Market Review: June 08, 2026

Closing Recap

Monday, June 08, 2026

U.S. stocks posted solid gains to start the week after tumbling on Friday, as strength in technology (XLK +2.2%) and Energy (XLE +1%) were market leaders while most every other S&P sector was down on the day, led by Utilities (XLU), Materials (XLB) and REITs (XLRE). Bitcoin bounces back with risk assets in general, rising 2.65% to $63,501 after falling below $60,000 for first time since October 2024 on Friday. Chip stocks led the gains in the after a one day sharp selloff Friday, with the SOX index rising over 5.6%, led by big gains in MRVL, INTC and memory recovery in MU, SNDK. Still, while markets opened higher amid the rebound in tech, markets faded all afternoon ahead of several key items to watch on Wall Street this week. Potential market catalysts this week include: 1) CPI inflation data on Wednesday and PPI inflation data on Thursday morning; 2) SpaceX (SPCX) 555M share IPO prices Thursday night at $135 and will be huge focus Friday morning; 3) Oracle (ORCL) is expected to report earnings on Wednesday night for software/AI interest; 4) central banks in action with Bank of Canada Wednesday and ECB on 6/11 with rate hike a possibility and 5) several key Wall Street conferences this week (Goldman Healthcare Conference). Also, all eyes are on the Federal Reserve ahead of next week’s interest rate decision and any potential policy shifts under the new Chair Kevin Warsh.

• Median inflation expectations for the one-year time horizon edged down 0.1 percentage point to 3.5%. Median expectations were unchanged at 3.1% for the three-year horizon and at 3.0% at the five-year timeframe. Moreover, uncertainty regarding future inflation outcomes rose at the one-year and three-year horizons and decreased at the five-year horizon.

•  U.S. WTI crude oil futures settle at $91.30/bbl, up 76 cents, or 0.84% while Brent Crude futures rise $1.16, or 1.25% to $94.25, both well off overnight highs. Oil prices surged initially on conflicts this weekend in the Middle East but pared gains after Iran announced this morning that it is halting its military operations against Israel. The IRGC warned that any further strikes by Israel in Iran or Lebanon would trigger "a far stronger and more forceful response;" the move comes an hour after President Trump said, "Israel and Iran must immediately stop shooting; Trump also announced that "Both sides, Israel and Iran, are looking to do an immediate ceasefire."

• In Autos: TSLA May China retail sales jumped 22.6% to 47,821 units and exports surged 68% to 38,701 units; retail sales 47,821 units, +22.6% YoY; exports 38,701 units, +68% YoY. VFS reported a nearly 42% rise in Q1 revenue at 23.11 trillion dong ($877.24 million), compared with revenue of 16.31 trillion dong a year earlier, bolstered by strong demand for its electric vehicles from key markets in Southeast Asia. UBER opened a waitlist for customers wanting robotaxi rides in London as it prepares for the commercial debut in the UK later this year. CAR was upgraded to Equal Weight from Underweight at Barclay’s saying the company bringing systems in-house adds a potential $50M-$75M EBITDA opportunity in 2027.
• In Casino & Gaming: SRAD said it’s teaming up with Kalshi to provide data and solutions to the prediction market. Under the multi-year agreement, Sportradar will provide Kalshi with a range of solutions, including official sports data and live odds as well as scores, schedules and data visualization content aimed at driving fan engagement. Sportradar will also provide customer acquisition solutions as well as services designed to detect suspicious behavior.

• Power & Equipment: BW said it would support TerraSpark’s development of a 1.6 gigawatt coal-fired power plant project in West Virginia; the project has been awarded an $18.5M grant from the U.S. Department of Energy
• In Airlines (AAL, DAL, UAL, LUV, ALK, JBLU): The International Air Transport Association expects global airline profitability to halve in 2026. The agency said that surging fuel costs are adding a collective $100B to airlines’ fuel bills. European carriers hit by additional jet fuel costs have moved to hedge their summer fuel needs. U.S. carriers spent 56.4% more on jet fuel in March than in February, according to data from the DOT in May. They spent a total of $5.06B on fuel in March, up from $3.23B in February, and 30% more than what they paid in March 2025.
• In Industrials: CMI was upgraded to Buy from Hold at UBS and raised tgt to $850 from $565 citing the improving truck market for the upgrade. Double-digit growth in Cummins’ power business, in addition to a supportive truck outlook and the rollout of new engines with more content, should drive earnings upside over the next two years.

• In Insurance: in P&C, ALL was downgraded to Market Perform at KBW and cut tgt to $242 saying the company’s previously accelerating y/y personal auto policies in force growth peaked in February; WRB was downgraded to Underweight at Wells Fargo and cut tgt to $58 from $64 saying softening market conditions are moving into casualty lines. This makes growth tougher, and W. R. Berkley shares should now trade closer to soft market multiples. Goldman Sachs upgraded WRB to Buy as believes current underwriting margins and ROE are likely more sustainable than expected, while downgraded RYAN to Neutral as their updated view for a prolonged period of commercial P&C price softening reduces the potential that Ryan achieves consensus expectations for accelerating organic growth.
• In Asset Managers: APAM reported that its preliminary assets under management as of May 31, 2026, totaled $186.0B. Artisan Funds and Artisan Global Funds accounted for $92.3B of total firm AUM, while separate accounts and other AUM(1) accounted for $93.7B.
• Financial Services: FICO announces new stock repurchase authorization, new term loan and accelerated share repurchase program; approves stock repurchase program up to $2B as new repurchase program replaces prior $1.5B program; enters $1.5B incremental term loan agreement on June 5, 2026.

• LLY shares rose on positive news after saying Sunday that its Foundayo pill was associated with significant weight loss in women at every stage of menopause. The findings were based on analysis of 1,500 women taking part in the company’s ATTAIN-1 and ATTAIN-2 Phase 3 clinical trials.
• NRIX and RHHBY announced a licensing and collaboration agreement, with the companies to co-develop and co-commercialize Bexobrutideg, Nurix’s investigational BTK degrader. Bexobrutideg is planned for a Phase 3 trial initiation this summer in 2L CLL. Under the terms of the deal, NRIX to receive $700M upfront and potential milestone payments of up to $2.3B.
• TNGX initial data from ongoing Phase 1/2 trial in patients with second and third line PDAC treated with vopimetostat and daraxonrasib showed 6-month PFS rate of 90% (median PFS not yet reached) suggesting durability of clinical benefit.
• ZEAL shares tumbled after trial data for its injectable obesity drug survodutide showed high rates of patients quitting treatment due to side effects, despite encouraging effects in patients with liver disease. Its partner Boehringer Ingelheim, which owns the rights to solely develop and commercialize survodutide, presented late-stage data from two studies of the drug over the weekend.

• In Internet: WIX shares fell after the company cut 20% of its workforce and scaling back parts of its business as part of a broader organizational realignment; said changes are expected to reduce bookings by about $50M and revenue by around $25M; now expects full-year bookings to grow in the low-teens percentage rate, down from previous expectations of mid-teens percentage growth.
• In Media: Bending Spoons, an Italian tech firm focused on acquiring and revamping digital businesses, filed for a U.S. initial public offering on Monday. A listing of the company, which bought storied Internet brand AOL and ticketing marketplace Eventbrite this year, could value it at around $20B, Reuters had reported in April. The company was valued at $11B in a funding round in October. Bending Spoons’ products served over 500M monthly active users and more than 9M monthly paying customers in March, according to its prospectus.

• In Ai/Data Center sector: CIFR announces proposed offering of $810.0M of Senior Secured Notes; NBIS is investing up to $2.3B in the UK to deploy three NVDA AI Factories. The company expects to reach at least 65MW of capacity by 2027 as it scales AI infrastructure in the region. Shares of Technology and infrastructure sectors names, with a strong focus on data Centers, high-performance Computing (HPC), artificial Intelligence CIFR, CLSK, IREN, WULF, HUT saw broad strength today.
• Optical sector: CIEN announced they are privately offering $2 bln convertible bonds due Sept 15, 2031 and intends to use approx $1.14B of net offering proceeds to repay term loan, remainder for general purposes, including boosting supply chain capacity; OCC shares jumped as Q2 sales rose 27% y/y to $22.2M and posted  net income of $1.1M, reversing a loss last year while gross profit rose 42% on higher volumes and improved manufacturing leverage. AMZN announces agreement with GLW to boost US fiber Optics manufacturing, creating 1,000 advanced manufacturing jobs in North Carolina.

• INTC shares rose after GOOGL placed an order to manufacture more than three million tensor processing units in 2028, The Information reports, citing four people with direct knowledge of the discussions. NVDA is evaluating INTC’s advanced packaging and 18A process for future chips.
• MRVL shares jumped after being added to the S&P 500 Index starting June 22^nd along with FLEX replacing POOL and CPB.
• NVDA CEO called the global tech stocks selloff that began last week a buying opportunity, saying the buildout of artificial Intelligence has just begun. Huang, responding to questions during a trip to Seoul about how that selloff should be perceived, said the industry was still in the early stages of constructing infrastructure that will serve as the foundation of an Ai-fueled future.
• WOLF and GE announced that they have entered into a Memorandum of Understanding (MOU) to collaborate on accelerating the adoption of high-voltage silicon carbide across the industrial, aerospace and defense markets.
• On Monday, Nvidia and SK Hynix Inc. said they struck a multi-year agreement to design future generations of memory chips for AI, a win for a South Korean leader vying with Samsung Electronics Co.