SPX reaches new highs on mechanical flows, Craig Shapiro notes

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03.06.2026

SPX reaches new highs on mechanical flows, Craig Shapiro notes — SPX hits highs, macro risks grow

Craig Shapiro highlights recent market dynamics in a morning briefing on Wednesday, June 3, 2026. According to Shapiro, the SPX index has extended its nine-day win streak to all-time highs, which he attributes to mechanical flows rather than indicating a strong bull market. He adds that macroeconomic pressures have increased significantly overnight. Additionally, Brent crude surpassed $98, and active U.S.-Iran exchanges were noted.

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In recent sessions, Shapiro noted that ES traded flat as technology shares led gains while overall market breadth weakened, with consumer discretionary stocks lagging earlier in the week. He also observed a defensive rotation as energy shares dropped 4.41 percent and consumer stocks outperformed in prior trading. These trends preceded Wednesday’s rally extension and rising macroeconomic pressures.

This material may contain third-party opinions, none of the data and information on this webpage constitutes investment advice according to our Disclaimer. While we adhere to strict Editorial Integrity, this post may contain references to products from our partners.

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