Daily US Equity Opening News - NVDA buys Kumo AI; AVGO falls after sales miss; CRWD guidance disappoints; ADSK-AWS collab; META delays Muse Spark API, mulls USD 200/month Hatch subscription; MANU owners mull stake sale; PVH falls on EMEA outlook

DAY AHEAD:

EVENTS: President Trump will receive an intelligence briefing at 16:00BST/11:00EDT. Trump will make an announcement on 'beautiful coal' at 20:00BST/15:00EDT; Secretary of State Rubio will meet with Kuwait’s Foreign Minister at 14:30BST/09:30EDT.
DATA: Eurozone April retail sales are due (exp. 0.3% Y/Y vs prev. 1.2% Y/Y). In North America, US initial jobless claims for the week of 30th May are seen at 213K (prev. 215K), while continuing claims for the 23rd May week are seen at 1,780K (prev. 1,786K); final Q1 nonfarm productivity is seen at 0.8% (from 1.6%), and unit labour costs at 2.3% (prev. 4.6%). Challenger job cuts for May are also due today (prev. 83.387K). Revelio Public Labour Statistics will also be published. Chicago Fed will release its final May Labour Market Indicators, where the flash is tracking the jobless rate at 4.32% (vs April’s final 4.34%).
CENTRAL BANKS: Fed’s Bowman (voter) delivers testimony on oversight of prudential regulators; Fed’s Barkin (2027 voter) takes part in a fireside chat; Fed’s Daly (2027 voter) is also due to make remarks today. ECB’s Lagarde (text expected). BoE Governor Bailey speaks at the Investment Association Annual Conference 2026. Riksbank’s Thedeen speaks on the Riksbank’s threshold for securities purchases.
SUPPLY: France auctions EUR 12-14bln across 2036, 2038, 2042 and 2057 lines. Spain auctions EUR 4.5-5.5bln of 2029, 2031 and 2041 Bonos, and EUR 0.25-0.75bln of 2039 linkers.
ENERGY: EIA natural gas storage change for the week is expected to print a build of 99bcf (prev. 92bcf).
EARNINGS: Notable US companies reporting today include: Ciena (CIEN), Brown-Forman (BF-B), Lululemon (LULU), Cooper Companies (COO), DocuSign (DOCU).

NEWS:

GEOPOLITICS:

US-Iran - President Trump said Iran negotiations are going well and suggested a deal could happen over the weekend, though noted it could take another two to three weeks. WSJ reports that Trump privately told aides he would consider ending the ceasefire with Iran only if US troops are killed, suggesting he may tolerate smaller-scale skirmishes for weeks or months to avoid a broader conflict. Iran’s Fars News Agency, citing a member of Tehran’s negotiating team, said talks remain ongoing with no final decision reached. An Iranian negotiating delegation member outlined a four-stage proposal covering ending the war, tangible measures on the Strait, sanctions and nuclear issues, and the establishment of a supervisory committee.
N.Korea - Kim Jong Un visited a newly inaugurated nuclear materials production factory, where photos appeared to show a uranium enrichment facility, KCNA reports. He said North Korea’s weapons-grade nuclear materials production capacity had more than doubled in five years, and issued guidelines to accelerate qualitative and quantitative strengthening of its nuclear force.

MACRO:

Fedspeak - Fed’s Logan (2026 voter, hawk) said robust growth, strong corporate earnings, accommodative financial conditions and rising inflation could require higher interest rates later this year to return inflation to the Fed’s 2% target; underlying inflation appears to be trending toward the mid-2% range, while AI investment is boosting demand without yet delivering disinflation, she added.
FX Intervention - Bloomberg notes that Asian authorities are increasing FX defence as high energy costs, Fed rate hike bets, a strong USD and capital outflows pressure regional FX; South Korea vowed to curb KRW volatility, Bank Indonesia intensified IDR intervention, Japan said it was ready to respond to JPY moves, and India is considering steps to attract INR inflows.
BoJ - BoJ officials are set to consider raising the policy rate by 25bps to 1% at their 15-16th June meeting, with scope for further increases later in 2026, according to Bloomberg. Market participants are pricing in an 88% chance of a June hike. The central bank is also likely to slow or pause its current pace of bond purchase reductions from April next year, as officials see improving functioning in the JGB market. Some opposition to a hike is expected but not enough to sway the decision, the report adds.
RBA - RBA Governor Bullock said the central bank is already seeing some signs that its rate increases are working through the economy, though inflation remains above the 2-3% target and second-round effects from the Middle East energy shock remain a concern. Money markets price a roughly 50-50 chance of another rate hike in August, and are fully price one by December.
Gilts - UK financial executives urged wider retail gilt ownership, citing GBP 2tln in household deposits, 4-5.5% annual bond returns, and 1.7% average basic savings rates, Bloomberg reports. Retail investors own less than 4% of outstanding gilts, while fewer than 3K individuals join new debt sales, as traditional buyers retreat and the government studies access barriers.
Argentina USD Buying - Argentina’s central bank has surpassed its USD 10bln dollar-purchase target less than halfway through the year, driven by a record crop harvest, an energy boom and a surge in provincial and corporate debt issuance.

INDICES:

FTSE 100 - Aberdeen (ABDN LN), Computacenter (CCC LN) and Investec (INVP LN) are to join the FTSE 100, while Berkeley Group (BKG LN), Mondi (MNDI LN) and Rightmove (RMV LN) to move to the FTSE 250; effective 22nd June.

TECH:

Nvidia (NVDA) - Nvidia acquired enterprise predictive AI software maker Kumo AI for more than USD 400mln, according to The Information. The deal should expand Nvidia’s roster of AI models that can be optimised for its hardware and offered to enterprises for further customisation.
TSMC (TSM) - CEO C.C. Wei said at the company’s annual shareholder meeting that customers remain positive on the AI outlook, and demand for advanced semiconductors continues to grow. Wei signalled interest in raising chip prices, though cautioned against sudden increases, and said it will take a “very long time” to fully satisfy US customer demand from its USD 165bln Arizona manufacturing investment. Employee profit sharing is expected to rise approximately 30% in 2026, continuing a trend of 30% annual increases.
ASML Holding (ASML), TSMC (TSM) - TSMC CEO said the company is not using ASML’s high-NA EUV technology for production due to high costs; it is working to reduce costs and maximise the benefits of high-NA EUV before deploying it in production.
SK Hynix (HXSCL), TSMC (TSM) - SK Group chairman Chey Tae-won met TSMC chairman C.C. Wei in Taiwan for the first time since June 2024, with the two companies mapping out future cooperation in HBM4 base dies, advanced logic processes and custom AI memory, DigiTimes reports.
Broadcom (AVGO) - Shares fell almost 12% in extended trading after weaker software sales and a revenue miss were compounded by disappointment that the company did not raise its full-year AI chip sales forecast. Q2 adj. EPS 2.44 (exp. 2.40), Q2 revenue USD 22.187bln (exp. 22.12bln). Q2 AI semiconductor revenue grew 143% Y/Y to USD 10.8bln, driven by custom AI accelerators and AI networking. Cash from operations USD 10.49bln, free cash flow USD 10.426bln. CEO said AI semiconductor momentum continued into Q3. Sees Q3 revenue USD 29.4bln (exp. 28.3bln), sees Q3 adj. EBITDA approximately 68% of projected revenue, sees Q3 gross margin 74%, sees Q3 software revenue about USD 8.9bln, and sees Q3 semiconductor revenue from AI grow over 200% Y/Y to USD 16.0bln. On call, the company said Q2 AI semiconductor bookings were over USD 30bln, sees FY26 AI chip sales of USD 56bln, and backed its 2027 AI revenue target of more than USD 100bln, while noting it accepts Google (GOOG) will use a variety of chip sources.
CrowdStrike Holdings (CRWD) - CrowdStrike shares fell 11% in extended trading as a narrow beat and AI momentum failed to offset investor disappointment on guidance, that was only roughly in line with expectations after a strong rally. Q1 adj. EPS 1.10 (exp. 1.07), Q1 revenue USD 1.39bln (exp. 1.36bln). The company approved a 4-for-1 stock split. CEO said cybersecurity and frontier AI had collided in a “Mythos moment”, positioning CrowdStrike as AI security infrastructure critical to AI adoption. He cited record Q1 net new ARR, the QuiltWorks coalition and AIDR innovation as signs of an AI inflection point, with platform adoption from existing customers, new-logo wins and increased partner engagement supporting higher FY27 expectations. Sees Q2 adj. EPS between 1.16-1.17 (exp. 1.16), sees Q2 revenue between USD 1.436-1.442bln (exp. 1.43bln). Raised FY27 guidance, sees adj. EPS between 4.88-4.96 (exp. 4.84; prev. saw 4.78-4.90), and revenue between USD 5.914-5.958bln (exp. 5.87bln; prev. saw 5.868-5.928bln).
Autodesk (ADSK), Amazon (AMZN) - Autodesk signed a strategic collaboration agreement with Amazon Web Services to advance cloud-based customer solutions. Autodesk products will be available through AWS Marketplace from Q2 of Autodesk’s FY, starting with Fusion for Product Design and Fusion Manage, while the companies will collaborate on AWS cloud and AI capabilities for design and make workflows.
Cerebras Systems (CBRS) - CEO said the company is working with all AI hardware makers except Nvidia (NVDA), Bloomberg reports.
C3 AI (AI) - Q4 EPS -0.33 (exp. -0.37), Q4 revenue USD 51.6mln (exp. 50.2mln). CEO said C3 AI now has a well-defined strategy, restructured organisation, new executive leadership and a detailed execution plan focused on increasing shareholder value through topline revenue growth, cash generation and adj. profitability. Sees Q1 revenue between USD 50-54mln (exp. 51.7mln), sees FY27 revenue between USD 210-240mln (exp. 224.7mln).
Quantinuum (QNT) - Honeywell (HON)-backed Quantinuum raised USD 1.68bln in an upsized US IPO, selling 28mln shares at USD 60/shr, above its marketed range, valuing it at USD 15.6bln. The quantum computing company drew demand above 20 times available shares and is expected to trade on Nasdaq under QNT.

FINANCIALS:

Software Lending Maturities, Barclays (BCS) - Barclays’ global head of leveraged finance Na Wei warned borrowers to “prepare for war, but hope for peace” regarding an upcoming maturity wall for software companies, Bloomberg reports. Speaking at a conference, panellists agreed direct lenders are becoming more selective, with Wei saying private credit is “bidding to lose” in some cases. Oaktree Capital’s Christina Lee said the best opportunities lie in “very boring middle market companies” from the old-world economy given their limited AI displacement risk, while noting Oaktree has been less aggressive than peers on data centre financing.
ING Group (ING) - ING is reportedly preparing a EUR 200mln bid for Spanish bank Singular.
Commerzbank (CRZBY), UniCredit (UNCRY) - Commerzbank has contacted German regulator BaFin about UniCredit’s recent disclosures on the take-up of its tender offer, Reuters reports.
Lloyds (LYG) - Lloyds affirmed 2026 NII beyond GBP 14.9bln, reflecting a Q1 upgrade from higher rates; QTD lending growth is expected to continue, and the bank expects quarterly sequential NIM increases to continue through 2026.
Partners Group (PGPHF) - Affirmed FY26 gross new client demand of USD 26-32bln, and expects solid net AuM growth in 2026; the Evergreen platform fundraising is expected to exceed outflows in H1, but slow H2 net AuM growth by 1-2%.
W. R. Berkley (WRB) - W. R. Berkley declared a special cash dividend of USD 0.50/shr, increased its regular quarterly cash dividend by 11.1% to USD 0.10/shr, and boosted its share repurchase authorisation back to its previous level of 25mln common shares.

COMMUNICATIONS:

Manchester United (MANU) - Some members of the Glazer family are debating whether to sell their stake in Manchester United after more than 20 years of ownership, with internal discussions initially centred on individual stake sales by some family members who are now seeking to convince others to join them, Bloomberg reports. The family as a whole has not made a decision to exit, with some members opposed to a sale. Manchester United shares trade at around USD 21 on the New York Stock Exchange, giving the club a market value of approximately USD 3.6bln, though any sale would likely far exceed that figure given the voting rights attached to Glazer shares, Bloomberg said.
Comcast (CMCSA) - Comcast NBCUniversal has pledged to invest over GBP 5bln in Bedfordshire to develop Universal’s first theme park in Europe, with an additional GBP 1bln in capital investment planned over the first 10 years of operation following an estimated five-year construction period, WSJ reports. The resort is expected to open in 2031, creating approximately 20,000 construction jobs and 8,000 permanent roles. The UK government will invest GBP 1.3bln in regional infrastructure, including a GBP 400mln grant from the Regional Growth Fund.
Meta Platforms (META) - Meta has delayed the release of an API for its Muse Spark AI model multiple times since its April launch, with no planned release date as of Tuesday, WSJ reports. A spokesman told the WSJ that the company plans to release it this month. The first delay was attributed to bugs and infrastructure requirements, with a second delay pushing the release to June. Separately, The Information reports that Meta is considering charging up to USD 200/month for a consumer version of its OpenClaw AI agent tool, currently called Hatch; tiered pricing could include a USD 199.99 premium subscription with higher usage limits.
Netflix (NFLX) - Netflix is using generative AI and natural language processing to help viewers manage content overload, chief product and technology officer Elizabeth Stone said. The company is testing voice interfaces and personalised recommendations that combine viewing history, preferences, mood and trending content, aiming for more personalised, interactive and immersive entertainment discovery.
Universal Music Group (UNVGY), Pershing Square (PSH) - Pershing Square is looking to sell a 4.7% stake in Universal Music Group, comprising 80.6mln shares at a range of EUR 17.66-18.62 per share, according to Bloomberg.

CONSUMER:

PVH Corp. (PVH) - PVH shares fell as almost 20% in extended trading after the company’s outlook update reflected pressure on EMEA consumers from the prolonged Middle East conflict, overshadowing otherwise solid Q1 results. Q1 EPS 2.01 (exp. 1.82), Q1 revenue USD 2.025bln (exp. 2.0bln). Inventory -5% Y/Y to USD 1.510bln. CEO said the company delivered on its plan, supported by disciplined PVH+ execution and consumer momentum across Calvin Klein and TOMMY HILFIGER; highlighted DTC growth in stores and online across both brands, with strength in hero categories including Calvin Klein underwear and denim, and TOMMY sweaters and outerwear. CEO also noted pressure on the EMEA consumer from the prolonged Middle East conflict. Sees Q2 EPS between 3.00-3.10 (exp. 2.47), sees Q2 revenue between -4% and -3% Y/Y (exp. 2.16bln). Affirmed FY26 EPS view between 11.80-12.10 (exp. 12.10), and now sees FY26 revenue approximately flat Y/Y (vs a slight increase, previously), sees constant-currency revenue slightly lower versus flat to slightly higher previously, and maintained FY26 adj. operating margin of approximately 8.8%.
Tesla (TSLA) - Tesla settled anti-Black racism claims by three workers at its Fremont, California plant, averting trials, according to a court filing. Terms are confidential and two workers’ claims remain pending. Tesla still faces a broader California civil rights case alleging systemic discrimination, pay inequities and hostile work environment, with trial scheduled for 20th July.
Costco (COST) - Costco reported May net sales +14.5% Y/Y at USD 24.01bln; comparable sales +12.5%. Ex-fuel and FX, total same-store sales +8.0% Y/Y (prev. 7.8%), while US same-store sales rose +8.7% (prev. 8.0%). Net sales for the first 39 weeks of the fiscal year +10% to USD 221.19bln.
Remy Cointreau (REMYY) - Remy Cointreau aims to boost operating profit by about EUR 100mln by 2028/29 and double travel retail and emerging-market sales under a 3yr transformation plan; FY 2025/26 organic operating profit fell 11.5% to EUR 165.4mln (vs 217mln Y/Y), and it expects organic sales growth and slight margin improvement in 2026/27.
YY Group (YYGH), Nvidia (NVDA) - YY Group launched a Humanoid Robotics Training Lab in Singapore as the next stage of its AI training data strategy introduced on 22nd April. The lab, using Nvidia (NVDA) accelerated computing, will complement its Johor facility, capture real-world activity data from a 500K-worker network, and support pilot humanoid robot deployments at a Singapore shopping mall and luxury hotel.
Hasbro (HAS) - Hasbro launched Sixth Wall, an AI studio for interactive character experiences, alongside a strategic partnership with ElevenLabs. Sixth Wall introduced Behavioural Licensing, using its CharacterOS system to preserve personality, canon, voice and safety guardrails. Twelve Hasbro characters will be available at launch.
Five Below (FIVE) - Shares fell 12% in extended trading as caution over consumer sentiment, rising fuel costs, sticky inflation and a softer labour market overshadowed its profit beat and higher profit guidance. Q1 adj. EPS 2.22 (exp. 1.78), Q1 revenue USD 1.29bln (exp. 1.23bln). Comparable sales +22.7%. CEO Winnie Park cited broad-based growth across merchandising worlds, new and existing customers, and all demographic and geographic segments. Sees Q2 adj. EPS between 1.17-1.29 (exp. 1.13), sees Q2 revenue between USD 1.18-1.20bln (exp. 1.14bln), sees Q2 comparable sales +7-9%. Raised FY26 guidance, sees adj. EPS between 8.65-9.05 (exp. 8.29; prev. saw 7.74-8.25), revenue between USD 5.4-5.48bln (exp. 5.36bln; prev. saw 5.2-5.3bln), and comparable sales +6-8% (prev. saw +3%-5%), with the outlook including current tariff rates through 24th July 2026 and excluding tariff refunds and share repurchases.
Petco (WOOF) - Q1 EPS -0.05 (exp. 0.03), Q1 revenue USD 1.5bln (exp. 1.49bln). CEO cited early validation of its Phase 3 “Reach for the Sky” strategy, improvement in consumables, and continued outperformance in services as a key growth engine. He said Petco’s wholly owned omnichannel ecosystem and current initiative momentum position the company to continue delivering positive comps and consistent long-term growth. Sees Q2 revenue up 0.3% Y/Y (exp. 1.49bln), sees Q2 adj. EBITDA between USD 110-112mln. Sees FY26 revenue flat to up 1.5% Y/Y (exp. 5.99bln), adj. EBITDA between USD 415-430mln, capex of USD 140mln, and net store closures between 15-20.

INDUSTRIALS:

AeroVironment (AVAV) - AeroVironment was awarded a USD 117.31mln US Army contract to procure and deliver 82 P550 unmanned aircraft systems for reconnaissance, surveillance and target acquisition for battalion commanders.
EasyJet (ESYJY) - Castlelake is considering MSC as a partner for its GBP 3bln bid for easyJet; the move follows reports that Castlelake is seeking partners to navigate EU ownership rules.
UK Defence Stocks - PM Starmer is considering watering down plans to boost defence spending by GBP 18ln over concerns that they are unaffordable, according to The Times.

UTILITIES:

TransAlta Corporation (TAC), Blackstone (BX) - TransAlta agreed to acquire Mountain Peak Power and Canyon Peak Power, indirect Blackstone subsidiaries owning two Denver-area natural gas peaking facilities totalling 318MW, in a USD 1bln transaction. The assets are expected to add about USD 80mln of adj. EBITDA annually. Closing is expected in early Q4 2026.

REAL ESTATE:

Prologis (PLD) - CEO told CNBC that customers are “leaning in” and setting leasing records. He described solar as a huge business with a large runway, and said data centres represent the largest value-creating opportunity in the company’s history.

HEALTHCARE:

Veeva Systems (VEEV) - Q1 adj. EPS 2.24 (exp. 2.14), Q1 revenue USD 882.9mln (exp. 857.73mln). Subscription revenue +15% Y/Y to USD 730.2mln. CEO said rapid progress with Veeva AI is shifting the company from an industry-specific application company to an industry-specific application and AI agent company. On CRM, Veeva said it has won 10 of the top 20 pharma decisions vs six for Salesforce (CRM), with four decisions remaining, and expects to win the majority of those. Sees Q2 adj. EPS between 2.21-2.22 (exp. 2.18), sees Q2 revenue between USD 902-905mln (exp. 887.68mln). Raised FY27 guidance, sees FY27 adj. EPS at 9.05 (exp. 8.85; prev. saw 8.85), and FY27 revenue between USD 3.635-3.645bln (exp. 3.6bln; prev. saw 3.585-3.600bln).
Alnylam Pharmaceuticals (ALNY) - Alnylam and Inceptive Nucleics formed a strategic AI collaboration worth up to USD 2bln, with USD 30mln upfront in cash and Inceptive equity purchase. The partnership will combine Inceptive’s generative AI models with Alnylam’s R&D engine.
McKesson (MCK) - McKesson Medical-Surgical Top Holdings priced a USD 2.25bln six-year leveraged loan at 2.25ppts above benchmark and 99.5 cents on the dollar, according to Bloomberg. Proceeds will repay intercompany debt to McKesson before the unit’s planned IPO and Apollo Global Management (APO) investment.
Novartis (NVS) - Novaertis said Cosentyx PMR data showed clinically meaningful and statistically significant efficacy across the primary and all secondary endpoints, including reduced steroid use.
GSK (GSK) - GSK sees no fixed ideal mix between internal and external R&D, but emphasised that no large pharma can realistically source innovation purely internally; remains open to assets and platforms from the US, Europe, Asia and increasingly China.