following a rise in redemption requests. Cybersecurity firm CrowdStrike slumped after reporting an increase in quarterly operating expenses. An investor roadshow for Elon Musk-led SpaceX began on Thursday ahead of its market debut on June 12. It aims to raise $75 billion in a record IPO that would value it at $1.75 trillion.

KUWAIT CITY — Kuwait International Airport is open today, with commercial flights operating through active terminals as the airport continues its recovery and Terminal 1 reopens to passenger traffic.

Live flight data on Thursday showed arrivals and departures moving through KWI, while airport-condition trackers listed the airport as active with low and decreasing delay status. The airport’s official website also continues to provide real-time flight and passenger information, indicating ongoing operations.

The latest development is the reopening of Terminal 1, which was reported to open on June 1 after being closed during the earlier regional disruption. That step marks a significant expansion in the airport’s recovery, which has been phased since airspace restrictions eased earlier this year.

Kuwait International Airport’s reopening has been managed in stages. Airspace reopened in April, passenger flights resumed shortly after, and service expanded gradually through Terminals 4 and 5 before Terminal 1 returned to use. The airport is therefore open, but the recovery is still in progress rather than fully complete.

Current operations

Flight-status data for KWI shows active operations this morning, with several arrivals already landed or en route and a mix of scheduled and canceled departures. The airport-condition page from FlightStats shows low and decreasing delay status, which is consistent with active but orderly operations.

The live flight board also reflects a broad mix of airline activity, including Kuwait Airways and Jazeera Airways, along with other carriers serving destinations across South Asia, the Middle East and beyond. That traffic pattern is a strong sign that the airport is functioning normally enough to handle a full day of commercial flying.

The airport’s official website remains focused on practical travel information, including flight details and passenger guidance. That is typical of an airport that is open and serving travelers, even if some services are still being adjusted after a disruption.

Terminal 1 returns

The reopening of Terminal 1 is the key reason Kuwait’s airport picture has improved further this week. Reporting and public posts indicate the terminal opened on June 1 after the earlier closure tied to the regional conflict. That marks a major step in restoring full airport capacity.

Terminal 1 is one of the airport’s most important facilities, especially for international traffic. Its return helps relieve pressure on Terminals 4 and 5, which carried the bulk of the passenger load during the recovery period. For travelers, that should mean more flexibility and a better chance of resuming regular terminal assignments.

Even with Terminal 1 back in service, the recovery still reflects a phased approach. Airport officials and travel reporting have emphasized that flights were first restored selectively, then expanded step by step as conditions allowed. The airport is open and active, but the process of fully normalizing operations continues.

Recovery timeline

Kuwait’s aviation recovery began after airspace restrictions eased in April. Passenger flights resumed in stages, with Kuwait Airways and Jazeera Airways rebuilding service through the airport’s active terminals. Foreign carriers also gradually returned as the situation stabilized.

By late May, travel reporting said Kuwait Airways was serving 29 destinations from Terminal 4 and Jazeera Airways 27 from Terminal 5. Emirates had also resumed Kuwait flights and was operating up to five daily services by late May. That pattern showed the airport moving back toward a fuller schedule even before Terminal 1 reopened.

With Terminal 1 back online, the recovery has entered a new phase. More flights, more routes and a broader terminal footprint should now be available, even though individual schedules will continue to vary by airline. For passengers, the airport’s reopening means more of the system is now functioning than at any point since the disruption began.

What passengers should know

Travelers should still check their airline’s flight status before heading to the airport, especially on a day when a terminal is newly reopening. Live boards can change quickly, and some flights may remain canceled or shifted even while the airport itself is open.

Passengers should also confirm their terminal assignment before departure. Because operations have been split during the phased recovery, knowing whether a flight departs from Terminal 1, 4 or 5 helps avoid confusion at the airport.

That said, the latest evidence supports a straightforward answer: yes, Kuwait International Airport is open today. It is handling commercial traffic, live flight boards are active and the airport’s recovery is continuing in a more advanced stage than earlier this spring.

Broader context

Kuwait International Airport is one of the country’s most important transportation hubs and a key gateway for travel across the Gulf, Asia and Europe. When it is disrupted, the effects reach business travel, tourism, family reunions and cargo movement.

The airport’s return to fuller service matters because Kuwait depends heavily on reliable air connectivity. The reopening of Terminal 1 should strengthen those links further and improve the airport’s resilience heading into the busy summer travel season. It also signals that Kuwait’s aviation system has recovered more fully from the earlier regional tensions.

The current picture is one of normalization, though not yet perfect uniformity. Some flights remain canceled or delayed, and airlines will continue to adjust schedules as needed. But the airport is open, active and now operating with its main international terminal back in service.

Bottom line

Kuwait International Airport is open today, and Terminal 1 has reopened as part of the airport’s continuing recovery. Live flight data show ongoing arrivals and departures, and airport-condition trackers indicate low delays.

That means travelers can use the airport today, but they should still verify flight details and terminal assignments before leaving for KWI. The airport is open, operational and moving closer to full normality after months of phased recovery.

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CME Group Inc. (CME) Piper Sandler Global Exchange and Fintech Conference June 4, 2026 2:00 PM EDT

Company Participants

Terrence Duffy – Chairman & CEO

Conference Call Participants

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Patrick Moley – Piper Sandler & Co., Research Division

Presentation

Patrick Moley
Piper Sandler & Co., Research Division

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All right, everyone. Welcome to — I think the session everyone in this room has been looking forward to most. It’s my pleasure to welcome Terry Duffy, Chairman and CEO of CME Group. CME is the world’s largest futures exchange. Terry has led CME, I think, for over 2 decades now, around 2 decades, been a staple of this conference for many, many years. Always appreciate your support and you making the trip up here.

Terrence Duffy
Chairman & CEO

My pleasure, Patrick. Thank you.

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Question-and-Answer Session

Patrick Moley
Piper Sandler & Co., Research Division

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Yes. Thanks for coming. All right. So I want to start off, let’s just address the elephant in the room. On Friday, the CFTC moved to approve the Bitcoin perpetual futures contract for Kalshi. I know you went on CNBC yesterday. I thought you laid out your case. Can you just maybe for everyone in this audience, what do you think of that ruling and what it means for your business?

Terrence Duffy
Chairman & CEO

Well, first of all, I think the ruling — can you guys hear me okay? Okay. Thanks. It was called in our world was a 40.3. So a 40.3 ruling means it goes up for a full review, meaning that if there is something there that the industry should comment on that’s new or novel or complex, the CFTC does what’s called a full review. They did a review in less than what’s called a self-certification, which is a 40.2. So a self-certification means if there’s no objection in 24 hours, you can go ahead and list

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US Secretary of State Antony Blinken‘s first videoconference with European Union foreign ministers last month was so good humoured that some diplomats in Europe described it as a “love fest”.

But two senior envoys who attended said there was no direct response from the ministers gathered in Brussels when Blinken said: “We must push back on China together and show strength in unity.”

Their reticence is partly due to an unwillingness to commit to anything until Washington spells out more fully its China policy under President Joe Biden.

But the ministers were also cautious because the EU is looking for a strategic balance in relations with Beijing and Washington that ensures the bloc is not so closely allied with one of the world’s two big powers that it alienates the other.

The EU also hopes to have enough independence from Washington and Beijing to be able on its own to deepen ties with countries in the Indo-Pacific region such as India, Japan and Australia, EU officials said.

In a new departure for the EU, they said, the bloc hopes to agree a plan next month that involves a larger and more assertive security presence in the Indo-Pacific, and more development aid, trade and diplomacy.
“We are charting a third way between Washington and Beijing,” an EU envoy in Asia said.Another EU official in Asia expressed concern that the United States had “a hawkish agenda against China, which is not our agenda”.

‘EUROPE ROADSHOW’
Last month’s videoconference was part of an attempt under Biden to rebuild alliances neglected by former U.S. President Donald Trump, who had an antagonistic relationship with both the EU and China.

The White House has embarked on a “Europe roadshow”, a senior U.S. official said, and is in daily contact with European governments about China’s rising power, in “a sustained effort for … a high degree of coordination and cooperation in a number of areas.”

In a sign that the U.S. push on China is having an impact, Germany plans to send a frigate in August to Asia and across the South China Sea, where Beijing has military outposts on artificial islands, senior government officials told Reuters.

The EU is also set to sanction four Chinese officials and one entity – with travel bans and asset freezes – on March 22 over human rights abuses in China’s Uighur Muslim minority, diplomats said.

In a further sign, when Chinese President Xi Jinping chaired a video summit with central and eastern European countries last month, six EU member states – Bulgaria, Estonia, Latvia, Lithuania, Romania and Slovenia – sent ministers rather than heads of state.

But there is still distrust in Brussels of Washington’s approach to China, even if attitudes in Europe have hardened against China over Beijing’s crackdown in Hong Kong, treatment of Uighur Muslims and the COVID-19 pandemic, first identified in China.

The United States says China is an authoritarian country that has embarked on a military modernisation that threatens the West, and has sought to weaken telecommunications equipment maker Huawei, which it sees as a national security threat.

The U.S.-led NATO military alliance is also beginning to focus on China, but Biden’s administration is still reviewing policy.

“We ask what their China strategy is and they say they still don’t have one,” the EU official in Asia said.

French President Emmanuel Macron highlighted concerns in some EU states last month by saying that uniting against China would create “the highest possible” potential for conflict.

‘NO ALTERNATIVE’
But the EU is hungry for new trade and sees the Indo-Pacific as offering huge potential.

The EU has a trade deal with Japan and is negotiating one with Australia. Diplomats say countries in the Indo-Pacific want the EU to be more active in the region to keep trade free and open, and to ensure they are not left facing a straight choice between Beijing and Washington.

France committed to closer ties with allies such as Australia and India with an Indo-Pacific strategy in 2018, followed by the Netherlands, which also has its own strategy, and Germany’s looser set of “guidelines”.

The EU strategy, if agreed, could involve putting more EU military experts in EU diplomatic missions in Asia, training coast guards and sending more EU military personnel to serve on Australian ships patrolling in the Indian Ocean, diplomats said.

It is unclear how much Germany, which has close business ties to China, will commit to any new strategy. German government officials say the EU cannot afford to alienate Beijing despite labelling China a “systemic rival” in 2019.

But French Foreign Minister Jean-Yves Le Drian will travel to India in April to develop the EU’s Indo-Pacific strategy, and the EU aims to hold a summit with India this year.

France, which has 1.8 million citizens in Pacific overseas territories, has about 4,000 troops in the region, plus navy ships and patrol boats.

“The Indo-Pacific is the cornerstone of Europe’s geopolitical path,” said a French diplomat. “There’s no alternative.”

NEW YORK — GameStop Corp. shares rose sharply Thursday after the video game retailer posted its highest-ever quarterly net income and announced a substantial new share repurchase program, signaling continued efforts to return capital to shareholders amid a strategic shift toward higher-margin products.

The stock climbed more than 6% in the previous session to close at $22.18 after the company reported fiscal first-quarter results that exceeded expectations on several fronts. By mid-morning trading on June 4, shares were hovering near $22.55, reflecting sustained investor interest following the earnings release.

For the quarter ended May 2, GameStop reported net sales of $835.3 million, a 14% increase from $732.4 million in the prior-year period. The growth was driven largely by collectibles, which accounted for nearly 42% of revenue at $348.9 million, up significantly from the previous year.

Operating income reached a record $143.3 million for the first quarter, compared with an operating loss of $10.8 million a year earlier. Adjusted operating income, excluding certain items, stood at $140.5 million.

Net income surged to $389.6 million, or 66 cents per share, from $44.8 million, or 9 cents per share, in the year-ago quarter. The figure included one-time gains such as a $268.4 million unrealized gain on derivatives tied to eBay stock holdings and interest income. Excluding those and other adjustments, net income was $179.3 million.

The company’s board approved a new $2 billion discretionary share repurchase authorization, effective through June 2029. This replaces a prior program and underscores management’s confidence in the balance sheet, which showed $9.7 billion in cash, marketable securities, digital assets and related items at quarter-end.

Strategic Evolution Under Cohen

Chairman and CEO Ryan Cohen has steered GameStop toward diversification beyond traditional video game hardware and software sales. Collectibles, including trading cards, apparel, toys and pop culture merchandise, have become a key growth driver as the company reduces reliance on lower-margin categories.

Hardware and accessories sales declined modestly to $333.7 million from $345.3 million, while software revenue fell to $152.7 million from $175.6 million. Selling, general and administrative expenses decreased to $201.6 million, reflecting ongoing cost discipline.

The results come as GameStop continues to navigate a challenging retail environment for physical video game sales amid the broader industry shift to digital downloads. The company has closed stores in recent periods while investing in e-commerce and alternative revenue streams.

GameStop has also been active on the corporate development front. It has built a stake in eBay, recently increasing its position, and made an unsolicited $56 billion takeover proposal that eBay rejected as “neither credible nor attractive.” Cohen has publicly criticized eBay’s leadership and indicated potential further steps.

Market Reaction and Meme Stock Legacy

The earnings beat and buyback news triggered positive momentum in a stock known for its volatile trading history tied to retail investor enthusiasm. GameStop remains a favorite among meme stock communities, though its price action has moderated compared to the dramatic surges seen in 2021.

Year-to-date through early June 2026, the shares have shown resilience relative to some other speculative names, with gains supported by balance sheet strength and capital return initiatives. The stock trades well below its 52-week high near $31 but above its low around $19.93.

Analysts and market observers note the company’s strong liquidity position provides flexibility for buybacks, potential investments or other shareholder-friendly actions. The $2 billion authorization represents a significant commitment relative to the current market capitalization of approximately $9.4 billion to $10 billion.

Broader Retail Challenges

Despite the positive quarter, GameStop faces ongoing pressures in the video game retail sector. Industry-wide trends favor digital distribution, pressuring physical store footprints. The company has been trimming locations while attempting to transform stores into experiential destinations for gaming and collectibles enthusiasts.

Gross profit improved to $340 million from $252 million a year ago, aided by the higher-margin collectibles mix. Management has emphasized operational efficiency and inventory management as priorities.

Looking ahead, the company did not provide specific forward guidance in its release, consistent with past practice. Investors will watch for updates on store optimization, e-commerce growth and any developments regarding the eBay position or other strategic moves.

The upcoming fiscal second quarter will be closely monitored for seasonal strength around summer releases and back-to-school periods. Holiday performance remains critical for the full-year outlook in this cyclical business.

Investor Sentiment and Risks

Retail investors continue to track GameStop closely, with message boards and social platforms buzzing after the earnings. The combination of record profits, massive cash reserves and aggressive capital allocation has renewed optimism among long-term holders.

However, risks persist. Short interest, while lower than peak levels from previous years, remains a factor in volatility. Broader economic conditions, consumer spending on discretionary items and competition from online giants could influence results.

Wall Street consensus ratings have generally been cautious, with many analysts citing valuation concerns and secular industry headwinds even as recent results demonstrate progress under the current leadership.

GameStop’s market capitalization stood near $9.4 billion following the latest close, with roughly 448 million shares outstanding. The price-to-earnings ratio on trailing adjusted figures reflects improved profitability but still embeds expectations for sustained execution.

As the company evolves from a traditional brick-and-mortar retailer into a more diversified player in gaming and collectibles, its ability to deliver consistent results will determine whether the current momentum can be maintained. The $2 billion buyback provides a floor of support while management pursues longer-term transformation.

Trading volume on Wednesday was elevated at over 17 million shares, well above average, as investors digested the news. Continued follow-through will depend on broader market sentiment and any incremental updates from the company in coming weeks.

Apple Inc. lost an early round in a discrimination lawsuit brought in the U.S. by a female engineer from India who says her two managers — one from her country, the other from Pakistan — treated her as they would in their own countries: as a subservient.

The woman’s case in California state court is the latest to allege workplace bias in Silicon Valley that focuses on cultural prejudices of some tech workers from South Asia. Cisco Systems Inc. is fighting a suit brought by California’s civil rights agency alleging bias against a member of India’s so-called lower castes, known as Dalits.

Anita Nariani Schulze is part of the Sindhi minority — she is Hindu, with ancestry in the Sindh region of what is now Pakistan. Her complaint alleges that her senior and direct managers, both male, consistently excluded her from meetings while inviting her male counterparts, criticized her, micromanaged her work, and deprived her of bonuses, despite positive performance evaluations and significant team contributions.

Schulze claims the managers’ animus reflects sexism, racism, religious bias and discrimination on the basis of national origin. The Sindhi Hindu nationality is “known for its technical acumen” and its gender equality, she says, which “exacerbated the managers’ discriminatory treatment.”

In a tentative ruling on Wednesday, Santa Clara County Superior Court Judge Sunil R. Kulkarni rejected Apple’s request to toss out the suit. While not ruling on the merits of the case, Kulkarni said Schulze had adequately supported her legal claims. Apple had argued her claims weren’t specific enough and were based on stereotypes.

But the judge rejected Schulze’s request to represent a class of female Apple employees who suffered job discrimination over the last four years. He agreed with Apple that she didn’t show a pattern of discrimination that could be applied to a broader group.