• Market recap: The Dow hit a new high yesterday, closing above 52,000 for the first time, with the S&P 500 gaining over 1% and the Nasdaq over 2%. Still, the Magnificent 7 stocks have lost about $2.3T in market value this month — with Microsoft (MSFT) in particular down 20% — as investors question AI spending returns. Sources: CNBC / CNBC.
• Google debuts on Dow: Google (GOOGL) surged 5% after being ushered into the Dow Jones, replacing Verizon (VZ). Source: CNBC.
• Carlisle pursues Owens Corning: Carlisle (CSL) offered multiple unsolicited cash-and-stock buyouts of Owens Corning (OC) in a deal valued at more than $10B, but Owens Corning has shown little interest. Owens Corning popped 15% on the news, with Carlisle down 2.6%. Source: WSJ.
• Abivax rebounds on trial: Abivax (ABVX) surged 34% premarket after new data on one of its drugs showed promising results, easing safety concerns and supporting its planned FDA filing later this year. Source: CNBC.
• Air Products scraps hydrogen projects: Air Products and Chemicals (APD) canceled a $4.5B clean hydrogen and carbon capture project and a zero-carbon hydrogen facility, taking a pre-tax charge of up to $2.9B. Shares rose 7% premarket. Source: Bloomberg.
• Digital Realty expands footprint: Digital Realty (DLR) is acquiring a $3.5B stake in 3 Virginia data centers from Blackstone (BX), increasing exposure to the world’s largest data center market. DLR fell 4% premarket. Source: CNBC.
• FDA accelerates factory reviews: The FDA selected Eli Lilly (LLY), Regeneron (REGN), Amneal (AMRX), and other pharma firms for fast-track facility-construction reviews. The program could cut approval timelines by up to 14 months. Source: CNBC.
• Waymo exits Uber pact: Waymo and Uber (UBER) ended their Phoenix robotaxi partnership after a pilot program concluded. Waymo moved the vehicles to its own fleet, while Uber is preparing a new autonomous vehicle partnership in the city. Source: TechCrunch.
• White House ends Duke wind lease: Continuing a string of wind-project cancellations, the Trump admin. terminated Duke's (DUK) offshore wind lease, with Duke receiving a $129M refund. Shares are up 9% YTD. Source: Bloomberg.
• Australia vs. Amazon: Australia’s competition regulator sued Amazon (AMZN), alleging unfair Prime subscription terms let it add ads to Prime Video or charge extra for ad-free viewing without offering annual subscribers refunds. Source: CNBC.
• U.K. targets app store payments: British regulators proposed forcing Apple (AAPL) and Google (GOOGL) to accept payment options from competitors on their respective app stores. Source: Reuters.
• iPhone images leaked: Leaked images and component files for Apple's (AAPL) upcoming iPhone 18 Pro reportedly surfaced on the dark web after a cyberattack on supplier Tata Electronics, highlighting security risks. Source: The Verge.
• Saks exits bankruptcy: Saks Global has emerged from Chapter 11 bankruptcy, rebranded as Exemplar Luxury Group, and cut debt by 75%. The retailer plans to focus on its luxury brands and high-income customers. Source: WSJ.

• Cook can remain at Fed: By a 5-4 vote, the Supreme Court blocked President Trump’s attempt to remove Federal Reserve Governor Lisa Cook, requiring due process and reinforcing the Fed’s independence. Source: BBC.
• Trump wins major expansion of firing power: The Supreme Court ruled that presidents can remove leaders of most independent agencies at will, allowing President Trump to reshape the FTC and various governing bodies that regulate labor, energy, and nuclear power. Source: NY Times / CBS.
• Other SCOTUS rulings: The U.S.'s highest court declined to hear President Trump's appeal of his $5M E. Jean Carroll sex-abuse verdict, allowed states to count mail-in ballots received after election day, and curtailed law enforcement's access to tech firms’ location data. Sources: AP / WSJ / NPR.

• Crypto schemer goes to prison: Chinese billionaire Guo Wengui, an associate of Steve Bannon, was sentenced in NYC to 30 years in prison for defrauding supporters of hundreds of millions of dollars through fraudulent investments and crypto schemes. Source: NY Times.
• Netflix director sentenced: Director Carl Rinsch was sentenced to 2.5 years in prison for defrauding Netflix (NFLX) of $11M meant for a sci-fi series, having spent the funds on crypto and luxury purchases. Source: BBC.
• Indonesia jails ex-minister: Nadiem Makarim, former Indonesian Education Minister and cofounder of tech firm Gojek (IDX:GOTO), was sentenced to 10 years in prison over a corruption case involving the purchase of Google (GOOGL) Chromebooks. Source: CNBC.

• Airfares stay elevated: U.S. airlines are keeping fares and baggage fees high despite a 40% drop in jet fuel prices, citing strong summer demand and reduced capacity. Domestic airfares have risen 35% YoY, with international fares up 15%. Sources: CNN / NY Times.
• Yen hits 40-year low: The Japanese yen fell to its weakest level against the U.S. dollar since 1986, heightening expectations of government currency intervention. Source: CNBC.
• China expands Japanese curbs: China is tightening export controls on Japanese defense and aerospace firms, raising supply-chain risks. Source: CNBC.

• Conservative wins Peruvian presidency: In the latest of a series of right-wing victories across South America, Keiko Fujimori — daughter of former authoritarian President Alberto Fujimori — narrowly won Peru’s presidential election. Source: NY Times.
• JetBlue reports possible drone strike: A JetBlue (JBLU) pilot reported colliding with a drone while approaching JFK Airport, but the aircraft landed safely and post-flight inspections found no damage. The FAA is investigating. Source: WSJ.

• 9:00 AM: S&P/Case-Shiller Home Price YoY
• 9:45 AM: Chicago PMI
• 10:00 AM: JOLTs Job Openings
• 10:00 AM: CB Consumer Confidence
• 4:30 PM: API Crude Oil Stock Change
• Wednesday: Fed Chair Warsh Speech, ISM Manufacturing PMI
• Thursday: Non Farm Payrolls, Unemployment Rate

AeroVironment (AVAV) has released its quarterly earnings.

• Revenue of $641.62M (+133.27% YoY) beats by $81.71M.
• EPS of $1.84 (+14.29% YoY) beats by $0.36.
• Financials · As Reported · Metrics · Press Release

Nike (NKE) will report today after 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 today after close.

• Analysts estimate revenue of $2.40B (-4.68% YoY).
• EPS is estimated to be $3.21 (-0.31% YoY).
• Financials · As Reported · Metrics

General Mills (GIS) will report tomorrow before market open.

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

FactSet Research Systems (FDS) will report tomorrow before market open.

• Analysts estimate revenue of $617.91M (+5.53% YoY).
• EPS is estimated to be $4.45 (+4.22% YoY).
• Financials · As Reported · Metrics

MSC Industrial Direct Co. (MSM) will report tomorrow before market open.

• Analysts estimate revenue of $1.03B (+6.16% YoY).
• EPS is estimated to be $1.26 (+16.67% YoY).
• Financials · As Reported · Metrics

UniFirst (UNF) will report tomorrow before market open.

• Analysts estimate revenue of $627.41M (+2.72% YoY).
• EPS is estimated to be $1.91 (-11.98% 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.