Daily US Equity Opening News - AMD to unveil 2nm EPYC & Instinct chips; DPZ revenue beat

DAY AHEAD

US INDEX FUTURES: ES +0.4%, NQ +0.9%, YM +0.2%, RUT +0.3%
BROKER MOVES: URBN upgraded at Goldman Sachs; HUBS downgraded at Wells Fargo. For the full list, click here.
MAJOR MORNING MOVES RECAP: AMD, BA, DPZ, IREN, USB, URBN. For the full list, click here.
US DAILY CONFERENCE CALENDAR: BA, NVDA, ANET. For the full list, click here.
EVENTS: Iran’s interior minister will meet Pakistan’s leadership in Islamabad on Monday.
DATA: The US Conference Board’s leading index for June is due.
EARNINGS: Notable corporates reporting today include: Steel Dynamics (STLD), W. R. Berkley (WRB), Zions Bancorporation (ZION).
WEEK AHEAD: This week’s data highlights include: Japanese, UK, Canadian and NZ inflation reports, ECB policy announcement, Global Flash PMIs, Aussie and UK jobs data. Notable earnings dude this week include: Alphabet (GOOGL), Tesla (TSLA), Intel (INTC), Philip Morris (PM), GE Vernova (GEV), Texas Instruments (TXN), RTX (RTX), American Express (AXP), T-Mobile (TMUS), IBM (IBM), Thermo Fisher (TMO), NextEra Energy (NEE), Verizon (VZ), Charles Schwab (SCHW), Union Pacific (UNP), Blackstone (BX), AT&T (T), Danaher (DHR), Chubb (CB), Capital One Financial (COF), Lockheed Martin (LMT), ServiceNow (NOW), Newmont (NEM), CSX (CSX), Moody’s (MCO), CME (CME), Marsh & McLennan (MRSH), Comcast (CMCSA), HCA Healthcare (HCA), 3M Company (MMM), Freeport-McMoRan (FCX).
Click here for Newsquawk’s week ahead preview.
Click here for Newsquawk’s weekly US earnings estimates.

NEWS:

GEOPOLITICS

Iran-US - A senior Iranian source told Reuters that mediators have proposed a 10-day cessation of strikes to find ways to revive the Iran-US interim deal. The remark sparked downside in oil prices and upside in equities and Treausries, however, the moves pared after a Yemeni Houthi spokesperson announced a ban .on maritime navigation for Saudi-linked vessels, citing the blockade and saying the group is fully prepared to enforce the measure
Iran-US - In early European trading, Iranian Foreign Ministry spokesperson Baghaei said negotiations with the US could proceed based on national interests, with intermediaries recently sharing messages and proposals with Tehran. He said mediators were working to prevent escalation and that the MOU was clear, leaving no justification for its violation by the US.
Iran-US - US CENTCOM launched its ninth consecutive evening of strikes against Iran, targeting military command centres, air defence and coastal surveillance sites, maritime capabilities, missile and drone launch sites and communication networks, following an Iranian attack on Jordan that killed two US service members on Friday. Explosions were reported across multiple Iranian cities, including Tabriz, Jask, Sirik, Khormoj, Delijan and Arak, with air defences activated in Konarak. CENTCOM said it redirected six commercial vessels and disabled one to ensure Hormuz compliance as of 19th July 2026. Tehran said it was suspending its commitments under the interim peace deal.
Iran-US - Iran’s condemned a US strike on the under-construction Darkhovin nuclear power plant as a violation of international law. Deputy Foreign Minister Gharibabadi warned that the US must bear full responsibility for any resulting escalation. Iran launched missiles from Lorestan province, with explosions reported at US bases in Kuwait and Bahrain and in Ras Al-Khaimah in the UAE. The IRGC claimed to have destroyed 20 warehouses at the Azraq base in Jordan. The IRGC also reported that two oil tankers were blown up after attempting to transit the southern Hormuz route, warning that vessels following US-directed routes would face further “accidents.”

TECH

US-China - Trump administration is showing signs it could ban cutting-edge Chinese AI models, Axios reports. Administration could restrict US access to Chinese open-source AI models through procurement rules, Entity List threats, security advisories and liability requirements. Supporters cite security risks; critics warn restrictions could favour OpenAI and Anthropic, reduce competition and deter US companies from using cheaper Chinese models such as Kimi
Samsung Electronics, SK Hynix (SKHY), Micron (MU) - Samsung, SK Hynix and Micron have halted or scaled back in-house CXL controller commercialisation, shifting to fabless suppliers including Montage, Astera Labs and Primemas, according to industry sources cited by ZDnet. The companies aim to avoid cannibalising conventional DRAM demand; SK Hynix is reallocating staff to PIM, while Samsung retains controllers mainly for research.
Samsung Electronics - Samsung is cutting US consumer-electronics jobs as it relocates Samsung Electronics America’s headquarters from New Jersey to Texas, according to Reuters. The move affects 739 New Jersey roles, mostly with relocation offers, while about 100 Texas employees were reportedly dismissed. Samsung denied a broad global restructuring.
Apple (AAPL) - Apple is piloting a system in Apple Stores called Live Notes that lets Genius Bar staff make transcripts and summaries of conversations with customers, Bloomberg reports.
IBM (IBM) - Cautious mention in WSJ, which wrote that IBM’s profit warning showed AI is threatening its software business and weakening demand for legacy products, and argued that shifting corporate spending priorities are creating uncertainty over IBM’s position in three to five years’ time.
AMD (AMD) - AMD will unveil EPYC Venice processors and Instinct MI450, MI455 and MI550 accelerators, using TSMC’s 2nm process and advanced packaging to challenge Intel and Nvidia, according to supply-chain sources cited by CTEE News. Venice targets server CPUs, while MI450/455 compete with Nvidia (NVDA) Rubin and MI550 is positioned against Rubin Ultra through higher compute density and rack-level scalability.
Moonshot - Bloomberg writes that Moonshot AI’s Kimi K3 release helped drive semiconductor stocks lower on fears AI may need less computing power, but the model still requires substantial memory, potentially supporting demand for SK Hynix (SKHY), Taiwan Semiconductor Manufacturing Co. (TSM) and Nvidia (NVDA).
Chinese Solar Stocks - Chinese solar and battery shares rose overnight after Beijing introduced a consumption tax on solar cells and lithium batteries. Investors expect the measure to accelerate industry consolidation, particularly in the oversupplied solar sector, according to Bloomberg.
Lumentum (LITE), Penguin Solutions (PENG), Allegro MicroSystems (ALGM) - Barclays adjusted ratings in the semiconductor and capital equipment space as part of a Q2 earnings preview. Barclays sees "opportunity to re-engage selectively" in compute, interconnect and analog. The bank notes that Lumentum underperformed peers by 40% in the last three months and has seen multiple compressions on the thesis that scale-up co-packaged optics is somehow pushed out. Barclays believes the company's underlying fundamentals remain strong and likes the stock's risk/reward on the recent pullback. Meanwhile, Barclays says that Auto remains the largest piece of Allegro's business, and Street estimates could be too high. As such, Barclays thinks there are other opportunities at more attractive valuations. On PENG, Barclays says that Memory is becoming a larger part of Penguin 's business as it benefits from higher pricing; it believes the company's gross margins remain under pressure and does not see this dynamic changing in the near future.
HubSpot (HUBS) - Downgraded at Wells Fargo to 'Equal Weight' from 'Overweight' with a USD 225 PT (prev. 300). The company is undergoing several strategic initiatives, including changes in AI pricing and product reorientation for AI that "all point to a broader AI pivot." While they are the right long-term moves, they introduce uncertainty for investors who would like to improve results in the near-term, Wells said. The firm wants to see an easier setup for the shares and more AI progress from HubSpot before again recommending the shares.

FINANCIALS

Nebius Group (NBIS) - Upgraded at Freedom Capital to 'Buy' from 'Hold' with a USD 200 PT (prev. 159). With the stock having fallen 43% from its peak and now trading 30% below the Street's consensus price target, the firm says "perhaps there's enough risk squeezed out of this name to finally recommend buying it because our long-term bullish view of the company hasn't changed."

Private Credit, Deutsche Bank (DBK GY) - Deutsche Bank is preparing to sell about USD 3bln of debt for Baker Tilly Advisory Group to refinance private credit loans, Bloomberg reports. Investor meetings are planned this week. The refinancing would cover debt supporting Baker Tilly’s merger with Moss Adams and other existing borrowings.

Blackstone (BX) - Blackstone agreed to make a significant investment in Futronic, a South Korean supplier of high-precision actuators for industrial robotics and automotive applications.
KKR & Co. (KKR) - KKR and AEW Capital Management are seeking to sell Chinese commercial property assets at steep losses amid the prolonged market downturn, according to Bloomberg. KKR plans to dispose of nine projects, including a suburban Beijing apartment complex and a hotel on Shanghai’s Bund.
IREN (IREN) - Signed USD 2.8bln new contracts and raises its end-FY26 AI Cloud ARR target to over USD 4bln (prev. guided USD 3.7bln).
Hut 8 (HUT) - Signed a second 15-year lease at its Beacon Point data center campus worth USD 9.8bln, covering 352 MW of IT capacity. The existing tenant doubled its contracted capacity to 704 MW, fully commercialising the campus's 1 GW of available utility capacity.
Partners Group (PGPHF) - Partners Group raised over USD 15bln for a new direct infrastructure vehicle, 50% larger than its predecessor, Bloomberg reports. Partners targets 20-25 investments by end-2027 or early 2028, despite redemption pressure and a roughly 30% YTD share decline.

CONSUMER DISCRETIONARY

Domino's Pizza (DPZ) Q2 (USD): EPS 4.07 (exp. 4.16), Revenue 1.19bln (exp. 1.18bln), notes broader US QSR industry continued to face pressure on consumer demand. US SSS +0.1% Y/Y (exp. +0.1%), International SSS -0.1% (exp. +0.5%).
eBay (EBAY), GameStop (GME) - GameStop disclosed a 9.8% stake in eBay (43.4mln shares), significantly increasing its ownership after its unsolicited ~USD 56bln acquisition proposal was rejected earlier this year.
Alibaba (BABA) - Said Qwen 3.8 is getting better by the day; latest version is now live, with broad gains and a big step up on web front end.
Tesla (TSLA) - Tesla is increasing production at its Gruenheide factory in Germany and plans to expand into new markets, according to Bloomberg. Tesla Manufacturing Brandenburg expects significantly higher 2026 production than in 2025, alongside increased capacity utilisation, reflecting stronger anticipated demand.
Ford (F) - Ford Canada and Unifor ratified a three-year agreement covering more than 5K employees. Ford plans CAD 1.25bln of Canadian manufacturing investment, including CAD 700mln for engine production at Essex and CAD 550mln for the Oakville Assembly Complex.
Urban Outfitters (URBN) - Upgraded at Goldman Sachs to 'Buy' from 'Neutral' with a USD 93 PT (prev. 76). The firm believes Anthropologie brand execution risk is now well appreciated in the shares. Urban's actions to reset the assortment will continue to build into the second half of 2026, driving stronger comps and profits, GS said. Goldman believes Anthropologie's uncertainty is now embedded in expectations, creating share upside.

CONSUMER STAPLES

Beef - New Zealand’s Q2 meat exports rose +36% Y/Y to NZD 3.9bln, with US sales up 60% to NZD 1.36bln, according to Statistics New Zealand. Demand was supported by the smallest US cattle herd in 75 years and concerns over New World screwworm, while total quarterly exports increased +15% Y/Y to NZD 25bln.
Soybean, Corn - Soybean and corn futures extended gains as higher crude prices increased biofuel appeal amid escalating US-Iran hostilities. Chicago soybeans rose as much as 0.9%. Elsewhere, China bought 340K tonnes of US soybeans for delivery in 2026-2027.
J. M. Smucker (SJM) - J.M. Smucker raised its quarterly dividend to USD 1.12/shr (prev. 1.10/shr).
Lettuce Recalls - The FDA said it withdrew an earlier positive test linking Taylor Farms lettuce to the cyclospora outbreak, though the supplier still remains under investigation. The false positive does not change the current recall but may prevent it from expanding. The CDC said the cyclospora outbreak linked to shredded iceberg lettuce served at Taco Bell (YUM) restaurants in five states has resulted in around 100 hospitalisations and no deaths.
Costco (COST) - Costco is opening stand-alone petrol stations near selected warehouses to ease congestion, expand access and support membership value, according to the WSJ. Its first site opened in Southern California, with another planned in Honolulu.
Monster Beverage (MNST) - Downgraded at Deutsche Bank to 'Hold' from 'Buy' with a USD 98 PT (prev. 94). The stock's recent outperformance has left Monster's valuation increasingly dependent on outcomes that exceed Deutsche's "already constructive expectations". The firm remains "highly positive on the business," citing valuation for the downgrade.

INDUSTRIALS

SpaceX (SPCX) - Targeting July 23rd for the next Starship launch after modifying the vehicle's propulsion system to address the engine issue encountered on the previous flight.
Boeing (BA) - The FAA said it will allow Boeing to resume issuing airworthiness certificates for all 737 MAX and 787 aircraft from 20th July, following safety and production-quality reviews. The regulator will continue inspections, audits and monitoring of Boeing’s production system.
Boeing (BA) - Bloomberg reports that Boeing has warned that its supply chain remains volatile as it increases aircraft output, with 787 seats and GE Aerospace (GE) engines creating bottlenecks; it aims to raise 737 production from about 42 to 63 jets monthly, and expects 777X deliveries in 2027. Elsewhere, Reuters reports that Boeing remains on track to deliver two new Air Force One aircraft in 2028, but expects additional programme costs as it completes wiring, structural work and certifications. Riyadh Air has committed to purchasing 28 Boeing 787 Dreamliners, Philippine Airlines announced it has committed to order up to 20 787 Dreamliner jets, and SMBC Aviation Capital announced the order of 100 737 MAX airplanes, including 60 737-10 and 40 737-8 jets.
Boeing (BA) - In its 20-year outlook report, Boeing maintained its 20-year forecast for 43,625 aircraft deliveries in 2026-2045, including 33,545 single-aisle jets. It expects a near-2K aircraft undersupply entering 2026, passenger traffic growth recovering by 2028, and China accounting for 21% of deliveries.
AerCap Holdings (AER), Boeing (BA) - AerCap is in talks to buy up to 15 Boeing 787 Dreamliners, Bloomberg reports. The potential deal is not final and could change or fall apart, the report adds.
Archer Aviation (ACHR), Anduril - Anduril and Archer Aviation unveiled Thunder, an autonomous VTOL aircraft platform developed for defense and commercial applications. The defence variant is a Group 5 autonomous attack rotorcraft designed to support crewed aircraft operations, with the companies highlighting its speed, range, payload capacity, and lower operating costs. The companies said Thunder’s first flight is planned for 2027, with Archer expected to announce its first commercial partners later this week.
Honeywell (HON) - Honeywell CEO Vimal Kapur said the company was already advanced in plans to reshape the business before Elliott Investment Management took a stake and pressed for a breakup in late 2024, Bloomberg reports. Kapur said Elliott’s expectations were clear and aligned with work already underway.
Global Payments (GPN) - Upgraded at Morgan Stanley to 'Overweight' from 'Equal Weight' with a USD 100 PT (prev. 65). The firm cites its "constructive" channel checks on Genuis and Worldpay for the upgrade. The setup for the stock "has become increasingly asymmetric to the upside". Morgan Stanley says its checks on both Genius and Worldpay are turning more constructive among their small business and enterprise customers, suggesting an improved competitive positioning. Investors seem ready to "re-engage with a stock where the bar is low, and a potentially broadening market could bring deep-value processors back".
General Electric (GE) - Achieved first hybrid-electric flight above 30k feet with NASA, BETA Technologies and Boeing.
Lockheed Martin (LMT) - Unveiled the PAC-3 Adapted Capability Effector, a lower-cost Patriot interceptor designed to counter drones and missiles. The company said the missile will cost less than half the price of the current PAC-3 MSE interceptor (~USD 4mln per missile), with initial production targeted within 36 months in partnership with US and European industry.
Prysmian (PRYMY) - Prysmian signed a 10-year optical-cable supply agreement with Molex worth up to EUR 5.5bln, including a EUR 550mln upfront payment. It added that broader hyperscaler and data-centre agreements could generate over EUR 10bln cumulatively by 2035 and up to EUR 1.1bln annually from 2031, while more than doubling US fibre capacity.
Ryanair (RYAAY) - Ryanair’s Q1 profit after tax -34% to EUR 538mln (exp. 624mln); higher oil prices and weaker demand linked to the Middle East conflict forced fare cuts in the quarter. Ryanair also withheld FY profit guidance and said H2 visibility remains limited.

HEALTHCARE

Hims & Hers Health (HIMS) - Hims & Hers chief accounting officer Irene Becklund will leave on 9th October after more than seven years. She will remain an adviser for several months during the transition. CFO Yemi Okupe will assume CAO duties temporarily while the company searches for a permanent successor.
GSK (GSK) - Europe’s EMA has accepted GSK’s submission to update Bexsero label for 1-dose Meningitis B booster in 10+ year olds.
Tempus AI (TEM) - Agreed to acquire Personalis in a deal valuing the company at ~USD 1.5bln enterprise value. Personalis (PSNL) shareholders will receive USD 16.25/shr in a 100% stock transaction, with Tempus acquiring the shares it does not already own. Closing is expected in late 2026 or early 2027, subject to approvals.
Avalo Therapeutics (AVTX) - Filed to sell 128,189 shares of common stock for holders.
Bristol Myers (BMY) - To build the most powerful AI factory in life sciences with Nvidia.
PolyPeptide Group (PPGN SW), Samsung Biologics (207940 KS) - Samsung Biologics agreed to acquire PolyPeptide Group in an all-cash deal valuing its equity at CHF 1.46bln. The offer of CHF 44.31/shr represents a 6.1% premium to Friday’s close.

COMMUNICATIONS

Netflix (NFLX) - Upgraded at Phillip Securities to Netflix to 'Buy' from 'Accumulate'. The firm cites valuation for the upgrade following the stock's recent selloff. Netflix has "healthy" membership trends, "resilient" pricing power, expanding advertising monetisation, and "industry-leading" profitability. Phillip sees no signs of slowing engagement. It believes the company's earnings growth will reaccelerate as advertising monetisation continues to scale, creating an attractive entry point for long-term investors.
AMC Entertainment (AMC) Q2 2026 (USD): Non-GAAP EPS 0.14 (exp. -0.02), Revenue 1.60bln (exp. 1.5bln).
Trump Media (DJT) - Trump Media and Technology Group said all claims involving the company, Patrick Orlando and ARC Global Investments II were mutually resolved under a confidential settlement agreement.

ENERGY

China LNG - China’s LNG imports rose 8.3% Y/Y to 5.68mln tonnes in June, a second monthly increase, customs data showed. Buyers increased purchases ahead of summer demand and to rebuild inventories after Strait of Hormuz disruptions lifted prices and reduced shipments. April inflows were the lowest in eight years.
European Diesel - Morgan Stanley says Europe’s diesel market is tightening amid multiple supply challenges, with regional refining margins at records and inventories declining. The bank expects European diesel stockpiles to fall to multi-year lows by year-end.
Ecopetrol (EC) - Ecopetrol identified unauthorised access to cloud-based file storage at about 15 subsidiaries, affecting data linked to roughly 3.3K user accounts. A ransomware attempt was blocked, but the unidentified external actor downloaded information and issued extortion demands threatening public disclosure.

REAL ESTATE

Prologis (PLD) - Segro (SGRO LN) confirmed they have rejected Prologis' third proposal at GBP 9.93/shr. The Observer on the weekend reported that Segro CEO sees Prologis’ 925p/shr all-share takeover as undervaluing the company. Prologis must raise its bid by 5pm on 22nd July or withdraw for six months. Meanwhile, Prologis will explore a secondary listing on the London Stock Exchange.
LXP Industrial Trust (LXP) - Brookfield to acquire LXP Industrial Trust for USD 5.2bln all-cash.

MATERIALS

China Copper - China’s imported copper premium over local supplies rose to USD 100/tonne, its highest in more than a year, according to Shanghai Metals Market. The gauge increased from USD 20/tonne in late January as tax changes tightened scrap supply and boosted import demand.
USA Rare Earth (USAR) - Announced that CEO Barbara Humpton will retire on October 1, with Serra Verde CEO Thras Moraitis set to succeed her following the expected completion of the companies' merger by the end of August. Chairman Michael Blitzer has also been named executive chairman, effective immediately.

TRADE

China-US - China’s H1 rare-earth magnet exports to the US were about 20% below the 2022-2024 average despite last year’s trade truce, Bloomberg notes. The data highlight US concerns over Beijing’s compliance after China tightened supplies in response to President Trump’s tariff measures.

MACRO

Equity Hedges - Bloomberg reports demand for equity hedges is rising as momentum trades weaken, AI-related positions unwind and earnings expectations face scrutiny. The Nations SkewDex reached its highest since April, while technology shares showed sharper swings despite strong results from ASML (ASML) and TSMC (TSM).
China Quants - China CSRC Chief Wu Qing has urged regulating the development of quant trading. Wu has met with firms and is seeking ideas for market growth, while he also vowed to safeguard stable stock market operations.
China LPRs - the PBoC kept its one-year and five-year LPRs at record lows of 3.0% and 3.5% for a 14th month. The decision reflected caution over Middle East tensions, weaker Q2 growth, persistent property weakness and rising energy-driven price pressures.