• Market recap: All 3 main indices posted gains yesterday, with the Nasdaq up 1.3%. Particular winners were Sandisk (SNDK), up 7.6%, and Micron (MU), up 4.5% — though both fell premarket. Source: CNBC.
• SK Hynix's blockbuster IPO: Korean chip giant SK Hynix (SKHY) raised $26.5B in its U.S. ADR offering — the biggest first-time U.S. share sale by a foreign company. The deal priced at a 3% premium to its Seoul shares. Source: Bloomberg.
• Meta pops on AI coding upgrade: Meta (META) gained 5% yesterday and another 4% premarket after rolling out a major update to its AI coding tool. The tech giant also plans to begin making an AI chip early this fall. Separately, the E.U. ordered Meta to redesign Insta and FB to reduce addictive features, including infinite scroll and autoplay. Sources: CNBC / Reuters / NY Times.
• Circle wins banking approval: Circle (CRCL) received regulatory approval to launch a federally regulated trust bank that will provide digital asset custody and strengthen the infrastructure supporting its stablecoin. Shares rocketed 10% premarket. Source: WSJ.
• Delta reaffirms outlook: Delta Air Lines (DAL) beat Q2 earnings estimates and reaffirmed its 2026 profit outlook, citing sustained airfare strength, robust premium travel demand, and its ability to pass higher fuel costs on to customers. Still, shares sank 2.7% premarket. Source: CNBC.
• Netflix explores live TV: Netflix (NFLX) is considering adding live TV channels, bundling third-party streaming services, and expanding live sports as it seeks to boost viewer engagement and strengthen its ads business. Shares are down 20% YTD. Source: WSJ.
• PayPay gains on possible Seven & i stake: SoftBank (TYO:9984) and PayPay (PAYP) are weighing the purchase of a significant stake in Japanese giant Seven & i (TYO:3382), which runs 7-Eleven. PayPay climbed 5%. Source: Bloomberg.
• Abivax funds solo launch: Abivax (ABVX) said its recent $920M fundraise provides cash through 2029, allowing it to pursue a solo U.S. launch of a new drug instead of relying on a takeover or Big Pharma partner. Shares rose 1.6%. Source: CNBC.
• OpenAI turnover and media lawsuit: OpenAI said COO Fidji Simo will step down from her full-time role and become a part-time adviser due to health reasons. Meanwhile, the New York Times (NYT) and other outlets asked a judge to sanction OpenAI in a copyright lawsuit, claiming it withheld or destroyed evidence. NYT rose 1.6%. Sources: WSJ / AP.
• Volkswagen cuts lineup: Volkswagen (ETR:VOW3) plans to slash its vehicle lineup by up to 50% and reduce annual production targets as it cuts costs to compete with Chinese EV makers, though it gave no details on potential job cuts or plant closures. Shares fell 1.4%. Source: NY Times.
• Shein advances HK IPO: Chinese e-commerce giant Shein is prepping for a Hong Kong IPO that could raise several billion dollars in the coming months, pending Chinese regulatory approval. The listing would cap a yearslong effort after failed U.S. and U.K. plans. Source: Bloomberg.

• Apollo tops easyJet bid: EasyJet (LON:EZJ) agreed in principle to a $7.6B takeover proposal from Apollo (APO), replacing a lower, $7B bid from Castlelake. EasyJet surged 15%. Sources: BBC / WSJ.
• Prologis pursues Segro deal: Industrial real-estate owner Prologis (PLD) urged Segro (LON:SGRO) to enter takeover talks over its proposed $16.9B acquisition, arguing the merger would maximize long-term shareholder value. Segro is up 23% MoM. Source: WSJ.
• U.K. tightens cloud oversight: To safeguard Britain's financial system, regulators placed the cloud businesses of Microsoft (MSFT), Google (GOOGL), Amazon (AMZN), and Oracle (ORCL) under direct regulatory control. Source: Reuters.

• IMF scraps recession risk: The IMF lowered its 2026 global growth forecast to 3.0% from 3.1% but dropped its global recession warning following the fragile Middle East ceasefire brokered last month. Source: WSJ.
• German output comes in strong: Germany's industrial production rose 0.9% MoM in May, marking a 2nd straight monthly gain and beating expectations of a decline. Source: WSJ.
• Chinese auto exports surge: China's passenger car exports jumped 80% YoY in June, driven by strong EV demand overseas. Still, domestic sales fell 26% amid price wars and weaker consumer demand. Source: AP.
• Mexican inflation hits 6-year low: Mexico's inflation slowed to 3.37% YoY in June, its lowest since 2020 and below forecasts. Source: Bloomberg.

• Home sales weaken: U.S. existing home sales posted a surprise drop of 2.4% MoM in June as high mortgage rates and record prices weighed on demand. The median home price reached a record $440,600. Source: CNBC.
• Warsh names Fed advisers: Fed Chair Kevin Warsh named advisers to 5 task forces reviewing communications, the balance sheet, data, productivity, and inflation. The move suggests a broad overhaul of monetary policy tools and decision-making. Source: NY Times.

• Middle East fighting on hold: Qatar is mediating between the U.S. and Iran to restore last month's truce as renewed strikes and attacks in the Strait of Hormuz subsided today. Source: NY Times.
• Slovak referendum fails: Slovakia's referendum to end lifetime payments for former prime ministers and restore anti-corruption bodies failed after turnout reached only 16.1%, well below the required 50% threshold. Source: AP.
• Spanish wildfire turns deadly: A fast-moving wildfire in southern Spain killed at least 11 people and left 19 missing after many victims reportedly fled, defying official guidance. Source: Reuters.

• There are no major economic events to report today, but we'll be back on Monday with the day's economic events.

Delta Air Lines (DAL) has released its quarterly earnings.

• Revenue of $19.76B (+18.67% YoY) beats by $1.19B.
• EPS of $1.56 (-25.71% YoY) beats by $0.09.
• Financials · As Reported · Metrics · Press Release

WD-40 Company (WDFC) has released its quarterly earnings.

• Revenue of $195.12M (+24.35% YoY) beats by $22.52M.
• EPS of $2.33 (+51.30% YoY) beats by $0.76.
• Financials · As Reported · Metrics · Press Release

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

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

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

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

Elevance Health (ELV) will report Wednesday.

• Analysts estimate revenue of $48.59B (-1.68% YoY).
• EPS is estimated to be $6.20 (-29.86% YoY).
• Financials · As Reported · Metrics

Kinder Morgan (KMI) will report Wednesday.

• Analysts estimate revenue of $4.24B (+4.87% YoY).
• EPS is estimated to be $0.31 (+10.71% YoY).
• Financials · As Reported · Metrics

Cintas (CTAS) will report Wednesday.

• Analysts estimate revenue of $2.87B (+7.77% YoY).
• EPS is estimated to be $1.23 (+12.84% YoY).
• Financials · As Reported · Metrics

ASML Holding (ASML) will report Wednesday.

• Analysts estimate revenue of $10.28B (+17.87% YoY).
• EPS is estimated to be $7.98 (+19.28% YoY).
• Financials · As Reported · Metrics

Johnson & Johnson (JNJ) will report Wednesday.

• Analysts estimate revenue of $25.05B (+5.50% YoY).
• EPS is estimated to be $2.85 (+2.89% YoY).
• Financials · As Reported · Metrics

United Airlines Holdings (UAL) will report Wednesday.

• Analysts estimate revenue of $17.58B (+15.40% YoY).
• EPS is estimated to be $1.81 (-53.23% YoY).
• Financials · As Reported · Metrics

TSMC (TSM) will report Thursday.

• Analysts estimate revenue of $39.76B (+32.22% YoY).
• EPS is estimated to be $3.77 (+52.63% YoY).
• Financials · As Reported · Metrics

U.S. Bancorp (USB) will report Thursday.

• Analysts estimate revenue of $7.59B (+8.86% YoY).
• EPS is estimated to be $1.27 (+14.41% YoY).
• Financials · As Reported · Metrics

State Street (STT) will report Thursday.

• Analysts estimate revenue of $3.83B (+11.06% YoY).
• EPS is estimated to be $3.24 (+28.06% YoY).
• Financials · As Reported · Metrics

UnitedHealth Group (UNH) will report Thursday.

• Analysts estimate revenue of $110.77B (-0.76% YoY).
• EPS is estimated to be $4.85 (+18.87% YoY).
• Financials · As Reported · Metrics

GE Aerospace (GE) will report Thursday.

• Analysts estimate revenue of $11.79B (+6.94% YoY).
• EPS is estimated to be $1.85 (+11.45% YoY).
• Financials · As Reported · Metrics

• Confirmed today: SK hynix Inc. (SKHY), a large South Korean memory semiconductor company with $86.70B in TTM revenue and 46.76% revenue growth YoY.