Early Look

Thursday, June 26, 2025

U.S. futures are rising again, adding to an already very strong week of stock market returns paced by technology shares as the Nasdaq 100 hits all-time highs, partying like its 1999 all over again. The FOMO of missing the AI tech move has led investors to chase stocks, with chip leader Nvidia (NVDA) hitting all-time highs this week and mega-cap tech shares outperforming in general, garnering support from strong fundamentals in artificial intelligence, as well as demand from dip buyers. The S&P 500 wavered after a rally, while remaining within striking distance of its all-time peak. Bond yields fell with longer-term Treasuries underperforming. The U.S. dollar fell early Thursday on a media report that President Donald Trump may announce a new Federal Reserve Chair even with 11 months left in Jerome Powell’s term. The news follows Federal Reserve Chair Jerome Powell’s congressional testimony where he reiterated a wait-and-watch approach on interest rate cuts. The decline in the dollar extended a slump from the prior session that left the greenback trading near its three-year low (the euro rising above 1.17). Oil held onto gains following its biggest two-day decline since 2022. It has been a good week for tech which got another boost overnight after better earnings from chip company Micron (MU) overnight. Attention now turns to sneaker and apparel giant Nike (NKE) which reports earnings tonight. In Asian markets, The Nikkei Index surged 642 points to 39,584, the Shanghai Index dipped -7 points to 3,448, and the Hang Seng Index declined -149 points to 24,325. In Europe, the German DAX is jumping 210 points to 23,708, while the FTSE 100 rises 26 points to 8,744. Today is a busy day of economic data with Q12 final GDP, weekly jobless claims, trade data, durable goods and Pending home sales ahead of tomorrow’s monthly key PCE inflation data. Markets have overlooked upcoming tariff deadlines and macro developments in Israel/Iran to keep pushing higher.

• The Dow Jones Industrial Average fell -106.59 points, or 0.25%, to 42,982.43
• The Nasdaq Composite gained 61.02 points, or 0.31%, to 19,973.55
• The Russell 2000 Index declined -25.03 points, or 1.16% to 2,136.18

·      8:30 AM ET                  Continuing Claims

·      8:30 AM ET                  Gross Domestic Product (GDP) Q1 Final

·      8:30 AM ET                  GDP Consumer Spending for Q1-Final

·      8:30 AM ET                  GDP Price Deflator for Q1-Final

·      8:30 AM ET                  PCE Prices for Q1-Final

·      8:30 AM ET                  Core PCE Prices for Q1-Final

·      8:30 AM ET                  Advance Good Trade Balance for May

·      8:30 AM ET                  Durable Goods Orders for May

·      8:30 AM ET                  Durable Goods Orders Ex Transports for May

·      10:00 AM ET                Pending Home Sales M/M for May

·      10:30 AM ET                Weekly EIA Natural Gas Inventory Data

·      11:00 AM ET                Kansas City Fed Manufacturing for June

·      1:00 PM ET                   U.S. Treasury to sell $44B in 7-year notes

Earnings Calendar:

·      Earnings Before the Open: AYI LNN MKC OESX WBA

·      Earnings After the Close: AOUT CNXC EPAC NKE

Other Key Events:

·      Benchmark Virtual AdTech Symposium, 6/26 (virtual)

·      Roth 15th Annual London Conference Preview – Digital Assets, Infrastructure, and Blockchain, 6/24-6/26, in London

• The bull-bear spread in the American Association of Individual Investors (AAII) weekly survey was -5.2 vs -8.2 last week. Bulls rise to 35.1% from 33.2%, Neutrals fall to 24.7% from 25.4%, Bears fall to 40.3% from 41.4%.

• Kymera Therapeutics Inc (KYMR) commences $250M public offering.
• Steelcase (SCS) Q1 adj EPS $0.20 vs est. $0.13, adj EBIT $39Mm vs est. $21.85Mm on revs $779Mm vs est. $762.4Mm, gross margin 33.9%; sees Q2 revs $860-890Mm vs est. $878.8Mm and EPS $0.27-0.31 vs est. $0.40.
• Trex Company (TREX) announces departure of Chief Financial Officer; backs Q2 revenue view $370M-$380M vs. est. $377.49M; reiterated its guidance for full year 2025 revenue growth of 5%-7% and Adjusted EBITDA margin to exceed 31%.
• Xiaomi Corp.’s (XIACY) first electric SUV is expected to be unveiled today. The new YU7 is seen as a direct competitor to Tesla Inc.’s Model Y.

• HB Fuller (FUL) 2 adj EPS $1.18 vs est. $1.08, adj EBITDA $166Mm vs est. $156.7Mm on revs $898Mm vs est. $900Mm; guides Q3 adj EBITDA $165-175Mm vs est. $166Mm; sees FY net revs -2% to -3% vs est. -1.9%, adj EBITDA $615-630Mm vs est. $607.08Mm and adj EPS $4.10-4.30 vs est. $4.08.
• Kratos Defense (KTOS) priced a 12.987M share stock offering at $38.50 per share.
• Ralliant Corp. (RAL) will replace Wolfspeed Corp. (WOLF) in the S&P SmallCap 600 effective prior to the opening of trading on Tuesday, July 1. S&P 500 constituent Fortive Corp. (FTV) is spinning off Ralliant in a transaction expected to be completed on June 30. Fortive will remain in the S&P 500 post spin-off
• Worthington Steel (WS) Q4 EPS $1.10 vs est. $0.83 on revs $832.9Mm vs est. $800.45Mm.
• U.S. President Donald Trump wants to raise the pay for troops, more high-tech missiles, and drones in next year’s defense budget, while also cutting jobs at the Navy as well as buying fewer ships and fighter jets, Mike Stone of Reuters reports, citing budget materials. The defense and national security budget request, set to be $892.6B, is flat compared to this year (watch LMT, NOC, GD, RTX, LHX) – Reuters.

• Brainstorm Cell Therapeutics (BCLI) files prospectus for offer & sale of up to 2.8M shares of common stock by selling stockholder.
• I-Mab (IMAB) announced publication of an abstract related to positive data from a Phase 1b study evaluating givastomig in combination with nivolumab and mFOLFOX6 chemotherapy for metastatic gastric cancers.
• PureTech Health (PRTC) noted that its founded entity, Vor Bio (VOR) and RemeGen announced entry into an exclusive license agreement granting Vor Bio global rights to develop and commercialize telitacicept, a novel dual-target fusion protein approved in China for generalized myasthenia gravis, systemic lupus erythematosus, and rheumatoid arthritis. Under the terms of the agreement, Vor Bio will pay RemeGen an initial payment of $125M consisting of an upfront payment of $45M as well as $80M of warrants to purchase common stock with an exercise price of $0.0001 per share. The agreement also provides for potential regulatory and commercial milestones exceeding $4B, in addition to tiered royalties.
• Reviva Pharmaceuticals (RVPH) announces common stock, warrants offering.

• Micron Technologies (MU) Q3 adj EPS $1.91 vs est. $1.60 on revs $9.3B vs est. $8.872B, adj gross margin 39.0%; guides Q4 revs $10.4-11.0B vs est. $9.879B, adj EPS $2.35-2.65 vs est. $2.01, adj gross margin 41-43%.