June 8th Market Overview

Happy Monday

Green across the board to start the week, and after the beating Friday handed us, I'll take it. The chips that got hit hardest are leading the way back, with Nvidia's CEO out calling the drop a gift. I'm staying a little cautious into the bounce, but I won't pretend the green doesn't feel good.

Let’s dig in...

Today's Big Picture

Chips Bounce Back 
Friday was the Nasdaq's worst day since April 2025, and the chip names wore it. Today they are out front on the way back, with Micron $MU leading and Nvidia $NVDA higher on a fresh memory deal with SK Hynix. History likes this setup too. After a drop that size, the Nasdaq has closed green the next day about seven times out of ten. Nothing about the AI buildout actually broke on Friday, which is the part worth holding onto.

Iran And Israel Trade Strikes, Then Back Off 
Iran fired missiles at Israel overnight and Israel hit back hard. By this morning Iran said it was done, with a warning it would restart if Israel keeps hitting Lebanon. Brent oil pushed up near $98 at the open, then gave most of it back once the all-clear came. That fade tells you the market is reading this as theater, not the start of something bigger. Energy names held their gains, airlines slipped on the fuel scare.

Rate Cuts Got Pushed To 2027 
Here is the engine under the bounce. Friday's jobs report ran hot, and the market flipped from waiting on cuts to fully pricing a rate hike by year-end. Goldman now sees no cuts in 2026 and moved its next ones out to 2027. Higher rates squeeze the priciest growth names first, which is exactly the crowd that sold off Friday and is bouncing today.

Market Overview

Index Performance

Stock Spotlight

Marvell $MRVL ( ▲ 10.71% )  
joins the S&P 500 on June 22. Index funds are now forced to buy it, on top of a monster year.

Novo Nordisk $NVO ( ▼ 4.12% )  
got hit after a weight loss trial showed troubling side effects. That put the whole weight loss group on defense today.

Eli Lilly $LLY ( ▲ 1.56% )  
is the other side of that trade. New data showed its oral weight loss pill worked across every stage of menopause, and a pill is far easier to scale than a shot.

Strategy $MSTR ( ▲ 5.79% )  
bought another hundred million dollars of Bitcoin. After last week's small sale spooked people, they are clearly back to buying.

Crocs $CROX ( ▲ 2.01% )  
got an upgrade from Baird, which thinks the turnaround at HeyDude is real and growth comes back in the second half.

Big Name Updates

Apple $AAPL ( ▼ 1.88% )  
kicks off its developer conference this afternoon, and the new AI version of Siri is the main event. The stock has run up into it, so the bar is high.

Intel $INTC ( ▲ 10.78% )  
landed an order from Google to build three million of its in-house AI chips. With Taiwan Semi maxed out, Intel is suddenly the backup everyone wants.

Tesla $TSLA ( ▲ 4.76% )  
led the megacaps on a JPMorgan upgrade and talk that Musk could combine it with SpaceX after the IPO.

Other Notable Company News

Corning $GLW ( ▲ 5.61% )  
is the day's quiet winner after Amazon agreed to buy billions in fiber for its data centers, with a thousand new jobs in North Carolina.

Uber $UBER ( ▼ 0.76% )  
opened a London waitlist for robotaxi rides using Wayve's self-driving tech.

Tango Therapeutics $TNGX ( ▲ 53.17% )  
posted strong early results for a pancreatic cancer treatment, one of the toughest cancers out there.

Nurix Therapeutics $NRIX ( ▲ 5.74% )  
signed a development deal with Roche for cancer and autoimmune drugs.

Campbell $CPB ( ▼ 0.83% )  
is getting dropped from the S&P 500 to make room for the chip names coming in.

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Sector Watch

Bond Market

Treasury yields eased off last week's run-up after Iran said the strikes were over, but the ten-year is still sitting high. The dollar held firm near its strongest level in months.

Policy Watch

Washington

A federal judge threw out the $100,000 fee the administration put on H-1B work visas last fall. The tech industry took that the hardest, since these companies lean on H-1Bs to staff engineering teams, and a six-figure charge per hire changed the math overnight. Striking it down pulls a real cost back off the table for the big software names. The fight could still head to appeal, but for now hiring just got cheaper.

• Sam Bankman-Fried, the FTX founder serving 25 years, formally asked for a presidential pardon. Long shot for now. Trump said in January he has no interest, though he has pardoned other crypto names like Binance's founder.

Around The World

The IMF's managing director, Kristalina Georgieva, says the world economy needs to stop waiting for calm and get used to one shock after another.

She pointed to two risks worth watching: how governments handle the rise of AI, and the backlash against global trade that has hollowed out a lot of working communities. That caution already shows up in the numbers. The IMF cut its global growth forecast in April on the back of the Iran war, and it updates that call again in July.

What to Watch

The AI company quietly automating every Walmart distribution center. 
23 billion in orders on the book.

It's just one of seven names in this free MarketBeat report.

May Inflation Report (Wednesday) 
This is the big one. It tells us whether the Fed has to start thinking about hiking. A hot number and Friday's fear comes right back.

Oracle Earnings (Wednesday, After The Close) 
A clean read on whether companies are still spending big on AI cloud. Strong numbers mean the demand is holding up.

SpaceX IPO (Prices Thursday, Trades Friday, $SPCX) 
This could be the largest IPO on record. Jefferies thinks fund managers sell megacap tech to raise cash for it, so names like Nvidia could drift all week for no reason of their own.

Thanks for reading - you are now the more informed 🙂

- John

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