Mid-Morning Look: June 10, 2026

Mid-Morning Look

Wednesday, June 10, 2026

U.S. futures were down sharply overnight, adding to prior day losses amid rising Middle East tensions and a further sell off in tech after tumbling Tuesday. U.S. forces launched strikes against Iran in response to the downing of a U.S. Army Apache helicopter near the Strait of Hormuz, according to U.S. Central Command. President Trump later threatened Iran in a Truth Social post early Wednesday, sending U.S. stock futures lower and boosting oil prices. The President criticized Iran for failing to reach a peace agreement with the U.S. following a fresh round of attacks that have heightened tensions and tested a fragile two-month ceasefire. “They’ve taken too long to negotiate a deal that would have been great for them, now they will have to pay the price,” Trump wrote on his social media platform on Wednesday. Futures fell further at that point ahead of the May consumer price index (CPI) inflation reading. The reading came in hot as consumer inflation increased at its fastest pace in three years, giving more ammunition for the Federal Reserve to keep interest rates unchanged into 2027. The Consumer Price Index (CPI) increased 4.2% in the 12 months through May, the largest gain since April 2023, but was in-line with economists views/prices increased 0.5% on a monthly basis after climbing 0.6% in April. Treasury yields are down slightly despite the CPI data holding high. As remains the case for months on end, every sharp pullback in markets has led to a “buy the dip” with today no different, as the S&P 500, Nasdaq Comp and Russell 2000 all showing early resiliency and turning positive after falling 1% overnight. REITs (XLRE) at 52-week highs, Financials (XLF) showing some strength crossing back above its 200dma resistance, Staples (XLP) strong as well. Oracle (ORCL) earnings tonight in tech sector and PPI inflation data tomorrow ahead of SpaceX IPO pricing.

• In Restaurants: CBRL was upgraded to Overweight at Wells Fargo and raised tgt to $50 from $35 after results last night as Q3 beat and raise show its turnaround is regaining ground; CBRL highlighted better than expected same-store sales supported by continued traffic recovery. CAVA was upgraded to Buy from Neutral at UBS and raised tgt to $90 from $85 given solid comp sales outperformance vs peers, catalysts exist to sustain comp sales momentum, and potential upside to the 1,000 unit growth target by ’32; SBUX is considering options for its Japanese business, including a potential stake sale, Bloomberg reported.
• MLPs/Pipelines: Morgan Stanley downgraded TRP to Equal weight (from Overweight) following strong recent performance, upgraded WES to Equal weight (from Underweight) as recent M&A has repositioned WES strategically, offering greater visibility into +4–5% multiyear EBITDA growth, a growth profile and resulting total return potential that are now more in-line with the broader group, and downgraded HESM to Underweight as limited visibility into long-term growth and sponsor strategy are likely to constrain upside, particularly given a poor history in the Midstream sector of other sponsored vehicles whose strategies have remained unaddressed for extended periods of time following a change in circumstances.

• AMAT +3%; hitting all-time highs in semi equipment along with KLAC with LRCX not far behind.
• CASY +15%; reported strong Q4 results, with inside comps, fuel margins, and fuel gallons above the Street, as Inside comps were driven by strength in prepared food and dispensed Beverage, with notable strength in whole pizzas, appetizers, and sides.
• CBRL +30%; was upgraded to Overweight at Wells Fargo and raised tgt to $50 from $35 after results last night as Q3 beat and raise show its turnaround is regaining ground; CBRL highlighted better than expected same-store sales supported by continued traffic recovery.
• DVN +5%; along with bounce in oil as well as upgraded to Outperform from In Line at Evercore saying mid-month update provides a clearing event, layering an explicit approach to the portfolio review + synergy and cash-return detail on top of better than expected 2026 capital efficiency.
• HOOD +7%; May 2026 operating data shows total platform assets $377B as of May 2026, up 9% from April; Net deposits $5.6B in month and crypto trading volumes $12.2B, up 3% M/M.

• DNTH -14%; falling after SNY halted its Phase 3 MOBILIZE trial of riliprubart in treatment-refractory CIDP; shares fell as DNTH’s lead candidate, claseprubart (DNTH103/DNTH-103), is also a highly Selective C1s inhibitor in the same complement pathway.
• ODFL -4%; Trucking sector pressured (CHRW, JBHT, WERN, LSTR) as Amazon announced the U.S. expansion of its less-than-truckload freight beyond its current inbound-to-Amazon offering
• SMCI -12%; as announces proposed $7.0B of equity and equity-linked financing transactions to fund ai orders. The proposed offerings consist of concurrent underwritten offerings $5.0B underwritten public offerings, of approximately $1.25B of common stock and approximately $3.75B of depositary shares
• UAL -3%; as airlines slide with the bounce in oil prices (DAL, AAL).