US Market Preview | CAST Surges 211%; US-Iran Deal To Reopen Hormuz; SpaceX Soared 19% On First Day; Nvidia Targets China With Vera AI Chip
FreeCast, Inc. Class A CAST | 0.00 | |
Paranovus Entertainment Technology Ltd. - Class A Ordinary Shares PAVS | 0.00 | |
VS Media Holdings Limited Class A VSME | 0.00 | |
Gelteq Limited GELS | 0.00 | |
Castellum, Inc. CTM | 0.00 |
Most Important News
- Trump Threatens 100% Tariffs On French Wine Again;
- AI Megacaps Drive Historic S&P 500 Concentration of 49%;
- G7 Summit In France To Tackle AI, Ukraine, Debt;
Stock futures rose on Monday to kick off the holiday-shortened trading week after President Donald Trump announced that an agreement had been reached to end the war between the U.S. and Iran.
As of 03:15 PM Riyadh Time, futures tied to the Dow Jones Industrial Average added 494 points, or 0.96%. S&P 500 futures climbed 1.29%, while Nasdaq 100 futures popped 2.13%.
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As of 03:15 PM Riyadh Time, top pre-market movements are as follows:
Change | Price(US$) | Ticker (🌙 means "Shariah Compliant") |
211.0% | 4.82 | 🌙 FreeCast, Inc. Class A(CAST.US) |
163.8% | 0.55 | Paranovus Entertainment Technology Ltd. - Class A Ordinary Shares(PAVS.US) |
72.2% | 2.91 | VS Media Holdings Limited Class A(VSME.US) |
47.4% | 1.46 | Gelteq Limited(GELS.US) |
42.6% | 1.0 | Castellum, Inc.(CTM.US) |
-51.8% | 7.15 | 🌙 Elicio Therapeutics, Inc(ELTX.US) |
-37.4% | 0.03 | Functional Brands Inc(MEHA.US) |
US-Iran Deal To Reopen Hormuz
US-Iran memorandum would reopen the Strait of Hormuz within 30 days, lift the US naval blockade, extend a 60-day ceasefire, constrain Iran’s nuclear program under IAEA oversight, and gradually unfreeze at least $25 billion in Iranian assets, stabilizing global oil supply and shipping costs. Read in detail>>
Trump Threatens 100% Tariffs On French Wine
Donald Trump threatens 100% tariffs on all French wine and champagne unless France scraps its 3% digital tax on US tech giants Alphabet (Alphabet Inc. Class A(GOOGL.US), Alphabet Inc. Class C(GOOG.US)), Amazon.com, Inc.(AMZN.US), Meta Platforms(META.US) and APPLE GREEN HOLDING INC(AGPL.US), jeopardizing roughly $700 million annual French tax revenues. Read in detail>>
G7 Summit To Tackle AI, Ukraine, Debt
G7 leaders meeting in France will coordinate policy on Ukraine support, implementation of the US–Iran nuclear framework and Hormuz shipping, global AI governance with OpenAI and Anthropic executives, Chinese overcapacity, US overconsumption, Europe’s investment gap, and rising developing-country debt burdens. Read in detail>>
EU Protests US AI Export Curbs
Anthropic’s US-ordered suspension of advanced AI access for non‑US users intensifies EU sovereignty concerns, prompting calls for domestic AI investment, scrutiny of reliance on Amazon.com, Inc.(AMZN.US) and Alphabet Inc. Class C(GOOG.US) infrastructure, and highlighting Anthropic’s looming IPO after a $65 billion funding round. Read in detail>>
Crypto, Futures Rally On Iran Peace Deal
Bitcoin jumped above $65,000, Ethereum, XRP, Solana and Dogecoin gained 1–4%, and global crypto cap hit $2.24 trillion, while Dow, S&P 500 and Nasdaq 100 futures rose up to 1.74% after Trump’s Iran framework agreement. Read in detail>>
AI Megacaps Drive Historic S&P 500 Concentration
S&P 500 gains since late February are almost entirely driven by 41 AI-linked megacaps, which reached 49% index weight, while non‑AI stocks rose just 1.04%. During a June pullback, AI names fell as the ex‑AI basket climbed, underscoring extreme market narrowness. Read in detail>>
SpaceX Soars After Record $75 Billion IPO
SpaceX(SPCX.US) jumps 6% premarket after a record $75 billion IPO, closing debut up 19% and valuing it near $2.11 trillion, boosting Elon Musk’s combined wealth with Tesla Motors, Inc.(TSLA.US). Sequoia’s Shawn Maguire compares SpaceX’s trajectory to NVIDIA Corporation(NVDA.US), pledging never to sell. Read in detail>>
Musk Targets $1 Trillion SpaceX Revenue
SpaceX(SPCX.US) could reach $1 trillion annual revenue by 2030, according to Elon Musk, far above 2025 revenue of $18.7 billion and Street forecasts. Newly public SpaceX surged 19% on debut to a $2 trillion valuation, despite Morningstar overvaluation concerns. Read in detail>>
Musk Downplays Government Aid To Tesla, SpaceX
Elon Musk claims government incentives represent under 2% of SpaceX(SPCX.US) and Tesla Motors, Inc.(TSLA.US)’s value, saying Tesla sales rose after Trump ended the $7,500 EV tax credit. SpaceX surged 19% on debut to $2.1 trillion valuation; Tesla shares gained 2%. Read in detail>>
Anthropic Export Ban Sparks AI Market Fears
The Trump administration halts overseas access to Anthropic’s Mythos 5 and Fable 5 over cybersecurity concerns, after warnings from Amazon.com, Inc.(AMZN.US) CEO Andy Jassy, prompting Mark Zandi to warn that abrupt AI regulation could derail equity valuations and macroeconomic momentum. Read in detail>>
Dell Rally Propels Michael Dell’s Fortune
Dell Technologies, Inc. Class C(DELL.US) shares have surged 215% year-to-date, lifting market value above $256 billion and boosting Michael Dell’s net worth by $72 billion to $213 billion, as AI infrastructure-driven revenue jumps 88% and analysts project further upside despite modest 22x forward P/E. Read in detail>>
Nvidia Targets China With Vera AI Chip
NVIDIA Corporation(NVDA.US) markets new Vera AI data-center processor tailored for Chinese customers despite conceding much of the market to domestic rivals like Huawei, seeking to defend data-center revenue after US export controls and rising Chinese AI chip self-sufficiency. Read in detail>>
Micron Surges On Risk-On Tech Rally
Micron Technology, Inc.(MU.US) jumped 7.5% premarket as risk-on sentiment followed a US–Iran peace deal, lifting Nasdaq futures 2.1%. Shares trade 176% above the 200-day average near a $1,089 resistance, ahead of June 24 earnings with consensus $19.61 EPS and $34.28 billion revenue. Read in detail>>
Figma Plunges After IPO, Analysts Turn Bullish
Figma(FIG.US) shares have crashed from $143 to $18, erasing $50 billion in value despite Q1 revenue jumping 46% to $334 million and paid subscribers rising 54%. Wall Street targets $30–$42, citing strong cash, no debt, and durable design-platform dominance. Read in detail>>
Accenture Earnings Eyed After 57% Share Slump
Accenture Plc Class A(ACN.US) reports this week after shares fell to $170, 57% below last February’s peak, pressured by US consulting cuts. Analysts expect Q4 revenue up 5.8% to $18.7 billion, with forward P/E compressed to 12.2 versus a five-year 25 average. Read in detail>>
Kroger Results To Gauge US Consumer Health
Kroger Co.(KR.US) will report earnings after a 15% share pullback, leaving its forward P/E at 12.34 versus Walmart Inc.(WMT.US) 41, Target Corporation(TGT.US) 17, Costco Wholesale(COST.US) 47. Analysts see flat revenue at $45.49 billion and EPS rising to $1.59 from $1.49. Read in detail>>
Comtech Set For Wider Quarterly Loss
Comtech Telecommunications Corp.(CMTL.US) is expected to post a quarterly loss of $0.27 per share on $110.2 million revenue before market open, with shares already up 1.9% to $4.92 in after-hours trading, signaling heightened earnings-event focus and volatility. Read in detail>>
| Riyadh Time | Event | Previous Value | Forecast Value |
| 03:30 PM | NY Empire State Manufacturing Index JUN | 19.60 | 12 |
| 04:15 PM | Industrial Production MoM MAY | 0.7% | 0.3% |
| 05:00 PM | NAHB Housing Market Index JUN | 37 | 36 |