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

0900 - S&P/Case-Shiller home prices y/y for March: Expected 0.9%; Prior 0.9%
1000 - CB consumer confidence: Expected 92; Prior 92.8

Oil and Energy Stocks

-3.93%

On watch as traders continue to evaluate a series of headlines surrounding the tensions between the US and Iran. Early on Tuesday morning, US Central Command (CENTCOM) announced that US forces participated in “self-defense” strikes against Iran; the strikes were said to have targeted missile launch sites and Iranian boats believed to be planting mines. US President Donald Trump said on Monday that talks were “proceeding nicely”, while US Secretary of State Marco Rubio opined that the Strait of Hormuz needs to be reopened “one way or the other”.

USO, OXY, XOM, CVX, DVN, COP, BATL, RE, EONR

NVIDIA Corp (NVDA)

+1.25%

CEO Jensen Huang said the company’s projected $200 billion CPU market opportunity includes China, underscoring Nvidia’s confidence in long-term demand there despite ongoing US-China tech tensions. Huang also highlighted growing demand for CPUs driven by agentic AI systems. The Nvidia CEO noted that the company has heavily supported Taiwan’s semiconductor supply chain, and confirmed plans to meet with TSMC during his Taiwan visit.

Intel Corp (INTC)

+1.37%

On watch after Northland downgraded the stock from Outperform to Market Perform, arguing that the stock’s valuation has become too stretched despite Intel making steady progress in its turnaround and likely benefiting from stronger server CPU demand. Northland expects datacenter spending to slow in 2027 as hyperscalers face tighter budgets. The analyst said it believes that the stock would still trade at an expensive 38x earnings multiple even if Intel’s datacenter business grows 40% in FY 2027.

BP PLC (BP)

-4.44%

Gapping down after the company’s board announced the unanimous decision to remove Albert Manifold as chair. The decision, which takes effect immediately, was attributed to concerns over “governance oversight and conduct issues”. In a statement announcing the vote, senior independent director Amanda Blanc credited Manifold with bringing “a welcome focus and pace” to the company’s transformation efforts during his tenure as chair.

Space Stocks

+7.21%

Trading sharply higher as a group as investor enthusiasm grows ahead of SpaceX’s hotly-anticipated IPO. Reports suggest that the Elon Musk-led company could price its IPO as soon as June 11, with shares to begin trading as early as June 12. Additional excitement surrounds Rocket Lab’s ninth Synspective satellite launch last week.

ASTS, RKLB, RDW, FLY, VOYG, SATS

Apple Inc (AAPL)

+0.53%

Bank of America raised its price target on the stock to $380 from $330 and maintained a Buy rating, viewing Apple as a major beneficiary of the emerging “agentic AI” ecosystem. BofA believes Apple’s control over user identity, payments, app access, trust, and consumer workflows through the iPhone positions it to gain significant influence over AI providers, developers, merchants, and advertisers. The analyst also assigned a higher 37x earnings multiple to its 2027 estimates for Apple’s earnings.

Alphabet Inc (GOOGL)

+0.27%

Handelsblatt reported that the company could face a high triple-digit million-euro antitrust fine from the European Union over alleged violations of the Digital Markets Act. A decision is expected before the summer break. EU officials said their primary goal remains forcing Google into compliance with DMA rules aimed at limiting Big Tech dominance, though regulators indicated they are prepared to escalate enforcement if necessary.

Ferrari NV (RACE)

-2.95%

Trading lower premarket after unveiling Luce, the company’s first-ever fully electric vehicle offering. The flagship vehicle is a five-seater priced at 550,000 euros (~$640,000). According to the company’s announcement, Luce is able to go from 0 to 100 kph in 2.5 seconds with a top speed of over 310 kph. Morningstar analyst Michael Field said that the market reaction to Luce could be related to investor disappointment over Ferrari’s “embracing” of the EV space.

Uber Technologies Inc (UBER)

+0.48%

On watch after the Financial Times reported that the company is considering raising its takeover offer for Delivery Hero after a major shareholder rejected bids valuing the company at more than $13.4 billion. Uber CEO Dara Khosrowshahi reportedly discussed a €33 per share offer with Delivery Hero’s leadership and later approached a large shareholder with a €38 per share bid, but investors are said to be seeking more than €40 per share for the company. Uber’s stock dropped sharply on Friday amid early reports suggesting the company was interested in significantly increasing its stake in Delivery Hero.

Outlook Therapeutics Inc (OTLK)

+120.36%

Gapping up after announcing that the US FDA granted its appeal, concluding that its drug LYTENAVA™ showed substantial evidence of effectiveness for treating neovascular age-related macular degeneration (nAMD). The company now expects to resubmit its Biologics License Application in June 2026, with regulators indicating a potentially fast-track review and decision within about 60 days after resubmission.