Daily US Equity Opening News - ORCL falls on AI capex; NVDA data centre faces potential delay; INTC double upgraded

DAY AHEAD:

US INDEX FUTURES: ES +0.5%, NQ +0.9%, YM +0.6%, RUT +0.9%
BROKER MOVES: INTC double upgraded at BofA; AJG upgraded at Jefferies. For the full list, click here.
MAJOR MORNING MOVES RECAP: Mag-7, ORCL, BABA/JD/PDD, CAT, INTC, DAN/ETN. For the full list, click here.
US DAILY CONFERENCE CALENDAR: Health Care, Tech and Industrial conferences. For the full list, click here.
EVENTS: Apple WWDC continues (8-12 June). US President Trump will sign a proclamation at 15:00EDT/20:00BST. The FIFA World Cup gets underway today, and traders should be cognizant of a potential thinning of liquidity conditions during major matches during the soccer tournament.
SUPPLY: US auctions USD 22bln of 30yr bonds.
ENERGY: EIA natural gas storage change due.
EARNINGS: Notable companies reporting today include: Adobe (ADBE), Lennar (LEN).

NEWS:

GEOPOLITICS:

US-Iran - US forces struck multiple targets in Iran for a second consecutive day, in what CENTCOM called self-defence strikes, hitting surveillance systems, air defence sites and communications networks. Iran responded by announcing a halt to all vessels through the Strait of Hormuz. President Trump said he had spoken with Iranian officials who asked him to halt the bombing, but warned of further strikes if a deal was not signed.
Taiwan-China - Taiwan fired US-supplied Himars launchers toward the Taiwan Strait for the first time, launching 32 test rockets during invasion-defence drills. The exercise signalled resolve to Beijing and Washington as a USD 14bln US arms package remains on hold. China’s Taiwan Affairs Office called the drills “putting on an act and bluffing”.

TRADE

US Tariff Refunds - The US Treasury refunded nearly USD 22bln in tariff revenue in May, roughly equal to duties collected during the month, effectively cancelling out customs revenue. Net customs receipts turned slightly negative by around USD 42mln, the first such occurrence in Bloomberg data going back to 2015.
UK-US - UK Chancellor Reeves plans to ease the tax burden on wealthy US investors relocating to the UK by addressing double or treble taxation faced by British residents who are members of US limited liability companies. A Treasury consultation published on Wednesday proposes changing UK law to reduce the effective tax rate paid by those individuals, with changes expected shortly after the consultation closes in July.

TECH

Oracle (ORCL) - Oracle shares fell ~10% in extended trading as plans to raise additional financing for its AI buildout overshadowed better-than-expected quarterly results and a higher profit forecast. Q4 2026 (USD): Adj. EPS 2.11 (exp. 1.96), Revenue 19.2bln (exp. 19.09bln). Total cloud revenue rose 47% Y/Y to 9.9bln, with cloud infrastructure revenue +93% to 5.8bln and cloud applications revenue +10% to 4.1bln; RPO grew 363% Y/Y and increased 85bln sequentially to 638bln, with most Q3 and Q4 increases driven by large-scale AI contracts. Oracle said 75bln of prepaid and customer-supplied hardware in large AI contracts reduces the capital it must raise for AI datacentres, while it expects to raise ~40bln in FY27 through debt and equity financing, including its previously announced USD 20bln ATM equity issuance. Sees Q1 adj. EPS between 1.72-1.76 (exp. 1.69), Q1 revenue growth between 27-29% Y/Y (exp. 19.01bln), and sees Q1 total cloud revenue growth between 58-64% Y/Y; raised FY27 guidance, sees adj. EPS at 8.05 (exp. 8.05), maintained FY27 total revenue view of 90bln.
Nvidia (NVDA) - Nvidia’s 800VDC AI data centre push may face delays beyond 2028, while suppliers say Nvidia has issued no formal specifications, according to SemiAnalysis and industry suppliers cited by Digitimes. Nvidia rejected related CPO delay claims, saying H2 shipments remain scheduled, capacity will expand through 2027, and Rubin optical plans are unchanged. Meanwhile, Nvidia is joining with Abridge, maker of an AI note-taking app for doctors, to train an artificial intelligence model tailored for healthcare as it continues its push into the sector, via WSJ.
TSMC (TSM) - Republican lawmakers have urged the US ITC to enforce strict patent exclusion orders in a Section 337 investigation involving TSMC’s advanced-node chips, Digitimes reports. The case stems from a complaint by Longitude Licensing and Marlin Semiconductor, alleging infringement of five US patents, with respondents including Apple (AAPL), Broadcom (AVGO), and Qualcomm (QCOM). TSMC said it complies with laws in all jurisdictions, and noted in its Q1 filing that the outcome cannot yet be determined. A final ITC decision is anticipated around October.
OpenAI - OpenAI is considering steep token price cuts to win customers from Anthropic, anticipating similar reductions by its rival, according to the WSJ. The move could pressure margins as both firms lose billions on computing costs, while enterprise spending, coding tools, customer switching risks and planned IPOs intensify competition.
Applied Digital (APLD), CoreWeave (CRWV) - Applied Digital raised USD 1.59bln in the junk bond market at a 7% yield to fund additional computing capacity for CoreWeave in North Dakota, down sharply from the 10% demanded in November. The deal, which attracted five times its size in demand, reflects easing investor anxiety over CoreWeave as a tenant, Bloomberg said. The cost of protecting CoreWeave’s debt against default for five years fell to as low as 4.52ppts earlier this month vs a high of 8.81ppts in December.
CoreWeave (CRWV) - CoreWeave plans to sell USD 3.5bln in senior notes due 2032, structured across USD and EUR denominations on a 6yr non-call 3yr basis. Initial price thoughts are approximately 9% for the USD-denominated tranche and approximately 8% for the EUR-denominated tranche.
Cerebras Systems (CBRS) - Cerebras Systems chief strategy officer displayed the company’s Wafer Scale Engine at SuperAI Singapore 2026, comparing it with Nvidia’s (NVDA) B200 platform. Cerebras used the presentation to argue that GPU architectures were not designed for AI workloads and cannot keep pace with their direction, Digitimes reports.
Microsoft (MSFT) - Microsoft’s Xbox business plans significant layoffs next month, after its fiscal year closes on 30th June, with the exact scale unknown. Xbox also intends to sharply cut marketing and other budgets. Executives Asha Sharma and Matt Booty told employees the company is resetting its business, citing a hardware component crisis, declining profitability and rising costs. According to the message, Xbox’s accountability margin is about 3%, revenue excluding Activision Blizzard King has fallen over five years despite more than USD 20bln of investment, console component costs have risen sharply, and platform, content and infrastructure strategies are under review.
Intel (INTC) - BofA double-upgraded Intel to 'Buy' from 'Underperform', citing increased confidence in Intel's ability to address industry constraints in leading-edge wafers and packaging, expand foundry opportunities, and capture a larger share of the emerging agentic AI CPU market. The analyst now sees CY30 EPS power above USD 6 (vs. prior 3-4), estimates USD 40bln+ in server CPU revenue and USD 45bln+ in foundry opportunities by 2030, and raised the USD 135 PT (prev. 96). Execution in both products and foundry remains a key risk.
Navan (NAVN) Q1 2026 (USD): Adj. EPS 0.09 (exp. 0.01), Revenue 220mln (exp. 205.27mln). Sees Q2 revenue at 219-221mln (exp. 213.85mln) and raised FY27 revenue view to 907-913mln (exp. 871.7mln, prev. 866-874mln).
Teradyne (TER) - Awarded a USD 139.9mln US Air Force contract for versatile diagnostic automatic test station kits, including commercially available test equipment, components, and software. The sole-source contract runs through June 2031, with work to be performed at Robins Air Force Base, Georgia.
Voyager Tech (VOYG) - BTIG started coverage of Voyager Technologies with a 'Buy' and USD 55 PT. The firm, which looks favourably upon the company's growing alignment with fast-growing and often stickier national security funding sources, views Voyager as "an increasingly scaled, acquisition-driven consolidator of critical space and missile-defence technologies."

FINANCIALS

Data Centre Bonds - Citigroup analysts say bond investors are growing more selective on data centre financing deals linked to AI infrastructure. Of five investment-grade data centre bond sales worth more than USD 50bln since October, a QTS deal tied to Microsoft (MSFT) has underperformed, with spreads widening more than 30bps since pricing in April, while Microsoft’s spreads held roughly unchanged, a divergence Citi attributes to the debt being non-amortised.
Junk Bonds - Stagflation fears stemming from the Middle East conflict are souring sentiment toward the weakest global corporate borrowers, Bloomberg reports. Investors now demand around 6.4ppts of extra yield on CCC-rated bonds over higher junk notes, the largest premium in 14 months, while a fivefold gap between CCC and BB spreads marks the widest multiple in over a decade.
US Banks - Federal prosecutors are investigating whether major US banks illegally dropped customers for political reasons, Bloomberg reports. The probe has involved sending subpoenas to JPMorgan (JPM) and Bank of America (BAC).
KKR (KKR) - Launched its Helix Digital Infrastructure with over USD 10bln of committed capital to finance and deliver next generation AI infrastructure.
CME Group (CME), Morningstar (MORN) - CME Group and Morningstar signed a multi-year exclusive licensing agreement for CME Group to launch derivatives based on Morningstar equity index benchmarks, including US Total Market, Large Cap, Large Cap Value, Large Cap Growth, Mid Cap and Small Cap indexes, which underpin over USD 3tln in linked assets.
Visa (V), OpenAI - OpenAI and Visa are integrating Visa payment services into OpenAI’s platform so AI agents can make online purchases after user permission. Visa and OpenAI will also develop enterprise applications for AI-driven payments.
Citi (C) - Rolling out tokenised shares of private companies through a blockchain, WSJ reports.
Carlyle Group (CG) - Carlyle has begun fundraising for Carlyle Partners IX, targeting about USD 15bln and aiming to match the previous fund’s USD 14.8bln, according to Bloomberg. It seeks a first close by year-end, offers early investors a 15bps fee discount, and is also raising a USD 2.5-3bln defence fund.
AllianceBernstein (AB) - AllianceBernstein’s preliminary assets under management rose 2% to USD 899bln in May from USD 882bln at end-April, driven by market appreciation partly offset by net outflows. Retail saw concentrated outflows, Institutions had modest inflows, and Private Wealth flows were roughly flat.
Arthur J. Gallagher (AJG) - Upgraded at Jefferies to 'Buy' from 'Hold' with a USD 265 PT (prev. 235). While the company's organic growth outlook has normalised with pricing moderation, it is stabilizing at 5% through 2028 and remains at the top-end of the peer group. The firm said Arthur's model remains supported by non-pricing drivers such as exposure growth, retention, and share gains. The company's middle-market exposure is a key advantage, given faster underlying client growth, contends Jefferies. The firm expects the company's year-over-year headwinds from softer property pricing to stabilise and abate into 2027.

INDUSTRIALS

SpaceX (SPCX) - SpaceX’s planned USD 75bln IPO, valuing it near USD 2tln despite just USD 19bln of revenue as well as negative free cash flow, is driven by enthusiasm for Elon Musk and AI rather than fundamentals, James Chanos said. The veteran short seller compared its valuation unfavourably with Tesla (TSLA) and questioned theoretical future businesses. Separately, the IPO has attracted demand for more than four times the available shares, ahead of banks stopping institutional orders, Bloomberg said.
Honeywell (HON) - Targeted 3yr organic growth 4-6%, margin expansion over 60bps annually and is driving towards 10%+ adjusted annual EPS growth through 2029. Sees FY26 adj. EPS at 3.95-4.15 and H2 26 of 2.20-2.35.
Caterpillar (CAT) - Raised its quarterly dividend +8% to USD 1.63/shr.
Boeing (BA) - Investigators will miss the one-year deadline to explain why an Air India jetliner crashed after take-off because examination of the Boeing plane’s engines in the US remains pending, according to Bloomberg citing sources. India’s Aircraft Accident Investigation Bureau is expected to issue a delay-focused status report this week, the report adds.
Eaton (ETN) - Eaton will separate its Mobility Group and merge it with Dana in a Reverse Morris Trust transaction, creating a combined company valued at more than USD 10bln. Eaton's Mobility Group is valued at ~ USD 5.1bln, and Eaton expects to receive a USD 1.1bln cash distribution while Eaton shareholders will own at least 50.1% of the combined company. The transaction is expected to be accretive to Eaton's organic growth and operating margins and is targeted to close in Q1 2027.
GE Aerospace (GE) - Named Judson Althoff to board, effective June 24th.
Virgin Galactic (SPCE) - Virgin Galactic redeemed USD 30.524mln principal of its 9.80% First Lien Notes due 2028 by issuing 6.735mln common shares. About USD 172mln principal remains outstanding, with no principal payment due until 31st March 2028.
PureCycle Tech (PCT) - Announced that it has commenced underwritten public offerings of USD 250mln aggregate principal amount of its convertible senior notes due 2032 and, concurrently, USD 145mln of shares of its common stock - USD 145mln Spot Secondary in a price range of USD 8.21-8.71.

HEALTHCARE

Eli Lilly (LLY), Novo Nordisk (NVO) - Some employers are planning to discontinue coverage of GLP-1 weight-loss drugs in 2027 as utilization continues to rise, potentially limiting broader adoption despite recent price reductions. According to surveys, 5%-10% of employers that currently cover obesity GLP-1s plan to drop coverage, highlighting ongoing concerns around the long-term cost burden of drugs such as Lilly's Zepbound and Novo's Wegovy.
European Drug Pricing - Belgium, the Netherlands, Luxembourg, Austria and Ireland said EU countries should align drug pricing policies and avoid uncoordinated national responses; the statement comes as the US and pharmaceutical companies increase pressure on EU countries over medicine prices.
Novartis (NVS) - The FORTITUDE study met its primary and key secondary endpoints, showing reductions in KHDC1L and creatine kinase levels, with a safety profile consistent with previous results.
Roche (RHHBY) - FDA granted Priority Review for Tecentriq in a certain type of stage III colon cancer. Acceptance was based on the phase III Alliance ATOMIC study, where Tecentriq plus chemotherapy reduced recurrence or death risk by 50% versus chemotherapy alone.
UnitedHealth (UNH), Humana (HUM), CVS Health (CVS) - An HHS Inspector General report found that Medicare Advantage plans operated by UnitedHealth, Humana, and CVS denied about 13% of requests for skilled nursing facility care, with roughly one in five denials appealed and nearly all appeals overturned, NYT reports. The report also raised concerns about oversight of third-party contractors involved in coverage determinations, potentially increasing regulatory scrutiny of Medicare Advantage practices.
Enliven Therapeutics (ELVN) - Reported updated positive Phase 1 data for ELVN-001 in previously treated chronic myeloid leukemia (CML), with the 80 mg once-daily cohort achieving a 61% overall major molecular response (MMR) and 48% MMR by 24 weeks. The drug was generally well tolerated, with most adverse events being Grade 1 or 2. The company also said the FDA aligned on 80 mg QD as the Phase 3 dose and on the second-line-or-later patient population for the pivotal ENABLE-2 trial, which is expected to begin in the second half of the year.
Humana (HUM) - Humana agreed to divest all or substantially all of its minority interest in Gentiva to an investor consortium, valuing the stake at about USD 900mln. The deal is expected to close in Q3 2026, with proceeds used for general corporate purposes. No material 2026 earnings impact is expected.

CONSUMER DISCRETIONARY

Alibaba (BABA), JD.com (JD), PDD (PDD) - Alibaba and JD shares fell overnight after Beijing’s market regulator summoned them, PDD, ByteDance and Xiaohongshu over alleged misleading “618” sales promotions, according to CCTV. The watchdog criticised undisclosed subsidies and price-cut competition eroding profits.
Greif (GEF) - Greif will raise prices by USD 60/short ton for all uncoated recycled paperboard products from 6th July, and by at least 6.5% for tube, core and protective packaging products from 13th July, citing higher input, adhesive and transportation costs and stronger demand.
Hugo Boss (BOSSY), Frasers Group (SDIPF) - Frasers Group launched a EUR 38/shr offer for the 74% of Hugo Boss it does not own, valuing the German fashion house at EUR 2.7bln. The low-premium bid follows Frasers’ roughly 26% stake-building. Hugo Boss said the offer was not coordinated and will be examined.
Dauch Corp (DCH) - United Auto Workers members at Dauch Corp. reached a tentative labour agreement after a 10-day strike at a Michigan plant which makes axles for General Motors (GM) trucks. The deal, covering about 970 hourly workers, still requires ratification.
Ford (F) - NHTSA said Ford is recalling 548k US vehicles due to sharp edges in centre console.
Driven Brands Holdings (DRVN) - Maintained FY26 adj. EPS view of 1.15-1.25 (exp. 1.20) and FY26 revenue view tof 1.95-2.05bln (exp. 2.0bln).
VF Corp. (VFC) - Director Richard Carucci purchased 30K shares on 9th June for a total USD 515k.

CONSUMER STAPLES

Target (TGT) - Increased quarterly dividend to 1.8% to USD 1.16/shr. : Target shareholders rejected a proposal to separate the roles of board chair and executive leadership, allowing former CEO Brian Cornell to remain executive chair. Shareholders also voted down proposals related to pesticide reporting in private-label products and microfiber-emission reduction efforts, while all director nominees were elected.
McGraw Hill (MW) Q4 2026 (USD): Adj. EPS 0.32 (exp. 0.17), Revenue 463.7mln (exp. 439.75mln).
Magnum Ice Cream (MICC) - Magnum Ice Cream Company is damaging Ben & Jerry’s by stopping criticism of US President Trump, and a campaign to free the brand from Magnum ownership has support from more than 130K people, according to co-founder Ben Cohen. Magnum said Ben & Jerry’s remains a bold voice for social justice.

ENERGY

Alberta Pipeline - Alberta energy minister Jean disclosed talks with an unnamed Fortune 500 company over financing and building a proposed oil pipeline capable of carrying 1mln BPD to Canada’s west coast, Bloomberg reports. Alberta plans to propose a general route by 1st July, preferring a northwestern path. PM Carney has pledged to pursue designating the pipeline a “project of national interest” by 1st October, targeting a construction start as soon as September 2027.
Chevron (CVX) - Chevron, YPF, and Pluspetrol are set to sign supply contracts this week with TGS for a USD 3bln natgas liquids project in Argentina’s Vaca Muerta shale basin, according to Bloomberg citing sources. The three drillers will fill roughly 80% of the project’s capacity, effectively assuring TGS’s final investment decision. Separately, Chevron has applied for a USD 13.8bln oil drilling venture under Argentina President Milei’s investment programme.
Cheniere Energy (LNG) - Cheniere Energy's midscale liquefaction trains 1-6 at Corpus Christi LNG export plant in Texas on track to take in more Natural gas on Thursday after shutting on Wednesday, according to company and LSEG data.

COMMUNICATIONS

News Corporation (NWS) - The WSJ asked a Miami federal judge to dismiss President Trump’s revised USD 10bln defamation lawsuit over an article on his ties to Jeffrey Epstein. The newspaper, News Corp. and Rupert Murdoch sought dismissal with prejudice and legal fees, arguing that Trump still failed to explain how the article was defamatory.
Meta Platforms (META), Roblox Corp. (RBLX), xAI - Canada introduced legislation to ban under-16s from social media unless companies including Meta and X meet safety standards. The bill would create a digital regulator, cover AI chatbot safeguards, exclude Roblox, and impose penalties of up to 3% of global revenues or CAD 10mln, whichever is greater.

MATERIALS

Northern Star Resources (NESRF) - Elliott Investment Management has hit back at Northern Star Resources’ board after chairman Michael Chaney wrote to shareholders rejecting calls for a sale or asset spin-off. Elliott responded that the board “does not understand the magnitude of change required” as it presses for a strategic review and sale process, citing operational missteps, poor performance, and the recent departure of CEO Stuart Tonkin with no succession plan.

UTILITIES

EDF, Centrica (CPYYY) - EDF and Centrica are nearing draft terms with the UK government to extend Sizewell B’s life by two decades, Bloomberg says. The deal would provide a 20yr Contract for Difference from 2035-2055 at about GBP 70/megawatt-hour, requiring around GBP 800mln of private investment.