Morning Preview: June 12, 2026

Early Look

Friday, June 12, 2026

After stocks jump midday on news of a U.S./Iran deal, U.S. futures are extending gains and oil prices falling further. The deal, if confirmed, would be the most significant diplomatic breakthrough yet to end the three-month-old war. “The strait will officially open as soon as we sign, which could be soon, very soon, maybe over the weekend in Europe,” he said, adding that Vice President JD Vance would attend the deal signing. Asked if Iran’s Supreme Leader Ayatollah Mojtaba Khamenei had approved the deal, Trump said, “I understand the answer is yes.” Oil prices fell another 3% (after falling 3% Thursday) to their lowest in nearly two months after President Trump cancelled new strikes on Iran midday yesterday. Iran’s Mehr news agency reported that final negotiations on a memorandum of understanding (MOU) with the U.S. would focus on nuclear and economic issues but would exclude discussions about Iran’s missile program. Nuclear talks will take place within a 60-day period after signing. While the macro news is lifting markets, attention turns to SpaceX (SPCX) which priced its record 555M share IPO at $135 last night and is expected to open later this morning. In other tech news, shares of Astera Labs (ALAB), CoreWeave (CRWV), Nebius (NBIS), Rocket Labs (RKLB), and Teradyne (TER) were all added to the Nasdaq 100 index. In Asian markets, The Nikkei Index surged 1,802 points or 2.81% to 66,020, the Shanghai Index jumped 44 points to 4,031, and the Hang Seng Index gains 468 points to 24,718. In Europe, the German DAX is surging 383 points to 24,592, while the FTSE 100 is up 117 points to 10,421.

U.S. stocks surged on Thursday after President Trump called off plans for renewed U.S. military strikes on Iran at the last minute, saying negotiations with Tehran were heading towards a possible deal. The comments boosted stocks across the board (sans energy stocks), sent oil prices lower, prompting jumps in precious metals and bonds. In response to signs of an imminent US-Iran deal, Brent and WTI crude are both fell below $90 per barrel, pushing Brent to its lowest level since mid-March, turbocharging the stock market and driving down yields Treasury yields as the 10-year yield slipped -8bps to 4.463%, while the two-year declines -5.5bps to 4.071%. The Nasdaq Comp surged 2.5% for best daily gain in 2 months, led by semis as the SOX rebounds 7.9% (biggest daily gains since April 2025) after pulling back from record highs recently while software declines behind ORCL weakness on capex spending concerns (IGV falls an 8th straight day).

• The Dow Jones Industrial Average rose 929.60 points, or 1.86%, to 50,848.38
• The Nasdaq Composite spiked 640.16 points, or 2.54%, to 25,809.66
• The Russell 2000 Index advanced 85.53 points, or 3.02% to 2,920.99

• 10:00 AM ET                University of Michigan 1-yr and 5-yr inflation expectations
• 1:00 PM ET                   Baker Hughes Weekly rig count data

• Oppenheimer 24th Annual Semiconductor Bus Tour, 6/10-6/12
• RBC Capital Global Mining & Materials Conference, 6/11-6/12, in New York

• The Bank of Japan is set to raise interest rates to a 31-year high next week and signal its readiness to keep pushing up borrowing costs. The decision would align the BOJ with other central banks shifting towards tighter policy including the European Central Bank, which delivered a much anticipated hike on Thursday.

• New Oriental Education & Technology (EDU) was upgraded to Buy from Neutral at Goldman Sachs saying valuation appeal emerging on a number of metrics.
• RH Corp. (RH) Q1 EPS loss (-$1.97) vs. est. loss (-$2.07); Q1 revs -1.7% y/y to $800.3M vs. est. $792.4M; said net revenues were negatively impacted by approximately $45M due to higher backorder and special order balances that were approximately $75M higher than the same period a year ago; sees Q2 rev growth 0.5%-2.5% and raises low end of FY26 revenue growth view to +4.5%-8% from 4%-8% and adj free cash flow $300M-$400M.
• Seneca Foods (SENEA) Q4 sales rose y/y, driven by higher sales volume while gross margins improved to 11.2% from 4.5% y/y; did not provide specific guidance for the current quarter or full year.
• Sleep Number (SNBR) initiated voluntary chapter 11 sale process; enters asset purchase agreement to combine with Sleep Country Canada, creating an industry leader in North America.
• Century Casinos (CNTY) may offer and sell up to $100M of securities.

• SpaceX (SPCX) 555.6M share IPO priced at $135.00 as Goldman Sachs, Morgan Stanley, BofA, Citi and JPMorgan acted as joint book running managers, in biggest IPO debut of all-time. SpaceX is really three businesses under one stock: Starlink generates $11.4B in revenue and $4.4B in operating profit in 2025. SpaceX Launches generated $4.1B in revenue but lost money due to massive investment in Starship and AI (xAI + X) generated $3.2B in revenue but lost $6.4B in 2025.
• CF Industries (CF), Mosaic (MOS): President Trump on Thursday said he is considering taking action to help farmers affected by high fertilizer prices. “I am looking at doing a form of help,” Trump told reporters at the White House, without providing details.
• Richtech Robotics (RR) says multiple prior financial statements require restatement due to errors; says earnings releases and prior audit reports for fy2024 and fy2025 should not be relied upon.

• Amerant Bancorp (AMTB) files $300M mixed securities shelf.

• Adobe Systems (ADBE) Q2 Adj EPS $5.96 vs. est $5.82, beat by $0.14; rev $6.62B vs. est $6.456B, beat by $164.0Mm-$170.0Mm, +13% YoY; adj operating Income $2.95B vs. est $2.873B, beat by $77.0Mm; guides Q3 rev $6.67B-$6.72B vs est $6.514B, adj EPS $6.05-$6.10 vs est $5.77; guides FY26 adj EPS $24.35-$24.45 vs est $23.52 and ups revs to $26.5B-$26.6B from %25.9B-$26.1B; CFO Dan Durn departing June 15.
• Marvell Technology (MRVL) announced the appointment of Dan Durn to Chief Financial Officer (coming from Adobe prior), effective June 15, 2026; affirms Q2 outlook.
• Nvidia (NVDA) has told Chinese clients that its new “Vera” Central processors for Ai data Centers could be available as soon as August and that they can begin placing orders, three sources familiar with the matter said – Reuters