^{_{Welcome to the TraderTV Live Morning Research Note. Here's what's making major moves in the market today.}}

1000 - Wholesale inventories m/m for May: Expected 0.3%; Prior 0.3%
1400 - FOMC meeting minutes for June 2026
1500 - Consumer credit change for May: Expected $17.5B; Prior $20.73B

Oil and Energy Stocks

+2.75%

Trading higher as a group after the US launched a series of strikes against Iran in response to Iranian attacks on three commercial vessels in the Strait of Hormuz. On Tuesday afternoon, the US revoked a license that had allowed Iran to sell oil globally. Iran condemned the strikes as a violation of last month's ceasefire agreement and vowed to defend its sovereignty. US President Donald Trump also said that the ceasefire and memorandum of understanding with Iran are “over”. Occidental is separately on watch after Evercore ISI upgraded the stock to Buy and hiked its price target from $58 to $65.

OXY, USO, DVN, CVX, COP, XOM

Broadcom Inc (AVGO)

-0.97%

Apple announced a multiyear agreement worth more than $30 billion with Broadcom to develop custom silicon and wireless technologies for future Apple products. This deal includes the production of more than 15 billion U.S.-made chips. As part of the deal, Broadcom will invest $1.5 billion to expand its chip manufacturing facility in Fort Collins, Colorado, strengthening its domestic production capacity. An SEC filing from Broadcom on Monday indicated that the companies have entered into long-term agreements related to ASIC products through 2031.

Memory Stocks

-5.06%

Continuing to trade sharply lower premarket. The group sold off on Tuesday after fellow memory stock Samsung reported preliminary earnings during the prior overnight session; the results were much better than expected, reigniting concerns about memory prices and an overheated tech sector. Memory stocks have also been in heightened focus this week ahead of South Korean memory company SK Hynix’s debut on the US stock market on Friday, July 10.

MU, SNDK, WDC, STX

Space Exploration Technologies Corp (SPCX)

+0.09%

The Information reported that SpaceXAI - formerly known as xAI - and Cursor are reportedly preparing to launch their first jointly developed AI model as soon as Wednesday. The companies aim to compete with advanced models from Anthropic and OpenAI through faster information processing capabilities. The collaboration follows SpaceX’s acquisition of Cursor parent Anysphere in a reported $60 billion all-stock deal, expanding its push into enterprise AI tools and AI coding markets.

Alibaba Group Holding Ltd (BABA)

+9.18%

Gapping up after the company held a pre-earnings briefing with analysts. Local media outlet Jiemian reported Alibaba told analysts that its instant-commerce business is likely to post narrower-than-expected quarterly losses. The pre-earnings update also suggested the company maintained steady profitability during the June quarter.

Apple Inc (AAPL)

-0.34%

The company lost its challenge at the EU General Court over the Digital Markets Act (DMA) rules covering the App Store and iOS, with the court upholding Apple’s gatekeeper designation and rejecting its iMessage appeal. The ruling adds regulatory pressure on Apple as it continues a separate legal fight against a €500 million App Store fine in the EU.

Dell Technologies Inc (DELL)

-2.32%

Evercore ISI raised its price target on the stock to $500 and reiterated its Outperform rating, citing strong confidence in the company's AI infrastructure position as demand continues to outpace supply and expands across enterprise deployments. The firm said Dell is benefiting from durable AI spending, growing enterprise adoption, and higher-margin storage opportunities. However, Evercore ISI noted that component shortages, particularly in DRAM and NAND, are expected to remain the primary constraint through 2027.

Meta Platforms Inc (META)

-1.72%

France’s competition authority ordered the company to restart negotiations with French media groups over content payments after finding its fee-calculation practices may have abused its dominant market position. Meta must provide details of a new payment plan within 15 days after previous agreements with press associations expired in 2024 without a replacement deal. During Tuesday’s session, the company announced the launch of Muse Image, the first image generation model from Meta Superintelligence Labs.

Rocket Lab Corp (RKLB)

-1.57%

On watch after Morgan Stanley reiterated its Overweight rating on Rocket Lab with a $105 price target and raised its bull-case valuation to $293 from $185. The firm cited the Iridium acquisition, upside from launch and connectivity businesses, and Rocket Lab’s evolution into a more vertically integrated space platform as key drivers.

Palladyne AI Corp (PDYN)

+5.40%

Trading sharply higher premarket after reporting preliminary Q2 earnings. The company posted preliminary revenue at roughly $5.8 million, implying 480% year-over-year growth and 66% sequential growth. Palladyne added approximately $12.5 million in new contracts, with its total backlog expected to grow from $17.3 million to $24 million.

Penguin Solutions Inc (PENG)

+2.03%

Trading higher premarket after its Q3 2026 earnings report, with revenue of $478.7 million and adjusted EPS of $0.84 meeting estimates of $421.4 million and $0.56, respectively. The company projected year-over-year net sales growth of 22%, plus or minus 2%, for FY 2026; this represents an improvement from its previous outlook of 12% growth, plus or minus 5%. Penguin Solutions projected non-GAAP EPS of $2.60, plus or minus $0.05, for the same period, well above estimates of $2.28.

Rivian Automotive Inc (RIVN)

-3.34%

Trading sharply lower premarket. The company priced its previously-announced 75 million share offering at $15.50 per share, aiming to raise approximately $1.2 billion to support equity contributions tied to a US Department of Energy loan agreement. The capital raise comes as Rivian accelerates production of its lower-cost R2 SUV, a key vehicle expected to drive broader adoption and improve the company’s growth outlook.

Edible Garden AG Inc (EDBL)

+62.49%

Gapping up after HRT Financial reported purchasing approximately 416,812 shares of the company’s stock between July 1 and July 6, with the total value of the acquisitions estimated at about $63,435. The purchases followed Edible Garden’s announcement of a non-binding strategic commercialization alliance aimed at expanding its asset-light strategy and generating recurring revenue opportunities. Edible Garden has a market capitalization of approximately $480,000 and a float of 5.43 million shares.