MARKET WRAPS
STOCKS: Stocks finished mixed as semiconductors recouped some of their losses from a rout on Friday.
TREASURYS: Treasury yields rose as fears of an escalation in the Middle East conflict stirred inflation fears.
FOREX: The U.S. dollar slipped against rivals as traders digested the implications of May jobs data.
COMMODITIES: Oil futures ticked up following a renewed outbreak of military strikes between Israel and Iran on Sunday.
HEADLINES
Apple Unveiled the New Siri AI. Here Are the Key Takeaways.
Apple showed off a new AI version of its Siri chatbot on Monday, technology developed with Google that the iPhone-maker hopes will help power a comeback in artificial intelligence.
Here are the biggest takeaways from the keynote:
Johnson & Johnson to Buy Firefly Bio for $1 Billion
Johnson & Johnson has agreed to buy biotechnology company Firefly Bio for $1 billion in cash in a deal that bolsters the drugmaker's oncology pipeline.
J&J on Monday said Firefly is developing its proprietary Firelink degrader antibody conjugate platform, for KRAS-driven cancers, which have limited treatment options with survival measured in months.
Mutations of the KRAS gene have long been considered undruggable because the gene's structure lacks the deep binding pockets most drugs need.
Amazon Enters Agreement With Corning for Optical Fiber for Data Centers
Amazon.com said it entered a multibillion-dollar agreement with Corning to get optical fiber, cable and connectivity solutions to support its growing data center footprint.
The investment, disclosed Monday, will allow Corning to expand production and create 1,000 new jobs at its manufacturing facilities in North Carolina, the companies said Monday.
Shares of Corning gained 5.7% to $187.70 Monday. The stock has more than doubled this year.
U.S. Employment Trends Index Ticked Down in May
A reading of the U.S. labor market from The Conference Board fell slightly in May, highlighting potential downside risks to the labor market, a gauge of employment showed.
The Employment Trends Index, or ETI, fell to 107.01 in May, from an upwardly revised 107.88 in April.
May's payroll employment report was strong, but ETI, a forward-looking measure for payrolls, ticked down slightly, with five of eight components contributing negatively to the index, said Jannik Schulz, economic research associate at The Conference Board.
Campbell's Sales Fall on Continued Weak Demand for Snacks
Campbell's said weak demand for snacks continued to pressure sales in the latest quarter, but the company is seeing some signs of progress in efforts to connect with consumers.
Chief Executive Mick Beekhuizen said snacks consumption was soft in the quarter due to efforts to stabilize fresh bakery operations, including work to improve availability and customer fill rates. Beekhuizen also cited weak demand for salty snacks like chips and pretzels.
"I recognize that our performance remains well below expectations," Beekhuizen said during a call with analysts.
Honeywell Backs Full-Year Guidance Ahead of Aerospace Spinoff
Honeywell backed its full-year guidance as it looks to close a spinoff of its aerospace division.
The company also on Monday provided an outlook for the remaining company post spinoff, guiding for growth in organic sales and adjusted earnings.
Honeywell said it continues to expect full-year sales of $38.8 billion to $39.8 billion, compared with analyst estimates of $39.4 billion, according to FactSet. Honeywell continues to guide for organic sales growth of 3% to 6%.
Once on the Brink, U.S. Steel's Oldest Plant Is Getting a Big Renovation
Two years ago, U.S. Steel said it couldn't afford to keep operating its oldest mill near Pittsburgh. Now, new owner Nippon Steel is preparing to start a project that will likely keep that mill going for decades longer.
Tokyo-based Nippon Steel, which bought U.S. Steel last year in a controversial deal, said it expects to spend $2 billion to $2.5 billion at Mon Valley Works over the next three years to replace the equipment that rolls steel. The investment is more than double Nippon Steel's original cost estimate for the project.
Replacing the current 88-year-old hot-strip mill at Mon Valley will lead to more domestically produced steel. The work is expected to generate as many as 6,000 jobs and up to $1.7 billion in economic activity for Pennsylvania, company executives said.
Ingredion to Take Over Tate & Lyle in $3.6 Billion Deal
U.S. food-and-beverage ingredients maker Ingredion reached a deal to take over U.K. rival Tate & Lyle for 2.7 billion pounds ($3.6 billion) in cash.
The companies said Monday that their boards reached an agreement under which Ingredion offered 595 pence for each Tate & Lyle share-a 59% premium to the last closing price before takeover talks were disclosed last month.
Tate & Lyle directors are unanimous in their intention to recommend the acquisition to shareholders, which would also see shareholders receive up to 20 pence a share in dividends.
Incyte to Buy Vega Therapeutics For Up to $2 Billion
Incyte has agreed to buy Vega Therapeutics for up to $2 billion in a deal that expands the biopharmaceutical company's hematology portfolio into bleeding disorders.
Incyte on Monday said it will pay an initial $1.25 billion in cash to acquire Vega from privately held Star Therapeutics, which will be eligible to receive up to $750 million in additional payments based on sales milestones.
Incyte said the acquisition includes Vega's lead candidate VGA039, which modulates Protein S to improve hemostasis, potentially improving the body's ability to control bleeding in numerous bleeding disorders.
Hunter Point Capital Raises $4.3 Billion for General Partner Financing
Hunter Point Capital has raised $4.3 billion across multiple investment vehicles to provide financing to alternative investment firms.
The firm, founded in 2020, raised the additional capital to bolster its net-asset-value lending and preferred equity strategies, which the firm collectively refers to as General Partner Financing Solutions, or GPFS. The fresh capital brings the firm's total assets under management to roughly $10 billion.
TALKING POINT Why One Index Provider Says SpaceX Doesn't Automatically Belong in Indexes
When I entered the index business more than 30 years ago, the sequence for including an initial public offering in an index was routine and took some time. Companies went public, built liquidity, expanded ownership, and only then entered major market benchmarks.
Things have changed, however. With privately held SpaceX planning to go public at a valuation of $1.8 trillion on Friday, and companies including Anthropic and OpenAI expected to follow quickly, index providers-who have never faced such scale-are adjusting the process. FTSE Russell now allows newly listed companies into major U.S. benchmarks after just five trading days. Nasdaq has introduced fast-track rules that could bring megacap IPOs into the Nasdaq 100 within weeks, and S&P Dow Jones Indices is weighing an acceleration of entry criteria for the S&P 500.
Should trillion-dollar companies enter major benchmarks almost as soon as they go public? My answer is no-at least not automatically. Thematic indexes may have reason to move fast. Broad-market benchmarks that steer trillions of dollars should not.
Indexes resequenced. For decades, the sequencing worked. Companies went public to raise growth capital, investors gained access relatively early, and successful companies matured before becoming major index constituents. Markets had time to establish liquidity, widen ownership, let lockups expire, and improve price discovery.
That world is over. Private capital now lets companies stay private longer and debut as fully formed giants. Excluding a company worth hundreds of billions of dollars from major benchmarks for years may no longer reflect the real economy. But rushing to fix that problem creates another: What are indexes supposed to represent?
Representation and investibility. When trillions of dollars track the same benchmark, a technical rule change is never just technical. It can move billions, influence IPO pricing, and force investors to buy or sell regardless of fundamentals.
--Steven Schoenfeld, Barron's
Expected Major Events for Tuesday
04:01/US: 3Q Manpower U.S. Employment Outlook Survey
06:00/GER: Apr Foreign Trade
06:00/GER: Apr Industrial Production Index
06:00/GER: 1Q Labour cost index
06:00/JPN: May Preliminary Machine Tool Orders
08:30/UK: 1Q Mortgage Lenders and Administrators Return (MLAR) statistics
10:00/US: May NFIB Index of Small Business Optimism
12:30/CAN: Apr International merchandise trade
12:30/US: Apr U.S. International Trade in Goods & Services
12:55/US: 06/06 Johnson Redbook Retail Sales Index
14:00/US: Apr Monthly Wholesale Trade
14:00/US: May Existing Home Sales
17:59/UK: 3Q Manpower UK Employment Outlook Survey
20:30/US: API Weekly Statistical Bulletin
23:01/UK: May UK Nations and Regions Growth Tracker
23:50/JPN: May Corporate Goods Price Index
All times in GMT. Powered by Onclusive and Dow Jones.
Expected Earnings for Tuesday
ADF Group Inc (DRX.T) is expected to report $0.28 for 1Q.
Academy Sports & Outdoors Inc $(ASO)$ is expected to report $0.86 for 1Q.
Anavex Life Sciences Corp (AVXL) is expected to report $-0.08 for 2Q.
Anixa Biosciences Inc (ANIX) is expected to report $-0.09 for 2Q.
Casey's General Stores Inc $(CASY)$ is expected to report $3.30 for 4Q.
Chaince Digital Holdings Inc $(CD)$ is expected to report for 4Q.
Cracker Barrel Old Country Store Inc $(CBRL)$ is expected to report $-0.46 for 3Q.
Designer Brands Inc (DBI) is expected to report $0.05 for 1Q.
Domo Inc $(DOMO)$ is expected to report $-0.41 for 1Q.
Ecolab Inc $(ECL)$ is expected to report $2.00 for 2Q.
Enghouse Systems Ltd (ENGH.T) is expected to report $0.34 for 2Q.
Fathom Holdings Inc (FTHM) is expected to report $-0.06 for 1Q.
JM Smucker Co $(SJM)$ is expected to report $2.57 for 4Q.
Lakeland Industries Inc $(LAKE)$ is expected to report $-0.15 for 1Q.
Lands' End Inc $(LE)$ is expected to report $-0.31 for 1Q.
Limoneira Co (LMNR) is expected to report $-0.22 for 2Q.
Nathan's Famous Inc $(NATH)$ is expected to report for 4Q.
SailPoint Inc $(SAIL)$ is expected to report for 1Q.
Scorpius Holdings Inc $(SCPX)$ is expected to report for 4Q.
Scully Royalty Ltd (SRL) is expected to report for Full year.
Skillsoft Corp $(SKIL)$ is expected to report for 1Q.
Titan Machinery (TITN) is expected to report $-0.74 for 1Q.
United Natural Foods Inc $(UNFI)$ is expected to report $0.55 for 3Q.
Uranium Energy Corp (UEC) is expected to report for 3Q.
Waldencast PLC $(WALD)$ is expected to report $-0.19 for 1Q.
Wins Finance Holdings Inc (WINSF) is expected to report for Interim.
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This article is a text version of a Wall Street Journal newsletter published earlier today.
(END) Dow Jones Newswires
June 08, 2026 16:35 ET (20:35 GMT)
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