QPI Morning Note For 06/06/25: Stock Futures Higher In The Aftermath Of The “Rumble In The Jungle 2.0” Between Trump and Musk

Overnight Summary & Early Morning Trading:

• The S&P 500 finished Thursday lower by -0.53% at 5939.30 from Wednesday higher by 0.01% at 5970.81.

• Futures are higher this morning by +7 (0.12%) at 5988 around 6:25 a.m. EDT.

• The cash range is now 200 points on the S&P 500 cash for the year, 5900 to 6100. Year to date the S&P 500 is up by 0.99% from 1.52% on Wednesday's close.

Quote of the Day: "The Trump tariffs will cause a recession in the second half of this year." - Elon Musk on X

Chart of the Day:

• Docusign (DOCU) is lower by -17%. The chart was neutral with a technical rank of 60% and light short selling. This means that more weakness and it is a Long Squeeze.

Breaking News:

• Nonfarm Payrolls will drive the trading day and are out at 8:30 a.m. EDT.

Executive Summary:

• The Quote of the Day sums up yesterday pretty well. The petty fighting between Trump and Musk has no place in the U.S. Can markets move past yesterday or does it torpedo the "Big Beautiful Bill"?

Key Events of Note Today:

• Monthly Jobs Data and Consumer Credit are due out today along with the weekly Baker Hughes Rig Count.

• Fed Speak speakers of note are Kugler at 12:00 and Harker at 1:30 p.m. EDT.

• President Trump has a fairly quiet day with some Executive Order signings, a swearing in and then heads out of town for golf.

Notable Earnings Out After The Close:

• Beats: MTN+0.50, GES +0.25, RBRK +0.17, ZUMZ +0.11, DOCU +0.09, TTAN +0.06, AVO +0.06, IOT +0.05, LULU +02, BRZE +0.02, AVGO +.01 of note.

• Misses: WOOF -0.02 of note.

• Flat: None of note.

Capital Raises:

• IPOs For The Week: FMFC OMDA

• New IPOs/SPACs launched/News: None of note.

• IPOs Filed/Priced: None of note.

• Secondaries Filed or Priced:

  • DOGZ: Form F-3.. Up to 1,200,000 Class A Common Shares

  • FOXO: Form S-1.. Up to 10,000,000 Shares of Class A Common Stock Issuable Upon Conversions of Series A Cumulative Convertible Redeemable Preferred Stock

• Notes Priced:

  • LIF closes upsized $320 million convertible notes offering.

  • TOL - Prices $500,000,000 of Senior Notes.

• Notes Files: None of note.

• Convertibles Filed: None of note.

• Direct Offering: None of note.

• Exchangeable Subordinate Voting Shares: None of note.

• Private Placements: None of note.

• Selling Shareholders of note: None of note.

• Mixed Shelf Offerings:

  • ARBE files for $50 million mixed securities shelf offering.

News After The Close:

• Constellation (CEG) receives regulatory approval from the Public Utility Commission of Texas for its previously announced acquisition of Calpine Corporation.

• Walmart (WMT) expands drone delivery to five new cities.

• Trump Media (DJT) files S-3 registration statement for previously announced bitcoin treasury deal; co advances ambitious plans with bitcoin treasury strategy, universal shelf.

• Blackrock (BLK) to eliminate 300 jobs.

• Boeing (BA) awarded a $227 mln modification to US Army contract.

Exchange/Listing/Company Reorg and Personnel News:

• BJRI appoints Lyle Tick as CEO and President, effective June 5.

• DORM announces planed retirement of CFO David Hession; co initiates a comprehensive search process with the assistance of a leading executive search firm to identify Hession’s successor.

Buybacks: None of note.

Dividends Announcements or News

• Stocks Ex Div Today of note: BAC PEP BKNG WM TT AJG KMB GM VOD NTRS GPC TPR KIM PRMB TAP ORI MLI CBSH AAON BBWI MAIN FLG LANC GOLF EXPO UNF PCH TEX WSBC TGNA OUT NSP GCMG FRME AIN LBRT SBLK ICFI NAVI EPC FLNG.

• Stocks Ex Div Monday of note: CIX NL VHI CCBG KRO

• WKC increases quarterly cash dividend 18% to $0.20/share from $0.17/share.

Stocks Moving Up & Down Yesterday:

• Gap Up: VRNT +18.6%, NX +6.6%, RKLB +5.7%, AVO +5.2%, TGB +2.9%, GES +1.5% of note.

• Gap Down: LULU -22.3%, DOCU -17.7%, IOT -12.9%, TTAN -12%, BBCP -11.1%, WOOF -10.2%, BRZE -9.3%, AVGO -4.5%, DJT -3.9% of note.

What’s Happening This Morning: (as of 7:45 a.m. EDT) Futures S&P 500 +, NASDAQ +, Dow Jones +. Europe is higher while Asia is lower ex China. Bonds are at 4.35% from 4.46% on the 10-Year. Crude Oil and Brent Crude are higher with Natural Gas lower. Gold, Silver and Copper are higher. The U.S. Dollar is lower versus the Euro, lower against the Pound and higher against the Yen. Bitcoin is at $104,626 from $105,308 lower by $-387 (-0.37%).

Sector Action:

• Daily Positive Sectors: Technology, Materials, Energy, Communication Services and Healthcare were higher of note.

• Daily Negative Sectors: Consumer Cyclical, Consumer Defensive, Technology and Utilities of note.

• One Month Winners: Industrials, Financials, Technology, Materials and Utilities of note.

• Three-Month Winners: Consumer Defensive and Utilities of note.

• Six-Month Winners: Financials, Consumer Defensive, Communication Services and Utilitiesof note.

• Twelve-Month Winners: Financials, Communication Services, Utilities, Technology, Consumer Defensive and Consumer Cyclical of note.

• Year to Date Winners: Utilities, Materials, Consumer Defensive and Financials of note.

Bolded means the Sector is new to the period in which it falls.

Upcoming Earnings Of Note: (From Chartroom Software – sorted by market cap, highest to lowest with most visible names)

• Friday After the Close: None of note

• Monday Before The Open: None of note.

Notable Earnings of Note This Morning:

• Flat: None of note MOMO +0.68 of note.

• Misses: CIEN -0.10 of note.

• Still to Report: BFB CBRL TTC of note.

Company Earnings Guidance:

• Positive Guidance: DOCU AVGO TTAN of note.

• Negative or Mixed Guidance: WOOF IOT LULU of note.

Advance/Decline Daily Update: The A/D Line was mixed yesterday.

Gap Ups & Down In Early Pre-Market: (+2% or down more than -2%):

• Gap Up: NX +12.3%, ODC +8.9%, PVBC +5.5%, HIVE +3.8%, RBRK +3.7%, WTRG +3.6%, RKLB +3.5%, BYRN +3.1%, AVO +3%, GES +2.3% of note.

• Gap Down: LULU -20.7%, DOCU -17.7%, BBCP -13.3%, IOT -13.1%, TTAN -10.2%, BRZE -8.6%, WOOF -7.7%, ASR -5.3%, BJRI -5%, ZUMZ -4.8%, MKL -3.4%, AVGO -3%, RCEL -2.6% of note.

Insider Action: PANL see Insider Buying with dumb short selling. None sees Insider Buying with smart short sellers.

Rags & Mags: Repeated stories from prior days never listed, i.e. “rehashed news”. Sorted by Global, U.S. and stock specific.

• Bloomberg Lead Story: Musk Signals He's Open To A Cooling Off Period In Feud With The President. (Bloomberg)

• Markets Wrap: Stock Futures and Tesla climb on Trump-Musk Rift seen as easing. (Bloomberg).

• . (Bloomberg)

• 5 Things To Know Before The Market Opens. (CNBC)

• Russia key rates to 20% from 21%, was expected.

• Omoda Health (OMDA) is priced at $19. (CNBC)

• Odd Lots: What the ports are seeing from the trade tariffs. (Podcast)

Bolded on story link means behind a Pay Wall.

Economic & Geopolitical:

• Economic Releases:

  • May Nonfarm Payrolls are due out at 8:30 a.m. EDT and expected to fall to 139,000 from 177,000 with the unemployment rate remaining at 4.20%.

  • April Consumer Credit is due out at 3:00p.m. EDT and expected to drop to $8.88 billion from $10.2 billion.

• President Trump's Daily Schedule.

  • President Trump signs Executive Orders at 1:30 p.m. EDT.

  • President Trump participates in the swearing in of the Secretary of the Navy at 2:00 p.m. EDT.

  • Then at 3:00 p.m. EDT President Trump heads to Bedminster, NJ and Trump National Golf.

• Federal Reserve Speakers of note today.

  • Federal Reserve Governor Adriana Kugler speaks at 12:00 p.m. EDT.

  • Federal Reserve Philadelphia President Patrick Harker speaks at 1:30 p.m. EDT.

M&A Activity: None of note.

Moving Average Table: Moves from 94% to 77% for Equities.

Meeting & Conferences of Note:

• Sellside Conferences:

  • FBN Tech Conference

  • Roth Ad-Tech Conference

• Shareholder Meetings: ABVX, AMSF, APO, WTM

• Top Analyst, Investor Meetings: None of note.

• Fireside Chat: None of note.

• FDA Presentation: None of note.

• R&D Day: None of note.

• Meetings:

  • American Society of Clinical Oncology Annual Meeting.

  • Nareit REITweek Investor Conference.

  • THE Mining Investment Event.

Upgrades & Downgrades:

The recommendations listed below in this “Upgrade/Downgrade” section are compiled from what we believe are Tier I, II and III firms. Recommendations posted are taken from a variety of sources each day and we only post upgrades or significant initiations as well as downgrades to underweight or sell. The purpose of this posting is to make the reader aware of market-moving recommendations.

Upgrades: DE INVH MTZ of note.

Downgrades: MCD AMH MYRG of note (are holds/neutral this morning) and Underperform for LULU.