• Market recap: The Nasdaq slid 4.6% over the course of last week, with the S&P 500 down 2% and the Dow rising 0.6%. Micron (MU) fell 6% on Friday, but J&J (JNJ), AbbVie (ABBV), and Eli Lilly (LLY) climbed 4-7%. Source: CNBC.
• Rocket Lab's big buyout: Rocket Lab (RKLB) will acquire Iridium (IRDM) for $8B in cash and stock, gaining Iridium’s satellite constellation and global spectrum rights to strengthen its challenge to SpaceX (SPCX). Iridium soared 23% premarket, with Rocket Lab up 10%. Source: WSJ.
• Comcast plans breakup: Comcast (CMCSA) is spinning off NBCUniversal and Sky into a separate publicly traded company through a tax-free transaction, leaving shareholders with stakes in both companies. Shares rose 23% premarket. Source: CNBC.
• SpaceX joins Nasdaq 100: SpaceX (SPCX) will join the Nasdaq 100 on July 7, which could drive $4.3B in passive fund inflows as index-tracking ETFs add the stock. Shares rose 2% premarket. Source: Reuters.
• Martin Marietta buys Lhoist: Martin Marietta (MLM) agreed to acquire Lhoist North America for $13.5B in cash and stock, marking its largest deal ever. Shares fell 2.6% premarket. Source: WSJ.
• GameStop perseveres with eBay bid: GameStop (GME) said it will continue pursuing its proposed $56B cash-and-stock acquisition of eBay (EBAY) despite eBay's rejection. GameStop rose 1.5% premarket. Source: Reuters.
• Google rations Gemini capacity: Google (GOOGL) has reportedly limited Meta's (META) access to Gemini AI models after demand exceeded available computing capacity, delaying some AI projects and underscoring persistent infrastructure constraints. Sources: FT / Reuters.
• Tobacco giant slashes jobs: British American Tobacco (BTI) will cut 5,500 jobs and outsource 3,500 more by year-end as part of a plan to save $793M annually by 2028. Shares fell 2% premarket. Source: Bloomberg.
• Baidu unit targets Hong Kong IPO: Baidu’s (BIDU) AI chip division Kunlunxin is reportedly targeting a Hong Kong IPO at a $50B valuation, sending shares up 2.6% premarket. Source: CNBC.
• South Korea boosts AI investment: South Korea unveiled $880B in planned investments led by Samsung (KRX:005930) and SK Hynix (SKHY) to expand chip production and AI data centers. Sources: Bloomberg / BBC.
• Toyota narrows U.S. sales gap: Toyota's (TM) worldwide sales declined for a 4th straight month in May, falling 7.2% YoY. Still, the company is projected to lift H1 U.S. sales by 1% while GM (GM) is expected to fall 7.2%. Sources: Reuters / CNBC.
• Prime Day hits record: Amazon's (AMZN) Prime Day drove a record $26.4B in U.S. online sales, up 9.3% YoY, but smaller average order sizes suggest that consumers remain price-sensitive. Source: Reuters.

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• DOJ drops Abbott probe: The DOJ closed its criminal investigation into Abbott (ABT) over infant formula safety, opting to pursue a civil settlement instead despite some prosecutors believing criminal charges were warranted. Shares are down 25% YTD. Source: WSJ.
• U.S. eases Anthropic restrictions: The Commerce Department let Anthropic restore limited access to its Mythos 5 AI model for approved cybersecurity and infrastructure partners after safeguards were added. Broader access and the Fable 5 model remain restricted. Source: CNN.
• Rare-earth rivalry intensifies: MP Materials (MP) and USA Rare Earth (USAR) are embroiled in a lawsuit over alleged theft of rare-earth magnet technology. Both firms are racing to build a U.S. supply chain, with MP up 7% YTD and USAR up 72%. Source: WSJ.
• Australia tightens social media ban: Australia plans to double maximum fines for platforms that fail to enforce its under-16 social media ban and expand regulator powers amid widespread bypassing of age checks. Source: Reuters.

• Consumer sentiment ticks up: U.S. consumer sentiment rose to 49.5 in June from a preliminary 48.9 amid easing gas prices — though sentiment remains 13% below February levels. Source: CNN.

• U.S. and Iran pause fighting: Tehran and Washington paused hostilities and resumed technical talks, allowing commercial shipping through the Strait of Hormuz despite trading strikes over the weekend. Source: CNBC.
• Afghanistan hit by Pakistani strikes: Pakistan conducted airstrikes against Afghanistan, killing 36 civilians and injuring hundreds. Pakistan claimed it was targeting militants. Source: AP.
• Saudi helicopter crashes: A helicopter operated by Saudi Aramco crashed near an oil terminal, killing 14 people. Authorities are investigating the cause. Source: CNN.
• Israel recognizes Armenian genocide: Israel officially recognized the Armenian genocide of the early 20th century. The move reflects worsening ties with Turkey, which claimed that Israel was attempting to distract from its treatment of Palestinians. Source: NPR.

• Trump names new ICE director: President Trump nominated former Oklahoma state trooper Lance Schroyer to lead ICE. Schroyer currently advises DHS Secretary Markwayne Mullin. Source: NY Times.
• Bolton pleads guilty: Former Trump national security adviser John Bolton pleaded guilty to 1 count of illegally retaining classified information, agreeing to pay $2.25M in fines. He faces up to 5 years in prison. Source: BBC.
• ACA enrollment falls: Affordable Care Act enrollment fell 13% YoY to 19.2M after enhanced subsidies expired, raising premiums. Analysts expect further declines. Source: AP.
• Natural disaster deaths: Flooding in Kentucky killed 4 people on Saturday, while 3 firefighters died while battling wildfires on the Colorado-Utah border. Sources: NY Times / Reuters.

• 10:30 AM: Dallas Fed Manufacturing Index
• Tuesday: JOLTs Job Openings
• Wednesday: Fed Chair Warsh Speech, ISM Manufacturing PMI
• Thursday: Non Farm Payrolls, Unemployment Rate

There are no major recent earnings to report today but you can check the earnings calendar for a complete list.

AeroVironment (AVAV) will report today after close.

• Analysts estimate revenue of $559.90M (+103.56% YoY).
• EPS is estimated to be $1.48 (-8.07% YoY).
• Financials · As Reported · Metrics

Nike (NKE) will report tomorrow after market close.

• Analysts estimate revenue of $10.86B (-2.17% YoY).
• EPS is estimated to be $0.12 (-14.29% YoY).
• Financials · As Reported · Metrics

Constellation Brands (STZ) will report tomorrow after market close.

• Analysts estimate revenue of $2.40B (-4.68% YoY).
• EPS is estimated to be $3.22 (0.00% YoY).
• Financials · As Reported · Metrics

General Mills (GIS) will report Wednesday.

• Analysts estimate revenue of $4.60B (+0.99% YoY).
• EPS is estimated to be $0.80 (+8.11% YoY).
• Financials · As Reported · Metrics

• Estimated Wednesday, July 1: Bending Spoons S.p.A. (BSP), an Italian tech firm that owns Vimeo and Eventbrite, with $1.65B in TTM revenue and 94.7% revenue growth YoY.
• Estimated Wednesday, July 1: CopperTech Metals Inc. (CUX), a copper miner with $1.33B in TTM revenue and 234.2% revenue growth YoY.
• Estimated Wednesday, July 1: ITG, Inc. (ITG), a digital infrastructure firm with $1.26B in TTM revenue and 15.7% revenue growth YoY.
• Estimated Wednesday, July 1: Neutron Holdings, Inc. (LIME), an e-bike startup with $886.72M in TTM revenue and 29.1% revenue growth YoY.
• Estimated Thursday, July 2: MetaOptics Ltd (MOT), a Singapore-based optical lenses maker with $613K in TTM revenue and 891.2% revenue growth YoY.