Overnight Summary and Early Morning Trading:
- The S&P 500 finished Tuesday lower by -0.26% at 7386.65 from Monday higher by 0.30% at 7405.73.
- The S&P 500 sees support now at 7300 from 7400. Resistance is now at 7400 from 7500. 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 lower this morning by -58.25 (-0.79%) at 7337.50 on the SP 500 at 6:40 a.m. EDT.
- Bond Market is higher today on price with the 10-Year Yield at 4.526% from 4.55%.
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?
- President Trump says “Iran has taken too long to negotiate a deal that would have been great for them, now they will have to pay the price”.
- Top 10 Increase in Shares Short for NYSE and NASDAQ Stocks (from Erlanger Chartroom)
Key Geopolitical Events of Note:
- Economic news of note.
- Weekly – Crude Oil Inventories of note.
- Monthly – CPI and Treasury Budget of note.
- Fed Speakers of Note today: Blackout period.
- 10-Year Note Auction at 1:00 p.m. EDT.
- President Trump’s schedule:
- Participates in Executive Time at 8:00 a.m. EDT.
- Signs the Secure America Act at 10:00 a.m. EDT.
- Participates in a Greeting with the Presidential 1776 Award Finalists at 4:00 p.m. EDT.
- Participates in a Policy Meeting at 5:00 p.m. EDT.
Notable Earnings Out After The Close:
- Beats: CASY +1.06, CBRL +0.77 of note.
- Misses: None of note.
- Flat: None of note.
Capital Raises of Note/Pricings:
- IPO Filings: None of note.
- Secondaries Filed Or Priced:
- SSTK announces it has commenced a public offering of shares of its common stock.
- SMMT announces that it has commenced an underwritten public offering of $500 million of shares of its common stock.
- AKR commences public offering of 9.0 million shares of common stock.
- IMCC: FORM F-3 – Up to 17,276,931 Common Shares.
- TNGX – Pricing of $600 Million Upsized Public Offering.
- Notes Filed Or Priced:
- IIPR announces launch of $250 million exchangeable senior notes offering.
- ALGT – COMPANY PRICES UPSIZED $650 MILLION OFFERING OF SENIOR SECURED NOTES.
- APLD – Pricing of $1.59 Billion of Senior Secured Notes to fund the Fourth Building at Polaris Forge 1.
- RKT – Upsizing and Pricing of Senior Notes due 2031 and Senior Notes due 2034.
- Convertible Offerings Filed or Priced: None of note.
- Private Placement: None of note.
- Direct Offering: None of note
- Exchangeable Subordinate Voting Shares: None of note.
- Selling Shareholders:
- FJET files for 5,223,879 share common stock offering by selling stockholders.
- WOLF files for 24,072,041 share common stock offering by selling stockholders.
- Mixed Shelf Offerings:
- PPIH files for $75 million mixed securities shelf offering.
- SMCI files mixed securities shelf offering.
- SMMT files mixed securities shelf offering.
After The Close:
- Affirm (AFRM) CEO says their consumer is doing great. (Fox Biz News)
- Robinhood (HOOD) reports May numbers and Funded Customers at the end of May were 27.7 million (up approximately 110 thousand from the end of April 2026, up approximately 1.76 million year-over-year).
- Cellectis (CLLS) receives FDA RMAT Designation for lasme-cel, the First Allogeneic CAR-T Therapy in a Pivotal Trial for Patients with r/r B-ALL.
- Taiwan Semi (TSM) does not rule out raising prices. (BBC)
- U.S. strikes Qeshm Island in response to Iran drone taking out a Blackhawk Helicopter. (Bloomberg)
- Super Micro Computer (SMCI) raises $7 billion in equity to fund growth, stock falls. (MarketWatch)
- 10-Q Delays: None of note.
Tuesday’s Winners:
- CCLLS +19.1%, BRL +10.3%, ODV +3.7%, HNGE +3.2%, CASY +3%.
Tuesday’s Losers:
- SMCI -8.2%,
Executive, Corporate Changes:
- GO CFO Chris Miller to retire; names Ian Ferry as its new CFO; reaffirms Q2 and FY26 outlook.
- GTLB announces that Chaim Mazal has joined as Chief Information Security Officer.
- SCOR COO Greg Dale departs; responsibilities will be overseen by CEO
Dividend Calendar:
- Top Names Ex-Dividend Wednesday: ELV TRU OCY INFY PPL HPQ OMC TU KSPI UMBF BAH XP YOU VFC BTG G NJR VCTR TFSL CNO KSS NAT of note.
- Top Names Ex-Dividend Thursday: None of note.
- CASY increased the dividend by 14% to 0.65%
Buybacks:
- CASY authorizes $1 billion expansion to share repurchase program
What Happening This Morning:
Futures S&P 500 -64, NASDAQ 100 -365 Dow Jones -367. Europe is lower while Asia is lower ex Australia. Bond yield is at 4.526% from 4.55% on the 10-Year. Crude Oil and Brent Crude are lower with Natural Gas higher. Gold, Silver and Copper are lower. The U.S. Dollar is lower versus the Euro, lower against the Pound and lower against the Yen. Bitcoin is at $61,330 from $62.541.
Sector Action:
- Daily Positive Sectors: Real Estate, Healthcare, Industrials and Utilities were the leaders.
- Daily Negative Sectors: Technology and Energy 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:
- Thursday 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: YB +12.3%, CBRL +9.8%, AIB +5.6%, STI +5.3%, CLLS +4.5%, HNGE +2% of note
- Gap Down: SMCI -10.3%, SUJA -6.7%, SMMT -6.2%, WOLF -5.9%, STTK -5.9%, AKR -3.7%, TSM -3%, GTLB -2.6%, FJET -2.4%, IIPR -2.2% of note.
Insider Action: KNSL sees Insider Buying with dumb short selling. MBC, TT and EYE see Insider Buying with smart short sellers. Above $100,000 in purchases with high shorts but no history: MDLN 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: Iran Conflict Enters a Dangerous New Phase. (WSJ)
- NY Times Lead Story: Social Security at risk of cuts in 2032. (NYT)
- USA Today: Mortgage Distress is on the rise. (USA Today)
- Bloomberg: Peace Deal at Risk. (Bloomberg)
- Market Wrap: Stocks fall ahead of CPI. (Bloomberg)
- Barron’s – + on SN and – on ULTA
- SK Hynix considering U.S. IPO in August. (Reuters)
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.
- Signs the Secure America Act at 10:00 a.m. EDT.
- Participates in a Greeting with the Presidential 1776 Award Finalists at 4:00 p.m. EDT.
- Participates in a Policy Meeting at 5:00 p.m. EDT.
- Economic Data Out –
- Weekly
- Crude Oil Inventories out at 10:30 a.m. EDT.
- Weekly MBA Mortgage Applications are out and rose 10.80%.
- Monthly
- May CPI is out at 8:30 a.m. EDT and expected to fall to 0.50% from 0.60%.
- May Treasury Budget is out at 2:00 p.m. EDT and came in at $215 billion, that was a positive due to income tax payments.
- Weekly
M&A Activity & Daily: None of note.
Moving Average Table: 57% from 48% of Equities are Positive, and 8% from 0% Bonds are Positive.
Meeting & Conferences of Note:
- Sellside Conferences:
- Benchmark Mineral Intelligence Giga USA
- Benchmark StoneX’s Natural Resources Summit
- Davidson Technology & Consumer Conference
- Evercore Consumer & Retail Conf
- FBN Technology Conference
- Goldman Sachs Healthcare Conference
- Jefferies Energy Conference
- Mizuho Technology Conference
- Morgan Stanley US Financials Conf
- Oppenheimer Consumer Growth & ECommerce Conference
- Raymond James Copper Conference
- Rosenblatt Technology Summit – The Age of AI
- Wells Fargo Industrials & Materials
- Top Analyst, Investor: CGEM CNMD RBRK SCOR of note.
- Shareholder Meetings: AAL CAT CMCSA DKS FCX FIS NDAQ SHAK TGT 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: BWA CAVA GFS GLBE RNR of note.
Downgrades: HESM of note.