US EQUITY OPEN: Indices open firmer as Iran reportedly ready to discuss uranium enrichment limitations

Analysis details (14:57)

OPEN: US indices opened the last trading session of the week in the green as equity futures saw upside in the morning after a senior Iranian official said Iran is ready to discuss limitations on its uranium enrichment, which comes ahead of EU/E-3/Iran meeting starting anytime from now. The key geopolitical update on Thursday, amid the Juneteenth market holiday, was that US President Trump will make a decision in the next weeks in whether to attack Iran. Sectors are all in the green, aside from Health, with Consumer Discretionary and Industrials sitting atop of the pile. Philly Fed for June disappointed, while Fed’s Waller (voter) continued his very dovish rhetoric as he noted the Fed is in position as early as July for cuts, and so far, the data has been fine, with no reason to wait much longer to cut. The Dollar is seeing marginal gains with GBP and EUR outperforming and safe havens lagging amid the risk sentiment. WTI and Brent are down by c. USD 0.40/bbl and are still weighed on in wake of the aforementioned Iran comments to Reuters. For fixed, the main update has come via Waller, and his remarks sparked a modest upside reaction in Treasuries, particularly the in the 2yr, which pared earlier losses. Ahead the calendar is quiet with Fed’s Daly scheduled alongside the closing bell as well as Baker Hughes rig count.

STOCK SPECIFICS:

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  QXO (QXO) proposed to acquire GMS (GMS) for USD 95.20/shr or ~USD 5bln; following this, WSJ said Home Depot (HD) also has made an offer for GMS, though the price remains undisclosed.


• Mars’ $36bln bid for Kellanova (K) is expected to face a full EU antitrust probe.


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  Temu’s (PDD) US weekly sales fell >25% from May 11th to June 8th as it sharply cut ad spending amid Trump’s tariff actions.


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  Delta Air Lines (DAL) raised quarterly dividend by 25%.


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  Softbank (SFTBY) founder is proposing a USD 1tln industrial complex in Arizona with TSMC (TSM).
  


• EU and Turkey take aim at Google (GOOGL).
  


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  Mondelez International (MDLZ) upgraded to 'Overweight' from 'Equal Weight' at Wells Fargo; sees the "intersection" of price execution, "ever-muted" inflation in 2026 and a low relative valuation creating the "optimal bull case" for Mondelez.

EARNINGS:

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  Accenture (ACN): EPS & revenue beat, but consulting bookings notably missed.


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  Darden Restaurants (DRI): FY26 guidance light; EPS beat with revenue in line & authorised USD 1bln share buyback programme.


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  CarMax (KMX): Top & bottom line surpassed expectations.

20 Jun 2025 - 14:56- ForexGeopolitical- Source: Newsquawk