Early Look

Thursday, June 12, 2025

U.S. futures are retreating following modest losses on Wednesday as President Donald Trump said he intended to send letters to trading partners in the next one to two weeks setting unilateral tariff rates, ahead of a July 9 deadline to reimpose higher duties on dozens of economies. “We’re going to be sending letters out in about a week and a half, two weeks, to countries, telling them what the deal is,” Trump told reporters. “At a certain point, we’re just going to send letters out. And I think you understand that, saying this is the deal, you can take it or leave it,” he added. The tariff headlines are hitting the US dollar as the euro rises as much as 0.88% to its highest level since late 2021 at $1.1589, while the dollar index (DXY) slides -0.6% to the 98 level: the safe-haven Swiss franc and yen jump. Also weighing on the Dow Jones Industrial Average, shares of Boeing (BA) are down over -7% this morning after an Air India flight with 242 passengers crashed shortly after take-off from Ahmedabad, as the Boeing 787 aircraft was traveling to London’s Gatwick airport. In tech news, ORCL shares are higher following earnings results. In Asian markets, The Nikkei Index fell -248 points to 38,173, the Shanghai Index was little changed at 3,402, and the Hang Seng Index declined -334 points to 24,035. In Europe, the German DAX is tumbling -277 points to 23,671, while the FTSE 100 slips -12 points to 8,851. Stocks slumped late Wednesday after geopolitical risks were in focus after President Trump said some U.S. personnel were being moved out of the Middle East because “it could be a dangerous place”, adding that Washington would not allow Iran to develop a nuclear weapon.

• The Dow Jones Industrial Average slipped -1.10 points, or 0.00%, to 42,865.77
• The Nasdaq Composite dropped -99.11 points, or 0.50%, to 19,615.88
• The Russell 2000 Index declined -8.17 points, or 0.38% to 2,148.24

• 8:30 AM ET                  Continuing Claims…est. 1.91M
• 8:30 AM ET                  Producer Price Index (PPI) Headline M/M for May…est. +0.2% (prior -0.5%)
• 8:30 AM ET                  Producer Price Index (PPI) Headline Y/Y for May…est. +2.6% (prior +2.4%)
• 8:30 AM ET                  Core PPI Ex: Food & Energy M/M for May…est. +0.3% (prior -0.4%)
• 8:30 AM ET                  Core PPI Ex: Food & Energy Y/Y for May…est. +3.1% (prior +3.1%)
• 10:30 AM ET                Weekly EIA Natural Gas Inventory Data
• 12:00 PM ET WASDE Crop Report for June

• Earnings After the Close: ADBE

• Bank America London TMT Conference, 6/10-6/12, in London
• Deutsche Bank Global Auto Industry Conference, 6/11-6/12, in New York
• Goldman Sachs 29th European Financials Conference, 6/10-6/12, in Berlin
• Oppenheimer 2025 Semiconductor Bus Tour, 6/11-6/12

• GameStop (GME) announces proposed private offering of $1.75B of convertible senior notes while grants option to purchase additional $250M notes.
• Oxford Industries (OXM) Q1 adj EPS $1.82 vs est. $1.82 on revs $393Mm vs est. $384.4Mm, adj gr mgn 64.3%; guides Q2 net sales $395-415Mm vs est. $409.43Mm and adj EPS $1.05-1.25 (incl $0.75 in additional tariff costs) vs est. $2.21.
• Target (TGT) increases quarterly dividend 1.8% to $1.14 per share
• Xpeng (XPEV) develops advanced chips for Volkswagen (VWAGY) cars, the Financial Times reports. Xpeng claims its self-designed turning processors outperform those of us semiconductor leader Nvidia (NVDA). Separately, XPENG unveiled the new versions of its Ultra Smart Coupe SUV XPENG G6 and Ultra Smart Premium SUV XPENG G9 for the European market.

• Allison Transmission Holdings (ALSN) said it agreed to buy Dana’s (DAN) Off-Highway unit for about $2.7 billion. Allison said the deal is expected to immediately add to diluted earnings per share and generate annual run-rate savings of about $120 million.
• CF Industries (CF) downgraded to Peer Perform from Outperform at Wolfe Research.
• Oklo Inc (OKLO) announces $400M public offering of common stock.
• Vantage (VNTG) 3.25M share IPO priced at $4.00

• BioNTech SE (BNTX) said it has entered into a definitive Purchase Agreement to acquire all of the shares of CureVac (CVAC) for approx. $5.46 in BioNTech American Depositary Shares in deal valued at $1.25B.
• Biogen Inc. (BIIB) and UCB presented additional detailed results from the Phase 3 PHOENYCS GO study evaluating dapirolizumab pegol, a novel Fc-free anti-CD40L drug candidate. In the study, DZP demonstrated significant clinical improvements in disease activity in people living with moderate-to-severe systemic lupus erythematosus
• Insmed (INSM) prices public offering of 7.8M shares at $96.00 per share.
• Merck (MRK) announced the initiation of the MOBILIZE-1 Phase 3 clinical trial evaluating the safety, immunogenicity and efficacy of a single dose of V181, an investigational quadrivalent vaccine, for the prevention of dengue disease caused by any of the four dengue virus serotypes, regardless of prior dengue exposure. Recruitment for the trial has begun, and the first participants are now enrolling in Singapore.

• Cloudflare, Inc. (NET) announces proposed private offering of $1.75B of convertible senior notes due 2030.