CAPIS Morning Note – 06/23/26: Tech Stocks Are Getting Crushed This Morning, Overreaction on AI Issues?

Overnight Summary and Early Morning Trading: The S&P 500 finished Monday lower by -0.32% lower by -0.37% from Thursday higher by 1.00% at 7500.56. The S&P 500 sees support now at 7400 from 7500. Resistance is now at 7500 from 7600. In the last two months, support has moved from 6300 to 7400) S&P 500 hit its […]

Overnight Summary and Early Morning Trading: 

  • The S&P 500 finished Monday lower by -0.32% lower by -0.37% from Thursday higher by 1.00% at 7500.56.
  • The S&P 500 sees support now at 7400 from 7500. Resistance is now at 7500 from 7600. In the last two months, support has moved from 6300 to 7400)
  • S&P 500 hit its 25th All-Time Closing High of 2026 on Tuesday, 6/2.
  • Futures are lower this morning at -105.25 (-1.40%) at 7561 on the SP 500 at 6:55 a.m. EDT.
  • Bond Market is higher today on price with the 10-Year Yield at 4.483% from 4.489%.

Executive Summary:

  • Stocks are now in a two week winning streak, with the S&P 500 gaining 0.93% in the last week. We are now up 7.49% since the peak in January on the S&P 500 as of last Thursday’s close.
  • U.S. moves into Week 18 of its attack on Iran. Is the deal really a deal and a conclusion to the war going to really happen this week or just another week of  kicking the can down the road?
  • There have been three down -1% or more days in June so the potential for clustering rises, in other words more -1% days until month end.

Key Geopolitical Events of Note:

  • Economic news of note.
  • Weekly –
    • API Petroleum Institute Data of note.
    • Weekly ADP Employment Report at 8:15 a.m. EDT.
  • Monthly-
    • Global U.S. Manufacturing PMI as well as Service PMI of note.
  • Fed Speakers of Note today:
    • Federal Reserve Governor Christopher Waller speaks at 9:00 a.m. EDT.
  • 2-Year Notes Auction at 1:00 p.m. EDT.
  • President Trump’s schedule:  
    • Executive Time at 8:00 a.m. EDT.
    • Heads to Reading, PA at a TTBD.
    • Delivers Remarks in Reading,PA at 2:05 p.m. EDT at he Mack Truck Lehigh Valley Operations.

Notable Earnings Out After The Close: 

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

Capital Raises of Note/Pricings:

  • IPO Filings & News: Kalshi said to be in early-stage IPO discussions.
  • Secondaries Filed Or Priced:
    • MLTX announces a proposed public offering of $150 mln of its Class A ordinary shares.
    • DFTX  announces proposed public offering of $500 mln of common shares.
    • QURE announces it has commenced a $150 mln underwritten public offering.
    • CDNL announces proposed, underwritten public offering 
    • CRVO closing of $10 Million Registered Direct Offering of Common Stock Priced At-The-Market Under Nasdaq Rules
    • GLOO: Form S-1.. Class A Common Stock
    • MLTX – Proposed Public Offering
    • PRFX: Form F-1.. Up to 7,500,000 Ordinary Shares
    • TNON: Form S-1.. 1,812,987 shares of Common Stock – Common Stock Purchase Warrants to Purchase up to 6,975,584 shares of Common Stock
    • VTAK: FORM S-1 – 68,067,042 Shares of Common Stock
    • WES – Pricing of Notes Offering
  • Notes Filed Or Priced:
  • Convertible Offerings Filed or Priced:
    • ADPT issues $345 mln in convertible notes.
    • LGND – Pricing of Upsized $625 Million Convertible Senior Notes Offering
  • Private Placement:
    • HOOD – Pricing of Private Offering of $2.0 Billion of Convertible Senior Notes Due 2029.
    • RDHL – Closing of Up To $19.4 Million Private Placement
  • Direct Offering: None of note
  • Exchangeable Subordinate Voting Shares: None of note.
  • Selling Shareholders:
    • GPRE files for 550,000 share common stock offering by selling shareholders, issuable on the exercise of warrants.
    • KEY files for 158,723,874 share common stock offering by selling shareholders.
    • VHUB files for 6.17 mln share common stock offering by selling shareholders
  • Mixed Shelf Offerings:

Winners From After The Close:

  • CAR +6.5%, IBM +5%,  MGNX +3.1%.

Losers From After The Close:  

  • PRIM -32.4%, CDNL -4%, MLTX -3.7%, BBY -3.2%,

After The Close:

  • Palantir Technologies (PLTR) announces that it secures a foundational role in NGC2 data layer for the U.S Army.
  • Primoris Services (PRIM) lowers FY26 guidance citing additional renewables cost overruns and delays; COO departs; announces new project awards.
  • MDU Resources (MDU) subsidiary, Montana-Dakota Utilities Co., has entered into an electric service agreement with Applied Digital Corporation.
  • CME Group (CME) unchanged as its trading platform experiencing disconnects for some direct customers.
  • Meta Platforms (META) ticking lower after pause of AI-powered training program following a recent data leak incident.
  • Qualcomm (QCOM) ticking lower following report it’s nearing deal for AI Chip startup Modular.
  • President Trump signs Executive Order to supercharge US innovation in quantum technologies and strengthen national security.
  • Rocket Lab USA (RKLB) launches Electron rocket and deploys its own Pioneer spacecraft.

Executive, Corporate Changes:

  • BBY announces that CFO Matt Bilunas will step down and depart from company at end of July; Current CEO Corie Barry will provide financial oversight during transition to a new CFO.
  • DPZ CEO Russell Weiner to retire; Joe Jordan appointed as new CEO, effective October 1, 2026.
  • TASK announces appointment of Rishabh Khemka as Chief Financial Officer, effective June 19, 2026.
  • PD announces Eric Prengel as Chief Financial Officer.
  • FIX announces that Craig Sasser will be appointed as COO, effective July 1, 2026.
  • NVE Corp (NVEC) announces that Daniel Baker, Ph.D. will retire as president and CEO; Appoints Peter Eames, Ph.D., currently vice president of advanced technology, as president and CEO.
  • AOS announces Kevin J. Wheeler will retire as Executive Chairman on July 1st.
  • ARVN announces Dr. Berkowitz, Chief Medical Officer, will depart from the Company, effective July 3, 2026. 
  • CVR Energy (CVI) and CVR Partners announce Dane Neumann, Executive Vice President and Chief Financial Officer, has been promoted to the position of President and Chief Executive Officer, effective June 18, 2026.

Dividend Calendar:

  • Top Names Ex-Dividend Tuesday: APH CNQ STM ESLT QSR CINF WRB SGHC of note.
  • Top Names Ex-Dividend Wednesday:   STX NXPI ABEX GFS BFC ITRN of note.

Buybacks:

  • As of June 19, 2026, approximately $208 mln of $500 mln authorized remained available for repurchase through SDRL.
  • MCB approves $50 mln share repurchase program.

What Happening This Morning:

Futures S&P 500 -92, NASDAQ 100 -788 Dow Jones -205. Europe is lower while Asia is also lower. Bond yield is at 4.483% from 4.489% on the 10-Year. Crude Oil is higher while Brent Crude is lower with Natural Gas lower. Gold, Silver and Copper lower. The U.S. Dollar is higher versus the Euro, higher against the Pound and higher against the Yen. Bitcoin is at $62,505 from $63,907.

Sector Action: 

  • Daily Energy, Healthcare, Real Estate, Utilities and Financials were higher.
  • Daily Communication Services, Consumer Cyclicals, Industrials and Materials 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: FDX KBH WOR of note
  • Wednesday Before The Open: PAYX of note

Notable Earnings of Note This Morning: 

  • Beat: KFY +0.02 of note. 
  • Missed: None of note. 
  • Flat: None of note.
  • Still to Report: CCL SUNB of note.

Company Earnings Guidance: 

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

Advance/Decline Daily Update: Market Breadth improved a bit.

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

  • Gap Up: GRDN +5%, IBM +3.2%, MCB +2.8%, INFQ +2.8% of note
  • Gap Down: PRIM -36.4%, QCOM -6.9%, TTMI -6.8%, HIVE -6.7%, UUUU -6.6%, DFTX -6.4%, MX -6.4%, HOOD -5.9%, NVEC -5.6%, RKLB -5.5%, Q -5%, LGND -4.2%, MLTX -3.8%, FIX -3.5%, PSA -3.2%, TTAM -3%, CDNL -2.8%, QQQ -2.7%, FTI -2.1% of note.

Insider Action: None see Insider Buying with dumb short selling. None sees 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: Tech Selloff Deepens. (WSJ)
  • NY Times Lead Story: Iran Says it Will Not Allow Inspections of Damaged Nuclear Sites. (NYT)
  • USA Today: Can We Develop AI That is Beneficial to Mankind.  (USA Today)
  • Bloomberg: SpaceX Slump to Push Market Cap Under $2 billion.  (Bloomberg)
  • Iran says Strait of Hormuz fully open to commercial ships (ISNA)

Economic & Geopolitical:

  • Federal Reserve Speakers of note today: None of note.
  • President Trump’s schedule for today:
    • Executive Time at 8:00 a.m. EDT.
    • Heads to Reading, PA at a TTBD.
    • Delivers Remarks in Reading,PA at 2:05 p.m. EDT at he Mack Truck Lehigh Valley Operations.
  • Economic Data Out –
    • Weekly
      • API Petroleum Institute Data out at 4:30 p.m. EDT of note.
    • Monthly
      • June Global U.S. Manufacturing PMI is due out at 9:45 a.m. EDT and came in last month at 55.10.
      • June Global U.S. Services PMI is due out at 9:45 a.m. EDT and came in last month at $50.7 billion.

M&A Activity & Daily:

  • Public Storage (PSA) enters into agreement to acquire Public Storage Canada for $1.2 billion.

Moving Average Table: 88% from 94% of Equities are Positive, and 24% from 56% Bonds are Positive.

Meeting & Conferences of Note:

  • Sellside Conferences:
    • Baird Global Consumer Private Company Conference
    • BAC Emerging Markets Corporate Conference
    • Evercore Emerging Private Biotech Conference
    • Guggenheim BioFrontier
    • JP Morgan Natural Resources Conference
    • MS Life Sciences AI Summit
    • Northland Growth Conference
    • TD Cowen Tools/Dx Revolution
    • Truist Healthcare Disruptors & Digital Health Conference
  • Top Analyst, Investor: AVNS COUR VSTM of note.
  • Shareholder Meetings: AXGN, INFY, KMX, SMA, STUB of note.
  • Fireside Chat: None of note.
  • FDA Presentation: None of note.
  • R&D Day: None of note.
  • Meetings:

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: AHR    of note.

Downgrades: None of note.

          Initiations

      • Buys AGMB CNXU FDXF LPX NKTX
      • Sells