June 8th Pre-Market

Good Morning

This morning is green and the chip names are trying to walking back Friday's beating. Jensen is out calling the selloff a “gift”, which is exactly what you'd expect him to say but the tape seems to agree with him this morning.

Goldman pushed every rate cut prediction out to 2027. Everyone's watching the bounce. I'm still watching the bond market.

Let's dig in...

Today's Big Picture

1. Chips Try To Claw Back Friday's Rout 

Friday was the worst day for the Nasdaq since April 2025, and chips took the brunt. This morning the trade is reversing, with Micron out front and Nvidia higher on a new multi-year memory deal with SK Hynix. Jensen Huang is calling Friday's drop a gift to the bulls and telling people to “buy the discount.”

2. Iran And Israel Trade Strikes, Then Pull Back

Iran fired missiles at Israel Sunday night, and Israel hit back with a large strike. By this morning Iran said it ended operations, but warned it restarts if Israel keeps hitting Lebanon. Oil went up on the exchange, energy names are higher, and airlines like United and Delta are slipping on fuel. The new A.M. truce holds for now, so oil stays twitchy into the open.

3. The Real Story Is Rates, Not Chips 

Goldman pulled its last expected rate cut of this year and pushed everything out to 2027, even nudging up the odds of a hike. High rates hit exactly the growth and momentum names that have led since the March lows. If the bond market keeps repricing, the bounce in tech has a ceiling.

Market Overview

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Stock Spotlight (pre-market)

Marvell $MRVL ( ▼ 16.74% )  
Marvell joins the S&P 500 on June 22, replacing Campbell's, with Flex added the same day. Index funds are now forced to buy it, on top of an already monster year.

Novo Nordisk $NVO ( ▼ 1.81% )  
Novo got hit hard premarket after new safety data on its weight loss drug spooked investors. That puts the whole GLP-1 group on defense over safety profiles today.

Eli Lilly $LLY ( ▲ 0.55% )  
Lilly is the other side of that trade, up on data showing its oral GLP-1 pill drove weight loss across every stage of menopause. A pill scales far easier than an injection, which is the real prize.

Nurix Therapeutics $NRIX ( ▼ 4.19% )  
Nurix is the biggest mover on the board after teaming with Roche on a cancer and autoimmune drug. The deal puts a heavyweight partner behind its protein degrader work. Small biotech, big validation.

Strategy $MSTR ( ▼ 6.9% )  
Strategy is up premarket as Bitcoin claws back above water after a rough week. It trades like a leveraged Bitcoin bet, so it is really a read on risk appetite this morning. Watch the coin, not the company.

Crocs $CROX ( ▼ 1.79% )  
Baird upgraded Crocs to Outperform and lifted its target, calling the turnaround in North America and HEYDUDE real. The thesis is growth coming back in the second half.

What to Watch

IPO’s

MarketBeat did an excellent job on this free IPO guide.

Apple WWDC Keynote (1 PM ET Today) 
Apple unveils iOS 27 this afternoon, the only real catalyst on the tape today. It comes weeks before the CEO handoff to John Ternus on September 1. In a market this jumpy about AI, a genuine Siri upgrade and a flat keynote will pull the stock in opposite directions.

Oracle Earnings (Wednesday, After The Bell)
Oracle is a clean read on AI cloud demand, right when the chip story needs proof. Strong cloud numbers tell you demand is holding.

SpaceX IPO (Thursday Pricing, Friday Trading, $SPCX) 
Jefferies thinks fund managers will sell megacap tech to fund it. That means names like Nvidia and Apple could leak all week for no obvious reason, just to free up cash.

- John