Daily US Equity Opening News - SSNLF & union hold last-ditch strike talks; AMZN sued over tariff price increases; TSLA raises US Model Y prices; NEE discusses USD 76/shr D deal; NGLOY sells coal unit for USD 3.88bln; PUBGY to buy RAMP for USD 2.2bln

DAY AHEAD:

EVENTS: Canadian markets closed for Victoria Day.
DATA: US NAHB Housing Market Index (prev. 34), and net long-term TIC flows (prev. USD 58.6bln) are due.
CENTRAL BANKS: BoE’s Greene (hawkish) and Mann (hawk) both appear on panels. Norges Bank’s Bech-Moan speaks at the Housing Conference. Riksbank’s Bunge speaks on AI and monetary policy.
SUPPLY: EU to sell EUR 7bln across 2029, 2037 and 2051; UK BoE conducts a GBP 825mln short-maturity gilt sale.
WEEK AHEAD: Highlights include NVDA earnings, FOMC Minutes, UK, Canadian, Japanese and NZ inflation. Other notable earnings this week include: Walmart (WMT), Home Depot (HD), Analog Devices (ADI), TJX (TJX), Deere (DE), Intuit (INTU), Lowe's (LOW), Target (TGT), Ross Stores (ROST), Vertiv (VRT), Workday (WDAY), Ralph Lauren (RL), Copart (CPRT), Keysight (KEYS), NIO (NIO), Zoom (ZM), Toll Brothers (TOL), Hasbro (HAS), Deckers (DECK), Nordson (NDSN), Take-Two (TTWO), VF Corp. (VFC), Urban Outfitters (URBN), Booz Allen (BAH).
Click here for Newsquawk's week ahead briefing.
Click here for weekly US earnings estimates.

NEWS:

GEOPOLITICS:

Trump on Iran - President Trump warned Iran that “time is of the essence” and said attacks could resume more intensely without a better proposal. He declined to set a negotiation deadline, planned a Situation Room meeting on military options on Tuesday.
Iran - Iranian Defence Ministry warned of a “regretful response” to enemies and said armed forces were ready for any US or Israeli attack, IRNA reports. Iran said Strait of Hormuz transit would resume once the conflict ends.
Israel - Reports out of Israel suggested that it was preparing for possible renewed war.
UAE Nuclear Facility Strike - The UAE said a drone strike hit near Abu Dhabi’s Barakah Nuclear Power Plant, triggering a fire in an electrical generator outside the inner perimeter, BBC reports. Officials said two of three drones were intercepted, with no injuries or radiological impact. The IAEA expressed grave concern regarding the situation.
Russia Waiver - The Trump administration let a waiver encouraging some Russian crude sales expire. The lapse ends a brief easing of sanctions on certain Russian oil purchases, despite Iran war-related concerns over global oil supplies and fuel costs. Earlier waivers applied only to Russian oil already loaded onto tankers.

TRADE:

US-China - The White House released a fact Sheet highlighting the deals made with China in President Trump’s trip last week. Confirmed that a US-China boards for trade and investment will be created. China agreed to address US concerns on rare earths, buy 200 Boeing aircraft and purchase at least USD 17bln/year of US agricultural products in 2026-2028, alongside soybean commitments. USTR Greer said President Trump will receive options for action on China if US investigations find that industrial overcapacity is affecting Chinese exports.
EU-China - China’s MOFCOM criticised the EU’s use of its Foreign Subsidies Regulation after China’s justice ministry said related cross-border probes amounted to “improper extraterritorial jurisdiction”. Separately, the FT reported that the EU is considering requiring European companies to buy critical components from at least three suppliers to reduce reliance on China. Elsewhere, France wants Stellantis (STLA) and Renault (RNSLY) to favour local parts suppliers to protect jobs and retain regional know-how as Europe’s automakers deepen ties with Chinese manufacturers.
Rare Earths - Defence companies are reportedly seeking more time before a 1st January 2027 US ban on Chinese rare earth magnets, because China still dominates supply and alternative chains may take years, FT reports. Contractors argue their small market share limits influence, while complex subcontractor networks make it hard to trace whether production involved China, North Korea, Russia or Iran.
China Solar Exports - China’s solar cell exports rose 60% Y/Y by volume in April. The growth came despite expectations that removing export tax rebates from 1st April would curb overseas demand, and followed an 80% surge in March partly driven by shipments before the rebate cancellation, Bloomberg reports.
UK-GCC - The UK and GCC states are close to finalising a free trade agreement after two years of talks, FT reports. The deal would cover Saudi Arabia, the UAE, Qatar, Kuwait, Bahrain and Oman, with expected benefits for UK luxury cars and financial services, though the projected GDP impact is small.

MACRO:

Fed - The Fed named Jerome Powell chair pro tempore until Kevin Warsh is sworn in after Senate confirmation, Reuters reports. Powell’s term as Fed leader expired on Friday. Stephen Miran and Michelle Bowman opposed the temporary arrangement because it had no fixed time period, while Warsh’s swearing-in date has not yet been announced.
US Treasuries - Goldman Sachs said US Treasuries have been a poor diversifier since late February, as uncertainty around the Iran conflict and supply shock has limited nominal duration’s ability to reduce daily portfolio volatility. However, it said inflation risk premia along the yield curve may improve Treasuries’ value as a medium-term hedge.
Central Bank Gold Purchases - Goldman Sachs expects central banks to increase gold purchases, supporting prices by year-end, Bloomberg reports. Its analysts forecast buying will average 60 tons/month in 2026, while a revised accumulation framework put the 12-month moving average at 50 tons in March (up from 29).
Japan Budget - Japanese PM Takaichi asked the Ministry of Finance to consider funding options, including a supplementary budget, to respond to rising commodity prices from the Middle East conflict; the move marks a reversal after she had repeatedly said an extra budget was unnecessary.
Japan 5yr Auction - Japan’s 5yr bond auction drew weaker demand, with cover ratio falling to 3.22x (prev. 3.58x; vs 12-month average of 3.47x), as elevated oil prices fuelled inflation concerns and contributed to a global bond rout. JGBs sold off, sending yields to record highs as rising oil prices fuelled inflation fears; strategists cited by Bloomberg said the surge reflected pressure from higher energy costs, possible tighter monetary policy, and worries about Japan’s fiscal position.
Japan FX - Japanese Chief Cabinet Secretary Kihara said authorities are watching market moves, including long-term rates, with a high sense of urgency; but Kihara declined to comment on any FX intervention.
China Activity Data - China’s economy slowed sharply in April; ING said trade-in policy headwinds, weaker gold sales, soft domestic demand, geopolitical uncertainty and property weakness weighed, while rising inflation pressures may complicate any stimulus response. YTD fixed-asset investment unexpectedly fell 1.6% Y/Y (exp. +1.7%); retail sales rose only 0.2% Y/Y in April (exp. 2.0%), while industrial production growth eased to 4.1% (prev. 5.7%). Other reports noted that exports are no longer offsetting domestic weakness. Elsewhere, China’s new-home price declines eased for a third month in April, with prices in 70 cities down 0.2% vs March, the smallest drop in a year, while resale values fell 0.2%, the slowest decline since March 2025, as local governments added housing support measures.
Brazil Elections - Brazilian President Lula and Senator Bolsonaro were tied at 45% in a hypothetical October election runoff, according to a Datafolha poll; the poll was conducted before a report linked Bolsonaro to banker Daniel Vorcaro. Lula was unchanged from the previous poll, while Bolsonaro fell 1ppt.
EM Carry - Emerging market carry trades have rebounded from Iran war losses as higher oil prices support expectations for elevated rates and commodity-exporter currencies, Bloomberg says. A carry index cited has risen more than 3% from its March low. Investors favour the BRL and ZAR rand, though oil-importing markets face inflation and current-account risks.

13-F FILINGS:

Appaloosa Management - New buy: SNDK. Increases: AMZN, UBER, VST, MU. Cuts: BABA, MSFT, WHR, META, QCOM. Exits: AAL, OC, MHK, IQV, UAL.
Berkshire Hathaway - New buy: DAL, M. Increases: GOOGL, NYT, LEN. Cuts: BAC, CVX, STZ, NUE. Exits: V, MA, UNH, DPZ, AON.
DME Capital Management - New buy: DCH, STUB, PSKY, SLM, VTRS, REZI, TRIP. Increases: SNX, ACHC, BKV, PTON, SHC. Cuts: WFRD, PCG, TEVA, CNHI. Exits: KD, WBD, GPN, GDX.
Elliott Management - New buy: NCLH, RIG. Increases: HPE, SDRL, HDB. Cuts: LUV, TFPM. Exits: HYG, BILL, ST, FSK. Elliott has built a sizeable stake in Bio-Rad Laboratories (BIO) and plans to push the life-science tools and diagnostics supplier to improve its underperforming share price, WSJ reports; Elliott also has a large stake in Sartorius (SOAGY), the German lab-equipment supplier in which Bio-Rad has a strategic investment.
Icahn Enterprises - Increases: CVI, SD. Cuts: SATS. Exits: SWX.
JANA Partners - Increases: FISV, ALKT, COO. Cuts: MRCY, MKL. Exits: FRPT.
Lone Pine Capital - New buy: TER, GLW, MTZ, USFD, PFGC. Increases: CRS, ASML, CLH, ENTG, TLN. Cuts: KKR, TSM, VMC, APH, BAM. Exits: AVGO, MSFT, DASH, AMZN, PM.
Omega Advisors - New buy: COF, AMZN. Increases: OMF, PLGO, TDAY, MANU. Cuts: ELV, AESI. Exits: RRX, OXY.
Paulson & Co. - New buy: FOLD. Increases: THM, THRY. Cuts: MDGL. Exits: SOLS.
Pershing Square - New buy: MSFT. Increases: AMZN. Cuts: GOOG, GOOGL, BN, UBER, QSR, META. Exits: HLT. Bill Ackman said Pershing’s sale of GOOG was not a bet against Alphabet, saying he remains very bullish long term. He said GOOG was used as a source of funds for MSFT because of current valuations, and Pershing Square’s finite capital base.
Soros Fund Management - New buy: LIN, HTO, PEN, BRK.B, WBS. Increases: EA, SEE, TSM, HON, NVDA. Cuts: AMZN, SPY, DIS, CRM, FIGR. Exits: XHB, TTWO, RDN, ADI, VVX.
Starboard Value - New buy: LW, KMX, GPGI. Increases: RIOT, TRIP. Cuts: GEN, CWAN, HR, BDX, FLR. Exits: ADSK, CRM.
Third Point - New buy: META, GOOGL, GLD, HUT, TDG. Increases: SPRY. Cuts: NVDA, UNP, NSC, COF, LYV. Exits: PCG, MSFT, BAM, CASY, CSGP.
Tiger Global - New buy: MELI, LITE, EQPT, INTC. Increases: TSM, AMAT, AVGO, NVDA, SPOT. Cuts: MSFT, TTWO, RDDT, APO, APP. Exits: FLUT, VEEV, GRAB, WDAY, ESTC.

TECH:

Tech Concentration - Chipmakers have driven more than half of the S&P 500’s 8% gain in 2026, Bloomberg notes, with the sector now 18% of the index. Nvidia (NVDA), Sandisk (SNDK) and Micron (MU) have helped power the rally, but Friday’s selloff highlighted concentration risks if momentum turns or demand cools, the report adds.
TrendForce - TrendForce said MLCC prices are poised to rebound as AI-chip demand tightens high-end supply and squeezes consumer-grade availability; Nvidia (NVDA) Rubin boards may use about 12K MLCCs, versus 6.5K for GB200; it also notes that Taiyo Yuden raised some MLCC prices by 6-13%, while SEMCO is considering similar action.
Nvidia (NVDA) - Nvidia’s GB300 became the mainstream AI server product in Q1 2026, boosting ODM revenue and profit, DigiTimes reports. Vera Rubin servers are expected to ramp in Q3, while high-end AI server shipments with HBM are forecast to rise 67.5% Y/Y to 1.914mln units in 2026, the report says.
TSMC (TSM) - TSMC said CoWoS yields exceeded 98%, and it produced a 5.5x reticle-size CoWoS in 2026, DigiTimes reports. N2 began mass production in Q4 2025, with N2P due in H2 2026, A14 in 2028 and A13 in 2029. TSMC expects CoWoS and SoIC capacity CAGR above 80% from 2022-2027.
Samsung Electronics (SSNLF) - Samsung and its union started last-ditch talks to avert an 18-day strike by more than 45K workers from 21st May 2026. A South Korean court ordered normal production safeguards during any strike, with potential fines.
Apple (AAPL) - Apple has built a profitable business selling cheaper devices, including its USD 599 MacBook Neo, while rivals face rising costs, the WSJ reports. Apple’s approach includes using chips with slight defects that might otherwise be discarded in lower-performing processors across dozens of devices, the report states.
Intel (INTC) - President Trump, in an interview to Fortune Magazine before he departed to China last week, said said he negotiated a 9.9% Intel stake by asking CEO Lip-Bu Tan to give the US “10% ownership for free”, later saying: “Shit, I should have asked for more.” He claimed the government’s position had grown to more than USD 50bln and questioned whether he gets credit. Trump said he was not concerned about the government’s Intel exit strategy, suggesting shares could be sold slowly over time without tanking the stock if intentions were communicated clearly to the market upfront.
Intel (INTC), AMD (AMD), TSMC (TSM) - A DigiTimes report says Intel and AMD are diverging in server CPUs; an analyst said Intel’s Q1 data centre revenue rose 22% mainly from 10-20% price increases, while AMD’s server CPU revenue rose more than 50% on shipment-led growth. Elsewhere, the report adds that TSMC (TSM) is expected to notify customers of 2028 price rises from July 2026.
ASML Holding (ASML) - Tata Electronics and ASML signed an MoU to advance India’s semiconductor manufacturing ecosystem. ASML will support the establishment and ramp-up of Tata Electronics’ planned 300mm semiconductor fab in Gujarat. The company said the collaboration reflects growing India-Netherlands strategic cooperation in critical technologies, including semiconductors.
Advanced Micro Devices (AMD) - AMD entered a credit agreement providing a five-year USD 5bln unsecured revolving credit facility.
LiveRamp (RAMP), Publicis (PUBGY) - Publicis agreed to buy LiveRamp in an all-cash USD 2.2bln deal; the USD 38.50/shr offer is almost 30% above LiveRamp’s Friday close. Publicis said the acquisition will deepen its AI marketing push and raised headline EPS growth guidance for 2027 and 2028. Elsewhere, Publicis affirmed 2026 guidance, and lifted its 2027 and 2028 growth views.
CXMT - CXMT expects H1 2026 revenue of CNY 110-120bln, and net profit of CNY 66-75bln, as a global memory shortage supports its Shanghai IPO push, DigiTimes reports. Q1 revenue rose 719% Y/Y to CNY 50.8bln, while net profit rose 1,688%, though CXMT still trails Samsung (SSNLF), SK Hynix (HXSCL) and Micron (MU).
Anthropic - Anthropic will brief the Financial Stability Board on cyber vulnerabilities identified by its Claude Mythos Preview AI model, FT reports.

CONSUMER:

Amazon (AMZN) - Consumers sued Amazon, seeking refunds for tariff-related price increases after the US Supreme Court ruled Trump’s tariffs unlawful, Reuters reports. The proposed class action alleges Amazon collected hundreds of millions of dollars in unlawful tariff costs and did not seek government refunds.
Mercedes-Benz (MBG) - Mercedes-Benz CEO Kallenius said the company would be willing to enter defence production if it made “business sense”, WSJ reports. He said Europe needs to increase its defence profile and that Mercedes would be willing to play a positive role if possible.
Tesla (TSLA) - Tesla raised US prices for Model Y cars, increasing Model Y premium all-wheel drive and rear-wheel drive by USD 1K to USD 49,990 and USD 45,990 respectively. Model Y Performance all-wheel drive rose USD 500 to USD 57,990. Tesla did not give a reason, Reuters reports.
Stellantis (STLA), Renault (RNSLY) - France wants Stellantis and Renault to favour local parts suppliers to protect jobs and retain regional know-how as Europe’s automakers deepen ties with Chinese manufacturers.
Monster Beverage (MNST) - Monster Beverage authorised a new USD 500mln share repurchase programme. As of 14th May, about USD 400mln remained available under its previous buyback authorisation.

FINANCIALS:

Private Credit - Publicly traded BDCs are approaching their steepest discounts to asset values since Covid, Bloomberg reports. the article notes that recent earnings showed rising credit losses, falling new lending and shrinking portfolios, after private credit’s retail push exposed the sector to public market volatility and followed redemption pressure at several private BDC vehicles.
BlackRock (BLK) - BlackRock has discussed investing USD 5-10bln in SpaceX’s IPO next month, with SpaceX targeting about USD 75bln at a roughly USD 1.75tln valuation, the Information reports. SpaceX aims to list on Nasdaq as early as 12th June, according to reports.
KKR & Co. (KKR) - KKR hired Morgan Stanley (MS) Investment Management’s Masahiro Shuto as managing director and head of its Japan capital markets business, Bloomberg reports.
Standard Chartered (SCBFF) - Standard Chartered appointed Manus Costello as Group CFO and executive director, subject to regulatory approval. Costello becomes interim GCFO immediately. He joined Standard Chartered in April 2024 as global head of investor relations.
Prudential (PUK) - Prudential agreed to buy a 75% stake in Bharti Life Insurance for INR 35bln, Bloomberg reports. The deal gives the UK insurer access to India’s uninsured middle class, with an additional consideration of up to INR 7bln payable on completion.

INDUSTRIALS:

Lockheed Martin (LMT) - Lockheed Martin was awarded a USD 991.13mln US Navy firm-fixed-price order for 432 material modification kits supporting F-35 aircraft modernisation and retrofit work.
Northrop Grumman (NOC) - Northrop Grumman was awarded a USD 196.07mln US Navy contract modification for MQ-4C Triton support. Northrup was also awarded a USD 325.53mln US Army cost-plus-fixed-fee contract to develop the RangeHawk universal payload architecture prototype. And it was also awarded a USD 398mln US Air Force firm-fixed-price contract for a SATCOM space vehicle; the contract covers development, launch and on-orbit support.
General Dynamics (GD) - General Dynamics was awarded a USD 229.65mln US Army fixed-price-incentive contract for 50 Stryker Double V-Hull A1 vehicles.
Ryanair (RYAAY) - Ryanair warned FY 2027 unit costs could rise by a mid-single digit percentage if unhedged jet fuel prices stay elevated, Bloomberg reports. The airline has hedged 80% of fuel at USD 67/bbl, but expects higher fuel, crew and maintenance costs, plus EUR 300mln in extra EU environmental taxes.

ENERGY:

China Crude - Chinese oil refiners cut output after crude imports plunged. April processing fell to 54.65mln tons, down 11% vs March, and 5.8% Y/Y, as the near-halt to shipments through the Strait of Hormuz squeezed crude supplies and pushed state-owned refinery runs to multiyear lows, Bloomberg reports.
Russia LNG - Russia is expanding its LNG dark fleet with four tankers previously servicing Oman’s export plant, Bloomberg reports. Kosmos loaded from the US-sanctioned Saam floating storage unit near Murmansk, while Merkuriy, Orion and Luch have also picked up from Saam or are positioning to dock there, ship data showed.
Venezuela Crude - Venezuela is circulating draft regulations for its new oil law to companies considering investment in increased production, Bloomberg reports. The draft sets technical, operational, fiscal and control provisions for oil and gas operators, expands private activity into areas previously monopolised by PDVSA, and repeals 1943 and 1969 oil rules.
TotalEnergies (TTE) - France will not rule out an exceptional tax on TotalEnergies, Bloomberg reports; Budget Minister Amiel said there was “no taboo” over redistributing excess profits from higher oil prices, though the government currently prefers a fuel-price cap. Amiel added that no decision had been made on a possible surcharge, Bloomberg reports.
BP (BP) - BP reportedly plans to dismantle its pipeline gas trading team and focus on expanding LNG trading; about 20 pipeline gas staff will be laid off, with remaining employees moved into BP’s LNG book; follows Europe’s move away from Russian pipeline gas towards LNG since 2022.
Santos (SSLZY), Repsol (REPYY) - Santos announced first oil from Pikka phase 1 on Alaska’s North Slope. Production has started during commissioning and is expected to ramp to 20K bbl/day over coming weeks, then remain near that level until water injection begins. Santos operates the project with a 51% stake, while Repsol holds 49%.

MATERIALS:

China Power Generation - China’s thermal power generation rose 3.1% Y/Y in April, growing for a fourth consecutive month, Bloomberg reports. The increase helped meet rising demand while wind and nuclear output fell. Coal production declined 1% in a month typically linked to seasonal maintenance.
Anglo American (NGLOY) - Anglo agreed to sell its steelmaking coal business for up to USD 3.88bln in cash, and will use proceeds to reduce net debt; separately, Anglo said it does not currently expect any immediate production impact from the Collahuasi environmental permit issue in Chile.

UTILITIES:

Dominion Energy (D), NextEra (NEE) - NextEra Energy is in talks to acquire Dominion Energy in a mostly stock deal, aimed at addressing rising power demand from data centres, Bloomberg reports. A deal could be announced as soon as Monday.
PG&E Corporation (PCG) - PG&E cut power to some California customers as dry, windy conditions raised wildfire risks, Bloomberg reports. The utility said 779 outages were affecting nearly 57.5K customers on Sunday evening, including planned wildfire-risk shutoffs and unplanned disruptions.

HEALTHCARE:

Dr. Reddy’s (RDY) - Dr. Reddy’s Laboratories launched generic Semaglutide Injection in Canada after receiving Health Canada approval on 28th April. The company said it is among the first to introduce a generic version in Canada, the first G7 country to grant market authorisation for Semaglutide Injection.
Daiichi Sankyo (DSNKY), AstraZeneca (AZN) - Enhertu received FDA approval for two new HER2-positive early breast cancer indications. It was approved in the neoadjuvant setting with taxane, trastuzumab and pertuzumab for adult stage 2 or 3 patients, and in the adjuvant setting for adults with residual invasive disease after trastuzumab and taxane-based treatment. Daiichi Sankyo and AstraZeneca jointly develop it.
Regeneron (REGN) - Regeneron said its Phase 3 trial of fianlimab plus cemiplimab in first-line unresectable locally advanced or metastatic melanoma did not meet the primary endpoint. The combination failed to show a statistically significant progression-free survival improvement versus pembrolizumab monotherapy. No new safety signals were identified.
Novartis (NVS) - Novartis announced PSMAddition data showing Pluvicto plus standard of care improved PSA responses versus standard of care alone in PSMA-positive mHSPC. Results presented at the American Urological Association Annual Meeting 2026 showed a 58% lower risk of PSA progression and deeper PSA reductions with Pluvicto plus standard of care.
Roche (RHHBY) - Genentech announced that the FDA approved Tecentriq and Tecentriq Hybreza as an adjuvant treatment for adult patients with MIBC who have circulating tumour DNA molecular residual disease after cystectomy.
Ipsen (IPSEY) - Ipsen presented first corabotase data for moderate-to-severe glabellar lines at the 2026 Scale Symposium. At Week 4, 66% of corabotase-treated patients had a statistically significant 2-grade or greater improvement versus 0% on placebo and 54.3% with Dysport. At Week 24, 60.8% maintained clinically significant effect, with 82.8% satisfied or very satisfied.
United Therapeutics (UTHR) - United Therapeutics received FDA clearance to proceed with the EXPRESS clinical trial of UHeart, an investigational heart derived from a pig with 10 gene edits.