Mid-Morning Look: June 08, 2026

Mid-Morning Look

Monday, June 08, 2026

Following the biggest drawdown for stocks this year on Friday in a bout of profit taking post good jobs data, rising oil and Treasury yields, U.S. stock markets rebound this morning led by a big bounce in semis (SOX) and general tech (QQQ, XLK) as investors buy the dip. Stocks sold off last Friday (S&P 500 snapped its 9-week winning streak) as investors became more cautious, favoring some defensive sectors and energy stocks, while lightening up on some technology names . Bonds also sold off, sending the yield on the 10 -year Treasury note 9 basis points higher. That has all changed since Friday with technology bouncing back in a big way as the dip is bought. Last week’s employment report for May showed hiring remained strong for a third consecutive month, with upward revisions to prior months which raised prospects of a Fed rate hike this year.

Oil prices jumped more than 4% overnight but have since pared gains after Iran announces that it is halting its military operations against Israel after several attacks by both sides this weekend. 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.” WTI crude turned lower after Iran and Israel announced successive pauses in attacks on each other.

Tech got a bounce after NVDA CEO comes to the rescue, calling 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. Later today, Apple (AAPL) kicks off its annual Worldwide Developers Conference where software updates are expected.

Investors will get a better sense of whether higher oil prices are starting to bleed into core prices on Wednesday with the release of the latest monthly Consumer Price Index. That’s followed by an update on the Federal Reserve’s preferred gauge of inflation, the Producer Price Index, on Thursday. The Fed’s focus will be squarely on inflation after a batch of jobs data last week showed the labor market remains stable.

• 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.
• 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.

• INTC +8%; 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 +10%; shares jumped after being added to the S&P 500 Index starting June 22^nd along with FLEX replacing POOL and CPB.
• NRIX +9%; after announces global collaboration with Roche to Co-develop/Co-commercialize potential best-in-class BTK degrader Bexobrutideg across malignant hematology, immunology and neurology.
• OCC +66%; 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.
• SRAD +7%; 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.
• TNGX +33%; shares surged after 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.
• WOLF +2%; 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.

• CPB -2%; beats Q3 profit estimates with EPS $0.50 above est $0.48 while sales fell -4% y/y to $2.37B vs. est. $2.38B but stuck to its annual forecast as still expects annual organic net sales to fall between 1% and 2%, and adjusted profit per share to be in the range of $2.15 to $2.25.
• WIX -6%; 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.
• ZEAL -24%; 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.