Early Look
Tuesday, June 17, 2025
|
Futures |
Up/Down |
% |
Last |
|
Dow |
-293.00 |
0.68% |
42,571 |
|
S&P 500 |
-41.25 |
0.69% |
6,048 |
|
Nasdaq |
-157.50 |
0.71% |
22,010 |
U.S. stock futures are lower after President Trump called for the evacuation of Tehran and cut short his G-7 visit. Full Truth Social post from the President said:” Iran should have signed the “deal” I told them to sign. What a shame, and waste of human life. Simply stated, Iran CAN NOT HAVE A NUCLEAR WEAPON. I said it over and over again! Everyone should immediately evacuate Tehran!” The headlines pressure US futures overnight, a day after stocks rebounded, recovering just about all the Friday “war dip” headlines between Iran/Israel. Outside of weaker global stock markets, gold prices, the dollar, and Treasury yields are little changed though oil prices rebound. Stocks advanced Monday after a report by the Wall Street Journal said that Iran has been urgently conveying that it seeks an end to hostilities, while a reporter at Al Jazeera said on X later that a senior Iranian official and a regional diplomat denied categorically any Iranian signal to end hostilities. In Asian markets overnight, the Nikkei Index rose 225 points to 38,536, the Shanghai Index slipped -1 point to 3,387, and the Hang Seng Index dropped -80 points to 23,980. In Europe, the German DAX is down -308 points to 23,390, while the FTSE 100 is down -40 points to 8,833. In stock news, Senate Republicans proposed a tax plan that would reduce taxes for households and businesses but also cut Medicaid benefits and add to US deficits. The bill would also end tax credits for wind and solar earlier than for other sources of power, sending solar stocks lower in premarket trading.
Important headlines to come this week: The Federal Reserve headlines the central banks slated to weigh in on interest rates in the coming days (results tomorrow afternoon). President Trump has turned up the pressure on Fed Chair Jerome Powell to lower borrowing costs, so far unsuccessfully. Today, Retail sales and industrial-production data for May is due, along with an update on inventories and price indexes for exports and imports. The G-7 summit is in Canada as Ukrainian President Zelensky and the head of NATO are set to attend on Tuesday, but will miss Trump, who left early. U.S. markets are closed for the Juneteenth holiday. Central banks rate decisions expected from the Bank of England and Swiss National Bank along with the FOMC this week.
Market Closing Prices Yesterday
- The S&P 500 Index jumped 56.14 points, or 0.94%, to 6,033.11
- The Dow Jones Industrial Average rose 317.30 points, or 0.75%, to 42,515.09
- The Nasdaq Composite gained 294.39 points, or 1.52%, to 19,701.21
- The Russell 2000 Index advanced 23.62 points, or 1.12% to 2,124.13
Economic Calendar for Today
- 7:45 AM ET ICSC Weekly Retail Sales
- 8:30 AM ET Import Prices M/M for May…est. (-0.2%)
- 8:30 AM ET Export Prices M/M for May…est. (-0.2%)
- 8:30 AM ET Retail Sales M/M for May…est. (-0.7%)
- 8:30 AM ET Retail Sales – Less Autos M/M for May…est. +0.1%
- 8:55 AM ET Johnson/Redbook Weekly Sales
- 9:15 AM ET Industrial Production M/M for May…est. +0.1%
- 9:15 AM ET Capacity Utilization for May…est. 77.7%
- 10:00 AM ET Business Inventories M/M for May…est. 0.0%
- 10:00 AM ET NAHB Housing Market Index M/M for June…est. 36 (prior 34)
- 4:30 PM ET API Weekly Inventory Data
Earnings Calendar:
- Earnings Before the Open: JBL KIRK TEN VNCE WLY
- Earnings After the Close: LZB XAIR
Other Key Events:
- Citizens Medical Devices and Healthcare Services Forum, 6/17, in Boston, MA
- Paris International Air Show 2025, 6/16-6/22, in Paris
|
Macro |
Up/Down |
Last |
|
Nymex |
1.10 |
72.87 |
|
Brent |
1.09 |
74.32 |
|
Gold |
-2.50 |
3,414.80 |
|
EUR/USD |
-0.0001 |
1.1561 |
|
JPY/USD |
0.03 |
144.75 |
|
10-Year Note |
-0.031 |
4.423% |
World News
- The Trump administration shelved in recent weeks an inter-agency working group it had set up to formulate strategies for pressuring Russia into speeding up peace talks with Ukraine, according to three U.S. officials. The effort, which was established earlier in the spring, lost steam in May as it became increasingly clear to participants that U.S. President Trump was not interested in adopting a more confrontational stance toward Moscow, said the officials.
Sector News Breakdown
Consumer
- Lennar Corp. (LEN) Q2 adj EPS $1.81 missed the $1.94 consensus estimates; Q1 revs were $8.38B topping the $81.6B estimate; Q2 average sales price of $389,000 declined from $408,000 in the first quarter and was lower than $426,000 a year earlier; delivered 20,131 homes during the quarter ended May 31, above 19,690 units a year earlier, and in line with its own forecast of 19,500 to 20,500 homes; said expects to deliver 22,000 to 23,000 homes in the third quarter, compared with analysts’ average estimate of 23,174 homes.
- Ferrari (RACE) has delayed plans for its second fully electric model that was due out in 2026 to at least 2028, because of a lack of demand for high-performance luxury EVs, two sources close to the matter told Reuters.
- Kraft Heinz (KHC) is breaking up with artificial dyes, a category of food additives in the Trump administration’s crosshairs. The food giant said it plans to remove the dyes from its U.S. products before the end of 2027. Kraft Heinz also said it would no longer use artificial colors in new products in the U.S. The move comes as the Trump administration is pushing to strip artificial dyes from the U.S. food supply – WSJ.
- MakeMyTrip (MMYT) shares drop in premarket trading after Trip.com (TCOM) announced that it has entered into a share repurchase agreement with MakeMyTrip to sell a portion of the Class B ordinary shares that the company holds to MakeMyTrip for cancellation.
Energy, Industrials and Materials
- Solar stocks are getting hammered, with big declines in SunRun (RUN), Enphase (ENPH), SolarEdge (SEDG), First Solar (FSLR) and others after a Senate panel proposed a full phase-out of solar and wind energy tax credits by 2028, as part of changes suggested to President Trump’s sweeping tax-cut and spending bill. The language released by the committee chair envisions phasing out subsidies enshrined by the Biden-era 2022 IRA for solar and wind in 2026 by reducing the incentive to 60% of its value and ending it by 2028. Under current law, the tax credits would not start phasing out until 2032.
- Airbus (EADSY) busy at the Air Show as VietJet signed a memorandum of understanding to buy 100 of Airbus’ A321neo single-aisle jets, with a potential to add 50 more to the order in future.
- Comstock Resources (CRK) upgraded to Outperform from Peer Perform at Wolfe Research.
- Redwire Corporation (RDW) announces an offering of $200,000,000 of common stock; the Company expects to grant the underwriters a 30-day option to purchase an additional amount of shares of common stock equal to 15% of its common stock sold in the public offering.
- Two tankers collided in waters off the United Arab Emirates and caught fire in the early hours of Tuesday. China’s oil demand will stop growing earlier than expected, the International Energy Agency said.
Financials
- Fifth Third Bancorp (FITB) approves new share repurchase authorization up to 100M shares.
Healthcare
- Verve Therapeutics’ (VERV) shares jump 77% in premarket trading after the Financial Times reported Eli Lilly (LLY) is in talks to buy VERV for up to $1.3 billion to expand its experimental drug pipeline. The deal could be announced as early as this week, provided talks stay on track – FT. https://tinyurl.com/3xtr7avp . The two firms confirmed the overnight report this morning as LLY to buy VERV for $10.50 per share.
- Senate Republicans are proposing cuts to Medicaid for low-income and disabled people that are more aggressive than policies the House passed to help pay for President Trump’s tax package, Rachel Cohrs Zhang of Bloomberg reports, citing people familiar with the legislation. Senate Republicans, however, abandoned efforts to cut costs in Medicare, which is good news for Humana (HUM) and UnitedHealth (UNH), which are major players in the Medicare Advantage insurance market, according to Bloomberg.
Technology, Media & Telecom
- Tensions between OpenAI and Microsoft (MSFT) are flaring up and reaching a “boiling point” as negotiations have been so difficult in recent weeks that OpenAI’s executives have discussed what they view as a “nuclear option,” namely accusing Microsoft of anticompetitive behavior during their partnership – WSJ
- T-Mobile (TMUS) shares slide following a report that SoftBank has trimmed its stake in the wireless network operator to help pay for its artificial-intelligence plans; raised about $4.8B from an overnight unregistered block sale of T-Mobile stock, dumping 21.5Mm shares for $224 each, according to a Bloomberg report
- Apple (AAPL) must face a proposed class action accusing the iPhone maker of illegally monopolizing the market for digital storage and causing consumers to overpay for its iCloud service, a federal judge in California ruled on Monday.
- Digital Turbine (APPS) Q4 adjusted EPS $0.10 vs. $0.12 y/y; Q4 revenue $119.2M vs. $112.2M y/y; sees FY26 revenue $515M-$525M, consensus $519.64M and sees FY26 adjusted EBITDA $85M-$90M.
- Vimeo Inc (VMEO) said CFO Gillian Munson to step down effective August 8, 2025.
Market commentary provided by Hammerstone Markets, Inc, a firm separate from and not affiliated with Regal Securities. Regal Securities has not participated in the creation of the content, and does not explicitly or implicitly endorse the content.