Morning Preview: June 26, 2026

Early Look

Friday, June 26, 2026

After a mixed trading session on Thursday, where the Dow Jones Industrial Average eked out a gain after pulling back off fresh intraday record highs, and the tech-heavy Nasdaq closes lower for 4th day in a row, both S&P and Nasdaq futures are both looking lower again this morning. Yesterday, weakness in large cap tech names (MSFT, AAPL) and software (IGV, ORCL) overshadowed gains in semi chips behind Micron (MU) better earnings/guide, but this morning concerns about AI infrastructure and capex spending speed bumps weigh after the New York Times reported OpenAI is seriously considering holding off its initial public offering until 2027, due in part to concerns over investor sentiment. Recent events, including a quick pullback in SpaceX share values combined with concerns about AI companies meeting their lofty goals, prompted a reconsideration.

In Asian markets, The Nikkei Index tumbled -3005 points or 4.15% to settle at 69,360, the Shanghai Index dropped -93 points or 2.26% to 4,027, and the Hang Seng Index fell -405 points to 22,671. In Europe, the German DAX is down -311 points to 24,683, while the FTSE 100 falls -80 points to 10,449. WTI crude oil prices dropped back below $70 per barrel this morning while Treasury yields again pullback from more than 1 year high recently, in fact the 10yr yield -17bps since Warsh filled the chair. In data, next week, Economists expect China’s upcoming June official Manufacturing PMI to remain little changed at 50.1, hovering right on the 50.0 threshold while today in the US we get advanced trade and Michigan confidence data.

• The Dow Jones Industrial Average rose 71.72 points, or 0.14%, to 51,920.62
• The Nasdaq Composite dropped -118.03 points, or 0.46%, to 25,358.60
• The Russell 2000 Index advanced 21.24 points, or 0.71% to 3,007.86

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

• Apogee (APOG) Q1 EPS $0.57 vs. est. $0.45 and revs fell -1% y/y to $342.68M but topped ests $333.8M; reaffirmed fiscal 2027 guidance and expects Kalwall acquisition to close in July; said overall net sales declined due to lower volume, with higher material and freight costs impacting margins.
• Lululemon (LULU) shareholders have elected three management-backed directors, including former Levi Strauss chief Chip Bergh, cementing the settlement of a proxy battle with its founder. LULU also disclosed on Friday that two of founder Chip Wilson’s nominees, Marc Maurer and Laura Gentile, have been appointed as independent directors

• DLH Holdings Corp (DLHC) awarded Mac ID/IQ contract for U.S. navy Logistics it services; the company is one of multiple prime awardees on five-year contract with $250M ceiling.
• FedEx Freight (FDXF) Q4 revs rose 4.8% y/y to $2.4B while operating income dropped 66.9% to $158M; Q4 operating margin narrowed 14.2% to 6.6%; average daily shipments fell 5.9% to 86,700; Q4 revenue per shipment rose 11.5% to $415.22; weight per shipment increased 3% to 948 pounds; sees 4%-6% revenue growth in the seven-month transition period, forecasting operating income of $475M-$515M.
• Rocket Labs (RKLB) shares rose overnight after NASA selected Rocket Lab to provide the launch service for both the agency’s PolSIR (Polarized Submillimeter Ice-cloud Radiometer) and Total and Spectral Solar Irradiance Sensor-2 (TSIS-2) missions.
• SpaceX (SPCX) has told investors that it plans to launch a new Starlink mobile service for U.S. consumers, the Financial Times reported, citing people familiar with the matter. SpaceX president and COO Gwynne Shotwell told investors during an IPO roadshow that the group was considering launching a Starlink retail product. The company could build its own terrestrial US mobile network. The move would require Starlink to sell mobile contracts to individual customers.
• Weyerhaeuser (WY) lowers 2Q wood products guidance partly due to lower production resulting from transportation constraints.

• onsemi (ON) entered into a definitive agreement to acquire Synaptics (SYNA) in an all-stock transaction, representing a total enterprise value of approximately $7 billion; SYNA shareholders to receive 1.35 shares of onsemi for each Synaptics share held. The combination would accelerate onsemi’s evolution toward global leadership in intelligent systems, building on its expertise in automotive, industrial and AI data center.
• Apple (AAPL) supplier Tata Electronics has tightened Security controls, restricted employee access to internal systems after data breach Reuters reported. Tata hired global consultant for a forensic audit after Cyber breach, and has reported incident to Indian govt, clients.
• Italy’s antitrust authority has opened an investigation into Microsoft (MSFT) over alleged unfair commercial practices related to a price increase for its Microsoft 365 subscription service. The regulator said the company failed to adequately inform consumers about the price increase and did not make it sufficiently clear that the subscription had been integrated with AI services Copilot and Designer.
• Quantum Corporation (QMCO) Q4 revs rise 27% y/y to $78M, while guides Q1 revs $75M vs. est. $70M; Q4 net loss widens to $9.5M as gross margins fell 3.9% to 35.7%.