• Market recap: All 3 main indices rose yesterday, with the Dow scoring a record close. The Dow had its best H1 performance in 5 years, and the Russell its best in 35 years. Both the Nasdaq and S&P 500 saw their best Q2 since 2020, though gold suffered its worst quarter in 13 years. Sources: CNBC / WSJ / CNBC.
• Nike slumps despite beat: Nike (NKE) topped quarterly earnings and revenue forecasts, aided by a $986M tariff refund that boosted margins, but Chinese sales fell 12% YoY. Shares declined 3.4% premarket. Source: CNBC.
• Microsoft plans layoffs: Microsoft (MSFT) plans to cut thousands of jobs, affecting around 2.5% of its workforce across sales, consulting, and Xbox. Shares rose 2% premarket. Source: Business Insider.
• Amazon plows cash into AI services: Amazon Web Services (AMZN) is investing $1B in a new engineering unit, deploying thousands of engineers to help customers build AI systems and accelerate enterprise AI adoption. Shares gained 1% premarket. Source: CNBC.
• General Mills beats: General Mills (GIS) topped quarterly earnings and revenue expectations as higher prices supported results, sending shares 4% higher premarket. The company plans $3B in cost savings by FY 2030. Source: Bloomberg.
• Alcoa expands aluminum portfolio: Alcoa (AA) agreed to acquire South32’s aluminum, alumina, and bauxite assets for up to $5.6B. Shares fell 5% premarket. Source: WSJ.
• Bending Spoons prices IPO above range: Bending Spoons (BSP), which owns Vimeo, priced its IPO above range at $29 per share, raising $1.68B and valuing the software acquirer at $18.4B. Source: Reuters.
• Kroger acquires Giant Eagle: Kroger (KR) plans to purchase regional grocer Giant Eagle for $1.65B in cash and assumed liabilities, expanding its supermarket footprint. Shares fell 2.8% premarket. Source: WSJ.
• Meta adds glasses subscriptions: Meta (META) will limit certain AI smart-glasses features unless users subscribe to a $19.99 monthly plan. The move could expand recurring revenue but may face user backlash. Source: The Verge.
• KKR makes big renewables plays: KKR (KKR) agreed to acquire EDF Power Solutions’ North American renewable energy business for $4.2B and will take management control of a $1.3B South Korean green energy platform with SK Group. Shares rose 3%. Sources: WSJ / CNBC.
• Data centers boost engine suppliers: Data center operators are increasingly deploying natural-gas engines to bypass grid delays, boosting demand for manufacturers like Innio (INIO), Caterpillar (CAT), and Rolls-Royce (LON:RR). Innio is up 46% MoM. Source: WSJ.

• Getty ends Shutterstock merger: Despite U.S. approval, Getty Images (GETY) is terminating its $3.7B merger with Shutterstock (SSTK) after U.K. regulators required Shutterstock to divest its editorial business. Getty fell 5% premarket, with Shutterstock plummeting 32%. Source: The Verge.
• U.K. prepares challenge to Paramount-WBD deal: British antitrust regulators are likely to intervene in Paramount Skydance’s (PSKY) $110B merger with Warner Bros. Discovery (WBD). A review could delay closing and increase deal costs. Source: CNN.
• White House lifts Anthropic curbs: The U.S. scrapped export restrictions on Anthropic’s Fable 5 AI model after the company addressed safety concerns, allowing global deployment. Source: Bloomberg.
• FDA backs Zyn claims: The FDA authorized Philip Morris (PM) to market its Zyn nicotine pouches as less harmful than cigarettes, making them the first nicotine pouch to receive the reduced-risk designation. Shares are up 13% YTD. Source: WSJ.
• Egg producers settle price-fixing claims: Cal-Maine (CALM), Versova, and Hickman’s agreed to pay $3.3M and donate 53M eggs to settle U.S. allegations they colluded to inflate egg prices from 2022 to 2025. The companies admitted no wrongdoing, and Cal-Maine rose 1.5%. Source: AP.
• Europe targets cheap imports: The E.U. imposed a €3 fee on low-value e-commerce imports, increasing costs for platforms like Temu, Shein, and Alibaba’s (BABA) AliExpress. Alibaba and PDD (PDD), which owns Temu, are down over 30% YTD. Source: Reuters.

• Global wealth accelerates: Global personal wealth rose 10.8% in 2025, creating nearly 1M new millionaires — with the U.S. accounting for over 440K. Median wealth fell in most countries, highlighting widening inequality. Source: Reuters.
• Private hiring slows: U.S. private payrolls increased by 98K in June, below expectations of 110K as well as May’s figure of 122K. Source: CNBC.

• Trump reaps crypto windfall: President Trump’s 2025 financial disclosure showed at least $2.2B in revenue, including about $1.4B from crypto ventures such as World Liberty Financial and the Trump memecoin. Sources: NY Times / WSJ.
• SCOTUS upholds birthright citizenship: The Supreme Court axed President Trump’s executive order restricting birthright citizenship, reaffirming that children born in the U.S. are citizens under the 14th Amendment. Source: AP.
• States can ban trans athletes from sports: The Supreme Court approved Idaho and West Virginia laws barring transgender athletes from girls' and women’s sports. Source: Politico.
• Colorado voters oust Dem incumbents: Democratic socialist Melat Kiros defeated a longtime Democratic House rep in Colorado's primaries, while U.S. Sen. Michael Bennet lost the Dems' gubernatorial primary to state AG Phil Weiser. Sources: NPR / Reuters.
• German mass shooting kills 6: A gunman killed 6 employees at a child welfare facility in Germany during a custody dispute over his infant daughter. Police arrested the suspect. Source: NY Times.

• 7:00 AM: MBA 30-Year Mortgage Rate
• 8:15 AM: ADP Employment Change
• 9:00 AM: Fed Chair Warsh Speech
• 10:00 AM: ISM Manufacturing PMI & Employment
• 10:30 AM: EIA Crude Oil & Gasoline Stocks Change
• Thursday: Non Farm Payrolls, Unemployment Rate

Nike (NKE) has released its quarterly earnings.

• Revenue of $10.97B (-1.15% YoY) beats by $113.19M.
• EPS of $0.20 (+42.86% YoY) beats by $0.08.
• Financials · As Reported · Metrics · Press Release

Constellation Brands (STZ) has released its quarterly earnings.

• Revenue of $2.43B (-3.26% YoY) beats by $35.63M.
• EPS of $3.43 (+6.52% YoY) beats by $0.22.
• Financials · As Reported · Metrics · Press Release

General Mills (GIS) has released its quarterly earnings.

• Revenue of $4.61B (+1.18% YoY) beats by $8.72M.
• EPS of $0.95 (+28.38% YoY) beats by $0.15.
• Financials · As Reported · Metrics · Press Release

FactSet Research Systems (FDS) has released its quarterly earnings.

• Revenue of $622.92M (+6.39% YoY) beats by $5.01M.
• EPS of $4.53 (+6.09% YoY) beats by $0.08.
• Financials · As Reported · Metrics · Press Release

MSC Industrial Direct Co. (MSM) has released its quarterly earnings.

• Revenue of $1.05B (+7.81% YoY) beats by $16.04M.
• EPS of $1.43 (+32.41% YoY) beats by $0.17.
• Financials · As Reported · Metrics · Press Release

UniFirst (UNF) has released its quarterly earnings.

• Revenue of $634.40M (+3.87% YoY) beats by $7M.
• EPS of $2.17 beats by $0.26.
• Financials · As Reported · Metrics · Press Release

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

• Confirmed today: 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.
• Confirmed today: ITG, Inc. (ITG), a digital infrastructure firm with $1.26B in TTM revenue and 15.7% revenue growth YoY.
• Confirmed today: Neutron Holdings, Inc. (LIME), an e-bike startup with $886.72M in TTM revenue and 29.1% 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 Thursday, July 2: MetaOptics Ltd (MOT), a Singapore-based optical lenses maker with $613K in TTM revenue and 891.2% revenue growth YoY.