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Meta Platforms Tries to Rebound After 5.4% Slide to $567.58 — AI-for-Work Product Lead Exit Still Weighs

Meta Platforms shares attempted a premarket rebound Thursday after tumbling 5.4% to $567.58 on Wednesday, a drop that erased roughly $83 billion in market value. The slide followed Reuters reporting that Emily Dalton Smith, the executive leading Meta's AI-for-Work product effort, is departing the company just two months after being named to the role. Investors are weighing the departure against Meta's already-elevated 2026 capital expenditure forecast of $125 billion to $145 billion.

Alphabet Dips 0.4% to $362.26 as Gemini Co-Lead Noam Shazeer Departs for OpenAI — Google Once Paid $2.7B to Bring Him Back

Alphabet shares slipped 0.4% to $362.26 in premarket trading after Noam Shazeer, the Gemini AI co-lead credited with closing the gap on ChatGPT, announced he is leaving Google to join rival OpenAI. Google reportedly paid $2.7 billion less than two years ago to bring Shazeer and his Character.AI team back into the fold, making his exit a fresh test of the company's ability to retain top AI talent. The move comes as Alphabet raised its planned equity sales to $84.75 billion.

Nucor Guides Q2 2026 Adjusted EPS to $4.50-$4.60, Topping $4.27 Consensus — Reshoring Fuels Steel Profit Surge

Nucor guided second-quarter 2026 adjusted earnings per share to a range of $4.50 to $4.60, topping the Wall Street consensus of $4.27 by as much as 8%. The steelmaker pointed to higher realized selling prices across its steel mills segment and durable demand tied to domestic reshoring, data center construction, and infrastructure spending. Continued enforcement of anti-dumping and Section 232 tariffs has pushed imports' share of the U.S. finished steel market down to roughly 15% from over 22% a year earlier.

Federal Reserve Targets 3.50%-3.75% Rate Hold Today — Kevin Warsh's First Press Conference Tests 55% Hawkish Bet

The Federal Reserve is widely expected to hold its benchmark interest rate at 3.50% to 3.75% when it concludes a two-day policy meeting this afternoon, the first under new Chairman Kevin Warsh. CME FedWatch data points to a roughly 97% probability of no change, but a Bank of America survey found 55% of respondents expect Warsh to strike a hawkish tone at his 2:30 p.m. press conference. An updated dot plot and economic projections due alongside the statement will offer the clearest signal yet on the rate path into 2027.

Jabil Posts $3.16 Core EPS in Q3 Fiscal 2026, Tops $3.10 Estimate — Raises FY26 Outlook on AI Infrastructure Surge

Jabil posted fiscal third-quarter 2026 core earnings of $3.16 per share on revenue of $8.8 billion, topping Wall Street estimates of roughly $3.10 per share and $8.61 billion. The contract manufacturer raised its fourth-quarter outlook to as much as $4.20 in core EPS, citing surging AI infrastructure demand alongside better-than-expected results in automotive and connected living. CEO Mike Dastoor said the company's diversified model continues to deliver margin expansion and strong free cash flow heading into fiscal 2027.

U.S. Retail Sales Rise 0.9% in May 2026, Nearly Double 0.5% Forecast — Consumer Resilience Tested Ahead of Fed Decision

U.S. retail sales rose 0.9% in May, nearly double the 0.5% increase economists had forecast, according to Commerce Department data released this morning. Retail trade sales climbed 1.0% from April and 7.5% from a year earlier, with nonstore retailers up 12.2% year-over-year. The stronger-than-expected print arrives hours before the Federal Reserve's policy decision, giving officials fresh evidence that consumer spending remains resilient even as inflation stays above target.

Micron Technology Surges 10.8% to $1,088 — Bank Upgrades Fuel AI Memory Supercycle Bet Ahead of Q3 2026 Earnings

Micron Technology shares jumped 10.8% to roughly $1,088 after TD Cowen and RBC Capital Markets sharply raised price targets on the memory chipmaker. The rally was reinforced by a U.S.-Iran peace agreement that lifted risk appetite across semiconductors, alongside analyst forecasts that DRAM prices could climb 58% to 63% in the third quarter and HBM pricing could more than double by 2027. Micron reports fiscal third-quarter results on June 24, with revenue guided to a record $33.5 billion.

Fed Chair Kevin Warsh Opens First FOMC Meeting Today — Rate Hold at 3.50%-3.75% Widely Expected

The Federal Reserve opened a two-day FOMC meeting today, the first chaired by Kevin Warsh, with markets pricing in a near-certain hold on the federal funds rate at 3.50% to 3.75%. Investors are focused less on the rate decision itself and more on Warsh's tone, the updated dot plot, and Wednesday's press conference for signals on policy direction into 2027 amid sticky inflation and pressure from the White House for lower rates.

Bitcoin Slips Below $66,000 Despite Iran Peace Deal as Traders Eye Trump Reversal Risk

Bitcoin briefly rose above $67,000 before slipping to trade near $65,845, up just 0.3% on the day despite a broad equity rally tied to the U.S.-Iran peace memorandum. The muted crypto reaction contrasts with the S&P 500's 1.7% gain and Nasdaq's 3.1% surge, with traders citing caution over the durability of the deal and the approaching Fed decision as reasons for the divergence.