• Market overview: Technology stocks are leading a market decline, with Nasdaq futures down more than 2.5%. Nvidia (NVDA), Oracle (ORCL), Intel (INTC), and Micron (MU) fell in premarket trading. The Nasdaq 100 is on track to lose more than $1T. Sources: WSJ / Reuters.
• Alphabet's bad day: Alphabet (GOOGL) fell 5%, its worst day in over a year, after key AI leaders Noam Shazeer and John Jumper departed for rivals. Investor concerns also grew over rising AI spending and AI model commoditization. Source: CNBC.
• SpaceX deal & valuation slide: SpaceX (SPCX) signed a compute agreement with Reflection AI, which is worth up to $6.3B through 2029. SpaceX is also on track to fall below $2T in market value after losing more than $600B in four days. Sources: CNBC / Bloomberg.
• Lucid reduces its workforce: Lucid (LCID) is laying off about 18% of its U.S. workforce, eliminating its COO role, and ending a factory production shift. The restructuring is expected to save $158M annually as the EV maker works to improve profitability. Source: CNBC.
• UPS expands cold chain push: UPS (UPS) will invest $48M across 27 temperature-controlled facilities to grow its healthcare logistics business. The move targets rising demand for refrigerated drugs. Source: CNBC.
• Oracle cut jobs amid AI shift: Oracle (ORCL) reduced its workforce by about 21,000 employees, or 13%, over the past year as it expanded AI and cloud infrastructure. Source: BBC.
• Bath & Body Works partnership: Bath & Body Works (BBWI) products will be sold in more than 600 Ulta (ULTA) stores starting on July 12. The partnership supports both retailers’ turnaround efforts. Source: Reuters.
• NatPower partners with Tesla: NatPower and Tesla (TSLA) agreed to build 25 GWh of battery storage across Italy and the U.K. using Tesla Megapacks, the first phase of a planned 100 GWh rollout. The project could generate more than $15B over 20 years. Source: Reuters.
• Tesla crash faces probe: Tesla (TSLA) is under federal investigation after a Model 3 crashed into a Texas home, killing a resident. Regulators are examining whether a driver-assistance system was in use. Source: WSJ.
• Domino’s names new CEO: Domino’s Pizza (DPZ) appointed operations chief Joe Jordan as CEO, effective Oct. 1, succeeding Russell Weiner, who will become executive chairman. Source: WSJ.
• Apollo limits withdrawals: Apollo (APO) capped redemptions at 5% in its $26B private-credit fund after withdrawal requests surged to 16.8%. The move highlights growing liquidity concerns across retail-focused private-credit vehicles. Source: CNBC.
• Target chair loses support: Investor backing for Target’s (TGT) Executive Chair Brian Cornell fell to a record-low 87.2% after criticism over a 50% share-price decline, falling profits, and weak sales. Source: CNBC.
• CEO pay reaches records: CEO compensation hit new highs in 2025, with Tesla (TSLA) CEO Elon Musk receiving a record $158.4B package. Median pay for S&P 500 CEOs rose to $17.9M as more companies awarded large stock-based incentive packages. Source: WSJ.
• KOSPI tumbles on chip selloff: South Korea’s KOSPI plunged 9.99%, its biggest drop in over three months, as investors dumped Samsung Electronics (KRX:005930) and SK Hynix (KRX:000660) after regulators warned that leveraged ETFs and margin-fueled speculation had overheated the market. Source: Reuters.

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• U.K. economy contracts again: The U.K.’s private-sector PMI fell to 49.4 in June, a second straight month of contraction and a 14-month low. Weak growth and declining employment add pressure on policymakers as the country navigates a political transition. Source: Bloomberg.
• Brexit weighs on U.K. growth: 10 years after the Brexit vote, economists estimate that the U.K. economy is 4% to 6% smaller than it would have been inside the EU. Weaker trade, investment, and productivity have outweighed gains from new trade agreements. Source: NY Times.
• EV sales drive Europe growth: European car registrations rose 3.6% in May as electric and hybrid vehicle demand offset falling gasoline and diesel sales. Chinese automakers gained market share, while Tesla (TSLA) registrations more than doubled. Source: Reuters.
• Euro-zone business activity: Euro-area business activity remained in contraction in June, but the PMI improved to 49.5 from 48.5, beating expectations. Source: Bloomberg.
• Singapore inflation stays mild: Singapore’s May inflation held at 1.8%, below forecasts, while core inflation eased to 1.4%, as lower telecom costs offset higher transport and food prices. Source: CNBC.

• U.S. eases Iran sanctions: Iran said it expects to receive $12B in previously frozen funds, released in two $6B installments, as part of ongoing negotiations with the U.S. The U.S. also issued a 60-day waiver allowing Iran to sell oil in dollars, potentially unlocking billions in revenue. Sources: CNBC / Bloomberg.
• Russia fuel shortages spread: Russian strikes injured 6 people across Ukraine overnight, days after a Ukrainian attack killed 5 at a missile-electronics plant in Russia. Ukraine’s expanding strikes on Russian energy and logistics infrastructure have pushed fuel shortages into Siberia, prompting sales limits in some regions. Source: Reuters.
• China's supercomputer win: China’s LineShine supercomputer was ranked the world’s fastest, surpassing the U.S.’s El Capitan by more than 20%. Source: NY Times.
• European heat wave: A persistent “heat dome” is driving extreme temperatures across Europe, with parts of the U.K. and France expected to reach 40°C (104°F). The heatwave has caused at least 40 drownings in France as people seek relief from the heat. Sources: NY Times / Reuters.
• Stars shine at World Cup: Lionel Messi scored twice to become the World Cup’s all-time leading scorer with 18 goals. Kylian Mbappé added two for France, while Erling Haaland scored twice in Norway’s 3-2 win over Senegal. Source: AP.

• Pentagon seeks war funding: The Pentagon is seeking about $80B from Congress, largely to cover costs of the Iran war and replenish weapons stockpiles. The request faces resistance from lawmakers concerned about spending levels and the conflict’s justification. Source: AP.
• ABC challenges FCC probes: ABC, owned by Disney (DIS), launched an on-air campaign urging viewers to oppose FCC investigations into its broadcast licenses and The View. The dispute highlights escalating tensions between media companies and federal regulators over speech and licensing. Source: WSJ.
• Judge blocks DOJ probe: A federal judge quashed Justice Department subpoenas targeting Minnesota Governor Tim Walz and other officials, ruling the immigration-related investigation was aimed at coercion and retaliation rather than legitimate law enforcement. Source: Reuters.
• Alan Greenspan dies at 100: Former Federal Reserve Chair Alan Greenspan, who led the Fed from 1987 to 2006 and helped shape a long U.S. economic expansion, died at age 100. His legacy remains tied to both the 1990s boom and criticism after the 2008 financial crisis. Source: NPR.

• 8:15 AM: ADP Employment Change Weekly
• 9:45 AM: S&P Global Composite, Manufacturing, and Global Services PMI Flashes
• 4:30 PM: API Crude Oil Stock Change
• Thursday: Core PCE Price Index MoM, Durable Goods Orders MoM, GDP Growth Rate QoQ Final, Personal Income & Spending MoM

Korn Ferry (KFY) has released its quarterly earnings.

• Revenue of $768.26M (+6.72% YoY) beats by $24.24M.
• EPS of $1.40 (+6.06% YoY) beats by $0.02.
• Financials · As Reported · Metrics · Press Release

FedEx (FDX) will report today after close.

• Analysts estimate revenue of $24.06B (+8.37% YoY).
• EPS is estimated to be $5.94 (-2.14% YoY).
• Financials · As Reported · Metrics

Cerebras Systems (CBRS) will report today after close.

• Analysts estimate revenue of $180.81M (n/a YoY).
• EPS is estimated to be -$0.16.
• Financials · As Reported · Metrics

KB Home (KBH) will report today after close.

• Analysts estimate revenue of $1.09B (-28.81% YoY).
• EPS is estimated to be $0.45 (-70.00% YoY).
• Financials · As Reported · Metrics

Micron Technology (MU) will report tomorrow after market close.

• Analysts estimate revenue of $35.01B (+276.46% YoY).
• EPS is estimated to be $20.20 (+957.59% YoY).
• Financials · As Reported · Metrics

Paychex (PAYX) will report tomorrow before market open.

• Analysts estimate revenue of $1.61B (+12.45% YoY).
• EPS is estimated to be $1.31 (+10.08% YoY).
• Financials · As Reported · Metrics

Trip.com Group (TCOM) will report tomorrow after market close.

• Analysts estimate revenue of $2.33B (+21.99% YoY).
• EPS is estimated to be $0.79 (-3.66% YoY).
• Financials · As Reported · Metrics

Jefferies Financial Group (JEF) will report tomorrow after market close.

• Analysts estimate revenue of $2.28B (+39.74% YoY).
• EPS is estimated to be $1.21 (+202.50% YoY).
• Financials · As Reported · Metrics

Darden Restaurants (DRI) will report Thursday.

• Analysts estimate revenue of $3.73B (+14.01% YoY).
• EPS is estimated to be $3.64 (+22.15% YoY).
• Financials · As Reported · Metrics

TD SYNNEX (SNX) will report Thursday.

• Analysts estimate revenue of $16.79B (+12.34% YoY).
• EPS is estimated to be $4.08 (+36.45% YoY).
• Financials · As Reported · Metrics

McCormick & Company (MKC) will report Thursday.

• Analysts estimate revenue of $1.91B (+15.16% YoY).
• EPS is estimated to be $0.70 (+1.45% YoY).
• Financials · As Reported · Metrics

• Estimated Wednesday, June 24: Alopexx, Inc. (ALPX), a biopharma company that focuses on bacterial and parasitic infections.
• Estimated Thursday, June 25: DCP Holdings PLC (DPC), an aerospace and military engine maker with $886M in TTM revenue and 12.2% revenue growth YoY.
• Estimated Friday, June 26: MetaOptics Ltd (MOT), a Singapore-based optical lenses maker with $613,198 in TTM revenue and 891.2% revenue growth YoY.