CAPIS Morning Note – 06/08/26: Stocks Rally After Friday Rout

Overnight Summary and Early Morning Trading: The S&P 500 finished Friday lower by -2.64% at 7383.74 from Thursday higher by 0.41% at 7584.31. The S&P 500 sees support now at 7300 from 7500. Resistance is now at 7400 from 7600. In the last two months, support has moved from 6300 to 7300. S&P 500 hit its 25th […]

Overnight Summary and Early Morning Trading: 

  • The S&P 500 finished Friday lower by -2.64% at 7383.74 from Thursday higher by 0.41% at 7584.31.
  • The S&P 500 sees support now at 7300 from 7500. Resistance is now at 7400 from 7600. In the last two months, support has moved from 6300 to 7300.
  • S&P 500 hit its 25th All-Time Closing High of 2026 last Tuesday.
  • Futures are higher this morning by +17.50 (+0.24%) at 7418.50 on the SP 500 at 6:35 a.m. EDT.
  • Bond Market is lower today on price with the 10-Year Yield at 4.554% from 4.475%.

Executive Summary:

  • Stocks ended its nine week winning streak, with the S&P 500 gaining 19.49% in the last nine weeks. This past week saw the S&P 500 drop -2.59%. We are now up 5.81% from 8.63% since the peak in January on the S&P 500 as of last Friday’s close.
  • U.S. moves into Week 16 of its attack on Iran. Is the ceasefire going to break with recent missile launches by all parties over the weekend.

Key Geopolitical Events of Note:

  • Economic news of note.
    • Weekly –  None of note.
    • Monthly – None of note.
  • Fed Speakers of Note today: Black out period.
  • President Trump’s schedule: 
    • Participates in Executive Time at 8:00 a.m. EDT.
    • Participates in a Tele-Rally at 5:30 p.m. EDT.
    • Attends the NBA Finals at Madison Square Garden at 8:30 p.m. EDT.

Notable Earnings Out After The Close: 

  • Beats: None of note. 
  • Misses: None of note.
  • Flat: None of note.

Capital Raises of Note/Pricings:

  • IPO Filings: None of note.
  • Secondaries Filed Or Priced:
    • CHA files for Class A ordinary share offering; amount not disclosed.
    • DVN files prospectus supplement, relates to issuance by co of up to an aggregate of 175,000 shares, issuable upon conversion of Perpetual Convertible Preferred Stock.
    • BOF: FORM S-3 – 500,000 Shares of Common Stock.
    • BQ: Form F-3.. Up to 9,990,000 Class A Ordinary Shares.
    • JBIO – Closing of Public Offering of Common Stock, Including Full Exercise of Underwriters’ Option to Purchase Additional Shares.
    • VNRX – Pricing of $4.6 Million Public Offering.
  • Notes Filed Or Priced: None of note.
  • Convertible Offerings Filed or Priced:
    • KEEL pricing of Upsized $400 Million of Convertible Senior Notes.
    • ALM announces $700 million convertible notes offering.
    • SHAZ: Form S-1.. $350,000,000 Principal Amount of 6.00% Convertible Senior Notes due 2031 and Up to 11,292,009 Shares of Class A Ordinary Common Stock Issuable on Conversion of the Notes.
  • Private Placement:
    • STI – $35 Million Private Placement of Common Stock Priced Above Market Under Nasdaq Rules.
  • Direct Offering: None of note.
  • Exchangeable Subordinate Voting Shares: None of note.
  • Private Placements:
    • BJDX – Closing of Up to $23.7 Million Private Placement Priced At-The-Market Under Nasdaq Rules.
  • Selling Shareholders:
    • KEY  files for 158,723,874 common share offering by selling shareholder.
    • IRD files for 2,678,570 share common stock offering by selling stockholders.
  • Mixed Shelf Offerings:
    • KEY files mixed securities shelf offering.
    • UNCY  files for $150 million mixed securities shelf offering.
    • CRWV files mixed securities shelf offering.
    • EOLS files for $250 million mixed securities shelf offering.
    • GNPX: Form S-3.. $250,000,000 Mixed Shelf.
    • NNVC: Form S-3.. $50,000,000 Mixed Shelf.
    • XOS: Form S-3.. $100,000,000 Mixed Shelf.

After The Close:

  • White House in talks about a possible government stake in OpenAI. (CNBC)
  • Honeywell (HON) sets record date and announces expected timing for spin-off of Honeywell Aerospace and Honeywell reverse stock split.
  • Quarterly Rebalance for S&P 500, S&P MidCap 400, and S&P SmallCap 600: MRVL, FLEX added to S&P 500
    • S&P 500 Additions: MRVL, FLEX
    • S&P 500 Deletions: POOL, CPB 
    • S&P 400 Additions: ROKU, CDE, SMTC, SANM, VIAV
    • S&P 400 Deletions: FLEX, BRBR, COTY, CNXC, BLKB
    • S&P 600 Additions: POOL, CPB, COTY, CNXC, BLKB, CACC, LAZ, EBC, WSBC, WRBY, NIC, LQDA, RSI, USLM, IVT
    • S&P 600 Deletions: EMBC, UHT, SMTC, SANM, VIAV, OXM, GOGO, PRAA, IIIN, ETD, CTKB, MNRO, VITL, CABO, FWRD
  • 10-Q Delays: None of note.

Last Week’s Winners:  

  • Healthcare: GKOS (125.10 +21.04%), MYGN (4.56 +14.74%), TNDM (19.62 +14.07%), HUM (347.89 +13.91%)
  • Industrials, Consumer Discretionary: ARCB (154.01 +12.67%), TMHC (71.46 +22.15%), TLYS (5.06 +13.34%), NWL (3.8 +11.62%)
  • Information Technology: MRVL (274.21 +33.76%), TWLO (226.48 +18.8%), HPE (49.37 +14.71%), AAOI (179.66 +13.41%)
  • Financials and Consumer Staples: STI (36.12 +676.77%), SQQQ (42.91 +12.68%) EPC (19.99 +14.1%)

Last Week’s Losers:

  • Materials and Industrials: AG (16.87 -19.97%) FLY (35.86 -22.87%), AMRC (28.01 -22.15%), BLDP (4.9 -22.1%), RUN (13.33 -20.31%), CMCO (12.93 -18.98%)
  • Consumer Discretionary: ETH (14.77 -22.83%), GRPN (16.39 -18.98%)
  • Information Technology: PI (122.82 -18.66%)

Executive, Corporate Changes:

  • WWD discloses that Chief Technology Officer Terence Voskuil intends to retire, effective October 2, 2026.
  • NFLX appoints Jay Hoag as Chairman of the Board, effective as of the conclusion of the Annual Meeting; Reed Hastings officially departs Netflix board.
  • LEN promotes Jim Parker to COO.

Dividend Calendar:

  • Top Names Ex-Dividend Monday: None of note.
  • Top Names Ex-Dividend Tuesday: None of note.

Buybacks:

  • RSKD authorizes an additional $75 million under share repurchase program.

What Happening This Morning:

Futures S&P 500 +27.25, NASDAQ 100 +216.50 Dow Jones -35. Europe is lower ex the FTSE while Asia is lower. Bond yield is at 4.554% from 4.475% on the 10-Year. Crude Oil and Brent Crude are higher with Natural Gas lower. Gold and Silver are lower with Copper higher. The U.S. Dollar is lower versus the Euro, lower against the Pound and lower against the Yen. Bitcoin is at $63,362 from $62,380.

Sector Action: 

  • Daily Positive Sectors:  Healthcare, Financials, Communication Services, Real Estate and Industrials were the leaders.
  • Daily Negative Sectors: Technology, Consumer Defensive and Materials led the way lower.
  • One Month Winners: Technology, Communication Services, Consumer Defensive, Healthcare and Real Estate of note.
  • Three-Month Winners: Energy, Materials, Utilities, Consumer Defensive and Industrials of note.
  • Six-Month Winners: Energy, Materials, Utilities, Industrials, Healthcare and Consumer Defensive of note.
  • Twelve-Month Winners: Materials, Energy, Industrials, Utilities, Communication Services and Technology of note.
  • Year to Date Winners:  Energy, Materials, Consumer Defensive, Utilities and Industrials of note.

Bolded means the Sector is new to the period in which it falls.

Upcoming Earnings Of Note: (Erlanger Chartroom Software – sorted by market cap, highest to lowest with most visible names)

  • Today After the Close:

  • Tuesday Before The Open:

Notable Earnings of Note This Morning: 

  • Beat: GHM +0.04 of note. 
  • Missed: None of note. 
  • Flat:  None of note.
  • Still to Report: CPB of note.

Company Earnings Guidance: 

  • Positive Guidance: After The Close & This Morning – GHM of note.
  • Mixed – None of none.
  • Negative or Mixed Guidance: After The Close & This Morning –  of note.

Advance/Decline Daily Update:

Gap Ups & Down In Early Pre-Market: (+2% or down more than -2%): 

  • Gap Up: ABAT +38.6%, STTK +16.2%, STI +12.6%, CGEM +11.8%, NRIX +9.5%, MRVL +7%, BTGO +4.9%, YRD +4.1%, LLY +4%, RUM +3.9%, ALVO +3.7%, UNCY +3.4%, HNRG +2.9%, LYEL +2.9%, FLEX +2.8%, KLRA +2.4%, BMEA +2.4%, DVN +2.1%, PAC +2% of note
  • Gap Down:  QMCO -3.1%, CHA -2.1% of note.

Insider Action: INR VTR with Insider Buying with dumb short selling. SOPH see Insider Buying with smart short sellers. Above $100,000 in purchases with high shorts but no history: None of note.

Other Trading Action: None of note.

Rags & Mags: Repeated stories from prior days never listed, i.e. “rehashed news”. Sorted by Global, U.S. and stock specific. Bolded source means paywall.

  • WSJ Lead Story: Trump Tells Iran and Israel to Stop Exchanges of Fire. (WSJ)
  • NY Times Lead Story: 60 Minutes is a “Cage Full of Tigers” Can Nick Bilton Lead it?. (NYT)
  • USA Today: Trump Says No Reason To Raise Rates Amid Growth.  (USA Today)
  • Bloomberg: Iran Declares End of Strikes Against Israel. (Bloomberg)
  • Market Wrap: Stocks Halt Rout as Iran Tensions Lift Oil. (Bloomberg)
  • Marvel Technology (MVRL) to join the S&P 500.
  • President Trump says that Iran and Israel are working on an immediate ceasefire.

Economic & Geopolitical:

  • Federal Reserve Speakers of note today:
    • Federal Reserve Black Out Period
  • President Trump’s schedule for today:
    • Participates in Executive Time at 8:00 a.m. EDT.
    • Participates in a Tele-Rally at 5:30 p.m. EDT.
    • Attends the NBA Finals at Madison Square Garden at 8:30 p.m. EDT.
  • Economic Data Out –
    • Weekly
      • None of note.
    • Monthly
      • None of note.

M&A Activity & Daily: None of note.

Moving Average Table: 40% from 90% of Equities are Positive, and 4% from 16% Bonds are Positive.

Meeting & Conferences of Note:

  • Sellside Conferences:
    • Goldman Sachs Healthcare Conference
    • Kepler CEO/CFO Tour
    • Oppenheimer Consumer Growth & ECommerce Conference
    • Roth Capital AdTech Summit
  • Top Analyst, Investor:  ARTV ASAN DLTH HON PEGA of note.
  • Shareholder Meetings: APO ASAN CRWV MSTR RDDT of note.
  • Fireside Chat: None of note.
  • FDA Presentation: None of note.
  • R&D Day: None of note.
  • Meetings:
    • Apple WWDC

Upgrades & Downgrades: 

The recommendations listed below in this “Upgrade/Downgrade” section are compiled from what we believe are Tier I, II and III firms. Recommendations posted are taken from a variety of sources each day and we only post upgrades or significant initiations as well as downgrades to underweight or sell. The purpose of this posting is to make the reader aware of market-moving recommendations. None of these recommendations should be interpreted as actual recommendations from CAPIS or its employees.

Upgrades:  BIIB CMI VOYA WRB of note.
Downgrades: WRB  of note.