The Daily Wrap: Morning Edition - June 29, 2026

U.S. stock futures are rising, led by the Nasdaq, as market sentiment improves due to an agreement between the United States and Iran to halt hostilities and resume peace talks. This optimism is also fueled by major corporate news, including Comcast's plan to spin off NBCUniversal and a 12% jump in Viridian Therapeutics' shares after an FDA drug approval. However, the technology sector faces a significant shift as U.S. export controls allow competitors like Huawei to overtake Nvidia in China's AI chip market, while uncertainty looms over North American trade with the upcoming review of the USMCA agreement.  

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From Phoenextra Pro in Tampa, it's Monday, June 29th, and I'm Rachel Anderson with the Daily Wrap Morning Edition. We're seeing a wave of optimism across Wall Street this morning as a significant geopolitical development eases tensions that have rattled markets. U.S. stock index futures are firmly in the green, led by the tech-heavy Nasdaq, after the United States and Iran agreed to halt their recent hostilities and resume peace talks. The agreement follows days of tit-for-tat attacks that threatened a fragile truce and the flow of commerce through the vital Strait of Hormuz. A U.S. official confirmed both sides will stand down for now, allowing vessels to move freely. This de-escalation has brought a sense of calm to energy markets. Oil prices have steadied, with Brent Crude hovering around $72 a barrel and West Texas Intermediate near $70, as Middle East producers, including Saudi Aramco, push ahead with oil and LNG loadings despite the recent risks. Shares of Comcast are soaring, up as much as 23% in pre-market trading. The Media Giant announced this morning it plans to separate its media and technology businesses, spinning off NBC Universal and Sky into a new independent publicly traded company. The move, expected to be completed in about a year, is designed to better position the strategic priorities of both entities. In other company news, SpaceX is getting a boost after NASDAQ announced the newly listed company will be added to the prestigious NASDAQ 100 index on July 7. And shares of Viridian therapeutics have jumped over 12% after the FDA approved its drug to treat thyroid eye disease. A new report shows Nvidia is losing its grip on China. U.S. export controls have stalled sales of Nvidia's most advanced chips, creating an opening for local competitors. Chinese tech giant Huawei has seized the opportunity, with analysts at Bernstein predicting its share of China's AI chip market could grow to 50% this year, while Nvidia's shrinks to just 8%. This highlights the growing challenge for U.S. tech firms in a key market that is now prioritizing self-sufficiency. Meanwhile, Micron technology is facing a massive new challenge from its South Korean rivals. Samsung and SK Heinex have pledged to spend a combined $518 billion to build new chipmaking hubs. Despite the staggering figure, Micron's stock was edging higher this morning. Investors seem unfazed for now, betting that these massive projects will take years to come online, giving Micron time to lock in long-term supply deals that could shield it from future price wars. As the World Cup continues, Nike appears to be crushing Adidas on the field of sales. Despite Nike's stock struggling recently, its World Cup merchandise is seeing a sell-out rate four times higher than Adidas in the US and at a higher average price point. While World Cup revenue is a small part of Nike's overall business, it's a significant brand victory. Uncertainty is brewing over North American trade. The US-Mexico-Canada Agreement, or USMCA, is up for its first mandatory review on July 1. The president has cast doubt on its future, warning he would rather not have the agreement. This ambiguity is creating concern for businesses across the continent, as a failure to renew the 16-year deal would trigger annual reviews, injecting a dose of unpredictability into a trade relationship vital to all three economies. U.S. Treasury yields are little changed as we wait for jobs data later in the week. The 10-year is at 4.38%, the two-year yield is at 4.1%, and the 30-year bond yield is at 4.86%. And now let's check the futures. Wall Street has high hopes going into the first day of the week. Before the Bell, SP futures were up around 8 tenths of a percent, Dow futures were up roughly 4 tenths of a percent, and Nasdaq futures were up almost 1.25%. That's all for your daily rap this morning. I'm Rachel Anderson from Phinextra Pro turning data into stories.