The Morning Market Briefing

Hosted by Narwhal Capital Management

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Jun 2026

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The Morning Market Briefing presented by Narwhal Capital Management offers daily market commentary and long-form investment analysis, opinion, theory, and entertainment. Visit our website: https://www.narwhal.com/ Please see disclosures: https://www.narwhal.com/disclosure

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June 16, 202621 min

EU Approves US Trade Deal at 15% Tariffs, BOJ Hikes Without Ueda + Andrew on Elon | June 16, 2026 – Morning Market Briefing

Andrew and Ben discuss the BOJ hiking rates 25bps to 1% without Governor Ueda and signaling more hikes ahead despite a 250% debt/GDP ratio, the European Parliament ratifying the US-EU trade deal 440-151 with 15% tariffs on most EU goods and preferential access for US farm produce, the Huntsman-Olin merger creating OlinHuntsman with $400 million in synergies, and growing skepticism around the Iran deal as bonds refuse to buy in and disagreements remain over Hormuz tolls, the nuclear timeline, and Israel's posture on Lebanon.Join our live YouTube stream Monday through Friday at 8:30 AM EST:http://www.youtube.com/@TheMorningMarketBriefingPlease see disclosures:https://www.narwhal.com/disclosure

June 15, 202620 min

Strait of Hormuz Reopens, Oil Drops to $80 + Warsh Wants Less Fed Guidance | June 15, 2026 – Morning Market Briefing

Ben and Tom discuss the Iran-US agreement to reopen the Strait of Hormuz with the blockade lifted immediately, $25 billion in phased sanction relief, a permanent end to hostilities including Lebanon, and an expected Friday signing in Geneva, the market reaction with oil dropping 5.6% to $80, the Nasdaq up 2.2%, and gold rising 3%, and the start of Warsh Week with the new Fed Chair pushing to scrap forward guidance and remake Fed communication.Join our live YouTube stream Monday through Friday at 8:30 AM EST:http://www.youtube.com/@TheMorningMarketBriefingPlease see disclosures:https://www.narwhal.com/disclosure

June 12, 202617 min

SpaceX IPO Goes Live, Power Emergency Hits the Southeast, & Iran Deal Takes Shape | June 12, 2026 – Morning Market Briefing

Tom and Thomas discuss SpaceX's IPO trading kicking off around midday with crypto markets implying a $2.3 trillion valuation 30-50% above the IPO price, the heavy skepticism that SPCX can hold that level, the Trump administration's power emergency declaration in the southeastern US allowing plants to exceed pollution limits during dangerous heat, and the framework of the Iran deal including a 30-day Strait of Hormuz reopening, $300 billion in reconstruction funding, the release of $24 billion in frozen assets, and a permanent end to hostilities.Join our live YouTube stream Monday through Friday at 8:30 AM EST:http://www.youtube.com/@TheMorningMarketBriefingPlease see disclosures:https://www.narwhal.com/disclosure

June 11, 202628 min

Oracle Tanks 8% on $90B CapEx Blowout + ECB Hikes for First Time Since 2023 | June 11, 2026 – Morning Market Briefing

Ben and Tom discuss Oracle's 8% drop on a $40 billion capital raise plan and CapEx ballooning to $90-95 billion against just 6% EPS growth, the ECB hiking rates for the first time since 2023 to 2.25% into a sagging expansion, today's PPI print and 30-year auction, Rick Rieder's case for Fed cuts and fixed-income opportunities, OpenAI weighing drastic token price cuts to fend off Anthropic, and why Google's equity-funded AI buildout raises real questions about ROIC.Join our live YouTube stream Monday through Friday at 8:30 AM EST:http://www.youtube.com/@TheMorningMarketBriefingPlease see disclosures:https://www.narwhal.com/disclosure

June 10, 202622 min

AI Cash Crunch Hits SMCI, OpenAI, Perplexity as Iran Deal Hangs by a Thread | June 10, 2026 – Morning Market Briefing

Andrew, Ben, and Tom discuss Trump's Truth Social post declaring Iran's military "completely defeated" and the deal effectively dead, today's CPI print with consensus at +4.2% headline, the BOJ rate hike path complicated by Governor Ueda's hospitalization, Super Micro's $7 billion dilutive stock offering to fund $39 billion in backlog orders, the building AI supply overhang from OpenAI's S-1, Google, SpaceX, and Perplexity's 2028 IPO plans, Claude Fable 5's release stabilizing tech, TSMC's 30% May sales rebound, and Oracle earnings tonight.Join our live YouTube stream Monday through Friday at 8:30 AM EST:http://www.youtube.com/@TheMorningMarketBriefingPlease see disclosures:https://www.narwhal.com/disclosure

June 9, 202625 min

China's $295B AI Buildout Squeezes Out Nvidia + OpenAI's IPO Race to Catch Anthropic | June 9, 2026 – Morning Market Briefing

Andrew, Ben, and Tom discuss China's $295 billion AI infrastructure plan that hands 80% of the buildout to Huawei and squeezes out Nvidia and AMD, Taiwan's tightening AI chip export controls, Korea's 8% rebound after yesterday's circuit breaker, OpenAI's S-1 filing as it races Anthropic to be the first AI lab to go public, the finalized $36 billion Apollo-Blackstone-Google-Anthropic-Broadcom TPU financing deal, and Apple's underwhelming WWDC keynote with a slow Siri AI rollout limited outside the US.Join our live YouTube stream Monday through Friday at 8:30 AM EST:http://www.youtube.com/@TheMorningMarketBriefingPlease see disclosures:https://www.narwhal.com/disclosure

June 8, 202617 min

Bond Traders Bet on a 4.3% CPI Surge: What It Means for Markets After Korea's Circuit Breaker | June 8, 2026 – Morning Market Briefing

Andrew, Tom, and Thomas discuss Korea's stock market hitting a circuit breaker overnight with an 8.5% drop, bond traders positioning for a 4.3% CPI surge that could complicate Kevin Warsh's rate-cut plans, and what the renewed inflation fears mean for markets, the Fed, and the AI trade.Join our live YouTube stream Monday through Friday at 8:30 AM EST:http://www.youtube.com/@TheMorningMarketBriefingPlease see disclosures:https://www.narwhal.com/disclosure

June 5, 202619 min

Zelensky's Open Letter to Putin + SpaceX Denied S&P 500 Entry | June 5, 2026 – Morning Market Briefing

Andrew, Ben, and Tom discuss Zelensky's open letter to Putin proposing direct man-to-man peace talks with potential involvement from the US and Europe as security guarantors, while Trump is focused on Iran, and S&P Dow Jones Indices' surprise rejection of SpaceX's S&P 500 inclusion, citing GAAP profitability and float requirements.Join our live YouTube stream Monday through Friday at 8:30 AM EST:http://www.youtube.com/@TheMorningMarketBriefingPlease see disclosures:https://www.narwhal.com/disclosure

June 4, 202627 min

Netflix Uses AI to Solve Content Overload + Bibi Threatens to Restart War | June 4, 2026 – Morning Market Briefing

Andrew, Ben, and Tom discuss Netflix's integration of generative AI and natural language processing to help viewers cut through content overload with personalized recommendations and a voice user interface, alongside the latest Iran update with the Foreign Minister claiming no tangible progress in talks, Bibi Netanyahu's CNBC comments raising the prospect of restarting the war, Trump's hope for a weekend deal to reopen the Strait of Hormuz, and the market reaction with oil rising and bonds selling off.Join our live YouTube stream Monday through Friday at 8:30 AM EST:http://www.youtube.com/@TheMorningMarketBriefingPlease see disclosures:https://www.narwhal.com/disclosure

June 3, 202618 min

SpaceX IPO Targets $1.75T Valuation + New Tariffs Tied to Slave Labor | June 3, 2026 – Morning Market Briefing

Andrew, Ben, and Tom discuss the SpaceX IPO targeting a $1.75 trillion valuation with a record $75 billion raise pricing next Thursday, historical data on how mega-IPOs perform and float dynamics, the anomalous JOLTS job openings jump in the West, today's ISM Services and Fed Beige Book releases, and the USTR's new Section 301 tariffs of 10-12.5% on major trading partners including Canada, the EU, Mexico, China, and the UK tied to forced labor.Join our live YouTube stream Monday through Friday at 8:30 AM EST:http://www.youtube.com/@TheMorningMarketBriefingPlease see disclosures:https://www.narwhal.com/disclosure