• Market recap: All 3 main indices fell yesterday, with the Nasdaq down over 1%. Micron (MU) sank nearly 5%, with SpaceX (SPCX), Sandisk (SNDK), and AMD (AMD) down around 7%. Eli Lilly (LLY) was an outlier, gaining 3%. Source: CNBC.
• Blue Origin pegged at $130B: Blue Origin is raising $10B in its first external funding round at a $130B valuation. Jeff Bezos will invest $2B, with hedge fund Coatue contributing about $4B. Source: CNBC.
• Nvidia valuation tumbles: Nvidia (NVDA) has lost about $1T in market cap since May, leaving its shares at their cheapest valuation since before the AI boom. Shares are 16% below their May 14th all-time high, with investors turning to rivals despite strong earnings growth forecasts. Source: Bloomberg.
• Apple expands Broadcom partnership: Apple (AAPL) committed more than $30B to Broadcom (AVGO) in a multiyear U.S. chipmaking deal, supporting production of over 15B chips. Broadcom sank 1% premarket. Source: CNBC.
• AI Financial explores sale: Trump-backed AI Financial (AIFC) is mulling a sale of its core payments business for up to $15M after its crypto strategy faltered. The prospective buyer is Perpetuals.com (PDC), which plunged 13% yesterday but rose 4.4% premarket. Source: WSJ.
• Alibaba bans Anthropic AI: Alibaba (BABA) will bar employees from using Anthropic’s AI tools and require adoption of its own assistant after Anthropic accused the company of attempting to extract its AI capabilities through a distillation attack. Shares surged 9% premarket on high earnings expectations. Sources: Reuters / Bloomberg.
• Meta launches AI image tool: Meta (META) debuted an AI image generator called Muse Image on Instagram and WhatsApp. The company is also working on an AI video generator. Shares rose 2.6% yesterday but fell 1.6% premarket. Source: NY Times.
• Google sets Pixel event: Google (GOOGL) announced an Aug. 12 event where it is expected to unveil the Pixel 11 lineup, with launches likely to follow later in the month. Source: The Verge.
• SambaNova raises $1B: SambaNova, an AI chip startup, raised $1B at an $11B valuation, suggesting growing investor backing for companies challenging Nvidia (NVDA). Source: CNBC.
• Zhipu launches share sale: Chinese AI firm Zhipu, which trades as Knowledge Atlas (HKG:2513), plans to raise about $4B in a Hong Kong share sale after its stock surged nearly 1,500% since January. Source: Bloomberg.

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• United must face window lawsuit: A judge approved a suit against United Airlines (UAL) alleging it charged premiums for “window” seats with no outside view. Shares fell 3% yesterday and another 3% premarket. Source: USA Today.
• Trump Media suit dismissed: A judge dismissed Trump Media’s (DJT) $3.8B defamation lawsuit against The Washington Post, ruling that the company failed to show actual malice. Shares sank 6%. Source: CNN.
• Apple loses E.U. appeal: A European court ruled against Apple (AAPL) in its challenge to rules covering the App Store and iOS, reinforcing regulators’ efforts to boost competition. Shares remain up 14% YTD. Source: Reuters.
• 23andMe privacy payout approved: A U.S. bankruptcy judge approved a $46.75M settlement for victims of 23andMe's 2023 data breach, resolving claims tied to the exposure of millions of users' genetic data. Source: BBC.

• Trade deficit climbs: The U.S. trade deficit ballooned 42% to $77.6B in May as record goods imports, including pharmaceuticals and AI data center equipment, outpaced exports. The uptick indicates persistent demand despite tariffs. Source: NY Times.
• White House halts Spanish trade: President Trump ordered an immediate halt to U.S. trade with Spain over its stances on NATO spending and Iran, despite E.U. rules requiring trade negotiations to be handled as a bloc. Source: Reuters.

• Oil hits 2-week high: Oil prices jumped more than 6% to a 2-week high after President Trump declared the Iran accord “over,” renewed U.S. strikes and Iranian retaliation reignited fears of Strait of Hormuz supply disruptions. Source: Reuters.
• Airline fuel costs continue to rise: U.S. airlines spent $6.66B on jet fuel in May, up 84% YoY and the 2nd consecutive month of over $6B in costs. Source: AP.
• European retail sales rise: Eurozone retail sales rose 0.2% in May, rebounding from April’s decline as food and non-food purchases increased. Still, the figure fell slightly short of expectations. Source: WSJ.

• Trump says ceasefire is finished: President Trump declared the U.S.-Iran ceasefire over, though actual negotiations haven't yet been scrapped. His announcement comes after the U.S. struck Iranian military targets and revoked Tehran’s oil sales permit after Iranian attacks on 3 ships in the Strait of Hormuz. Sources: WSJ / AP.
• Israeli constitutional crisis looms: Israel’s cabinet threatened to ignore a Supreme Court ruling over the country's broadcast regulator, which is run by opposition-party appointees. A senior official later said the government was not explicitly defying the court. Source: NY Times.
• Le Pen plots comeback: France’s Marine Le Pen, who leads the far-right National Rally, said she will run in the 2027 presidential election after an appeals court shortened her ban from public office. Source: NPR.
• Farage's parliamentary stunt: Right-wing British firebrand Nigel Farage, who leads the Reform party and was a major pro-Brexit voice, resigned from Parliament over a bribery scandal. However, he plans to immediately run again for his old seat, leading mainstream parties to boycott the race. Source: BBC.
• Cargo plane vanishes: Pakistan launched air and sea search operations after a Boeing (BA) 737 cargo plane with 5 crew vanished over the Arabian Sea while approaching Karachi. Source: NY Times.
• ICE officer kills migrant: An ICE agent shot and killed a Mexican immigrant during an attempted arrest in Texas, with the agency accusing the man of ramming an ICE vehicle. Civil rights organizations condemned the killing. Source: WSJ.

• 7:00 AM: MBA 30-Year Mortgage Rate
• 10:30 AM: EIA Crude Oil & Gasoline Stocks Change
• 2:00 PM: FOMC Minutes
• Thursday: Existing Home Sales

Penguin Solutions (PENG) has released its quarterly earnings.

• Revenue of $478.71M (+47.64% YoY) beats by $54.62M.
• EPS of $0.84 (+78.72% YoY) beats by $0.29.
• Financials · As Reported · Metrics · Press Release

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

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

PepsiCo (PEP) will report tomorrow before market open.

• 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

JPMorgan Chase (JPM) will report Tuesday.

• Analysts estimate revenue of $49.39B (+8.13% YoY).
• EPS is estimated to be $5.59 (+12.70% YoY).
• Financials · As Reported · Metrics

Bank of America (BAC) will report Tuesday.

• Analysts estimate revenue of $30.32B (+14.59% YoY).
• EPS is estimated to be $1.11 (+24.72% YoY).
• Financials · As Reported · Metrics

The Goldman Sachs Group (GS) will report Tuesday.

• Analysts estimate revenue of $16.05B (+10.08% YoY).
• EPS is estimated to be $14.10 (+29.24% YoY).
• Financials · As Reported · Metrics

Wells Fargo & Company (WFC) will report Tuesday.

• Analysts estimate revenue of $21.80B (+4.68% YoY).
• EPS is estimated to be $1.71 (+11.04% YoY).
• Financials · As Reported · Metrics

Citigroup (C) will report Tuesday.

• Analysts estimate revenue of $23.47B (+8.32% YoY).
• EPS is estimated to be $2.67 (+36.22% YoY).
• Financials · As Reported · Metrics

Fastenal Company (FAST) will report Tuesday.

• Analysts estimate revenue of $2.33B (+12.24% YoY).
• EPS is estimated to be $0.33 (+13.79% YoY).
• Financials · As Reported · Metrics

Telefonaktiebolaget LM Ericsson (ERIC) will report Tuesday.

• Analysts estimate revenue of $5.84B (+0.66% YoY).
• EPS is estimated to be $0.13 (-7.14% 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.