CAPIS Morning Note – 06/24/26: Stocks Do Not Extend Weakness In Pre-Market, Weak Oil Helping Stocks

Overnight Summary and Early Morning Trading: The S&P 500 finished Tuesday lower by -1.44% at 7365.46 from Monday lower by -0.32% at 7472.79. 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 […]

Overnight Summary and Early Morning Trading: 

  • The S&P 500 finished Tuesday lower by -1.44% at 7365.46 from Monday lower by -0.32% at 7472.79.
  • 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 on Tuesday, 6/2.
  • 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 four 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 –
    • MBA Mortgage Applications and Crude Oil Inventories of note.
    • Weekly ADP Employment Report at 8:15 a.m. EDT.
  • Monthly-
    • New Home Sales of note.
  • Fed Speakers of Note today: None of note.
  • 5-Year Notes Auction at 1:00 p.m. EDT.
  • President Trump’s schedule:  
    • Executive Time at 8:00 a.m. EDT.
    • Signs the 21st Century ROAD to Housing Act at 12:00 p.m. EDT.
    • Attends the Senate Steering Committee Lunch at 1:00 p.m. EDT.
    • Participates in a Meeting with the Secretary General of NATO at 3:30 p.m. EDT.
    • Participates in a Policy Meeting at 5:00 p.m. EDT.
    • Delivers Remarks at the Great American State Fair on the National Mall at 8:30 p.m. EDT.

Capital Raises of Note/Pricings:

  • IPO Filings & News:
  • Secondaries Filed Or Priced:
    • MLTX – Pricing of Upsized $200 Million Public Offering.
    • NEXR: Form F-3.. Up to 16,836,315 Ordinary Shares
    • QURE – Pricing of Upsized $225 Million Public Offering
    • WPRT – Closing of US$10 Million Registered Direct Offering and Concurrent Private Placement
  • Notes Filed Or Priced:
    • BZH – Closing of Offering of $400 Million Senior Unsecured Notes due 2032
    • TPC Tutor Perini Prices $400 Million of Senior Notes Due 2033
  • Convertible Offerings Filed or Priced:
  • Private Placement:
    • WPRT – Closing of US$10 Million Registered Direct Offering and Concurrent Private Placement
  • Direct Offering: None of note
  • Exchangeable Subordinate Voting Shares: None of note.
  • Selling Shareholders:
  • Mixed Shelf Offerings:
    • ENLT files mixed securities shelf offering.
    • RMCF: Form S-3.. $6,000,000 Mixed Shelf

Notable Earnings Out After The Close: 

  • Beats:  FDX +0.35 of note.
  • Misses: WOR -0.09, KBH -0.02 of note.
  • Flat: None of note: None.

Winners From After The Close:

  • IESC +4.1%, TOST +3.5%,  NHI +2.3% .

Losers From After The Close:  

  • CBRS -9.2%, WOR -8.2%, FDX -5.9%,  VSTM -4.8%.

After The Close:

  • FedEx (FDX) beat on earnings ad revenues but still moved lower after the close.
  • Zscaler (ZS) and AWS sign collaboration agreement to help govt agencies, health systems, and education institutions adopt generative AI.
  • Honeywell Aerospace (HONA) will be added to the S&P 500 & 100 on Monday, June 29. Honeywell Aerospace will replace Conagra Brands (CAG) in the S&P 500, and Conagra Brands will replace Grid Dynamics Holdings (GDYN) in the S&P SmallCap 600 effective prior to the opening of trading on Tuesday, June 30. Honeywell Aerospace will replace Honeywell International (HON) in the S&P 100 effective prior to the opening of trading on Tuesday, June 30. Honeywell International is spinning off Honeywell Aerospace in a transaction expected to be completed on June 29. Post spin-off Honeywell International will be renamed Honeywell Technologies Inc. and will remain in the S&P 500.
  • National Health Investors Inc. (NHI) will replace Apollo Commercial Real Estate Finance (ARI) in the S&P SmallCap 600 effective prior to the opening of trading on Tuesday, June 30.
  • Toast Inc. (TOST) will replace TopBuild Corp. (BLD) in the S&P MidCap 400 effective prior to the opening of trading on Wednesday, July 1.
  • Alphabet Inc. (GOOGL) will replace Verizon Communications Inc. (VZ) in the Dow Jones Industrial Average (DJIA) effective prior to the opening of trading on Monday, June 29, 2026.
  • Boeing (BA) awarded a $2 bln Air Force contract.
  • CBOE Global Markets (CBOE) announces the launch of the first products in its new prediction markets suite, Cboe Predicts.

Executive, Corporate Changes:

  • NKE CFO transition; David Denton will join company as Executive Vice President and Chief Financial Officer from Pfizer (PFE), effective August 17, as Matthew Friends steps down at that time.
  • JANX  discloses the departure of Chief Medical Officer William Go.

Dividend Calendar:

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

Buybacks:

  • FDX  intends to repurchase up to $1 bln worth of shares opportunistically in 2026.

What Happening This Morning:

Futures S&P 500 +18.75, NASDAQ 100 +136.50, Dow Jones +20. Europe is mixed while Asia is higher ex Japan. Bond yield is at 4.483% from 4.483% on the 10-Year. Crude Oil and Brent Crude are lower with Natural Gas higher. 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 $62,394 from $62,505.

Sector Action: 

  • Daily Consumer Defensive , Healthcare, Real Estate, Utilities and Energy were higher.
  • Daily Technology, Materials, Industrials and Consumer Cyclicals werelower.
  • 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: None of note. 
  • Missed: None of note. 
  • Flat: None of note.
  • Still to Report: PAYX 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 did not fall on yesterday’s weakness.

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

  • Gap Up: GRDN +5%, BNC +20%, ICLR +6.2%, ABSI +5.7%, IESC +4.2%, TOST +4.1%, HELP +3.7%, NHI +3.5%, BILI +2.4%, AGMB +2.1%, GRND +2% of note
  • Gap Down: PRIM -36.4%, CBRS -12.9%, WOR -10.3%, FDX -7.2%, VSTM -4.3%, MLTX -2.7%, RES -2.3% of note.

Insider Action: ADSK sees Insider Buying with dumb short selling. None see Insider Buying with smart short sellers. Above $100,000 in purchases with high shorts but no history: AVO 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: China is Luring The World To The Yuan. (WSJ)
  • NY Times Lead Story: Zuckerberg directed Meta Platforms (META) to Create a Prediction Market App. (NYT)
  • USA Today: Trump  Presses His Agenda, Congress Pushes Back.  (USA Today)
  • Bloomberg: SK Hynix Seeks $29 Billion With U.S. Listing to Fund AI Boom.  (Bloomberg)

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.
    • Signs the 21st Century ROAD to Housing Act at 12:00 p.m. EDT.
    • Attends the Senate Steering Committee Lunch at 1:00 p.m. EDT.
    • Participates in a Meeting with the Secretary General of NATO at 3:30 p.m. EDT.
    • Participates in a Policy Meeting at 5:00 p.m. EDT.
    • Delivers Remarks at the Great American State Fair on the National Mall at 8:30 p.m. EDT.
  • Economic Data Out –
    • Weekly
      • MBA Mortgage Applications out at 7:00 a.m. and rose +1%.
      • Crude Oil Inventories are out at 10:30 a.m. EDT.
    • Monthly
      • May New Home Sales are due out at 10:00 a.m. EDT and are expected to rise to 627,000 from 622,000.

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
    • Evercore Emerging Private Biotech Conference
    • Guggenheim BioFrontier
    • JP Morgan Natural Resources Conference
    • MS Life Sciences AI Summit
    • Stifel European Healthcare Conference
    • TD Cowen Tools/Dx Revolution
    • Truist Healthcare Disruptors & Digital Health Conference
  • Top Analyst, Investor: CASY COYA ELTX FIG IOT NXDT QCOM SITE TLSI of note.
  • Shareholder Meetings: FULC, NVDA, QUBT, SYF, UUUU 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: MAC of note.

Downgrades: WIT of note.

          Initiations

      • Buys BB RMIX TEX TWLO WDFC
      • Sells