🌅 Today's Morning Call
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S&P Futures
7,411.75
▲ +25.50 (+0.35%)
|
Nasdaq Futures
29,175.25
▲ +116.75 (+0.40%)
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Dow Futures
49,407.00
▲ +213.00 (+0.43%)
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10Y Treasury
4.59%
▲ +0.13%
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US Dollar
99.13
▼ -0.19 (-0.19%)
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Bitcoin
$77,344
▼ -$63 (-0.08%)
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Data as of 8:07 AM ET
Good morning! Monday, May 18, 2026, and the week is kicking off with a cautiously optimistic tone. Futures across the board are nudging higher, with the Dow pointing toward 49,400 and the Nasdaq adding about 0.40% in pre-market action. The real fireworks this morning are in healthcare, where a late-stage trial win for Merck and a painful miss for Regeneron are pulling the sector in two very different directions. Here is your morning rundown.
👀 What to Watch Today
Today's session is light on major scheduled economic data, which means the market will be leaning heavily on corporate newsflow and macro sentiment to set direction. Treasury yields are worth watching closely. The 10-year is sitting at 4.59% and the 30-year is pushing 5.13%, both up meaningfully overnight. That kind of move in long-end yields can put a ceiling on rate-sensitive sectors like utilities and REITs, so keep an eye on how those names open.On the equity side, the pharmaceutical sector is front and center with two very different trial outcomes shaking things up before the bell. Merck (MRK) and Regeneron (REGN) are both in the spotlight for very different reasons, which we will get into shortly. The dollar index (DXY) slipping to 99.13 is a mild tailwind for multinational earnings and commodities, and Bitcoin hovering around $77,344 suggests crypto is taking a breather for now.
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Text Me the Alerts🌏 Overnight Recap
Overnight, the big story out of Europe was Commerzbank (CRZBF, CRZBY) officially rejecting UniCredit's (UNCFF) takeover bid. This has been a slow-moving saga, but the formal rejection keeps the German bank independent for now and adds another layer of uncertainty to cross-border European banking consolidation. European markets took note but reaction was measured.Out of Asia, China's April solar export data came in hot, showing a 60% year-over-year surge. That kind of number sends a signal about global clean energy supply dynamics and puts ETFs like TAN, ICLN, and QCLN on the radar for the session. Separately, India confirmed it will continue purchasing Russian oil despite U.S. sanctions frameworks, a move that keeps geopolitical energy trade routes complicated heading into summer. The India-focused ETF INDA may see some attention today as that story develops.
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📊 Pre-Market Movers
Regeneron (REGN) is the headline mover this morning, falling roughly 11.8% in pre-market trading after its experimental melanoma treatment failed to hit primary endpoints in a late-stage trial. These kinds of binary events are brutal in biotech, and REGN was no small-cap gamble. This is a name investors were counting on for pipeline growth, so expect heavy volume and volatile price action at the open.On the positive side, Merck (MRK) is likely to see some early buying interest after its endometrial cancer drug succeeded in hitting primary objectives in a late-stage trial. AstraZeneca (AZN) also has a catalyst with U.S. approval of its hypertension drug baxdrostat, opening up a large addressable market for a condition affecting tens of millions of Americans.
Over in mining and materials, Anglo American (AAUKF, NGLOY) is making moves after announcing the sale of its Australian steelmaking coal assets to Dhilmar for up to $3.88 billion. That is a meaningful portfolio cleanup, and the market tends to reward that kind of focus. Watch for early price reaction as the deal gets priced in.
🔍 Today's Watchlist
- MRK: Merck's endometrial cancer drug cleared its late-stage primary endpoints, a meaningful pipeline win worth watching for a morning gap higher.
- REGN: Regeneron dropped nearly 12% in pre-market after its melanoma treatment missed its primary trial target. Watch for support levels and analyst commentary.
- TAN, ICLN, QCLN: China's 60% solar export surge overnight puts clean energy ETFs in focus for early session volume and direction.
- 10-Year Treasury at 4.59%: Rising long-end yields are a headwind for rate-sensitive sectors. Watch utilities, REITs, and growth names accordingly.
- LULU: The Lululemon and founder Chip Wilson public dispute heats up with a shareholder letter. Watch for sentiment shifts around management credibility.
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🎯 The Morning Playbook
The setup for Monday is constructive but not without landmines. Futures are green across all three major indices, the dollar is soft, and corporate catalysts are plentiful. The core play is staying selective rather than chasing the broad tape. Healthcare is bifurcated today, with MRK and AZN as potential longs on catalyst-driven momentum and REGN as a name to watch carefully for either a bounce or continued selling pressure.Clean energy ETFs like TAN and ICLN deserve a look given the China solar export data, though investors should be mindful that supply surges are a double-edged sword. More supply globally can pressure pricing even as volume grows.
The bigger picture to keep in mind is that yields are rising and the dollar is softening simultaneously, a combination that historically supports commodities and international equities. Stay nimble, let the first 30 minutes of trading settle, and focus on names with real news driving the moves today.
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