Daily US Equity Opening News - NVDA & HXSCL multiyear memory partnership; MRVL & FLEX to join SPX; MRVL sees data centre revenue rising; States prepare suit on PSKY’s WBD deal; SPCX IPO demand hits USD 150bln

DAY AHEAD:

• EVENTS: Apple WWDC 2026 (8-12th June).
• DATA: In North America, the US NY Fed Survey of Consumer Expectations for June due, ahead of CPI and PPI date later this week.
• CENTRAL BANKS: The Fed is on blackout ahead of its 16-17th June confab.
• OPTION EXPIRIES: Bund, Bobl, Schatz, OAT and BTP June 2026 futures expiry.
• EARNINGS: Notable companies reporting today include: Campbell’s (CPB).
• WEEK AHEAD: Highlights include US CPI, PPI, China inflation; Apple WWDC; policy announcements from the BoC and ECB; UK GDP. Notable corporate earnings due this week include: Oracle (ORCL), Adobe (ADBE), Casey’s (CASY), J.M. Smucker (SJM), Lennar (LEN).
• Click here for Newsquawk’s Week Ahead preview 
• Click here for Newsquawk’s Weekly US Earnings Estimates 

NEWS:

GEOPOLITICS:

• Iran-Israel - Israel carried out air strikes on western and central Iran following Iranian missile attacks on northern Israel, the first exchange of strikes on each other’s territory since the ceasefire took effect two months ago. Iran described its attacks as the beginning of a full week of continuous strikes, triggered by Israeli air strikes on Hezbollah targets in Beirut’s southern suburbs. US President Trump had urged Israel not to retaliate.
• Iran-US - President Trump said he had been due to announce a deal with Iran this week, and called on Tehran to cease missile fire and return to talks, saying he was unhappy that Israel struck Beirut without US coordination and that he would call PM Netanyahu to urge restraint. Trump added that Netanyahu would have no choice but to accept whatever deal the US negotiates, and said he would consider a commando raid on Iran if talks failed. The US separately told Israel to hold off for several days to allow space for a deal, with a joint action plan agreed if negotiations collapse; Netanyahu initially objected but ultimately accepted Trump’s request, Israel’s Channel 12 reported. The US also struck Iranian coastal surveillance sites on Saturday after shooting down drones launched towards the Strait of Hormuz, with Iran having fired missiles and drones at Kuwait, Bahrain, and four commercial ships in the strait.

MACRO:

• Fed - Goldman Sachs no longer expects the Fed to cut rates in 2026, pushing its forecast for the final two cuts to June and December 2027, following stronger-than-expected May jobs data. Goldman raised the probability of modest rate hikes to 20% (from 10%), though its baseline remains that hikes are unlikely as inflation appears unlikely to become self-sustaining. The bank revised its 2026 US unemployment forecast down to 4.4% (from 4.6%), and assigned only a 30% probability to its baseline of two 25bps cuts in 2027.
• Japan Growth - Japan’s Q1 GDP growth was revised down to an annualised 1.8% (vs an initial reading of 2.1%), with business investment downgraded to -0.7% Q/Q (from 0.3%); private consumption rose 0.3%, and net exports added to growth, keeping the overall picture resilient. The revision is not expected to deter the BoJ from raising rates at its 15-16th June meeting, analysts say, with BoJ Governor Ueda having signalled greater concern about inflation than economic activity.
• UK Fiscal - The UK government plans to cut GBP 6bln in capital investment for schools, hospitals, and other projects over four years to help fund a GBP 15bln increase in defence spending, Bloomberg reports. All departments face at least a 1% capital budget reduction, with some facing deeper cuts. The MoD accepted a smaller package than the GBP 18bln it had sought. The Defence Investment Plan, originally due in autumn 2025, is to be published before the NATO summit on 7–8th July.

INDEX:

• S&P 500 (SPX) - S&P Dow Jones Indices said Marvell Technology (MRVL) and Flex (FLEX) will join the S&P 500 before trading opens on 22nd June, coinciding with the quarterly rebalance; Campbell’s Company (CPB) and Pool Corp (POOL) will be deleted.

TECH:

• Nvidia (NVDA), SK Hynix (HXSCL) - Nvidia and SK Hynix announced a multiyear technology partnership covering next-generation memory for Nvidia AI servers, PCs and robotics, Digitimes reports. The deal spans Vera Rubin, Vera CPUs, RTX Spark PCs and Jetson Thor, while extending into semiconductor design, AI factory infrastructure, digital manufacturing, SK Telecom collaboration and autonomous manufacturing tools. Following the announcement, Nvidia CEO Jensen Huang described SK Hynix as Nvidia’s largest memory partner, said the companies had made a significant long-term partnership, and added that no country is better prepared for robotics than Korea; he added that AI-related stocks are currently very cheap, and recent stock volatility is a chance for investors to accumulate.
• Marvell (MRVL) - Marvell said AI data-centre growth is accelerating, with data-centre revenue expected to rise 50% in 2026 and 55% in 2027, while custom chip revenue targets USD 10bln after reaching USD 1.5bln in 2025, Digitimes reports. COO said Marvell’s ASIC strength is high-speed I/O, with optical adoption set to grow as copper limits emerge.
• OpenAI - OpenAI and the Trump administration are discussing a possible US government stake in the AI company, with OpenAI potentially donating equity to seed a Public Wealth Fund, CNBC reports. No terms have been decided. President Trump said the public could become a partner.
• Semiconductor Supply Chains - Japan’s Toto will fully resume new orders for prefabricated bathrooms from Tuesday, lifting restrictions imposed in mid-April when the Iran war disrupted its supply of naphtha-derived materials, Bloomberg reports. The company cited an improved raw materials outlook and completed upgrades to its ordering system, and has no immediate plans to raise prices.

COMMUNICATIONS:

• Netflix (NFLX) - Netflix appointed Jay Hoag as Chairman, effective after its AGM, according to a filing. Hoag has served as lead independent director since 2012, and chairs the Nominating and Governance Committee. Netflix said it will no longer need a separate lead independent director because Hoag is independent.
• Paramount Skydance (PSKY), Warner Bros. Discovery (WBD) - California, New York and other US states are preparing a lawsuit to block Paramount Skydance’s USD 110bln acquisition of Warner Bros, with the filing expected in the coming weeks, Reuters reports. Paramount has agreed to pay shareholders approximately USD 6.9mln per day from October if the deal remains unclosed, and the DoJ is expected to reach its own decision on the merger soon. Separately, Paramount is open to divesting children’s TV assets to help secure EU approval for its Warner Bros. bid, sources cited by Bloomberg said. The EU is examining kids-channel overlaps, theatrical-window concerns and Middle East financing, including about USD 24bln from Saudi Arabia’s PIF, Qatar Investment Authority and L’Imad Holding.

FINANCIALS:

• Banca Monte dei Paschi (BMPSY), Intesa Sanpaolo (ISNPY) - Intesa Sanpaolo offered to buy Monte dei Paschi for EUR 30.6bln in shares and cash, offering 1.6 Intesa shares plus EUR 1 per Monte Paschi share, Bloomberg reports. Intesa agreed to sell Paschi’s brand and about half its branches to Unipol Assicurazioni. The bid follows Banco BPM’s rival merger proposal.
• JPMorgan (JPM), Nomura (NMR) - JPMorgan is hiring Nomura’s head of AI strategy, Singapore-based Tahir Zafar, who is expected to join around July, Bloomberg reports.
• Carlyle (CG) - Carlyle agreed to acquire South Korean home appliance rental platform Chung Ho Group for USD 700mln. The deal is expected to close in Q3 2026.

CONSUMER:

• Carlsberg A/S (CABGY) - Carlsberg is preparing to file draft papers for an IPO of its India unit as early as this month, potentially raising up to USD 700mln, sources cited by Bloomberg said. The secondary share sale could occur later this year.
• Mexico EVs - Mexican President Sheinbaum unveiled the Olinia Uno, a six-seat government-backed EV prototype designed for urban short trips, at a ceremony near Mexico City. The passenger vehicle is expected to sell for approximately MXN 150,000, with sales targeted for summer 2027. A cargo model prototype is due in July. Sheinbaum noted that Mexico plans to install 2-3k charging stations across Mexico City, and two adjoining states by end of next year.
• Tate & Lyle (TATYY) - Ingredion (INGR) agreed to acquire Tate & Lyle for GBP 2.7bln (or 615p/shr), representing a nearly 60% premium to the pre-announcement share price.

INDUSTRIALS:

• SpaceX (SPCX) - SpaceX’s IPO has drawn approximately USD 150bln in investor demand, roughly double the USD 75bln it seeks to raise, Reuters reports. The offering remains in early marketing stages and investor demand figures reflect indications of interest rather than final allocations, with pricing expected this week.
• Airbus (EADSY) - Airbus SE has notified some customers of delays of a few months for A320neo-series jets due in 2027 and 2028, with A321neo aircraft most affected, according to Bloomberg citing sources. Supply-chain issues, including challenges with Pratt & Whitney, continue to pressure output as Boeing (BA) improves production amid strong demand, the report adds.
• Boeing (BA) - Boeing Global Services CEO said it can provide aftermarket parts support to China for its 200-jet order, provided parts are globally exportable, noting Boeing has a warehouse in the country. The 200-jet deal is expected to be finalised later this year, and is described by Boeing CEO Ortberg as an initial tranche of a potentially larger agreement.
• Rolls-Royce (RYCEY), United Airlines (UAL) - United Airlines CEO Kirby criticised Rolls-Royce at the IATA AGM, accusing the company of failing to honour contractual obligations, and showing a lack of support, Bloomberg reports. UAL had previously ordered 45 Airbus (EADSY) A350 jets before dropping the accord over the dispute; Kirby said Rolls-Royce wins orders due to its monopoly position as sole engine supplier on the A350-1000. Rolls-Royce said it met all contractual obligations. Separately, Kirby noted United has cut 5% of flights and raised ticket prices by 20% in response to higher jet fuel costs.
• United Airlines (UAL) - United Airlines CEO Scott Kirby told Reuters that major consolidation is unlikely following American Airlines’ (AAL) rejection of a merger approach, though United remains open to acquiring airport slots, gates, or other assets if higher fuel prices pressure weaker rivals.
• Southwest Airlines (LUV), Boeing (BA) - Southwest expects Boeing’s 737 MAX 7 to enter revenue service in 2027, following FAA certification and approximately six months of internal preparation, Reuters reports. Chief Operating Officer Watterson said Southwest remains committed to the MAX family rather than adding a second fleet type such as the Airbus (EADSY) A220.
• GE Aerospace (GE) - CEO Culp expressed optimism about securing additional aircraft-engine orders from China following last month’s Trump-Xi meeting in Beijing, describing a Chinese proposal to purchase 200 Boeing (BA) jets as an important first step. Culp said President Xi’s planned US visit in September could yield further orders.
• EasyJet (ESYJY), Air France-KLM (AFLYY) - Air France-KLM CEO Ben Smith signalled openness to a possible role in a bid for EasyJet, saying he would take a call from suitor Castlelake should the firm come with a proposition, while noting Air France-KLM is not currently involved. Castlelake, which has until the end of the month to declare its intentions, would require a European partner given regulatory restrictions on US majority ownership of European airlines.
• Honeywell (HON) - Honeywell approved 15th June as the record date for the pro rata distribution of Honeywell Aerospace shares, ahead of the expected spin-off. Eligible Honeywell shareholders are expected to receive one Honeywell Aerospace share for every two Honeywell shares, with distribution expected at 12:01am New York time on 29th June. Honeywell will proceed with a 1-for-2 reverse stock split and proportionate authorised share reduction, effective 12:02am New York time on 29th June, subject to completing the Aerospace spin-off.
• Finnair (FNNNF), SpaceX (SPCX), Amazon (AMZN) - Finnair is in talks with SpaceX’s Starlink and Amazon’s Leo for inflight Wi-Fi, CEO said. The airline expects to form a Wi-Fi plan this year.

ENERGY:

• OPEC - OPEC+ agreed at a virtual meeting on Sunday to raise July production targets by 188k BPD, its fourth consecutive monthly increase, though the continued closure of the Strait of Hormuz will limit the measure’s real-world impact, analysts say. Rystad Energy described the move as “more of a policy signal than a real supply boost,” noting the market is short of physical barrels rather than quota announcements. Only Saudi Arabia holds meaningful spare capacity, while Russia is producing well below its quota, widening the gap between OPEC+ paper capacity and deliverable supply.
• Saudi OSPs - Saudi Aramco cut its Arab Light official selling price for Asian buyers in July by USD 6/bbl, to a premium of USD 9.50 above regional benchmarks (larger than the USD 5 reduction expected). Prices for European and Mediterranean customers were cut by USD 10/bbl, and North American prices by USD 2/bbl.
• China LNG - China’s LNG imports are rising sharply, with its 30-day moving average for deliveries reaching 178,000 tons per day, the highest since before the Middle East war began, as state buyers including Cnooc and private firms such as Guangdong Jovo Energy step up purchases to replace lost Qatari supply, Bloomberg reports.
• Australia LNG - Workers at Inpex’s Ichthys LNG plant in Australia plan to widen strikes to eight hours a day, and add work bans from Thursday after pay and conditions talks stalled, the Offshore Alliance said. Ichthys accounts for about 2% of global LNG output, with capacity of around 9.3mln tons a year, mainly for Japan, Bloomberg notes.
• China-Iran - Iranian Light crude for July delivery is being offered to Chinese buyers at a discount of over USD 1/bbl vs ICE Brent, down from a premium last month, as independent Chinese refiners cut operating rates amid deteriorating margins, Bloomberg reports. Flows of Iranian crude to China fell to 1.1mln BPD in May, the lowest since January 2025, Kpler data has showed, with around 56mln bbls idling on vessels globally.
• Sable Offshore (SOC) - Energy Secretary Chris Wright said the Trump administration is in active talks on creating a California petroleum reserve, using Sable-related facilities and pipelines to serve military sites, refineries and ports, Politico reports. Sable Offshore proposed a West Coast Strategic Petroleum Reserve to the Energy Department, linked to discussions on supplying oil and gas to California, a move that could boost state oil infrastructure and challenge Gavin Newsom’s fossil-fuel agenda.

MATERIALS:

• Coal Futures - Australian Newcastle coal futures for June rose to the highest front-month level since August 2024, as Indonesia’s new export control system caused shipment delays from the world’s top coal exporter, tightening supply ahead of summer demand, Bloomberg notes. Japan has also expanded coal consumption to reduce reliance on LNG following the Strait of Hormuz closure.
• China Coking Coal - Dalian coking coal futures hit their highest level since October 2024 overnight, with prices up around 14% so far this month, following a fatal blast at the Liushenyu mine in Shanxi last month. Around 60mln tons of annual production capacity remains halted, with resuming mines operating at 20-30% below pre-accident levels, according to Horizon Insights.

HEALTHCARE:

• Novo Nordisk (NVO) - Novo Nordisk will present post hoc analyses from SELECT, STEP, ESSENCE and OASIS trials at ADA 2026, highlighting semaglutide’s impact across weight-related conditions. Novo Nordisk announced real-world evidence in adults with type 2 diabetes treated with once-weekly semaglutide 1mg, comparing escalation to semaglutide 2mg with switching to tirzepatide. At one year, both groups had similar HbA1c outcomes below 7%, while semaglutide 2mg showed a statistically higher event rate for achieving weight loss of at least 5%. Elsewhere, Novo Nordisk said Phase 3 Reimagine 1-3 trials of CagriSema in adults with T2D each met their primary HbA1c reduction endpoint and confirmatory secondary bodyweight reduction endpoints. Results were presented at ADA 2026, with Reimagine 1 and 2 published in The Lancet Diabetes & Endocrinology and Reimagine 3 in The Lancet.
• Eli Lilly (LLY) - Eli Lilly reported positive Phase 3 retatrutide results showing substantial weight loss and meaningful improvements in knee osteoarthritis pain, moderate-to-severe obstructive sleep apnoea and type 2 diabetes; TRIUMPH-1 and TRANSCEND-T2D-1 findings were presented at ADA 2026, with TRANSCEND-T2D-1 results simultaneously published in The Lancet. Separately, Eli Lilly said post-hoc analyses from ATTAIN-1 and ATTAIN-2 showed women with obesity or overweight taking the highest dose of Foundayo had significant weight loss at every menopause stage; the analyses included more than 1,500 female participants.
• Abbott (ABT) - Abbott announced ADA 2026 data showing diabetic ketoacidosis remains an important and often undetected concern for people with Type 1 and Type 2 diabetes. Multiple Abbott studies found sharp increases in DKA-related hospitalisations across all age groups nationwide, with the company highlighting earlier risk recognition to reduce avoidable hospitalisations.
• Zealand Pharma (ZEAL) - Zealand Pharma presented additional Phase 2 ZUPREME-1 data for once-weekly petrelintide at ADA 2026. Petrelintide reduced body weight by up to 10.7% at Week 42 versus 1.7% for placebo, was generally well tolerated, had low GI discontinuation, and improved cardiometabolic risk factors including waist circumference, hs-CRP and triglycerides. Separately, Zealand Pharma said Boehringer Ingelheim reported positive Phase III Synchronize-1 and Synchronize-MASLD results for survodutide, showing up to 16.6% weight loss, 34% visceral fat reduction and 63.1% liver fat reduction; synchronize-MASLD met both primary endpoints, with liver fat normalisation in six out of 10 treated participants after 48 weeks.
• Structure Therapeutics (GPCR) - Structure Therapeutics said Nature Medicine published Phase 2b ACCESS trial results for aleniglipron in obesity or overweight with a weight-related co-morbidity. Data showed efficacy across three maintenance doses, durable weight loss beyond 36 weeks without apparent plateau, and improved tolerability from a 2.5mg starting dose, supporting a Phase 3 programme expected in Q3 2026.
• Pfizer (PFE) - Pfizer presented Phase 2b VESPER-1, 2 and 3 data for berobenatide, an investigational monthly GLP-1 receptor agonist peptide, at the American Diabetes Association meeting. The studies support Phase 3 dose selection, show competitive weight loss across weekly and monthly dosing, and indicate favourable tolerability with low gastrointestinal adverse events and discontinuations. Separately, Hangzhou Sciwind Biosciences is in advanced discussions to expand its obesity drug ecnoglutide into Western and emerging markets outside China, where Pfizer holds exclusive rights for up to USD 495mln; mid-stage trial data showed ecnoglutide produced average weight loss of 12.8% vs 9.5% for semaglutide. Sciwind is targeting more than 10% of a Chinese market segment it estimates at over CNY 100bln, and is considering future head-to-head trials against Eli Lilly’s (LLY) Zepbound, Bloomberg said.
• Roche (RHHBY) - Roche announced a global collaboration with Nurix Therapeutics to co-develop and co-commercialise potential best-in-class BTK degrader bexobrutideg across malignant haematology, immunology and neurology. Roche is to licence Nurix’s bexobrutideg for up to USD 2.3bln, while Nurix to receive USD 700mln upfront.
• Amgen (AMGN) - Amgen presented ADA 2026 data on cardiometabolic conditions, including Phase 3 VESALIUS-CV subgroup results for Repatha in 6,002 high-risk diabetes patients with elevated LDL-C and no prior heart attack or stroke. Added to statins or other LDL-C therapies, Repatha reduced the primary composite endpoint by 29% versus placebo.
• Insulet (PODD) - Insulet announced clinical results for tubeless Automated Insulin Delivery systems, highlighting Omnipod 6 and a fully closed-loop system for type 2 diabetes. Omnipod 6 delivered up to 50% more automated insulin in STRIVE results, while EVOLUTION 3 data supported progress towards a closed-loop type 2 diabetes system designed to simplify mealtime insulin management.
• DexCom (DCXM) - DexCom said CONNECT trial results showed Dexcom G7 significantly reduced A1C and improved glucose control in people with Type 2 diabetes not using insulin versus routine care. Dexcom G7 users saw an average 1.6% A1C reduction, five more daily hours in target glucose range, higher treatment satisfaction and reduced diabetes distress.