Key Takeaways
- Intel (INTC) shares surged over 9% in pre-market trading following an announcement by President Trump that Apple (AAPL) has agreed to manufacture chips domestically using Intel's foundry services.
- The Philadelphia Fed Manufacturing Index jumped to 10.3 in June, significantly outperforming the -0.4 reading in May and beating analyst estimates of 10.0, signaling a sharp recovery in regional industrial activity.
- US Initial Jobless Claims fell to 226,000 for the week ending June 13, remaining near historic lows despite a slight miss against the 225,000 estimate, while Continuing Claims rose to 1.81 million.
- OPEC raised its 2050 world oil demand forecast to 124 million barrels per day (bpd) in its 2026 World Oil Outlook, maintaining that peak demand is not yet on the horizon.
- Accenture (ACN) shares plummeted 14% after the consulting giant reported a revenue miss and lowered its full-year profit outlook, citing a slowdown in discretionary IT spending.
Manufacturing and Labor Markets Signal Resilience
The US manufacturing sector showed unexpected strength in June as the Philadelphia Fed Business Outlook Survey surged to 10.3, up from a contractionary -0.4 in May. This reading exceeded the consensus estimate of 10.0, suggesting that industrial activity in the Mid-Atlantic region is expanding at a healthy clip. Economists view the Philly Fed index as a leading indicator for national manufacturing trends, and today’s data suggests a broader stabilization in the sector.
In the labor market, Initial Jobless Claims decreased by 4,000 to 226,000 for the week ending June 13. While slightly higher than the 225,000 forecast, the figure remains consistent with a tight labor market. However, Continuing Claims rose to 1,810,000 for the week ending June 6, surpassing the 1,789,000 estimate. This suggests that while layoffs remain low, unemployed workers may be taking longer to find new positions.
Trump Reveals Apple-Intel Chip Partnership
In a major move for domestic semiconductor production, President Donald Trump announced via Truth Social that Apple (AAPL) has agreed to work with Intel (INTC) to design and build chips within the United States. The deal follows a reported $8.9 billion investment by the US government in Intel last August, which gave the administration a 10% stake in the company. Intel shares spiked 9% on the news, while Apple shares saw a modest 0.5% gain.
The partnership marks a strategic shift for Apple, which has long relied on Taiwan Semiconductor Manufacturing (TSM) for its advanced processors. Analysts suggest the move is intended to mitigate supply chain risks and respond to rising costs in the global chip market. Apple CEO Tim Cook recently noted that price hikes for consumer devices are becoming "unsustainable" due to a "memory chip crunch," leading to a 6% jump in Western Digital (WDC) and a 4.6% rise in Micron (MU) shares today.
Global Energy and Monetary Policy
OPEC released its 2026 World Oil Outlook, maintaining its 2030 demand forecast at 113.3 million bpd while raising its long-term 2050 view to 124 million bpd. The report emphasized that "peak demand is not on the horizon," contradicting some Western forecasts that predict a faster transition away from fossil fuels. Meanwhile, in Norway, the oil service union extended its strike by 244 workers, adding potential pressure to North Sea supply.
In Europe, the Swiss National Bank (SNB) left interest rates unchanged at 0% today. The central bank indicated a "hands-off" policy is likely to persist for some time as it monitors inflation, which rose to 0.6% in May due to higher energy costs. The SNB reiterated its willingness to intervene in foreign exchange markets to prevent an excessive appreciation of the Swiss Franc ($CHF).
Corporate Earnings and Market Movers
Accenture (ACN) led the laggards in pre-market trading, falling 14% after reporting third-quarter revenue that missed expectations. The company also issued a disappointing full-year profit forecast, which dragged down other IT services stocks including IBM (IBM), which fell 5%, and Infosys (INFY), down 4%.
Conversely, Nucor (NUE) rose 1.5% after raising its profit outlook for the next quarter, while Steel Dynamics (STLD) fell 3% after cutting its EPS guidance. In the pharmaceutical sector, Pfizer (PFE) shares slipped 1.5% following the announcement that its CFO will step down effective August 15.
Ed Liston is a senior contributing editor at TheStockMarketWatch.com. An active market watcher and investor, Ed guides an independent team of experienced analysts and writes for multiple stock trader publications.