• Microsoft restructures Xbox, cuts jobs: Microsoft (MSFT) is cutting 4,800 jobs, including more than 3,200 across Xbox, as part of a major restructuring focused on AI and higher-growth businesses. Source: BBC.
• Samsung posts record profit: Samsung (KRX:005930) reported Q2 operating profit of 89.4T won (USD $58B), nearly 20 times higher than a year ago, driven by booming AI memory chip demand. Shares fell 7% as the results failed to meet elevated expectations. Source: NY Times.
• Rivian raises capital: Rivian (RIVN) fell about 10% after announcing a public offering of 75M shares, expected to raise about $1.5B. Rivian also forecast Q2 revenue of $1.55-$1.65B, above estimates. Source: CNBC.
• Trump boosts Dell shares: President Trump urged Americans to "buy a Dell computer," sending (DELL) shares higher. The endorsement came at the White House launch of Trump Accounts, where Michael and Susan Dell pledged more than $6B to the program. Source: CNBC.
• Toyota expands U.S. production: Toyota (TM) will invest $3.6B to add Tacoma production to its Texas plant by 2030, creating 2,000 jobs and increasing U.S. manufacturing capacity. Source: WSJ.
• Meta faces youth safety trial: Meta (META) said four U.S. states are seeking $1.4T in potential penalties ahead of an August trial over claims that Facebook and Instagram harmed young users. Source: Reuters.
• Walmart cuts prices: Walmart (WMT) is lowering prices on thousands of items, including 12% off ground beef and cutting a 24-pack of Coca-Cola by one-third. The move aims to boost affordability amid persistent food inflation. Source: WSJ.
• Google backs fusion startup: Google (GOOGL) participated in Proxima Fusion's €411M (USD $468M) funding round, supporting the German startup's plan to build Europe's first commercial fusion power plant later this decade. Source: CNBC.
• Klarna seeks U.S. bank charter: Klarna (KLAR) has applied for a U.S. bank charter to establish an FDIC-insured banking subsidiary, a move that would let it fund loans with customer deposits, expand banking products, and reduce reliance on partner banks. Source: CNBC.
• Shell lifts gas outlook: Shell (SHEL) raised its Q2 gas production guidance and expects significantly stronger gas trading results, as energy market volatility boosts trading performance. Source: Reuters.
• Banks explore payments deal: JPMorgan Chase (JPM), Bank of America (BAC), Wells Fargo (WFC), and PNC Financial (PNC) have held preliminary talks to acquire a Fiserv (FI) debit-card network, a move that could bypass debit-fee caps but may face scrutiny. Source: WSJ.

• DeepSeek develops AI chip: DeepSeek is developing an in-house AI inference chip to reduce reliance on Nvidia (NVDA) and Huawei, marking a strategic shift as Chinese AI firms seek greater hardware independence amid U.S. export restrictions. Source: Reuters.
• CISA adopts Anthropic AI: The U.S. cyber agency CISA is using Anthropic’s Mythos model to scan government code for security flaws, highlighting growing federal adoption of advanced AI despite earlier tensions with Anthropic over national security policies. Source: Reuters.
• European banks flag AI risks: The European Central Bank gave euro-zone banks until October 31 to submit plans to counter AI-enabled cyber threats, citing specific risks. The Bank of England also warned that AI is increasing financial stability risks, calling for closer oversight of increasingly autonomous AI systems. Sources: Reuters / Reuters.
• China weighs AI export curbs: Beijing is considering restricting overseas access to advanced AI models from Alibaba (BABA), ByteDance, and Z.ai, potentially reshaping the global market. Source: Reuters.

• Housing market rebalances: A CNBC survey found that 44% of real estate agents now see a balanced housing market, up from 30% last year, as rising inventory and more realistic pricing improve buyer leverage. However, high mortgage rates continue to persist. Source: CNBC.
• Oil rises on Hormuz attack: Oil prices are rising after reports that Iran struck commercial ships in the Strait of Hormuz. Source: CNBC.
• France cuts growth forecast: France lowered its 2026 economic growth forecast to 0.7%, down from 0.9%, citing a weaker-than-expected start to the year and geopolitical uncertainty. Source: Reuters.

• Explosions hit Damascus: Two explosions in Damascus wounded at least 18 people as French President Macron met with Syrian President al-Sharaa during a landmark visit. The attack underscores persistent security risks as Syria seeks stability and foreign investment. Source: AP.
• Hormuz tensions escalate: Two tankers were hit in the Strait of Hormuz as Iran said it will not resume peace talks unless U.S. threats stop. Source: Reuters.
• Zelensky seeks air defenses: Ukrainian President Zelensky is urging NATO allies to provide more Patriot air defense systems and interceptor missiles after deadly Russian missile strikes on Kyiv. In other news, Ukrainian drones struck Russia's largest oil refinery in Omsk, nearly 2,500 km from Ukraine. Sources: BBC / CNBC.
• NATO unveils defense deals: NATO is announcing tens of billions of dollars in defense deals ahead of its summit, including drone purchases from Northrop Grumman (NOC) and GlobalEye aircraft from Saab (STO:SAAB.B). Source: Reuters.
• Le Pen ban upheld: A French appeals court upheld Marine Le Pen’s conviction and barred her from public office for 45 months, effectively ending her 2027 presidential bid. Source: Reuters.
• Johnson Products founder dies: George E. Johnson, founder of Johnson Products, has died at 99. He built the first Black-owned company listed on a major U.S. stock exchange, pioneered hair-care brands, and helped found one of the largest Black-owned banks. Source: NY Times.

• 8:15 AM: ADP Employment Change Weekly
• 8:30 AM: Balance of Trade
• 8:30 AM: Exports and Imports
• 4:30 PM: API Crude Oil Stock Change
• Wednesday: FOMC Minutes
• Thursday: Existing Home Sales

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

Penguin Solutions (PENG) will report today after close.

• Analysts estimate revenue of $424.09M (+30.79% YoY).
• EPS is estimated to be $0.55 (+17.02% YoY).
• Financials · As Reported · Metrics

Levi Strauss & Co. (LEVI) will report tomorrow after market close.

• Analysts estimate revenue of $1.52B (+5.09% YoY).
• EPS is estimated to be $0.24 (+9.09% YoY).
• Financials · As Reported · Metrics

PriceSmart (PSMT) will report tomorrow after market close.

• Analysts estimate revenue of $1.45B (+10.30% YoY).
• EPS is estimated to be $1.23 (+7.89% YoY).
• Financials · As Reported · Metrics

AZZ Inc. (AZZ) will report tomorrow after market close.

• Analysts estimate revenue of $434.73M (+3.02% YoY).
• EPS is estimated to be $1.68 (-5.62% YoY).
• Financials · As Reported · Metrics

PepsiCo (PEP) will report Thursday.

• Analysts estimate revenue of $23.94B (+5.34% YoY).
• EPS is estimated to be $2.21 (+4.25% YoY).
• Financials · As Reported · Metrics

Delta Air Lines (DAL) will report Friday.

• Analysts estimate revenue of $18.57B (+11.55% YoY).
• EPS is estimated to be $1.47 (-30.00% YoY).
• Financials · As Reported · Metrics

Wipro (WIT) will report Monday.

• Analysts estimate revenue of $2.62B (+1.47% YoY).
• EPS is estimated to be $0.03 (-25.00% YoY).
• Financials · As Reported · Metrics

• Estimated Thursday, July 9: Tarsier Pharma Ltd. (TARX), a late clinical-stage biopharma firm focused on eye conditions.
• Estimated Friday, July 10: SK hynix Inc. (SKHY), a large South Korean memory semiconductor company with $86.70B in TTM revenue and 46.76% revenue growth YoY.