Your Evening Briefing

June 10, 2026

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Stocks sink amid escalating tensions with Iran, chips stocks continued slide

The S&P 500, Nasdaq 100, and Russell 2000 all fell. Oil prices rose as the US and Iran traded retaliatory strikes, while President Trump encouraged Iran to sign a deal, saying the US will be attacking Iran “very hard.”

Apple was the only Magnificent 7 stock to close higher today as Big Tech and semiconductors continued their slide.

Inflation ticked up in May, but the key core inflation metric (which strips out volatile food and energy prices) came in cooler than economists had expected on a month-over-month basis.

The inflation report, paired with a surprisingly strong jobs report last week, seemed to solidify expectations that the Federal Reserve will keep rates steady at its meeting next week.

Stocks that moved higher:

Cracker Barrel had one of its best trading days ever after an earnings beat.
Casey’s General Stores surged on an earnings beat, thanks to widening fuel margins.
Cava climbed after receiving an upgrade from UBS.
Illumina gained after JP Morgan upgraded it to overweight from neutral.
Oscar Health ticked higher after an upgrade from Barclays.

Stocks that moved lower:

Super Micro Computer plunged after announcing $7 billion in equity and equity-linked financing plans late on Tuesday, as the company looks to raise funds to satisfy increased demand for its advanced AI servers.
SoftBank ADRs tumbled on reports of a $6 billion OpenAI margin loan snag and a broader tech slump in Asia.
Lucid fell to a fresh all-time low following the departure of its engineering and software SVP Emad Dlala.
Freight stocks Old Dominion Freight, XPO, and Saia and FedEx fell as Amazon announced less-than-truckload shipping to outside businesses as part of its Supply Chain Services business announced last month.

BYD says EVs may soon take 80% of China’s new car market, as national adoption roars

The country sold six of every 10 EVs bought worldwide in 2025. Read more.

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The robots are coming... to help small businesses, actually

Labor shortages, not bots, are the bane of so-called blue-collar businesses.

Read more.

Tesla currently has authorization for 69 unsupervised Robotaxis in Texas, according to the state’s database. That’s up from 42 — perhaps a reference to 420 — last month. While that represents growth, it’s far from the scale that CEO Elon Musk had promised. Read more.

Report: OpenAI and Nvidia in talks to team up for 10-gigawatt data center in Ohio
The proposed data center would be built on federal land. The deal would tie OpenAI to a 20-year lease of the $500 billion data center.
Solana shoves all-in on poker with new partnership
The World Series of Poker announced they’ll allow buy-ins and payouts via solana at this year’s games.
Tesla FSD gets approval in its fifth European market
FSD is now live in the Netherlands, Lithuania, Estonia, Denmark and most recently Belgium.
Amazon just secured a massive $17.5 billion line of credit
The tech giant is hoovering up cheap debt around the globe to fund its war chest.
Half of the bitcoin supply in circulation is underwater for the first time since 2022
A silver lining to the statistic may be that it’s a level that has historically aligned with cycle bottoms, and that some now view the asset as cheap.
Could the iPhone be to blame for America’s plunging birth rate?
A new study has linked a marked decline in age-specific US fertility rates to the release of Apple’s landmark product.

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