Daily US Equity Opening News - NVDA raises CRWV stake; BKR profit beat; Trump admin invests into USAR

TODAY’S AGENDA:

US INDEX FUTURES: ES unch, NQ -0.3%, YM unch, RUT -0.1%
DAY AHEAD: Today’s docket Dallas Fed’s manufacturing gauge for January. The Atlanta Fed will update its GDP tracking estimate, with its model currently projecting growth of 5.4% in Q4. In supply, the US will sell USD 69bln of 2yr notes.
BROKER MOVES: NFLX upgraded at Phillip Securities; APP upgraded at Needham. For the full list, click here.
MAJOR MORNING MOVES RECAP: CRWV, RVMD, SKYT, CSCO, NFLX, SRPT, BKR. For the full list, click here.
US DAILY CONFERENCE CALENDAR: SCHW. For the full list, click here.
WEEK AHEAD: This week’s data highlights include: policy announcements from the FOMC, BoC, BCB and the Riksbank; Eurozone GDP, Tokyo CPI. In earnings, Mag-7 companies are due this week, with MSFT kicking things off. Other notable corporates updating this week include: UNH, RTX, HCA, BA, NEE, UNP, TXN, SBUX, DHR, GEV, T, ADP, APH, PGR, MSFT, META, TSLA, LRCX, IBM, NOW, HON, TMO, CAT, CMCSA, MO, BX, LMT, PH, MA, V, KLAC, SYK, AAPL, CVX, VZ, XOM, AXP, ASML.
Click here for Newsquawk’s week ahead preview.
Click here for Newsquawk’s weekly US earnings estimates.

NEWS:

TRADE

US-Canada - US President Trump threatened 100% tariffs on Canadian goods if Canada strikes a deal with China, citing concerns over trade diversion. Canada denied pursuing a free trade deal, saying recent agreements resolved tariff issues. Meanwhile, Treasury Secretary Bessent said Canadian PM Carney appeared to reverse course by striking a deal with China to lower some trade barriers, contrasting with Canada’s earlier alignment with the US on imposing high steel tariffs on China, reinforcing Trump’s tariff threat.

TECH

NVIDIA (NVDA) - NVIDIA announced that director and Stanford University professor Persis Drell is leaving the board to pursue a new professional opportunity, according to a regulatory filing. The company did not disclose her next role.
NVIDIA (NVDA), CoreWeave (CRWV) - Companies expanded their partnership to support the buildout of more than 5GW of AI data centers by 2030, with NVIDIA investing USD 2bln in CoreWeave equity at USD 87.20/shr. The collaboration includes deploying multiple generations of NVIDIA computing platforms across CoreWeave’s AI factories and accelerating site, power and infrastructure development to meet rising customer demand. To test and validate CoreWeave's AI-native software and reference architecture, including SUNK and CoreWeave Mission Control. To deploy multiple generations of NVIDIA infrastructure across CoreWeave's platform through early adoption of NVIDIA computing architectures, including the Rubin platform, Vera CPUs and Bluefield storage systems.
Samsung Electronics (005930 KS) - Samsung is nearing NVIDIA (NVDA) certification for its HBM4 AI memory chip, entering the final qualification stage after supplying initial samples in September, according to Bloomberg. Progress would help Samsung narrow the gap with rival SK Hynix (HXSCL) as NVIDIA ramps demand for high-bandwidth memory.
IonQ (IONQ) - To purchase SkyWater (SKYT) for around USD 1.8bln, WSJ reports citing sources.
Leidos Holdings (LDOS) - To buy Kohlberg's Entrust Solutions Group for ~USD 2.4bln. The transaction, which is subject to customary closing conditions and regulatory approvals, is expected to close in the second quarter of 2026.
Applovin (APP) - Upgraded at Needham to 'Buy' from 'Hold' with a USD 700 PT. The firm's e-commerce work has given it added confidence in the trajectory of AppLovin's e-commerce revenue growth in 2026. Needham raised its AppLovin's e-commerce sales estimates for 2026 to USD 1.45bln (prev. 1.05bln), as it now assumes the growth in advertisers from the self-service launch and ramp-up in spend more than offsets typical Q1 seasonality. The firm sees potential upside in the numbers in a bull case, which assumes AppLovin's revenue can experience a similar trajectory as TikTok.
SoftBank (SFTBY), Switch Inc. (SWCH) - SoftBank has paused acquisition talks with US data centre operator Switch, halting discussions around a potential USD 50bln deal that founder Masayoshi Son viewed as supporting the USD 500bln Stargate AI infrastructure effort to supply computing power for partner OpenAI, Bloomberg reports.
Mircosoft (MSFT)- Reportedly set to become the only tenant of a new hyper-scale data centre in Amsterdam.

COMMUNICATIONS

Warner Bros. Discovery (WBD), Netflix (NFLX), Paramount Skydance (PSKY) - FCC Chair Carr sees legitimate competition concerns in Netflix’s proposed acquisition of Warner Bros. Discovery Inc.’s studios and streaming businesses, concerns he does not share for a Paramount Skydance deal, Bloomberg reports. The FCC lacks jurisdiction over Netflix, but might review a Paramount-Warner combination due to CBS TV network licences and foreign funding plans.
Meta Platforms (META) - An international group of plaintiffs sued Meta Platforms, alleging it made false claims about the privacy and security of WhatsApp. The lawsuit claims Meta can access WhatsApp chats despite promoting end-to-end encryption, which is marketed as allowing only senders and recipients to read messages. Meanwhile, META was upgraded at Rothschild & Co Redburn to 'Buy' from 'Neutral' with a USD 900 PT (prev. 740). Rothschild sees a "disconnect" between the current stock price and Meta's long-term value. At USD 650, Meta's upside potential far outweighs any near-term risks to the downside. With the company's imminent fiscal 2026 guidance "set to leave estimates factoring in all the costs and little upside from AI, now seems opportune for investors to start building a position."
Netflix (NFLX) - Upgraded at Phillip Securities to 'Accumulate' from 'Sell' with a USD 100 PT (prev. 95). The firm notes that Netflix continues to "demonstrate clear leadership" in the video on demand space with strong pricing power; believes Netflix is well positioned "structurally and financially" for long-term growth.

ENERGY

OPEC+ - OPEC+ is likely to maintain its supply pause in March, Bloomberg reports citing delegates; adds that there is no need to respond to the events in Venezuela and Iran but a significant supply disruption would warrant a boost in output.
US Energy - A winter storm has disrupted operations at refiners, chemical plants and manufacturers along Texas’ Gulf Coast, as freezing weather affects energy-intensive industries; about 10% of US natgas production is estimated to be offline, concentrating the impact on gas supplies amid heightened heating demand. US natgas climbed above USD 6 for the first time since 2022 as Arctic weather lifted heating demand and disrupted supply. February futures jumped following last week’s +70% rise, which was the largest weekly gain since 1990. The largest US grid operator is urging power plants to secure natural gas supplies through the week as frigid weather threatens record winter electricity demand. PJM Interconnection is committing to buy power through 10am on 31st January, enabling generators to procure gas amid higher prices.
Kazakhstan Energy - Kazakhstan's Tengizchevroil is reportedly gradually restarting its Tengiz production. Meanwhile, Kazakh oil exports are set to normalise after the CPC restored an offshore mooring, reopening a route handling about 90% of shipments. Repairs to Mooring 3 were completed, with it and Mooring 1 operating normally, and a tanker loaded on 25th January.
Russia Energy - Power outages have hit Murmansk, Severomorsk and surrounding areas for a fourth day after aging infrastructure failed in freezing temperatures, with five transmission towers collapsing near Murmansk late Friday, cutting electricity and disrupting heating and water services, according to local authorities, Bloomberg said.
India Energy - India’s LNG importers are delaying some long-term supply deals as they seek lower prices, betting that an expected surge in global supply will strengthen their negotiating position and tilt contract terms in their favour, Bloomberg reports.
ConocoPhilips (COP), TotalEnergies (TTE), Libya - Libya signed a 25yr oil development deal with TotalEnergies and ConocoPhillips involving more than USD 20bln in foreign-financed investment, aiming to raise capacity by up to 850k BPD, and generate over USD 376bln in net revenues. The Libyan government also agreed to cooperate with Chevron (CVX) and Egypt.
Baker Hughes (BKR) - Shares rose in extended US trading after it reported an +11% Y/Y rise in Q4 adj. profit as strong demand for gas technology offset weakness in oilfield services. Q4 2025 (USD): Adj. EPS 0.78 (exp. 0.67), Revenue 7.4bln (exp. 7.08bln). Industrial and energy technology revenue rose 9% to 3.8bln, while oilfield services fell 8% to 3.6bln. Adjusted net income 772mln, including a 215mln restructuring charge. Exec said performance was driven by strong IET execution and orders momentum, offsetting macro softness in OFSE, where margins stayed resilient. Looking ahead, the company expects IET orders to remain robust on LNG momentum, a stronger year for FPSO and gas infrastructure awards and sustained power systems demand, with similar organic IET order levels projected for 2026. Sees FY26 organic adj. EBITDA growth of mid-single digits, with IET margins expanding to a 20% target, and OFSE margins remaining broadly flat.
Exxon Mobil (XOM) - Exxon subsidiary XTO Energy is exploring a sale of select Eagle Ford shale assets in South Texas, Exxon confirmed to Reuters. The package includes more than 1,000 wells across operated, non-operated and royalty interests. Exxon is marketing the assets internally and has not engaged investment banks.
Marathon Petroleum (MPC) - Marathon Petroleum and the United Steelworkers union began talks on a new multi-year contract for US refinery and chemical plant workers, with the current agreement expiring in February. Failure could trigger strikes involving thousands, as the union represents 30,000 workers earning about USD 50/hr, Reuters reports.
Halliburton (HAL) - Halliburton and the Agency for Science, Technology and Research launched the Next-Generation Energy Accelerators Joint Lab to develop and commercialise advanced well completion technologies, with support from the Singapore Economic Development Board. The SGD 35mln NEX Lab will act as a collaborative research, engineering and testing hub.
Enphase Energy (ENPH) - To cut ~160 jobs, or under 6% of its workforce, as it shifts functions to lower-cost regions to improve profitability. It expects ~USD 4.6mln in restructuring and impairment charges, mostly in Q1, and targets quarterly adjusted operating expenses of USD 70–75mln starting in Q3 2026.

HEALTHCARE

Revolution Medicines (RVMD), Merck (MRK) - Merck is no longer in discussions to acquire Revolution Medicines, according to sources cited by the WSJ. The companies had been discussing a potential deal valuing the cancer-drug biotech at about USD 30bln, but talks have ended without an agreement, the Journal said. Stifel said buyers are likely to step into Revolution Medicines shares on weakness after reports that Merck is no longer in acquisition talks; Stifel would be surprised to see the stock settle meaningfully below USD 100/shr, views the situation as a buying opportunity, and maintains a ‘Buy’ rating with a USD 170 price target.
Sarepta Therapeutics (SRPT) - Reported positive topline three-year results from the Phase 3 EMBARK study of Elevidys in ambulatory Duchenne muscular dystrophy patients. Treated patients showed statistically significant and durable improvements across key motor function measures versus an external control, including a ~70% slowdown in disease progression, with no new safety signals observed. Sarepta plans to present the data at upcoming medical meetings.
Eisai (ESAIY), Biogen (BIIB) - The US FDA accepted for review a supplemental biologics licence application for the lecanemab-irmb subcutaneous autoinjector as a weekly starting dose. The application received Priority Review, with a PDUFA action date of 24th May.
Relay Therapeutics (RLAY) - Upgraded at Oppenheimer to 'Outperform' from 'Perform' with a USD 14 PT, citing the belief that gedatolisib's upcoming VIKTORIA-1 readout could be a tailwind for mutant-selective inhibitors like zovegalisib. The firm believes VIKTORIA-1 will underperform expectations, and may even fail, believing anything less than "teenage" mPFS for the gedatolisib triplet would create "a beatable bar for Relay," which is developing a competing triplet with zovegalisib.
BioMarin Pharma (BMRN) - Estimates USD 3.2bln in total revenues for 2025 (exp. 3.18bln).

INDUSTRIALS

US Airlines - More than 13,000 flights were cancelled as a massive US winter storm caused widespread disruption at major airports. Snow, sleet and freezing rain threatened nearly 180mln people across regions from the southern Rockies to New England.
Airbus (EADSY) - Airbus CEO Faury warned staff the company must adapt to new geopolitical risks after significant logistical and financial damage from US protectionism and US-China trade tensions, Reuters reports. He noted that Airbus still delivered good results, with Defence and Helicopters strong, progress on commercial cost cuts, and ongoing engine supply issues.
Rheinmetall (RNMBY), OHB (OHBG) - Rheinmetall and OHB are in early talks on a joint bid to build a military-grade LEO satellite network for the German armed forces, similar to Elon Musk’s Starlink internet service, targeting part of a EUR 35bln space budget, FT reports. Rheinmetall recently won a space contract worth up to EUR 2bln with Iceye.
Ryanair (RYAAY), Boeing (BA) - Ryanair raised guidance for FY26, citing improved Boeing (BA) aircraft deliveries and stronger demand, with passenger traffic expected to rise +4% Y/Y to almost 208mln (prev. saw 207mln), and fares set to exceed 7% growth, Bloomberg reports. CEO said they see modest fare hike this year, in the low single digits; Fuel hedging should deliver savings of approximately USD 500mln in the next 12 months; Would love to get an order with Airbus (EADSY) for 50 aircrafts but availability and pricing is off the charts; Could replace current Airbus with Boeing (BA), but would like to keep some Airbus aircrafts; they are close to signing a multi year deal and multi billion parts order with CFM, potentially by the end of March.

FINANCIALS

Goldman Sachs (GS) - Said CEO Solomon’s 2025 compensation rose +20.5% to USD 47mln, surpassing JPMorgan (JPM) chief Dimon’s USD 43mln, Reuters reports.
Morgan Stanley (MS) - Plans to expand across Asia, citing a more favourable outlook and opportunities from deregulation, according to regional chief executive Gokul Laroia, who said the firm is hiring financial advisers and staff in capital markets and commodities, focusing on large markets with liberalising regulations.
Blackstone (BX) - Plans to hire more staff across Asia to capture growing private market opportunities, APAC private wealth chief Ed Huang told Bloomberg TV, adding that individual investors are increasingly seeking alternatives to traditional stock and bond portfolios.
Fiserv (FISV), Affirm (AFRM) - Fiserv announced an exclusive collaboration with Affirm to bring pay-over-time capabilities to debit card programs for financial Institutions. This collaboration empowers thousands of Fiserv US Bank and credit union clients to meet growing consumer demand for flexible payment options without needing to build new Lending products.

MATERIALS

Steel Dynamics (STLD) Q4 2025 (USD): EPS 1.82 (exp. 1.69), Revenue 4.4bln (exp. 4.53bln); CEO sees 'solid domestic demand' for steel and aluminum products.
USA Rare Earth (USAR) - The Trump administration plans to invest USD 1.6bln in USA Rare Earth for a 10% stake, alongside USD 1bln private financing, to boost US critical minerals supply, FT reports. The deal includes equity, warrants and USD 1.3bln debt under the 2022 CHIPS Act.
Vale SA (VALE) - Brazilian miner Vale said it is investigating an overflow of water and sediment at a pit in its Fabrica mine in Minas Gerais. The water entered parts of Pires, operated by rival CSN Mineracao, affecting a warehouse, access areas, a mechanical workshop and loading zones.

CONSUMER DISCRETIONARY

Hilton (HLT) - Provided a FY25 update: Added almost 800 hotels and 100k rooms in 2025, +6.7% net unit growth; signed over 1k hotels, pipeline exceeds 3.7k hotels and 520k rooms
Volkswagen (VWAGY) - Will not proceed with a planned US Audi factory unless automotive tariffs are reduced, CEO Oliver Blume said. Audi had considered US production since 2023, but tariffs imposed by the Trump administration cost VW EUR 2.1bln in the first nine months of 2025, Bloomberg reports.
BYD (BYDDY) - Aims to boost deliveries outside China by nearly 25%, targeting sales of 1.3mln cars overseas in 2026, an executive said. The goal compares to 1.05mln overseas deliveries last year.

CONSUMER STAPLES

Tyson Foods (TSN) - Will temporarily continue limited beef preparation at its closing Lexington, Nebraska plant, extending jobs for about 292 workers, around 9% of staff, for up to 185 days, Reuters reports. The plant is closing around 20th January due to tight cattle supplies, as US ground beef prices hit USD 6.69/pound in December.

MACRO

US Govt Shutdown - US Senate Democrats said they will not support a government funding package without major changes to homeland security provisions, raising the risk of a partial shutdown this coming weekend, WSJ reports. Senate Minority Leader Chuck Schumer urged Republicans to advance other funding bills while rewriting the Department of Homeland Security measure. Senate Republican leaders plan to reject Democratic calls to separate funding for the DHS and instead advance a full government funding package to avert a partial shutdown this week; some Republicans want a full investigation after Border Patrol agents killed Alex Pretti, but GOP leaders still aim to include funds for ICE and Border Patrol in the broader bill. Funding under the current continuing resolution is set to expire on 30th January; if Congress doesn’t pass new appropriations by then, a partial or full shutdown could begin on that date.
Fed - WSJ writes that Fed’s Vice Chair for Supervision Michelle Bowman, a Trump appointee, is reshaping bank oversight by cutting staff, revising rules and pushing a new supervisory approach aimed at easing burdens on banks. Changes have created tension with regional Federal Reserve examiners who conduct most bank examinations, WSJ said.
Japan Elections - Japanese PM Takaichi’s approval ratings dipped slightly in several weekend polls, highlighting the risk of calling a snap election in early February. While support remains high historically, some voters oppose the decision announced last week as she seeks a mandate for her premiership.
Japanese Yen - Japanese Finance Minister Katayama said Japan is responding to JPY movements in line with a joint framework agreed with the US, amid speculation of coordinated action to support the currency. She said authorities are closely monitoring market conditions with urgency.
Copper/aluminium - China's Shanghai Futures Exchange to adjust price limits, margin ratios for copper and aluminium futures contracts from the 28th January closing settlement.

GEOPOLITICS

US-China - WSJ reports that China’s senior-most general, Zhang Youxia, is accused of leaking nuclear-weapons information to the US and taking bribes, including for promoting an officer to defence minister, according to a high-level military briefing held before authorities announced an investigation into severe disciplinary and legal violations.
China-Taiwan - President Xi Jinping’s investigation into top general and former ally Zhang Youxia marks the most dramatic development in China’s largest military purge in decades, raising questions over Taiwan, leadership succession and party stability, while leaving the PLA’s top decision-making body severely depleted, Bloomberg writes.
Ukraine - Ukrainian President Zelensky said progress was made in talks on possible parameters to end Russia’s full-scale invasion, though compromises are still required from all sides. He spoke after two days of discussions in Abu Dhabi involving delegations from Ukraine, Russia and the US, and later met leaders in Lithuania.

TRADE (MORE)

South Korea - A senior Pentagon official praised South Korea as a model ally prepared to assume more responsibility for its security after a new US defence strategy signalled reduced American military support, following talks in Seoul with foreign and defence ministers. Elsewhere, South Korea is sending a high-level delegation to Canada, led by presidential chief of staff Kang Hoon-sik, to press its bid for a major submarine contract, with participants including the industry minister and senior executives from Hanwha Ocean, HD Hyundai Heavy Industries and Hyundai Motor, Bloomberg said.
US-Australia - Australian PM Albanese said he will recommend Defence Secretary Greg Moriarty as Australia’s next ambassador to the US, praising him as an outstanding public servant during an interview.