Stock futures jumped Monday morning after reports that the U.S. and Iran reached a memorandum of understanding to end hostilities and reopen the Strait of Hormuz. Nasdaq 100 futures rose more than 2%, while oil benchmarks dropped sharply. West Texas Intermediate crude fell roughly 5%, hitting its lowest level since March 10. The broader market appeared to price in reduced geopolitical risk, though some analysts cautioned that details of the agreement remain unverified.
SpaceX goes public, AI restrictions hit Anthropic
SpaceX shares climbed over 5% in premarket trading after the company’s record-breaking initial public offering on Friday. The IPO drew heavy demand from institutional investors. KeyBanc upgraded Rocket Lab and FireFly after those stocks sold off last week. The two companies are seen as beneficiaries of growing commercial space activity.
Separately, Anthropic halted access to its Fable 5 and Mythos models. The Trump administration told the AI research firm it must ban foreign governments, companies and individuals from using the technology. The move comes amid a broader push to restrict advanced AI exports. Anthropic did not comment on how many users would be affected.
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Fox to buy Roku for $25 billion; AmEx picks up TheFork
Fox Corporation announced plans to acquire Roku in a cash-and-stock deal that values the streaming device company’s equity at $25 billion. Fox shares sold off on the news. Roku surged 20% on Friday after reports of a potential sale, but the stock was muted Monday morning, indicating the deal was already priced in by traders.
American Express said it will buy TheFork, an online restaurant reservation and management platform in Europe, from Tripadvisor for $700 million. AmEx already owns Resy and Tock in the dining space. The acquisition expands its presence in the European hospitality market.
Capital One gets a fresh look; Goldman on 3M and DuPont
Club holding Capital One was added to Baird’s “Fresh Pick” list. Analysts like the risk-reward profile, arguing that investors are too focused on narratives about a weak consumer and heavy Discover investment. They see a cheap valuation — the stock trades at less than 9 times forward earnings — a strong capital position, and what they call earnings flexibility. Capital One has had a difficult year but is now too cheap to ignore, the note said.
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Goldman Sachs started coverage on 3M with a buy rating and on DuPont at hold. For 3M, analysts see a self-help story with improving organic growth and upside from legal liability resolution. On DuPont, they like the company’s strategy of favoring its healthcare and water businesses but said total growth isn’t enough to warrant a buy. The note suggested DuPont could make a deal to improve its growth outlook.
Micron price target boosted; Ferrari upgraded after EV sell-off
Cowen raised its price target on memory chipmaker Micron to $1,500 from $660 and kept a buy rating. The firm said growing CPU demand tied to agentic AI workloads will support higher memory prices for longer, stretching into the second half of 2027. The Club holds Arm and Intel as bets on CPU growth.
Morgan Stanley upgraded Ferrari to buy after the recent sell-off, saying its compressed valuation “overstates brand risk.” Ferrari’s stock was hit hard in late May when it unveiled its first-ever electric vehicle and is down 23% over the past year.
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Shares rose almost 5% Monday morning as investors snapped up the discount.
Citi cuts trucking stocks; oil rout continues
Citi downgraded several trucking stocks after the group’s big run, arguing that “high optimism appears reflected in valuations.” It put a sell rating on Old Dominion and cut Saia, C.H. Robinson, and Knight-Swift to hold. Citi does not cover the Club’s new holding, FedEx Freight.
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