Early Look

Monday, June 16, 2025

After tumbling on Friday following increased tensions between Iran and Israel, U.S. stock futures are again showing tremendous resilience, bouncing off last week’s weakness to push higher overnight as investors snap up beaten stocks yet again. Crude oil reverses early gains, with Brent now down 0.2% after spiking as much as 5.5% overnight following as attacks between Israel and Iran extended into a fourth day. Haven assets also retreat, with spot gold down -0.5% to around $3,430 an ounce, and haven currencies slip. President Trump said on Sunday he believed it’s possible Israel and Iran could reach an agreement to end their conflict, though the two sides may need to continue fighting before they’re ready to broker a peace deal. After surging as high as $77.49 per barrel overnight, U.S. WTI crude futures are -0.5% at $72.62 per barrel this morning. In trade news, the EU is prepared to accept a flat 10% US tariff with conditions, Handelsblatt reports. In Asian markets, The Nikkei Index jumped 477 points to 38,311, the Shanghai Index rose 11 points to 3,388 and the Hang Seng Index climbed 168 points to 24,060. In Europe, the German DAX is up 98 points to 23,614, while the FTSE 100 rises 41 points to 8,892.

• The Dow Jones Industrial Average fell -769.83 points, or 1.79%, to 42,197.79
• The Nasdaq Composite dropped -255.66 points, or 1.30%, to 19,406.83
• The Russell 2000 Index tumbled -39.59 points, or 1.85% to 2,100.51

• 1:00 PM ET U.S Treasury to sell $16B in 20-year notes

• Earnings After the Close: APPS GLBS LEN PETS

• China May Industrial Output rose 5.8% y/y vs 5.9% consensus: YTD 6.3% vs 6.4% consensus
• Israel hit more targets in Tehran and Iranian missiles fired at Israel over the weekend, as the conflict continued for a fourth day.
• Brussels negotiators hope that offering to accept U.S. tariffs of 10% across all of the European Union’s exports into the United States will avert any higher duties on cars, drugs and electronics, newspaper Handelsblatt reported
• The Washington Post is investigating a cyberattack on email accounts of some of its journalists, a source familiar with the matter told Reuters on Sunday. There has been a possible unauthorized targeted intrusion affecting a few journalists, the source said. The Wall Street Journal, which first reported the breach, said it was potentially the work of a foreign government.

• Entain said BetMGM, its U.S. sports-betting joint venture with MGM Resorts (MGM) raised its annual revenue and core earnings forecast, driven by strong growth in its iGaming and online sports divisions; raises FY25 revenue view to at least $2.6B from $2.4B-$2.5B and said sees FY25 EBITDA at least $100M.
• Instacart (CART) and Pinterest (PINS) are enhancing brands’ Pinterest campaigns by providing high-intent audiences powered by Instacart data.
• Activist investor Barington Capital Group plans to mount a push to change Victoria’s Secret’s (VSCO) board of directors and end a recently adopted shareholder’s rights plan, Reuters reported.

• Freeport-McMoRan (FCX) upgraded to Outperform from Sector Perform at Scotiabank
• Parsons (PSN) announced that the company was awarded a $169.5M single award contract by the United States Army Corps of Engineers.
• Sherwin-Williams Co. (SHW) mentioned positively in Barron’s noting the stock has been outperforming the market amid strong demand for home painting along with market share gains and strategic investments and notes that the company is less exposed to tariffs due to its local production and aims to boost sustainability, targeting half of its electricity use from renewable resources by 2030.
• T1 Energy (TE) announced the selection of Yates Construction as contractor for preconstruction services and site preparations for its planned $850M, G2_Austin 5 GW Solar Cell Facility.
• TotalEnergies (TTE) announces the acquisition from PETRONAS of interests in multiple blocks offshore Malaysia and in one block offshore Indonesia, where exploration, appraisal and development programs will be progressed.
• U.S. Steel (X) rises after Nippon Steel Corp. (NPSCY) won conditional US approval for its $14.1 billion purchase of the company.

• Millions of Americans are seeing their credit scores suffer now that the U.S. government has resumed referring missed student loan payments for debt collection. After 90 days of non-payment, student loan servicers report delinquent, or past-due, accounts to major credit bureaus, which use the information to recalculate the borrower’s score.

• Incyte (INCY) was upgraded to Buy after from Hold at Stifel and raised tgt to $107 from $75 saying this weekend’s presentation of preliminary INCA033989 dose-escalation data in essential thrombocythemia patients represents a best-case scenario.
• KalVista Pharmaceuticals (KALV) shares slip after the FDA extended its review of the company’s experimental drug, sebetralstat, citing heavy workload and limited resources.
• Sarepta Therapeutics, Inc. (SRPT) shares tumble after company announced another death due to acute liver failure in a second non-ambulatory Duchenne muscular dystrophy patient treated with Elevidys and is suspending shipments of the drug to non-ambulatory DMD patients until an immunosuppressive regimen can be agreed upon with regulators and implemented.

• Cisco Systems (CSCO) was upgraded to Buy from Hold at Deutsche Bank
• CoreWeave (CRWV) was downgraded to Neutral from Buy at Bank America on valuation but raised its price tgt to $185 from $76.
• The DOJ’s antitrust division is reviewing Google’s (GOOGL) $32B acquisition of Wiz to assess potential competition impacts, Bloomberg reports. The review is in the early stages and could last months.
• Wix.com (WIX) upgraded to Overweight from Equal Weight at Wells Fargo and raise tgt to $216 from $173.