Daily US Equity Opening News - SSNLF-union continue talks after breakdown; GOOG unveils Gemini models and cheaper AI tools; China last week banned NVDA RTX 5090D V2 imports; KEYS rises after Q2 beat-and-raise; CE to raise engineered materials prices

DAY AHEAD:

DATA: In Europe, Eurozone April final inflation is seen at 3.0% Y/Y (from the previous 2.6%), and core at 2.2% Y/Y (from 2.3%). Stateside, the data slate is thin, but includes weekly MBA mortgage applications.
PREVIEW - FOMC MINUTES (19:00BST/14:00EDT): FOMC minutes will be scrutinised for the scale of support behind dropping the easing bias after April’s hawkish split, with three voters dissenting against retaining it (Kashkari, Hammack, Logan) and non-voter Collins later suggesting she would have supported removal. Markets will watch discussions on inflation risks, labour market resilience and conditions that could push the Fed towards hikes, particularly after Chair Powell said more officials now see a hike as likely as a cut. The statement already shifted inflation language to “elevated”, citing higher global energy prices, while growth and labour market wording stayed broadly unchanged. Since the meeting, energy prices have risen further and markets no longer price cuts this year, instead discounting around a c.60% chance of a year-end hike. The minutes pre-date the latest hot CPI and PPI reports. Traders will also focus on any balance sheet debate, with incoming Chair Warsh favouring lower rates but also tighter balance sheet policy, potentially putting him at odds with a Committee showing limited appetite for near-term easing. Click here for Newsquawk’s full FOMC minutes preview.
SPEAKERS: Fed’s Barr (voter, neutral) speaks on consumer financial health metrics. BoE’s Bailey (neutral), Breeden (dovish), Dhingra (dove) and Mann (hawk) at Treasury Select Committee. Riksbank’s Jansson speaks on the economic situation and monetary policy. Emmanuel Moulin, President Macron’s nominee to lead the Bank of France, faces Senate and National Assembly questioning today.
SUPPLY: US sells USD 16bln of 20yr bonds. Germany auctions EUR 5bln of 2036 Bunds. UK announces the size of the upcoming 2033 gilt auction.
ENERGY: Weekly DoE energy inventory data is due; afterhours on Tuesday, API data reportedly showed headline crude stocks posting a larger than expected draw of -9.1mln bbls (exp. -3.4mln), Cushing stocks were down by -1.4mln bbls, distillates drew down by slightly less than expected at -1.0mln bbls (exp. -1.3mln), and gasoline drew down by a larger than expected -5.8mln bbls (exp. -2.1mln).
EARNINGS: Notable corporate earnings reports due today include Nvidia (NVDA), Intuit (INTU), TJX (TJX), Analog Devices (ADI), Lowe’s Companies (LOW), Target (TGT), Nordson (NDSN), Hasbro (HAS), VF Corp (VFC), Urban Outfitters (URBN).
PRIMER - NVIDIA EARNINGS (AMC): Reports at 21:20BST/16:20EDT, with investors closely watching the metrics given Nvidiaʼs leadership in AI. Nvidia continues to benefit from surging capital expenditure, with AMZN, GOOGL, META and MSFT already committing USD 695-725bln in 2026. Meanwhile, since the last earnings report at Nvidiaʼs GTC event, CEO Huang said last year saw around USD 500bln in high-confidence demand and purchase orders for Blackwell and Rubin, and now sees at least USD 1tln in demand through 2027, adding he is certain computing demand will be much higher than that. In the last earnings report, Nvidia guided Q1 revenue to between USD 76.44-79.56bln, above the expected USD 72.78bln. For this quarter, adjusted EPS is seen at 1.78 and revenue at USD 78.98bln. For the next quarter, profit and revenue are projected at USD 1.96 and USD 96.78bln, respectively, while FY EPS is seen at USD 8.36 and revenue at USD 371.66bln. Nvidia shares have surged recently, rising 20% over the last month and 26.5% YTD to fresh record highs. Barronʼs wrote that Nvidiaʼs rally is only getting started and that the stock remains cheap. Ahead of earnings, Cantor Fitzgerald reiterated its ‘Overweightʼ rating, maintained Nvidia as a ‘Top Pickʼ, and raised its PT to USD 350 from USD 300. While it will not be reflected in these earnings metrics, CEO Huang may also be asked about his recent China visit, where US President Trump said the H200 did not come up in talks with China.

NEWS:

GEOPOLITICS:

US-Iran - Regional mediators and US officials said Iran’s negotiating position has changed little from earlier failed efforts to end the war, WSJ reports. Their comments followed President Trump saying he had called off planned military strikes on Tuesday after positive developments in talks, though he later renewed threats. US VP Vance said Iran had two options: reach an agreement or resume the war. He said progress had been made and a military campaign could restart if needed, though President Trump did not want “option B”. Israeli assessments indicate Trump has decided to attack Iran, and that implementation is only a matter of time, according to Israel’s Channel 12.
US Senate - The Republican-led US Senate signalled rising opposition to continuing Trump’s Iran war in a procedural vote. Louisiana Senator Bill Cassidy joined three other GOP senators to advance a resolution to cease hostilities, his first support for the measure after Trump thwarted his re-election bid in a Republican primary.
US-Iran - Iranian Foreign Minister Araghchi said US Congress had acknowledged the loss of dozens of aircraft worth billions, and that Iran’s Armed Forces were the first to strike down a touted F-35. He said any return to war would bring more surprises, while Iran called a US claim about a struck school “baseless”.
Strait of Hormuz - CBS cited US officials saying US forces identified at least 10 mines in the Strait of Hormuz. Elsewhere, A South Korean supertanker and two Chinese supertankers are attempting to transit the Strait of Hormuz, Bloomberg reports. Successful crossings would add to rising crude flows through the corridor and mark one of the biggest days of supertanker traffic since the Middle East war began, the report adds. Meanwhile, India is preparing to send vessels through the Strait of Hormuz to load energy cargoes from Middle Eastern suppliers for the first time since the Iran conflict began; ships are set to attempt crossings once the government gives final approval, though timing and volumes were not reported.
US-Greenland - Trump’s special envoy to Greenland Landry said he is on an information-gathering trip to Nuuk and plans to brief President Trump on Thursday on potential business opportunities in the territory, Bloomberg reports.

TRADE:

US-China - China said it will continue talks with the US to extend a trade truce agreed in Kuala Lumpur last October. The deal suspended some tariffs, rare earth curbs and shipbuilder probes until November. Beijing signalled it would accept US tariffs not exceeding the post-Malaysia level.
US-EU - The EU finalised the text of its US trade deal. The pact would remove EU levies on US industrial goods in return for a 15% tariff ceiling on EU exports. The European Parliament is expected to ratify it on 16th June, before President Trump’s 4th July deadline for higher auto tariffs.

MACRO:

Fedspeak - Fed’s Paulson (voter) says she favours holding interest rates steady, and said rate cuts would require sustained progress on inflation. The labour market remains stable, but inflation was too high before the Iran war lifted energy prices. Paulson said further tightening may become necessary if inflation risks persist.
Global Bonds - Long-end global sovereign yields rose to their highest since July 2008 as higher oil prices lifted inflation concerns; US 30yr yields reached 5.20%. China’s 10yr government bond yield fell to a nine-month low, however, as weak economic recovery and ample liquidity supported bonds despite a global debt selloff; the US-China 10yr yield gap widened to almost 300bps, which some analysts said might pressure the yuan. Japan’s longer-maturity government bonds gained after a 20yr auction showed firm demand; the 20yr yield fell as much as 10bps, while 30yr yields also declined; analysts suggested it was just a short-term rebound. Still, Pimco sees value in Japan’s 30yr sovereign bonds, saying that Japan’s yield curve is “too steep” and it is bullish on 30yr bonds while bearish on 10yr notes, expecting the spread to narrow. Data overnight showed overseas investors sold a net JPY 81.3bln of Japan government bonds with maturities above a decade in April, the first net selling since December 2024; Barclays said the selling highlighted market fragility; life and casualty insurers bought JPY 327.2bln of super-long bonds.
US SALT Taxes - Republican Rep. Lawler pushed back on calls to further expand the state and local tax deduction beyond the 5yr increase secured in last year’s tax law, which raised the cap from USD 10,000 to USD 40,000. Lawler said additional SALT relief was unlikely to feature in any subsequent partisan budget package, arguing that housing, healthcare, and energy costs should instead take priority.
US BLS - The White House formally sent Brett Matsumoto’s nomination to the Senate for consideration as Bureau of Labor Statistics commissioner, WSJ reports. The BLS has lacked a permanent leader since Trump fired previous commissioner Erika McEntarfer last summer.
JPY - Morgan Stanley said BoJ action is key to strengthening the yen, adding that failure to raise rates in June could affect bond and currency markets. Meanwhile, Bank of America lifted its yen view to neutral from bearish, and cut its end-2026 USDJPY forecast to 152 from 157.
Bank of France - French President Macron’s nominee to lead the Bank of France, Emmanuel Moulin, faces questioning by lawmakers today who could block the appointment, Bloomberg reports. Moulin is set to appear before the Senate in the morning, and the National Assembly later. Critics cite his close ties to Macron, and role in shaping pro-business policy, raising concerns over central-bank independence. Approval would see him replace Francois Villeroy de Galhau in June.
UK Inflation - UK CPI eased to 2.8% Y/Y in April (exp. 3%, prev. 3.3%), with services inflation easing to 3.2% Y/Y (from 4.5%). Core CPI eased to 2.5% Y/Y (exp. 2.6%, prev. 3.1%). The ONS said the fall was led by lower electricity and gas prices following the government’s energy bill support package and lower pre-conflict global wholesale energy prices feeding through to a reduced Ofgem cap; smaller rises in water, sewage and Vehicle Excise Duty bills, alongside lower food and package holiday prices, also weighed, though were partially offset by higher petrol and diesel prices and rising clothing and footwear costs. Analysts at Pantheon Macroeconomics said the data was flattered by temporary factors, and expects the BoE to skip June, but still sees a July rate hike as likely, with inflation set to reaccelerate ahead.

TECH:

Samsung Electronics (SSNLF/005930 KS) - Reports state Samsung Electronics’ (005930 KS/SSNLF) largest union will begin an 18-day strike on 21st May after wage talks collapsed over performance bonuses tied to the semiconductor business; around 48K workers are set to walk out. Talks are still scheduled for 08:00BST, with the South Korean Labour Ministry set to mediate. Analysts have warned that a full strike could cut global DRAM supply by 3-4% and NAND by 2-3%, and estimate potential losses to South Korea’s economy of up to KRW 100tln.
Nvidia (NVDA) - China banned Nvidia's RTX 5090D V2 chip at customs points last Friday, while Nvidia chief Jensen Huang was visiting Beijing alongside US President Donald Trump, FT reports. The gaming chip, introduced last August to comply with US export controls, joins the H20 and H200 on the banned list. FT notes that Beijing aims to support domestic chipmakers including Huawei and Cambricon.
Qualcomm (QCOM) - Qualcomm expects revenue from its hyperscaler custom-silicon engagement to start later this year and become very material in 2027. The company said its scale provides supply flexibility across product categories and supports supplier assurance.
Keysight Technologies (KEYS) - Keysight shares rose in extended trading after Q2 beat-and-raise, while it noted record orders, revenue, earnings and free cash flow supporting a stronger outlook. Q2 adj. EPS 2.87 (exp. 2.32), Q2 revenue USD 1.72bln (exp. 1.71bln). CEO noted the strongest quarter in the company’s history, with all-time highs in orders, revenue, EPS and free cash flow, and said disciplined decisions and strategic investments are enabling it to capitalise on accelerating demand and outperform. In Q2, it recorded a USD 100mln receivable for recovery of previously paid IEEPA tariffs and statutory interest, with offsets of USD 93mln to cost of sales, USD 4mln to SG&A and USD 3mln to interest income; it also recorded a USD 40mln liability for tariff surcharge refunds to customers, reducing revenue. Strong year-to-date momentum and a robust pipeline are leading it to raise expectations for FY26; sees Q3 adj. EPS between 2.43-2.49 (exp. 2.16), sees Q3 revenue between USD 1.73-1.75bln (exp. 1.65bln).
Analog Devices (ADI) - Analog Devices confirmed that it has agreed to acquire Empower Semiconductor for USD 1.5bln in cash. The deal is expected to close in H2 2026, with Empower’s Tim Phillips continuing to lead IVR technology efforts within ADI.
SoftBank (SFTBY), OpenAI - SoftBank’s more than USD 60bln OpenAI commitment has raised concern among some insiders over Masayoshi Son’s focus on Sam Altman, Bloomberg reports. Worries include concentration risk, no OpenAI board seat, rival Anthropic PBC’s advances and comparisons with SoftBank’s WeWork losses. SoftBank has said it has “a high level of conviction” in OpenAI.
Akamai (AKAM) - Akamai priced an upsized USD 3.0bln 0% convertible senior notes offering, split equally between 2030 and 2032 maturities. Initial conversion prices are about USD 201.41 for the 2030 notes, and USD 190.81 for the 2032 notes.
Microsoft (MSFT) - Microsoft is accelerating its India data-centre rollout, with its largest facility there due to start operations by mid-2026, DigiTimes reports. The expansion follows a USD 17.5bln late-2025 investment commitment, plus USD 3bln.
Grid Dynamics (GDYN), Microsoft (MSFT) - Grid Dynamics launched an AI-native legacy modernisation service on Microsoft Azure, powered by its GAIN Platform for SDLC. The offering targets large enterprises seeking to reduce technical debt and legacy licensing costs.
Cursor, SpaceX - SpaceX plans to acquire AI coding startup Cursor about 30 days after its expected IPO, Bloomberg reports. The deal includes a USD 10bln breakup fee if it fails and would strengthen SpaceX’s AI coding capabilities ahead of a planned listing that could value the company above USD 2tln.
SpaceX - Goldman Sachs (GS) is set to secure the lead-left role on SpaceX’s IPO, with Morgan Stanley (MS) serving as lead banker alongside it, WSJ reports. Bank of America (BAC), Citigroup (C) and JPMorgan (JPM) are also slated to lead the deal, with the prospectus expected as early as Wednesday.
Cybersecurity - The White House plans an AI and cybersecurity executive order as soon as this week, Axios reports. The draft is said to include a voluntary framework for AI labs to share covered frontier models with the government at least 90 days before public release.
GlobalFoundries (GFS) - GlobalFoundries is making a limited partner investment in Playground Global’s Fund IV through GlobalFoundries Accelerate, DigiTimes reports. The venture programme focuses on early-stage semiconductor and deep-technology innovation, including compute infrastructure, automation, energy, life sciences, AI data centre infrastructure and Physical AI systems. The investment amount was not disclosed.
Logitech (LOGI) - Board proposed a FY2026 cash dividend of CHF 1.36 per share (prev. 1.26).

COMMUNICATIONS:

Alphabet (GOOG) - Google unveiled new Gemini AI models and AI agents at its I/O conference, introducing a cheaper Gemini 3.5 Flash model, cut prices for enterprise AI subscriptions, expanded AI features across Search and YouTube, and said Gemini now has 900mln monthly users. The event continues today.
Meta Platforms (META) - Meta has offered rival AI chatbots limited free access to WhatsApp in Europe before charging once usage thresholds are reached, Reuters reports. The proposal was submitted to EU antitrust regulators as Meta seeks to address competition concerns around WhatsApp access.
Roblox (RBLX) - Roblox authorised a share buyback of up to USD 3bln, with plans to repurchase up to USD 1bln over the next 12 months to partly offset dilution from employee equity grants.
Netflix (NFLX) - Netflix’s roast of Kevin Hart, which aired on 10th May, drew 13.5mln viewers in its first week, making it the top English-language TV title on the platform. The figure narrowly trailed a similar roast of Tom Brady two years earlier, which attracted 13.8mln viewers in its first week.

CONSUMER:

Alibaba (BABA) - Alibaba’s T-Head unveiled the Zhenwu M890 AI accelerator with 144GB of GPU memory for training and inferencing, Bloomberg reports. Alibaba plans annual Zhenwu upgrades, a Panjiu AL128 Supernode Server using 128 accelerators, and a listing of its chip design business. It also released Qwen 3.7-Max.
McDonald’s (MCD) - McDonald’s said it does not expect to meet its 2030 goal for reducing supply-chain and franchised-restaurant emissions, citing energy demand, clean-energy deployment and fragile supply chains. It will invest USD 1bln over the next decade in supply-chain initiatives, still targets net zero by 2050 and remains on track for scope 1 and 2 goals.
Lululemon (LULU) - Lululemon’s settlement talks with founder Chip Wilson collapsed after disagreements over board appointments, standstill terms and proxy-fight expenses, WSJ reports. The company accused Wilson of negotiating in bad faith ahead of a 25th June shareholder vote over competing board nominees.
Toll Brothers (TOL) - Q2 EPS 2.72 (exp. 2.59), Q2 revenue USD 2.53bln (exp. 2.42bln). Backlog value was USD 6.32bln at quarter-end, with 2,491 homes delivered at an average price of USD 1.009mln, generating USD 2.5bln of home sales revenue (around USD 110mln above the midpoint of guidance). Adj. gross margin was 26.2% (exp. 25.5%), while SG&A as a percentage of home sales revenue was 10.3% (exp. 9.9%); orders rose 7% in units and 8% in dollars Y/Y. Raised its quarterly dividend. CEO said the company successfully navigated a challenging market and is raising full-year guidance across key homebuilding metrics: sees Q3 deliveries between 2,600-2,700 units, average delivered home price between USD 965,000-985,000 and tax rate 26%. Narrows FY26 deliveries to between 10,400-10,700 units (prev. saw 10,300-10,700), and raises FY26 average delivered price per home to between USD 985,000-1.0mln (prev. saw 970,000-990,000), and sees FY26 tax rate 25.5%.
Hasbro (HAS) - Hasbro’s Wizards of the Coast cancelled a publishing deal with Giant Skull for an action-adventure Dungeons & Dragons game, Bloomberg reports.
Tesla (TSLA) - Tesla has launched urgent hiring for driver-assistance roles in China after delays to its Full Self-Driving rollout, Bloomberg reports. Openings include autopilot test engineers, data labellers and real test operators across nine major cities. Regulatory approval is now expected by Q3. Separately, DigiTimes reports that Taiwanese suppliers are reassessing humanoid robot opportunities as Tesla’s production timeline remains delayed; Chinese companies including AgiBot and Unitree Robotics each shipped more than 5,000 units in 2025, while Tesla shipped below 500. Taiwanese firms are looking at Chinese industrial robot makers including Estun Automation, Inovance and Siasun.
Ford (F) - Ford global Chief Marketing Officer Lisa Materazzo will leave on 1st June, with global product marketing executive director Dean Stoneley appointed interim CMO.
Automakers - Western automakers are increasingly turning to Taiwan for faster vehicle electronics development, DigiTimes reports. RFQs from Volkswagen (VWAGY), Mercedes-Benz (MBG), BMW (BMW), General Motors (GM), Ford (F), Stellantis (STLA) and luxury brands are spreading beyond Foxconn and Delta Electronics to broader Taiwanese suppliers. Taiwan is viewed as a non-China supply-chain option as Chinese EV competition intensifies.
Nestle (NSRGY) - An investigation alleges that (NESN SW) delayed alerting European authorities after finding cereulide in its baby formula; a Nestle spokesperson said the report contained “inaccurate and misleading information.”
Stellantis (STLA) - Stellantis is expected to announce a joint venture with Dongfeng to build at least one fully electric Voyah-branded vehicle at a Stellantis factory in France.
UK Supermarkets - UK Exchequer Secretary denied reports that the government is considering supermarket price freezes, after Bloomberg reported that Chancellor Reeves had privately proposed voluntary food price freezes, with the Treasury offering regulatory relief in return.
UK Housing Stocks - FT notes that the combined market value of the UK’s six largest listed housebuilders has fallen by more than GBP 8bln since the Iran war began in February, as investors cite higher interest rates and rising construction costs.

FINANCIALS:

US Banks - President Trump spared banks from verifying customers’ citizenship in an immigration crackdown, Bloomberg reports. His executive order instead tells regulators to guide banks on suspicious activity, customer identity and loan risks tied to illegal immigrants. Banking representatives had warned citizenship checks could raise costs, drive away customers and exclude US citizens lacking documents.
KKR & Co. (KKR) - A KKR-led consortium wrote to the White House on 11th May alleging bias in Argentina’s USD 10bln Parana River dredging auction, urging US intervention before a winner is declared, potentially by May or June. The consortium claims Argentina’s port authority rushed the process in favour of rival Jan De Nul.
Jefferies Financial (JEF) - Jefferies hired Gideon Volschenk from Standard Chartered to lead its metals and mining banking team in EMEA.
HSBC Holdings (HSBC) - HSBC guided for a return on tangible equity of 17% or better and a 50% EPS dividend payout for 2026-28, saying it remains on track to reach USD 1.8bln of cost reallocations; the bank expects to complete its USD 1.5bln simplification savings programme by H1 2026, six months ahead of schedule.
Euronext (ERNXY) - Q1 adj. operating profit +18% Y/Y at EUR 321.7mln, net income +17% to EUR 192.3mln; equity markets revenue +28% to EUR 138.9mln, FICC revenue +5.3% to EUR 95.5mln, primary markets revenue +13% to EUR 52.3mln, with capital markets and data solutions +18% to EUR 185.9mln.

ENERGY:

Suspicious Oil Trades - The CFTC is investigating suspicious oil futures trades worth more than USD 800mln before President Trump’s 23rd March post postponing strikes on Tehran’s energy infrastructure, WSJ reports. At least five firms made gains of USD 5mln or more, though none has been accused of wrongdoing yet.
Energy Inventories - API data reportedly showed headline crude stocks posting a larger than expected draw of -9.1mln bbls (exp. -3.4mln), Cushing stocks were down by -1.4mln bbls, distillates drew down by slightly less than expected at -1.0mln bbls (exp. -1.3mln), and gasoline drew down by a larger than expected -5.8mln bbls (exp. -2.1mln).
Woodside Energy (WDS) - Woodside CEO said the world is underestimating the Iran war’s lasting impact on LNG supply. The near-closure of the Strait of Hormuz has choked a fifth of global LNG supply, while Qatar’s biggest export facility suffered serious damage. Woodside is seeing more interest in Louisiana LNG.
Chevron (CVX) - Chevron and Saudi Aramco’s Motiva Enterprises have curbed some deliveries of Group III and II base oils to minimum contractual levels as the Iran war disrupts the niche crude market, Bloomberg reports. The products are key ingredients for high-end motor oil.

MATERIALS:

Celanese Corporation (CE) - Celanese will raise prices for a range of engineered materials products from 1st June, citing market developments and global supply chain disruptions.
Core Lithium (CXOXF) - Core Lithium has restarted mining at its Finniss project in Australia’s Northern Territory after spodumene prices rebounded, Bloomberg reports. First exports of spodumene concentrate are planned for Q4.

INDUSTRIALS:

China Shipping Companies - The DoJ filed criminal price-fixing charges against four Chinese shipping container manufacturers (China International Marine Containers, Dong Fang International Container, CXIC Group Containers, and Singamas Container Holdings), along with seven executives, alleging they colluded to limit production between 2019 and at least 2024. Prosecutors say the cartel triggered a global container shortage and caused prices to more than double between 2019 and 2021.
Boeing (BA) - Boeing received a USD 396.76mln Army contract modification for CH-47F Block I aircraft, bringing the contract value to USD 793.51mln; it also received a USD 251.06mln Navy contract for P-8A Poseidon training systems for Germany.
Northrop Grumman (NOC) - Northrop Grumman received a US Navy contract worth up to USD 697mln for sustainment engineering and logistics services supporting expeditionary radar systems.
Experian (EXPGY) - FY26 revenue of USD 8.45bln (exp. 8.41bln), EPS rose +15%, and it launched a USD 1bln share buyback; sees FY27, total revenue growth of 8-11%, organic revenue growth of 6-8%, and double-digit benchmark EPS growth.

HEALTHCARE:

Amgen (AMGN) - CFO Peter Griffith will retire, with Thomas Dittrich returning on 1st July and becoming CFO on 1st September. Griffith will remain until January 2027 to support the transition.
Qiagen (QGEN) - Qiagen Digital Insights will integrate Nvidia (NVDA) accelerated computing and BioNeMo to support AI use in drug discovery. The collaboration aims to help researchers understand disease biology, identify therapeutic targets and uncover biomarkers.