Daily US Equity Opening News - SPCX to begin trading today; NVDA offers Vera CPU orders to Chinese clients; ADBE falls as CFO leaves for MRVL; IFNNY to open EUR 5bln Dresden fab; BABA bids USD 1.5bln for Pupu; AMGN seeks independent Tavneos data review

DAY AHEAD:

EVENTS: SpaceX (SPCX) will begin trading today following its IPO. Apple WWDC concludes (8-12 June).
DATA: In North America, US Michigan consumer sentiment preliminary for June is expected at 46.2 (prev. 44.8), with current conditions at 45.9 (prev. 45.8), and consumer expectations at 44.3 (prev. 44.1); the 1-year inflation expectations are seen unchanged at 4.8% (prev. 4.8%), and 5-year is seen paring to 3.8% (prev. 3.9%). Canada April wholesale sales final expected at 0.1% M/M (prev. 1.9%) and final manufacturing sales are also due (prev. 3.0% M/M).
ENERGY: Baker Hughes weekly rig counts due (prev. oil 431, total 563).
CRA: Fitch to review Norway (AAA).

NEWS:

GEOPOLITICS:

US-Iran - President Trump said he had cancelled further strikes on Iran, claiming a deal had been approved by all parties and could be signed this weekend in Europe; CBS reported that an MOU is likely to be signed early next week, enabling further negotiations on a long-term deal, while Axios reported the proposed deal would reopen Hormuz. Trump also rowed back on threats over Kharg Island. Iran said no final decision had been reached, accusing the US of shifting positions and making excessive demands, and denied Trump’s claim it had asked him to stop attacks. The comments followed two nights of US-Iran strikes and conflicting claims over attacks on US assets and the Strait of Hormuz. Separately, Bloomberg reports that US officials, analysts and sources said negotiations are cumbersome, with messages taking days and sometimes using human couriers to conceal Supreme Leader Khamenei’s location.
US Director of National Intelligence - President Trump nominated Jay Clayton, the US attorney for the Southern District of New York and former SEC chairman, as the next director of national intelligence, following backlash over the selection of Bill Pulte for the role. Senate Majority Leader Thune indicated confirmation could move quickly. Separately, the House failed to pass a three-week extension of Section 702 of the Foreign Intelligence Surveillance Act on a 198-218 vote before departing for its 12-day recess.
US Politics - President Trump and his allies have discussed pursuing a congressional resolution to void his two impeachments, according to the WSJ citing sources. House Speaker Johnson said he has spoken with Trump about the effort, and described the impeachments as a ‘sham’. Legal experts cited say the resolution would carry no constitutional force, as the Constitution provides no mechanism to undo an impeachment.

TRADE:

US Tariffs - A federal appeals court in Washington has ruled that the Trump administration may continue enforcing its 10% global tariffs under Section 122 of the Trade Act of 1974 while legal challenges proceed. The court held that the government made a sufficient showing it was likely to prevail, and suggested the US Court of International Trade’s interpretation of “balance-of-payments deficit” may have been too narrow.
US Fishing - President Trump Thursday signed a proclamation lifting commercial fishing restrictions within portions of three Pacific marine national monuments: Papahanaumokuākea near Hawaii, the Mariana Trench near Guam, and Rose Atoll near American Samoa. All three were originally designated by former President George W. Bush. Commerce Secretary Lutnick said the move would create economic opportunity for coastal communities and restore US seafood competitiveness.
US-Canada - Canada and the US have agreed to delay the opening of the Gordie Howe International Bridge connecting Ontario with Detroit, which had been expected to open before 21st June, WSJ reports. PM Carney said the US requested the delay to resolve outstanding technical issues, while distancing the decision from broader trade tensions. President Trump said in February he would hold up the launch unless the US received at least a 50% ownership stake and full compensation for prior contributions to Canada.

MACRO:

Fed - The Fed will maintain reserve management purchases at USD 10bln for the monthly period ending 13th July (unchanged vs the previous cycle), as policymakers seek to bolster reserves ahead of an anticipated liquidity drain. The NY Fed also plans USD 16.5bln in reinvestment purchases over the same period.
ECB Speak - Following yesterday’s ECB rate hike, ECB’s Nagel said the central bank is prepared to raise interest rates again at its July meeting if warranted, and that the fallout from the war in the Middle East was too significant to ignore, with high energy costs feeding through to core inflation. Nagel added that the ECB’s data-dependent, meeting-by-meeting approach remains appropriate. ECB’s Dolenc said Thursday’s rate hike was necessary to keep prices in check while officials assess the wider implications of conflict in the Middle East, adding that the latest data show it is “pretty obvious” that inflation will be higher and economic growth lower. ECB’s Kocher said the war’s impact on price trends are increasingly clear; he does not expect inflation to match 2022 or 2023 levels; reiterates that ECB will act decisively to ensure 2% inflation in the mid-term. ECB’s Makhlouf said the central bank needs to get ahead of inflation, and are seeing more broad-based inflation impact, adding that it would have been a mistake for policymakers to do nothing in June.
Canada Food Security - Canada unveiled a CAD 3.2bln, 10-year food security strategy aimed at lowering grocery prices, boosting domestic food processing and reducing import dependence. The plan allocates CAD 1bln to an agri-food project finance fund for small and medium-sized processors, CAD 1bln for food infrastructure including terminals and hubs, and CAD 750mln for controlled environment agriculture.
UK GDP - UK GDP fell by -0.1% M/M in April (exp. -0.1%, prev. +0.3%), with the annual rate remaining at 1.2% Y/Y; the three-month average rate was at 0.7% in the month (exp. 0.0%, prev. 0.6%). Analysts said that the April contraction signals a tepid Q2 ahead, as the Iran war’s impact feeds through via higher energy costs and borrowing rates. Hopes for rate cuts have shifted to expectations of hikes, while the stockpiling boost that supported activity in the early weeks of the conflict is fading. Analysts added that the GDP figures reinforcing the case for BoE policymakers who favour weighing weak demand more heavily than inflation when deciding whether to hike. Elsewhere, the slowdown will add political pressure on PM Starmer, who faces a potential leadership challenge.
Brazil - Brazil’s Planning Minister Bruno Moretti said it is seeking to block three congressional bills that would add more than BRL 170bln to the national budget over ten years. The bills (which cover rural debt renegotiation at an estimated BRL 140bln cost, community health worker retirement rules at BRL 30bln, and a wage floor rise for physicians and dentists adding roughly BRL 8bln annually) lacks funding sources. The government is prepared to appeal to the Supreme Court if negotiations fail.

INDEX:

Nasdaq 100 - Nasdaq announced its June 2026 quarterly rebalance of the Nasdaq 100 Index, effective before market open on 22nd June: Astera Labs (ALAB), CoreWeave (CRWV), Nebius Group (NBIS), Rocket Lab (RKLB) and Teradyne (TER) will be added; Charter Communications (CHTR), Cognizant Technology (CTSH), Insmed (INSM), Verisk (VRSK) and Zscaler (ZS) will be removed.

TECH:

Nvidia (NVDA) - Nvidia will hold its 2026 Annual Meeting of Stockholders online on 24th June at 12:00EDT/17:00BST. Elsewhere, Nvidia has reportedly informed Chinese clients that its “Vera” central processing unit for AI data centres could be available as early as August, with orders now being accepted, according to Reuters. The outreach comes as H200 shipments to China have stalled for months, with CEO Huang having said in October that Nvidia’s market share in China had effectively fallen to zero. Vera is Nvidia’s first standalone CPU built for agentic AI, and is now in full production; the company has described it as a potential multibillion-dollar business.
Adobe (ADBE) - Adobe shares fell 5.7% in extended trading after it said its CFO is leaving (he is moving to Marvell Technology (MRVL)), reinforcing software-sector AI disruption concerns, and overshadowing record results, AI-driven demand and a raised outlook. Adobe reported Q2 adj. EPS of 5.96 (exp. 5.81), Q2 revenue at USD 6.62bln (exp. 6.45bln). Q2 RPO was USD 22.27bln, total customer group subscription revenue +14% Y/Y to USD 6.39bln, business professionals and consumers subscription revenue +16% to USD 1.85bln, and creative and marketing professionals subscription revenue +13% to USD 4.54bln. CEO Narayen said record Q2 revenue reflected strong AI-driven demand; management said AI is accelerating customer behaviour at unprecedented speed and monthly active users rose to over 850mln across Acrobat and Express, and to 90mln for creative freemium. CFO Dan Durn will depart on 15th June to join Marvell, with Steve Day named interim CFO. Sees Q3 adj. EPS between 6.05-6.10 (exp. 5.77), Q3 revenue between USD 6.67-6.72bln (exp. 6.52bln); raised FY26 guidance, seeing adj. EPS between 24.35-24.45 (exp. 23.56; prev. saw 23.30-23.50), and revenue between USD 26.50-26.60bln (exp. 26.09bln; prev. saw 25.9-26.1bln).
Marvell Technology (MRVL) - Marvell appointed Dan Durn as CFO, effective 15th June, succeeding Willem Meintjes, who will remain available in an advisory capacity through April 2027 to support the transition. Durn joins from Adobe. Marvell affirmed its Q2 outlook.
Samsung (SSNLF), SK Hynix (HXSCL) - Global banks including Citigroup (C), JPMorgan (JPM), Goldman Sachs (GS), Bank of America (BAC), BNP Paribas (BNPQY) and UBS (UBS) are raising financing costs and restricting leveraged swap trades on SK Hynix and Samsung Electronics, which have risen more than 200% and 175% respectively this year, Bloomberg reports. Swap financing rates have increased to 300bps to as much as 11% over SOFR (up from 100-200bps above SOFR in early May). Morgan Stanley (MS) is declining new swap trades in the two stocks entirely.
SK Hynix (HXSCL) - SK Hynix is preparing to begin mass production of 375-layer 3D NAND flash memory by year-end at its M15 fab in Cheongju, adopting molybdenum in place of tungsten in metal gate electrodes, Digitimes reports. The company is also moving toward a US listing as early as August, with SEC approval of its ADR application expected during the week of 22nd June; Reuters previously has reported that the offering could raise as much as USD 14bln. Elsewhere, SK Group Chair said that wafer capacity is on track to triple by 2034.
TSMC (TSM) - TSMC faces a patent infringement complaint at the US ITC filed by Ireland-based entities Longitude Licensing and Marlin Semiconductor, which have claimed the US government could block imports of TSMC-made chips. The complainants have enlisted congressional support for their position. Taiwan’s Ministry of Economic Affairs said TSMC operates in compliance with local laws at all global locations and pledged assistance if needed, Digitimes reports.
Infineon Technologies (IFNNY) - Infineon Technologies will open a EUR 5bln power-chip fab in Dresden on 2nd July, Bloomberg reports. The project, backed by about EUR 1bln in EU subsidies, will produce power chips for AI data centres and could add up to EUR 5bln in annual revenue.

CONSUMER:

Screwworm - 21 Senate Democrats wrote to Agriculture Secretary Rollins urging the USDA to expand its response to a New World screwworm outbreak in the US, the first livestock outbreak in five decades. The letter called for accelerated production of sterile flies and consideration of the Defence Production Act to boost output. The sole North American production facility currently produces 100mln sterile flies per week, well short of the 500mln weekly used to eradicate the parasite in the previous outbreak, Bloomberg notes.
Nissan Motor (NSANY) - Nissan aims to halve new-model development to 30 months using AI and digital tools, its President Espinosa told Nikkei. The next-gen Skyline, due this winter, took 26 months vs 55 previously. Nissan plans faster development, common vehicle families, seven launches over about a year, broader AI-powered autonomous driving, and possible collaboration with Honda Motor (HMC), the article notes.
Lennar (LEN) - Q2 adj. EPS 1.31 (exp. 1.24), Q2 revenue USD 7.9bln (exp. 8.07bln). New orders -4% Y/Y to 21,749 homes; deliveries +2% to 20,519 homes; backlog was 16,818 homes, with a value of USD 6.6bln; gross margin on home sales was 15.6%, and net margin was 6.4%. CEO said elevated mortgage rates, constrained affordability, cautious consumer sentiment and geopolitical uncertainty continued to pressure the housing market, but Lennar’s operating platform remained resilient. He said demand is real, deferred and building, with the housing shortage unresolved, and the company better positioned to capture demand as conditions normalise. Sees Q3 new orders between 21,000-22,000, deliveries between 20,500-21,500, average sales price between USD 375,000-380,000, gross margin of approximately 16%, and SG&A between 8.8-9.0%. Lennar now targets FY26 deliveries between 82,000-83,000 homes.
Alibaba (BABA), Meituan (MPNGY), JD.com (JD) - Alibaba bid USD 1.5bln to acquire Fujian-based grocery firm Pupu, more than double Sun Art Retail’s USD 600mln offer, according to Bloomberg. The move escalates competition with Meituan and JD.com; Meituan recently announced a USD 717mln acquisition of Dingdong Fresh.
General Motors (GM) - General Motors was awarded a US Army contract for infantry squad vehicles and winch kits. The action is valued at USD 142.98mln, with total cumulative face value of USD 623.77mln.
US Foods (USFD) - US Foods received a USD 166.97mln Defence Logistics Agency firm-fixed-price, economic-price-adjustment, indefinite-delivery/indefinite-quantity contract for full-line food and beverage items.
DoorDash (DASH) - DoorDash assistant is rolling out to select areas in the US on iOS, starting with restaurant search and grocery shopping.
RH (RH) - Q1 adj. EPS -1.97 (exp. -2.07), Q1 revenue USD 800.3mln (exp. 792.4mln). Revenue was negatively impacted by approximately USD 45mln from higher backorder and special order balances, which were around USD 75mln above the same quarter last year, primarily due to tariff-related resourcing. Expects a similarly elevated balance in Q2, with balances returning to normalised levels by the end of 2026, resulting in an approximately USD 75mln revenue pick-up in H2. Sees Q2 revenue growth between 0.5-2.5%, implying USD 903.7-921.7mln (exp. 939.4mln). Raised FY26 revenue guidance, seeing revenue growth between 4.5-8.0%, implying USD 3.59-3.72bln (exp. 3.63bln; prev. saw 4-8%).
Victoria’s Secret (VSCO) - VSCO shareholders re-elected all nine board members at the company’s AGM, defeating a proxy campaign by Brett Blundy’s BBRC International, which had sought to remove board chair Donna James and director Mariam Naficy.

FINANCIALS:

CME Group (CME) - CME Group will offer 24/7 trading for new smaller-sized crude oil and gold contracts, pending regulatory review. The new oil contract will be 1/10th the size of CME’s existing Micro WTI futures, and will launch on 30th August. 24/7 trading for CME Group’s existing 1oz Gold futures will begin on 26th July.
Pimco - Pimco CIO Ivascyn warned that the pace of financial engineering is accelerating to levels reminiscent of the pre-global financial crisis period. He expressed concern that rating agencies may be assigning overly generous credit grades to structured securities by overweighting guarantees, and flagged rising leverage in the ETF industry. Ivascyn also noted that demand for IG securities to finance AI and energy infrastructure is intensifying efforts to repackage risky debt.
China Banks - China told big state-owned banks to strictly control net lending to other banks to prevent borrowing costs falling too far below the policy rate, Bloomberg reports. The PBoC’s guidance follows a liquidity glut, low money-market rates and bond rally, while it seeks to support growth without fuelling financial-market risks.
Blackstone (BX) - Blackstone is in talks to acquire Canadian property firm H&R Real Estate Investment Trust, reviving discussions that collapsed last year, Bloomberg reports.
Lloyds Banking Group (LYG) - Lloyds sold JPY 75bln of yen-denominated Samurai bonds, its first such offering in two years. Bloomberg notes that Samurai issuance has risen to JPY 503bln this fiscal year, the highest since 2015.

REAL ESTATE:

WP Carey (WPC) - Raises quarterly dividend to 0.94/shr.

INDUSTRIALS:

SpaceX (SPCX) - SpaceX will begin trading today at around midday Eastern time, according to the WSJ. Other newswire reports, citing shadow markets, indicate shares could open more than 35% above their IPO price. Reports on Thursday suggested that SpaceX raised USD 75bln at USD 135/shr, with 555.6mln shares sold; the total could reach USD 86bln at a USD 1.78tln valuation if underwriters exercise the greenshoe option. Individual investors placed orders exceeding USD 100bln, and will receive 20-25% of shares sold.
Hyperscale Data (GPUS) - Hyperscale Data said its subsidiary, Omnipresent Robotics, has begun production through its partner of the first 30 OPR-R2 humanoid robots. Components are expected in Q3 for assembly and deployment at Hyperscale Data’s Michigan AI data centre campus, forming part of a planned 143-robot deployment supporting embodied AI, autonomous workflows and robotics systems.
Airlines - Storms across the Chicago area prompted a tornado warning, which was later lifted, and caused widespread disruption; 882 flights were cancelled at O’Hare International Airport, and a further 166 at New York’s LaGuardia. Total US flight cancellations reached 1,474.
Lockheed Martin (LMT) - Lockheed received a USD 514.4mln Air Force contract modification for production of Space Vehicles 23 and 24, raising the contract’s total cumulative face value to USD 4.68bln.
Fortune Brands (FBIN) - Director Edward Garden purchased 320K shares on 10th June for a total USD 13.0mln.

ENERGY:

US Refiners - US oil refiners are increasing diesel and gasoline shipments to Africa as supply disruptions from the wars in Iran and Ukraine squeeze traditional sources. South Africa has absorbed more than 5mln barrels of US diesel since the Iran war began in late February, along with 400K barrels of gasoline, according to Vortexa. Imports of US motor fuels into Cote d’Ivoire have risen seven-fold Y/Y, while Namibia has drawn 1.7mln barrels of US diesel since March.
Shell (SHEL) - Venezuela signed five agreements with Shell advancing oil and gas projects, including participation in the 7-trillion-cubic-feet Loran offshore gas field, which extends into Trinidad and Tobago’s waters. Shell also secured a technical alliance for procurement and output expansion at oilfields in Monagas North. Loran and the 4.2-trillion-cubic-feet Dragon project are expected to enable Venezuela’s first offshore gas exports, initially supplying Trinidad for LNG processing.
Venture Global (VG) - Venture Global and Atlantic-SEE LNG Trade (a JV between AKTOR Group and DEPA Commercial) expanded their existing 20yr sales and purchase agreement for US LNG from 2030, doubling contracted supply to 1.0mln tonnes per annum (from 0.5mln). The deal follows Venture Global’s investment in Alexandroupolis LNG import terminal capacity.
Woodside Energy (WDS) - Woodside has exercised pre-emptive rights to acquire PetroChina’s 10.67% stake in the Browse LNG project in Western Australia, blocking Inpex from entering the venture. The deal comprises USD 225mln plus JV cost reimbursements from 30th June 2025 to completion, and a contingent USD 175mln if a final investment decision is reached on three fields before June 2032. Woodside’s stake will rise to 41.27%.
India Diesel - India imposed 90-day restrictions on diesel sales after state-owned fuel retailers struggled with demand as Middle East conflict choked crude supplies, Bloomberg reports. The government capped diesel sales at 200 litres/day per customer and barred large and industrial customers from buying gasoline and diesel from retail outlets, citing disrupted petroleum supply chains and shipping logistics.

MATERIALS:

Indonesia Raw Material Exports - Indonesia’s commodity export agency will focus on monitoring prices of key raw-material exports rather than intervening in trade, Bloomberg reported. Danantara Chief Operating Officer Dony Oskaria said the sovereign wealth fund arm overseeing coal, palm oil and ferroalloy shipments will only ensure natural resources are sold at their true prices.

UTILITIES:

Duke Energy (DUK) - The Trump administration declared a power emergency in the southeastern US as dangerous heat threatened power grids. The DoE has allowed Duke Energy (DUK) to operate plants at maximum output and exceed some air-pollution limits through Friday night to meet demand in North and South Carolina.

HEALTHCARE:

Amgen (AMGN) - Amgen has engaged the Duke Clinical Research Institute to independently review data underpinning its Tavneos approval, after the FDA proposed withdrawing the drug over allegations that data submitted by its prior manufacturer were manipulated, Bloomberg reports. Amgen plans to submit the new analysis to the FDA by 29th June. Tavneos, acquired via Amgen’s USD 3.7bln purchase of ChemoCentryx in 2022, generates approximately USD 500mln in annual sales.
Bayer (BAYN) - Bloomberg says Bayer shares face two pivotal legal developments in the coming weeks: a SCOTUS ruling (expected by early July) on whether federal law bars Roundup cancer-warning lawsuits, and a 9th July fairness hearing on a USD 7.25bln class-action settlement. Bayer has already paid more than USD 11bln in Roundup settlements and faces over 65,000 outstanding suits. Jefferies (JEF) said the stock rising to EUR 50 in a positive scenario, and falling to EUR 30 in a downside one (it closed Thursday trade at EUR 35.79).
GSK (GSK) - A GSK meningitis injection will be used in an NHS two-dose vaccination programme for around 1mln young people at highest risk of meningococcal B disease. Elsewhere, GSK’s momelotinib received Orphan Drug Designation from the US FDA and EMA for treating VEXAS syndrome.
Penumbra (PEN) - Penumbra received FDA clearance for Thunderbolt, expanding its computer assisted vacuum thrombectomy technology to address acute ischemic stroke. Powered by the Penumbra Engine, Thunderbolt adds modulated aspiration to Penumbra’s neuro thrombectomy portfolio and is designed to detect, fatigue and completely ingest clot at the occlusion site.