S&P futures are up 0.5% Friday morning, though off best premarket levels, after Thursday’s broad rally on positive Iran headlines. The S&P posted its best session since the April 8 ceasefire, helped by a sharp semi and memory rebound. Global risk tone is stronger, with European markets higher after a firm Asian session. Treasuries are little changed after Thursday’s yield decline, the dollar is down 0.2%, gold is up 3.1%, silver is up 5.2%, Bitcoin futures are little changed, and WTI crude is down 3.9%, near its lowest level since April 17.
The tone remains risk-on as crude falls and Fed-tightening expectations ease following news of a potential U.S.-Iran deal. The proposed memorandum is still “a little conceptual,” according to Trump, but would reportedly extend the ceasefire another 60 days, include Lebanon, reopen the Strait of Hormuz, and create a framework for nuclear negotiations. Reports suggest a deal could be signed at next week’s G7 summit in Geneva. The other major focus is today’s SpaceX IPO, with the record $75B offering priced at $135/share, valuing the company near $1.8T. Investors are watching whether the blockbuster launch trades smoothly.
Economic Calendar
Today’s only major release is preliminary June University of Michigan consumer sentiment and inflation expectations. Consensus expects sentiment to rise to 47.8 from May’s record-low 44.8. Next week’s key event is the June FOMC meeting, Kevin Warsh’s first as Fed chair. Markets expect no rate change, though inflation and future tightening risk should remain key discussion points. May retail sales are due Wednesday, and G7 leaders, including Trump, meet in Geneva early next week.
Company News
- SPCX: Cut retail allocation in its IPO to roughly 20% from around 30%, suggesting strong institutional demand.
- OpenAI: Reportedly reached 1B monthly average users in May.
- ADBE: Beat and raised guidance, but lowered organic ARR guidance amid a more aggressive freemium push. Also announced its CFO departure while the company remains in a CEO search.
- LEN: Revenue was light, new orders declined, and guidance disappointed.
- RH: Results were slightly better, but Q2 guidance came in below expectations. Analysts were generally positive but remain cautious on the consumer backdrop.
U.S. equities rallied Thursday, ending just off best levels, with the Dow up 1.86%, S&P 500 up 1.75%, Nasdaq up 2.54%, and Russell 2000 up 3.02%. The S&P posted its best session since April 8, helped by renewed optimism around a potential Iran deal. Trump said planned strikes on Iran had been called off and that Tehran had approved a draft agreement to extend the ceasefire, while Axios reported key gaps were resolved during talks with Qatari mediators. Markets responded with a classic risk-on move: stocks rose, oil fell, yields declined, and volatility eased. WTI crude dropped 4.25% to $86.20, while Treasury yields fell 8–10 bp across the curve, with the 2-year down to 4.05%, the 10-year to 4.45%, and the 30-year to 4.95%. The dollar fell 0.3%, gold settled higher after rallying late on Iran headlines, and Bitcoin futures rose 2.8%.
Macro data were mixed but not enough to disrupt the risk-on tone. Headline May PPI rose 1.1% m/m, above the 0.7% consensus, though April was revised lower. Core PPI rose 0.4%, below the 0.5% consensus and well below April’s revised 0.7% gain. Initial jobless claims rose to 229K, above expectations and the highest since late January, while continuing claims rose to 1.795M. The $22B 30-year Treasury auction tailed by roughly 1.2 bp, the second straight long-bond auction above 5%, with dealer take above recent averages. Friday brings preliminary June University of Michigan sentiment and inflation expectations, with sentiment expected to improve to 47.8 from May’s 44.8.
Sector performance was strongly positive and cyclical, with Materials up 3.26%, Industrials up 3.25%, Technology up 2.94%, and Consumer Discretionary up 2.39% leading the market. Healthcare gained 0.80%, Financials rose 0.79%, Communication Services added 0.34%, Utilities rose 0.07%, and Real Estate slipped 0.12%. Consumer Staples declined 0.47%, while Energy was the clear laggard, down 2.06%, as crude sold off on ceasefire optimism. Outperformers included semis, memory, networking, tech hardware, airlines, trucking, machinery, E&Cs, aerospace and defense, banks, investment banks, credit cards, pharma/biotech, industrial metals, retail/apparel, homebuilders, autos, cruise lines, containerboard, small caps, retail favorites, and most-shorted names.
Information Technology
- ORCL -8.5%: Fiscal Q4 EPS and revenue beat, and Q1 guidance came in ahead. However, investors focused on plans for roughly $70B of FY27 capex and $40B of debt/equity financing, raising concerns about AI buildout ROI and margin pressure.
- MSFT: Reportedly planning major layoffs in its Xbox division.
- OpenAI: Media reports said the company is weighing drastic token-cost cuts to regain customers from Anthropic.
- Anthropic / GOOGL: Anthropic is seeking more data-center lease agreements and looking for funding support from Google to provide financial guarantees.
- NAVN +8.4%: Q1 earnings and revenue beat, bookings accelerated, and management highlighted robust corporate travel demand, new-customer growth, margin expansion, and AI efficiencies. Q2 guidance came in ahead, and FY guidance was raised.
- AEIS +10.5%: Initiated overweight at Cantor Fitzgerald, which cited two spending cycles: wafer-fab equipment and data-center power.
- INTC +9.3%: Upgraded to buy from underperform at BofA, which cited opportunity in leading-edge wafers, advanced packaging constraints, and a larger agentic CPU TAM.
Communication Services
- BABA -1.4%: Weighed down by reports that Chinese regulators alleged misleading sales promotions by Alibaba, JD, PDD, and ByteDance.
- DoorDash: Introduced a new AI chatbot that lets users order food with prompts and photos.
Consumer Discretionary
- OXM -17.0%: Q1 earnings and margins beat with revenue in line, but guidance disappointed. Management flagged weak Lilly Pulitzer trends and pressure at Johnny Was, while trimming the FY revenue midpoint.
- CHWY -6.0%: Downgraded to neutral from buy at MoffettNathanson, which cited unimpressive organic growth and greater macro sensitivity in a challenging consumer market.
- Retail/apparel, homebuilders, autos, cruise lines: Outperformed as the market rotated back into cyclical and higher-beta consumer exposure.
Energy
- SLB: Entered an agreement with Venezuela’s PDVSA to help upgrade energy infrastructure.
- Energy -2.06%: Underperformed as WTI crude fell sharply on renewed hopes for a ceasefire and eventual normalization of Strait of Hormuz traffic.
Financials
- Citigroup: Establishing blockchain-based trading of private shares, initially open to foreign investors.
Healthcare
- Novo Nordisk: Disclosed it identified a security incident involving unauthorized access.
Industrials
- VSAT +18.2%: Selected by the U.S. Space Force to deliver a dual-band satellite system under the PTS-G Program Swarm 1 Delivery Order.
- ETN +4.8%: Announced plans to separate and combine its Mobility group with Dana. The combined company will be 50.1% owned by Eaton shareholders, and Eaton expects the transaction to be immediately accretive to organic growth and operating margin.
- DAN -15.1%: Fell after announcing the Eaton Mobility combination, with the combined company valued at more than $10B and Eaton receiving roughly $1.1B in cash.
- HON: Introduced a three-year financial framework, including mid-single-digit organic growth and low-double-digit EPS growth.
- UAW / GM supplier: The union said its 10-day strike at a GM truck supplier is over.
- Aerospace and defense, trucking, machinery, E&Cs: Outperformed as cyclicals rebounded sharply.
Materials
- AA: CEO warned of a potential Q2 loss tied to energy disruptions.
- WMS +4.3%: Initiated buy at Jefferies, which cited the company’s discount to peers despite higher margins, stronger free-cash-flow yields, above-peer organic growth, and leadership in stormwater infrastructure.
- Industrial metals and containerboard: Outperformed as Materials led all sectors.
Eco Data Releases | Friday June 12th, 2026
S&P 500 Constituent Earnings Announcements | Friday June 12th, 2026
Data sourced from FactSet Research Systems Inc.
