Most Important News

1. Hormuz Strait May Reopen Soon as US-Iran Near Breakthrough Deal;
2. SpaceX Set for Strong IPO Debut with Potential 35% Surge;
3. NVIDIA Promotes New Vera CPU to Chinese Clients;
4. Google Rejected Trump's Quantum Funding Deal;

Stock futures rose on Friday as Iranian state media reported that a proposed peace deal would see the Strait of Hormuz reopen.

As of 03:44 PM Riyadh Time, S&P 500 futures added 0.25%, along with Nasdaq-100 futures. Futures tied to the Dow Jones Industrial Average gained 230 points, or 0.45%.

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As of 03:44 PM Riyadh Time, top pre-market movements are as follows:

Hormuz Strait May Reopen Soon as US-Iran Near Breakthrough Deal  

Senior officials from the G7 and diplomatic channels revealed that the US and Iran are on the verge of signing a landmark agreement to reopen the Hormuz Strait, potentially as early as this weekend. The reopening of this critical global oil chokepoint has lifted months-long stagflation concerns in international markets, sparking optimism among investors and policymakers alike.

Oil Short Positions Triple Amid Bets on Hormuz Crisis Resolution  

As traders increasingly bet on the resolution of the Middle East crisis and a decline in oil prices, global oil inventories are rapidly depleting. Data from exchanges up to June 2 show portfolio managers have significantly increased oil short positions since early April. According to energy analyst John Kemp, Brent crude short positions have tripled from late March to early June. While markets anticipate that ceasefire agreements and diplomatic negotiations will restore normal traffic in the Hormuz Strait, leading to a stabilized global oil supply, the physical oil market faces a tightening supply-demand balance, contrasting with financial market optimism.

Global Banks Tighten Leverage on Korean Chip Stocks Amid Bubble Concerns

Sources reveal that international banks are restricting leverage on Asian chip makers due to fears of a market correction following this year's surge in chip stocks. Citigroup, JPMorgan, and Goldman Sachs have raised swap financing costs for SAMSUNG ELECTRONICS CO(SSNLF.US) and SK HYNIX INC(HXSCF.US), limiting new trade sizes and client eligibility. Similar actions affect TSMC. Morgan Stanley has declined new swap requests, while some banks have stopped accepting orders, opting for case-by-case reviews.

SpaceX Set for Strong IPO Debut with Potential 35% Surge

SpaceX(SPCX.US) is poised for a robust market entry, with trading starting at 17:00 Saudi time. Shadow market data suggests a potential 35% increase from its IPO price of US$135 per share, valuing it at US$2.4 trillion. Analysts note the initial float is just 4.25%-4.86%, and potential passive buying could reach US$14-16 billion. If its market cap surpasses US$2 trillion, SpaceX will join an elite group of US companies.

NVIDIA Promotes New Vera CPU to Chinese Clients

NVIDIA Corporation(NVDA.US) has begun marketing its new "Vera" CPU for AI data centers to Chinese clients, with availability as early as August, according to sources cited by Reuters. Orders are now open, highlighting NVDA's shift to new products amid declining performance in China. Previously, shipments of its second-strongest AI chip, the H200, to China had been halted for months.

Adobe Shares Fall Over 6% Pre-Market Amid Leadership Shakeup

Adobe Systems Incorporated(ADBE.US)'s stock dropped more than 6% pre-market despite beating quarterly expectations and raising its full-year outlook. The sudden resignation of CFO Dan Durn, effective June 15, along with the planned departure of long-serving CEO Shantanu Narayen later this year, has raised concerns among investors about the company's strategic direction. Narayen, who has led Adobe for 18 years and spearheaded its transition to a SaaS model, announced his intent to step down three months ago, once a successor is named.

Nokia Gains Pre-Market as JPMorgan Raises Price Target to US$21  

Nokia Oyj Sponsored ADR(NOK.US) rose over 2% pre-market after JPMorgan analyst Sandeep Deshpande reiterated a "Buy" rating and raised the price target by 50% from US$14 to US$21 (EUR18). The analyst cited underestimated revenue potential from AI and cloud services as key drivers, adding that the company's 2028 earnings could significantly surpass its own forecasts.

IBM Expands Partnership with ServiceNow to Enhance AI Data Utilization  

IBM Corp(IBM.US) shares rose over 1% pre-market following news of an expanded partnership with ServiceNow. The collaboration aims to unlock enterprise data for AI by integrating IBM's AI, automation, and data capabilities with the ServiceNow AI platform. Both companies stated that this multi-year initiative will address key barriers to AI adoption, modernize systems, and enable scalable, agent-based AI solutions.

Cathie Wood Dumps Robinhood Stock

Ark Invest sold US$15.47M in Robinhood(HOOD.US) on Thursday, despite a Needham analyst raising the price target to US$97. Read in detail>>

Solidion insider sells US$5.06M in shares

Solidion Technology(STI.US) 10% owner Henry Ikezi sold shares worth US$5.06 million via controlled entities on June 4-5. Read in detail>>

Qualcomm CFO Sells US$467k Shares

QUALCOMM Incorporated(QCOM.US) CFO Akash Palkhiwala sold 2,500 common shares at prices between US$193.81 and US$203.25 on June 11. Read in detail>>

Google Rejected Trump's Quantum Funding Deal

Alphabet Inc. Class C(GOOG.US) turned down Trump administration quantum funding because conditions would have slowed their progress toward a quantum computer. Read in detail>>