Weekly Pulse · Week of Jun 1-5, 2026 · As of Fri close
Bull · early regime held — but growth got sold hard. Energy and Health Care led, Discretionary and Tech lagged into Friday’s payrolls gap-down.
MPI Composite
64
Bull · early85% Confidence Band
[59-69]
Composite stableSPY · Week
$737.55
-2.50% on the weekVIX Close
21.51
Up from 15.40 ThuRealized Vol 20-30d
13.2%
VRP +8.3Friday Print
-2.58%
Payrolls gap-downSector TapeClose-to-close · 2026-06-01 → 2026-06-05
| ETF · Sector | Week % | Fri % | 5-Day | Note |
|---|---|---|---|---|
| SPY S&P 500 (broad market) | -2.50% | -2.58% | ▼ | Friday gap-down on payrolls |
| XLE Energy | +2.45% | -1.84% | ▲ | Crude bid, leadership all week |
| XLV Health Care | +2.37% | +0.61% | ▲ | Defensive rotation, biotech bid |
| XLRE Real Estate | +1.61% | +0.68% | ▲ | Rate-sensitive bid |
| XLF Financials | +1.40% | +0.21% | — | Banks held through curve move |
| XLP Consumer Staples | +0.64% | +1.71% | ▲ | Quiet bid into Friday risk-off |
| XLI Industrials | +0.61% | -1.12% | — | Held until Friday gave back |
| XLU Utilities | -0.16% | +0.93% | — | Flat — yield curve still flattening |
| XLB Materials | -1.02% | -1.92% | ▼ | Sold with cyclicals on Friday |
| XLC Communication Services | -3.47% | -1.27% | ▼ | Mega-cap weight dragged |
| XLK Technology | -5.61% | -6.66% | ▼ | Semis-led rout, Friday capitulation |
| XLY Consumer Discretionary | -5.90% | -2.05% | ▼ | Mega-cap consumer heavy, worst week |
Week % = close on Fri 6/5 vs close on Fri 5/29. Friday % = close on Fri 6/5 vs prior close on Thu. XLE +2.45% led; XLY -5.90% lagged. Dispersion was the headline, not the index.
Concentration · Top 10Total weekly options premium · single names
| Ticker | Week Prem | Largest Day | Skew | OI Δ | Note |
|---|---|---|---|---|---|
| NVDA | $79.4M | Mon 6/1 | 71% call | +6.2% | Heaviest single-name flow; large bid-side puts mixed with call repeat hits |
| MSFT | $49.5M | Fri 5/29 | 88% call | +4.1% | Repeated upside call flow into and through week |
| MU | $41.5M | Wed 6/3 | 38% call | +8.7% | Earnings-week call & put repeat hits; $1000 strike |
| SNDK | $33.6M | Thu 6/4 | 0% call | +12.3% | Massive single-day put repeat hits, $1700 strike |
| GOOGL | $23.1M | Thu 6/4 | 95% call | +3.4% | LEAPS call flow despite XLC weakness |
| META | $19.2M | Thu 6/4 | 80% call | +2.8% | Repeated upside calls into Friday weakness |
| AVGO | $16.8M | Tue 6/2 | 27% call | +5.6% | Earnings night flow; put hits dominant |
| TSLA | $14.4M | Tue 6/2 | 100% call | +1.9% | Upside call sweep despite XLY rout |
| AMZN | $12.7M | Mon 6/1 | 100% call | +2.2% | LEAPS call repeat hits, $250 strike |
| MRVL | $11.6M | Fri 6/5 | 100% call | +14.8% | Friday late-day call flow, $280 strike |
Single-name concentration aggregated from week’s unusual options activity ≥ $5M premium per print. Skew = call share of total premium; values ≥ 60% lean bullish, ≤ 40% lean bearish. OI Δ is week-over-week directional accumulation, unconfirmed where next-morning OI is pending.
Dark Pool · Top BlocksLargest off-exchange prints of the week
| Ticker | Date | Price | Size | Premium | % Avg Vol | Spot |
|---|---|---|---|---|---|---|
| GOOGL | Mon 6/1 | $376.37 | 2.55M sh | $959.9M | 11.2% | $376.16 |
| GOOGL | Wed 6/3 | $358.99 | 2.46M sh | $882.1M | 7.9% | $359.02 |
| AAPL | Thu 6/4 | $311.23 | 2.60M sh | $808.5M | 5.4% | $311.12 |
| MU | Tue 6/2 | $1064.10 | 0.72M sh | $771.4M | 1.3% | $1063.14 |
| GOOG | Thu 6/4 | $369.27 | 2.07M sh | $764.1M | 9.4% | $368.54 |
| META | Wed 6/3 | $622.98 | 1.20M sh | $747.6M | 7.2% | $622.50 |
| META | Thu 6/4 | $627.57 | 1.11M sh | $695.8M | 6.7% | $625.73 |
| GOOG | Wed 6/3 | $355.68 | 1.68M sh | $598.0M | 7.7% | $355.45 |
Filtered for blocks > $300M weekly notional, regular and extended-hours sessions. % Avg Vol compares block size to the symbol’s 30-day average daily share volume. Most prints clustered into the 4 PM ET close session — quarter/month-end positioning, not panic exit. All eight clustered tech/comm-services megacaps.
Insider HeatmapNet SEC Form 4 $-flow by sector, 5-day window
All 11 GICS sectors printed net-sell for the week. Energy and Healthcare carried the deepest absolute-dollar net sells (one Energy block on Thu 6/4 dominated). Consumer Cyclical had a +$23M buy print partially offsetting a $441M sell tape, the best buy/sell ratio of the week. Insiders rarely flip from net-sell to net-buy quickly — this is the typical tape, not a panic signal.
Top MoversLarge-cap only (≥$10B mcap) · week % close-to-close
| ▲ Gainers | |||
|---|---|---|---|
| Ticker | Week % | 5-Day Vol | Notable |
| BE | +16.1% | 92.4M | Industrials standout; large dark-pool prints + call hits |
| TER | +11.4% | 19.8M | Semi-equipment buy on AI capex narrative |
| XOM | +4.8% | 72.1M | Energy leadership; crude bid |
| AVGO | +3.4% | 27.8M | Held into AMC earnings Wed; chopped after |
| GILD | +3.1% | 36.4M | Healthcare defensive bid; large dark-pool absorption |
| ▼ Decliners | |||
|---|---|---|---|
| Ticker | Week % | 5-Day Vol | Notable |
| MRVL | -29.6% | 95.7M | Worst large-cap drawdown of the week; semis rout |
| MU | -19.1% | 285.7M | Pre-earnings de-risking; reaffirms semi tape |
| ASTS | -16.5% | 89.5M | Comm services weakness amplifies |
| NBIS | -14.4% | 73.9M | AI-adjacent name; flow turned bid-side puts |
| ORCL | -10.2% | 96.4M | Pre-earnings selloff (reports Wed 6/10 AMC) |
Filtered to ≥ $10B market cap to remove micro-cap noise. The decliner side is dominated by semis (MRVL, MU) and AI-adjacent names (NBIS, ASTS); the gainer side leans Energy and selective Healthcare. The dispersion mirrors the sector tape.
This Week’s TellWhat the tape said — observation, not recommendation
Sector dispersion did the work the index couldn’t. Energy and Health Care led on classic defensive rotation while Tech and Consumer Discretionary carried -5% to -6% weekly drawdowns into Friday’s payrolls gap-down. Concentration showed the institutional positioning still tilted single-name growth — NVDA, MSFT, GOOGL absorbed the heaviest options flow across the week, with repeat call hits skewed bullish even as the tape sold off. Dark-pool blocks at quarter-end roll: $959M GOOGL on Monday, $808M AAPL on Thursday, $771M MU pre-earnings — large absorption near spot, not panic exit. Insider tape was net-sell across all 11 GICS sectors for the week, with Energy and Healthcare net-sells deepest in absolute dollars. The week’s tell: the index lost 2.5% but breadth held underneath, vol stayed cheap (VRP +8.3), and concentration money kept rolling structural calls in megacaps even into the Friday gap.
Catalyst RecapDrivers of the week
MacroMon 6/1 — ISM Manufacturing (May) 53.2% vs 52.7% prior; S&P final U.S. manufacturing PMI prints.
MacroTue 6/2 — JOLTS (Apr) 6.9M job openings; Cleveland Fed President speech afternoon.
MacroWed 6/3 — ADP employment +109k vs +120k consensus (miss); ISM Services 53.9 beat 53.6; Fed Beige Book afternoon.
EarningsWed 6/3 AMC — AVGO and CRWD report — heavyweight semi/cyber prints. AVGO opens Wed with $479 spot, finishes week -3% on sector drag.
MacroThu 6/4 — Initial jobless claims steady at 215k; Richmond Fed President speech.
EarningsThu 6/4 AMC — LULU reports — discretionary tape was already weak going in.
MacroFri 6/5 — Nonfarm payrolls report drove the gap. SPY -2.58% on the session, VIX up to 21.51 from 15.40 prior close — biggest single-day vol expansion of the week.
Looking Ahead — Week of Jun 8-12Known catalysts
EarningsMon 6/8 — CPB (BMO), FCEL (BMO), TCOM — light macro day.
Macro+ERTue 6/9 — NFIB Small Business Optimism, U.S. trade balance (Apr -$60.3B prior), wholesale inventories, existing home sales (May). Earnings: GME (PM), EH, UEC (BMO), MASI, GGAL, CBRL (PM), AVXL.
Macro+ERWed 6/10 — CPI (May, 8:30 AM) — core CPI prior 2.8% YoY / 0.4% MoM. Monthly federal budget afternoon. Earnings AMC: ORCL (Tech, mega-cap S&P 500), Chewy (BMO), RR, EC.
Macro+ERThu 6/11 — PPI (May), initial claims. Earnings AMC: ADBE (Tech, mega-cap S&P 500), LEN (Housing read), RH, REPL, ACB.
Macro+ERFri 6/12 — Quiet macro day after CPI/PPI digestion. Earnings: SBSW.
CPI on Wed 6/10 and PPI on Thu 6/11 frame the macro week; ORCL (Wed AMC) and ADBE (Thu AMC) frame the megacap earnings tape. LEN (Thu AMC) gives the housing read. Quiet macro Friday allows digestion. Setup observation only — the data prints when it prints.
MethodologyHow this Pulse is built
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