• Market recap: All 3 main indices slumped yesterday, with the Nasdaq down over 2%. Micron (MU) and Sandisk (SNDK) in particular fell 13%, with other tech stocks down significantly — though IBM (IBM) rose 5%. Source: CNBC.
• Hertz lowers outlook: Hertz (HTZ) said Q2 earnings will likely land at the low end of guidance as weak used-car demand led to sales losses in May. Shares plummeted 22% premarket. Source: WSJ.
• Meta updates: Meta (META) launched new smart glasses without Ray-Ban (EPA:EL) branding, priced $80 lower to broaden adoption, and is building a prediction-market platform. The White House is also urging Meta — the lone holdout among big tech firms — to voluntarily submit AI models for federal reviews. Sources: The Verge / NY Times / NY Times.
• Cerebras slumps: Cerebras (CBRS) dropped 10% premarket after its first public earnings report, as 2026 gross-margin guidance of 38% to 41% trailed AI chip rivals. Revenue nearly doubled, but investors focused on manufacturing and capacity-cost pressures. Source: Reuters.
• Agility plans public debut: Agility Robotics — whose humanoid robots are already used by customers like Amazon (AMZN) — will go public through a SPAC merger with Churchill Capital XI (CCXI), valuing the company at about $2.5B. CCXI gained 15% premarket. Source: WSJ.
• Qualcomm buys Modular: Qualcomm (QCOM) agreed to acquire AI software startup Modular for about $3.9B in stock, adding AI infrastructure capabilities to strengthen its data center ambitions. The firm is also in talks to design custom chips for ByteDance. Shares fell 8% yesterday but rose 1% premarket. Sources: Bloomberg / Reuters.
• SpaceX steadies after selloff: SpaceX (SPCX) rose nearly 1% yesterday, ending a 3-day slide that erased about 24% of its value since post-IPO highs. Still, shares dipped 2% premarket. Source: CNBC.
• FedEx falls despite beat: FedEx (FDX) reported Q4 adjusted EPS of $6.31 and revenue of $25B, topping forecasts as domestic package volume rose 3%. All the same, shares tumbled 7% premarket. Source: CNBC.
• Nike names new CFO: Nike (NKE) appointed Pfizer's (PFE) finance chief David Denton as CFO, replacing Matthew Friend as CEO Elliott Hill continues a broad turnaround effort. Nike fell 2%. Source: Reuters.
• Walmart expands ad-tech business: Walmart (WMT) is acquiring connected-TV advertising platform Vibe.co for $1.4B, its largest deal since buying Vizio in 2024. The buyout strengthens Walmart’s advertising ecosystem, sending shares up 2%. Source: WSJ.
• Target investors signal discontent: Support for Target's (TGT) chairman, Brian Cornell, fell to a record low of 87.2% at the company's annual meeting, reflecting shareholder frustration over a roughly 50% stock decline since 2021. Source: CNBC.
• Prologis's takeover bid rejected: Prologis (PLD) proposed a $16.6B all-stock acquisition of U.K. warehouse owner Segro (LON:SGRO), but Segro’s board unanimously rejected the offer as undervalued. Segro rallied 18%. Source: WSJ.

• Alibaba challenges Pentagon blacklist: Alibaba (BABA) is suing the U.S. government to overturn its designation as a Chinese military-linked company. Shares fell 2.3% yesterday and another 1.2% premarket. Source: BBC.
• SCOTUS sides with Exxon: The Supreme Court ruled that Cuba’s state-owned entities cannot block certain property-seizure lawsuits, strengthening Exxon's (XOM) effort to seek over $1B in compensation for assets nationalized after the Cuban Revolution. Source: Reuters.
• Cisco prevails at high court: The Supreme Court dismissed a lawsuit alleging that Cisco (CSCO) helped China persecute Falun Gong members, ruling that U.S. courts are not the proper venue for such claims. Source: AP.
• DOJ withdraws reporter subpoenas: The Trump admin. withdrew subpoenas targeting reporters at the Washington Post and WSJ after legal challenges. News Corp. (NWSA), which owns WSJ, rose 1.5%. Source: CNN.
• SEC probes private equity funds: The SEC is investigating valuations, disclosures, and conflicts of interest concerning continuation vehicles, a fast-growing private equity fund structure used to hold assets longer. The scrutiny suggests increased oversight of private markets. Source: Reuters.
• Court greenlights fast-track deportations: An appeals court allowed the Trump administration to resume nationwide expedited deportations without immigration court hearings. Source: NPR.

• Factory layoffs surge: U.S. manufacturers cut jobs in June at the fastest pace since 2009, excluding the pandemic, as firms worried about demand and rising costs. Despite layoffs, manufacturing activity expanded, exceeding expectations. Source: CNBC.
• Oil hits prewar level: Brent crude fell below $76 per barrel, its lowest level since before the U.S.-Iran war, as supply concerns eased. Source: CNBC.

• Finland lifts nuclear ban: Finland voted to allow NATO's nuclear weapons to be imported, transported, or stored on its territory, strengthening deterrence against Russia. Source: NY Times.
• Russian central banker appears in public: Moscow's central bank chief Elvira Nabiullina resurfaced after a 2-week absence, seeking to calm speculation over tensions with the Kremlin as rising military spending, widening deficits, and inflation complicate Russia’s economy. Source: NY Times.
• Congress passes housing bill: Congress approved the largest federal housing package in decades, which aims to streamline development and improve affordability. Still, builders have warned that local regulations and high costs may limit its impact. Source: WSJ.
• Senate rebukes Trump on Iran: In a largely symbolic vote, the Senate passed a resolution ordering President Trump to withdraw U.S. forces from the Iran conflict. 4 Republicans joined almost all Dems to vote in favor, while 1 Democrat was opposed. Source: CNN.
• Primaries in NY, SC, UT: NYC Mayor Zohran Mamdani helped propel 3 progressive candidates to Democratic primary victories, reshaping the party’s left wing ahead of the midterms. In SC, Trump-backed AG Alan Wilson won the GOP gubernatorial runoff, while in UT, Dems chose a moderate for a left-leaning seat. Sources: NY Times / AP.
• CA to vote on billionaire tax: California voters are set to decide a one-time, 5% tax on billionaires’ assets in November after the measure garnered enough signatures to qualify for the ballot. Source: Politico.

• 7:00 AM: MBA 30-Year Mortgage Rate
• 8:30 AM: Current Account
• 10:00 AM: New Home Sales & New Home Sales MoM
• 10:30 AM: EIA Crude Oil & Gasoline Stocks Change
• 4:00 PM: Fed Bank Stress Test Results
• Thursday: Core PCE Price Index MoM, Durable Goods Orders MoM, GDP Growth Rate QoQ Final, Personal Income & Spending MoM

FedEx (FDX) has released its quarterly earnings.

• Revenue of $25.00B (+12.61% YoY) beats by $942.70M.
• EPS of $6.31 (+3.95% YoY) beats by $0.37.
• Financials · As Reported · Metrics · Press Release

Cerebras Systems (CBRS) has released its quarterly earnings.

• Revenue of $193.41M (+94.35% YoY) beats by $12.59M.
• EPS of -$0.04 beats by $0.12.
• Financials · As Reported · Metrics · Press Release

Carnival Corporation (CCL) has released its quarterly earnings.

• Revenue of $6.66B (+5.29% YoY) misses by $19.95M.
• EPS of $0.41 (+17.14% YoY) beats by $0.07.
• Financials · As Reported · Metrics · Press Release

Paychex (PAYX) has released its quarterly earnings.

• Revenue of $1.61B (+12.52% YoY) beats by $965.45K.
• EPS of $1.32 (+10.92% YoY) beats by $0.01.
• Financials · As Reported · Metrics · Press Release

ICON Public Limited Company (ICLR) has released its quarterly earnings.

• Revenue of $2.03B (+1.65% YoY) beats by $42.53M.
• EPS of $2.50 (-23.55% YoY) in line with estimates.
• Financials · As Reported · Metrics · Press Release

KB Home (KBH) has released its quarterly earnings.

• Revenue of $1.11B (-27.32% YoY) beats by $22.79M.
• EPS of $0.43 (-71.33% YoY) misses by $0.02.
• Financials · As Reported · Metrics · Press Release

NovaGold Resources (NG) has released its quarterly earnings.

• EPS of -$0.06 in line with estimates.
• Financials · As Reported · Metrics · Press Release

Worthington Enterprises (WOR) has released its quarterly earnings.

• Revenue of $371.46M (+16.85% YoY) misses by $14.88M.
• EPS of $0.97 (-8.49% YoY) misses by $0.09.
• Financials · As Reported · Metrics · Press Release

Micron Technology (MU) will report today after close.

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

Trip.com Group (TCOM) will report today after 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 today after 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 tomorrow before market open.

• 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 tomorrow before market open.

• Analysts estimate revenue of $16.79B (+12.34% YoY).
• EPS is estimated to be $4.10 (+37.12% YoY).
• Financials · As Reported · Metrics

McCormick & Company (MKC) will report tomorrow before market open.

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

Acuity (AYI) will report tomorrow before market open.

• Analysts estimate revenue of $1.18B (-0.13% YoY).
• EPS is estimated to be $5.11 (-0.20% YoY).
• Financials · As Reported · Metrics

Commercial Metals Company (CMC) will report tomorrow before market open.

• Analysts estimate revenue of $2.41B (+19.22% YoY).
• EPS is estimated to be $1.72 (+132.43% YoY).
• Financials · As Reported · Metrics

BlackBerry (BB) will report tomorrow before market open.

• Analysts estimate revenue of $137.91M (+13.32% YoY).
• EPS is estimated to be $0.02 (0.00% YoY).
• Financials · As Reported · Metrics

Nike (NKE) will report Tuesday.

• Analysts estimate revenue of $10.85B (-2.23% YoY).
• EPS is estimated to be $0.12 (-14.29% YoY).
• Financials · As Reported · Metrics

Constellation Brands (STZ) will report Tuesday.

• Analysts estimate revenue of $2.41B (-4.29% YoY).
• EPS is estimated to be $3.26 (+1.24% YoY).
• Financials · As Reported · Metrics

• Estimated Thursday, June 25: 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.