North American Morning Briefing: U.S. Futures Rise as Tech Recovery Continues

OPENING CALL

Shares were set to advance after technology stocks rebounded during Monday's session, following a dip the previous week.

Oil declined on the news that Israel and Iran said they would pause strikes against one another.

"It seems the cycle of 'near a deal, not near a deal, escalation, de escalation, maybe back near a deal' continues," Deutsche Bank said.

"However for now we're back in the 'a deal is still possible' camp and in addition the AI trade has continued to bounce back this morning."

Tech stocks in the S&P 500 remained up 31% this quarter , with many citing encouraging fundamentals, such as businesses' surging spending on AI tools and the recent news that Anthropic would turn a quarterly profit ahead of expectations.

OpenAI, which kick-started the AI boom with the 2022 release of ChatGPT, is now officially preparing to stage an IPO .

It will further test investor appetite at a time when tech companies are hungry for cash for data centers, and investors are forking it over through all possible means, in all parts of the globe.

"I think there's been a few signals that have become more positive for the AI infrastructure build-out," said David Lefkowitz, head of U.S. equities at UBS Global Wealth Management.

"That's helped give investors more confidence in the return prospects for the investment."

Spending on data centers and other AI infrastructure by just four big tech companies this year is expected to total more than $670 billion-a larger investment as a share of the economy than even the railroad expansion of the 1850s.

Meanwhile in Korea, SK Hynix and Samsung Electronics surged 16% and 9% respectively , staging a sharp recovery from Monday.

Stocks to Watch

Applied Digital signed a lease for one of its AI data centers with an AI hyperscaler. Shares rose 8.4% after market close Monday.

Intel, Micron Technology, Nvidia, Qualcomm: Other chip stocks are poised to continue their recovery after Friday's tech selloff.

Marvell Technology rose around 4% premarket. S&P Dow Jones Indices said it would include the company in the S&P 500 index later this month.

Mission Produce swung to a loss and reported a decline in revenue, citing low avocado pricing and other headwinds to margins. The stock was down 5% after the bell.

Perrigo shares dropped more than 2% premarket after both its chief executive and president resigned. The departures come after the CEO's personal conduct was found to violate the company code.

Sirius XM Holdings was selected for inclusion in the S&P MidCap 400 index. The stock was up 3.9%, after the close Monday.

Vail Resorts cut its full-year outlook for the second time, citing the worst winter conditions in 40 years. Shares slid premarket.

Watch For:

International Trade for April; Existing Home Sales for May; Canada Trade for April

Today's Top Headlines/Must Reads:

-U.S. Expands List of Chinese Tech Companies It Says Assist Beijing's Military

-Rush to Stockpile Oil Will Keep Prices Higher for Longer

-The Fight to Break China's Rare-Earth Dominance Moves to a New Front in Brazil

MARKET WRAPS

Forex:

The dollar fell as oil prices eased and demand for safe-haven assets moderated after Iran and Israel paused strikes on Monday.

"It felt as though for the time being at least, the weekend flare-up in hostilities had been stopped, and there was still a path for peace talks to continue," Deutsche Bank said.

Citi's currency strategists said its risk sentiment view had gone from yellow to red, having only moved from green to yellow last week.

The reasons behind the pessimism include a bearish technical picture after Friday's equity sell-off, as well as consumer discretionary stocks falling relative to staples.

U.S. CPI data on Wednesday, the ECB decision on Thursday and conflict escalation could drive further risk-off behavior.

"All three catalysts are likely to see risk-off with higher yields, which we flag as a USD positive regime."

The euro rose , correcting some of its recent losses against the dollar, IG said.

The gains could prove limited in the near term, however, with $1.1550-$1.1560 likely proving the top of the trading range, it added.

"Thursday's European Central Bank meeting could present some upside risks for euro-dollar, but we will need to get through U.S. inflation data [on Wednesday] first."

Sterling rose against the euro and with little on the economic calendar and the BOE not meeting until June 18, the currency is likely to remain driven by risk appetite and energy prices in the near term, Monex Europe said.

The Swiss franc was stronger against the euro after falling to a five-week low. The Swiss currency's falls likely reflect lagging Swiss market interest rates, ING said.

Market pricing implies the Swiss National Bank would hold interest rates at 0% this year while other central banks are expected to hike.

Moreover, data on June 30 could show a decent pick-up in interventions by the SNB to weaken the franc in the first quarter, it added.

Bonds:

Treasury yields were little changed amid slightly lower oil prices but without any progress toward the reopening of the Hormuz Strait.

Fitch Ratings has changed its 2026 global sovereign sector outlook to "deteriorating" from "neutral" because of the impact of the U.S.-Iran war.

"We expect the conflict will weaken GDP growth, raise inflation and bond yields, and heighten geopolitical risks," but recent resilience of the global economy and financing conditions tempered risks, it said.

Greater China is the only region to improve--to "neutral"--as robust exports sustain growth and deflation appears to be ending.

"Crude oil inventories, domestic refining capacity and diversified energy sources shield Greater China from the energy shock."

Strong AI-related exports support many Asia-Pacific sovereigns, but that region's economies are highly energy-intensive and reliant on oil and gas imports through the Strait of Hormuz, it added.

Energy:

Oil erased most of the previous session's gains after Israel and Iran halted attacks on each other.

Meanwhile, the latest trade data from China shows crude oil imports fell further in April as refiners increasingly drew down inventories rather than sourcing additional barrels from abroad.

"The 29% year-on-year drop together with a surge in U.S. exports, releases from SPR, and a degree of demand destruction, helps explain why oil prices failed to rally more aggressively during last month's supply disruptions," Saxo Bank said.

Metals:

Gold prices slipped as investors awaited clarity on Middle East developments.

"Higher-for-longer rate expectations remain a headwind for non-yielding assets such as gold, particularly after strong U.S. economic data reinforced expectations of tighter monetary policy," MUFG said.

"Gold remains around 18% below its pre-conflict level, reflecting the combined impact of rising bond yields, a stronger dollar, and shifting interest-rate expectations."

T. Rowe Price shifted its stance on gold to more neutral from overweight, as the near-term backdrop appeared less supportive than earlier in the rally.

Copper Price

Jefferies expects LME copper prices to rise to $6.50/lb in 2027, up from $5.50/lb projected earlier.

It expects copper to peak at $8.00/lb in 2031-32, from $6.50/lb assumed before, pointing to a delayed recovery at the Grasberg mine.

"We see copper supply deficit averaging 491,000 tons annually through to 2030."

   TODAY'S TOP HEADLINES 

GSK to Buy Nuvalent for $10.6 Billion in Oncology Push

GSK agreed to buy U.S. cancer-drug developer Nuvalent for $10.6 billion, as the U.K. pharmaceutical company continues to branch out into oncology.

The acquisition is set to give GSK two drug candidates for lung cancer that are currently under review by the U.S. Food and Drug Administration for approval this year, as well as a third, earlier-stage medicine, the company said Tuesday. GSK also expects the deal to boost its sales and core operating profit from next year, ahead of the loss of patent protection for HIV drug dolutegravir.

University Endowments Are About to Strike It Big on the SpaceX IPO

Elon Musk has been critical of U.S. universities. Right now, the feeling isn't mutual.

SpaceX is among the most widely held investments across colleges and universities, endowment executives say, likely making the rocket company's coming IPO one of the great windfalls for American endowments.

Meta Launches 'Workforce Academy' to Train Workers to Build Data Centers

Forget about learning to code. Meta Platforms says it's time to pick up a wrench.

The company is starting a "workforce academy" to train Americans to build its data centers as skilled trade workers become a sought-after commodity. The five-week training program, in partnership with CBRE and the Associated Builders and Contractors, is free of charge and guarantees graduates a job at a Meta data-center construction site, the company said.

Apple Unveiled the New Siri AI. Here Are the Key Takeaways.

Apple showed off a new AI version of its Siri chatbot on Monday, technology developed with Google that the iPhone maker hopes will help power a comeback in artificial intelligence.

Here are the biggest takeaways from the keynote:

Oil Prices Fall as Iran and Israel Heed Trump's Call for Ceasefire

Oil prices were edging down early on Tuesday as President Donald Trump appeared to succeed in persuading Israel and Iran to pause fighting.

Brent crude futures, the international standard, were down 1.1% at $93.23 a barrel. West Texas Intermediate futures were down 1.4% to $90.02 a barrel.

China's Strength in Semiconductors, Rare Earths Drives Export Surge

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June 09, 2026 06:17 ET (10:17 GMT)