markets

Claire Yubin Oh5/22/26

Chinese stocks drop as Beijing regulators launch crackdown on illegal cross-border securities activity

Beijing’s top securities watchdog launched a crackdown against illegal cross-border trading and announced that it will penalize several popular online brokerages on Friday, bringing many Chinese ADRs lower in premarket trading, as the affected brokers’ clients will now only be allowed to sell shares, not buy.

Eight governmental agencies, including the China Securities Regulatory Commission, issued a joint statement on their comprehensive two-year plan to combat illegal cross-border trading after mainland markets closed on Friday, per Bloomberg.

The securities regulator separately followed with plans to impose penalties on online brokerages Tiger Brokers, Futu Holdings, and Longbridge Securities for operating in domestic markets without a license, with plans to confiscate all “illegal gains” from these firms. Hong Kong’s markets regulator also said that it had ordered all licensed corporations to address money laundering risks and ensure additional measures for Mainland Chinese investors.

US-listed shares of Futu and Up Fintech, which owns Tiger, sank as much as 40% on the news. Shares of other Chinese ADRs, including Big Tech names Baidu, Alibaba, and Temu owner PDD Holdings, also dipped following the announcement.

In the joint statement, the agencies encouraged investors to use legal channels such as Stock Connect, Wealth Management Connect, and QDII programs — many of which allow only Hong Kong-listed products or are subject to a quota, per the Financial Times. Interactive Brokers, which allows foreign investors to trade Chinese equities, ticked up modestly in early trading on Friday.

Chinese companies, keen to expand their investor base, have increasingly been adding listings in New York, London, and Hong Kong.

In the joint statement, the agencies encouraged investors to use legal channels such as Stock Connect, Wealth Management Connect, and QDII programs — many of which allow only Hong Kong-listed products or are subject to a quota, per the Financial Times. Interactive Brokers, which allows foreign investors to trade Chinese equities, ticked up modestly in early trading on Friday.

Chinese companies, keen to expand their investor base, have increasingly been adding listings in New York, London, and Hong Kong.

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markets

J. Edward Moreno7/7/26

SpaceX gets a wave of bullish ratings from Wall Street analysts

SpaceX received more than a dozen positive analyst calls on Tuesday — including from major Wall Street banks — as they initiate coverage on Elon Musk’s space and AI company.

SpaceX went public on June 12 at a $2.2 trillion valuation, the largest debut in history. While the company hasn’t yet posted a profit, it seems to have convinced Wall Street that it will get there and grow its valuation on the way.

Of the at least 17 analysts that gave a rating on Tuesday, all but one gave it a “buy” or “outperform” rating. MoffettNathanson was "neutral."

The ratings come as SpaceX joined the Nasdaq 100 index, a benchmark tech-heavy basket of companies that underpins millions of portfolios. The inclusion adds built-in demand for the stock from index funds and ETFs.

Still, SpaceX fell more than 5% on Tuesday amid a broader sell-off, and is currently effectively flat from its opening price of $150 a share.

US job growth falls far short of estimates in June; unemployment rate unexpectedly dips to 4.2%

Job growth was 57,000. Analysts foresaw job growth of 113,000; prediction markets were more optimistic, looking for job growth above 125,000 but below 150,000.

Floridians Seek Employment Opportunities At Job Fair In Sunrise

Meta surges on report it’s starting a cloud business to sell excess AI compute

The story of the hyperscalers in 2026 has largely been “the beatings will continue until the cash flow outlook improves;” this could help change the story for Meta. Or not.

Meta CEO Mark Zuckerberg visits U.S. Capitol for Senate meetings

markets

Paige Oamek6/30/26

Nike sinks to lowest level since 2014 after warning of “challenged” sales environment in Q4 report

Did Nike do it?

Investors had a mixed reaction after the global sports apparel company reported its fourth quarter earnings on Tuesday after the bell. Shares initially rose 5% as Nike beat out Wall Street expectations amid a hefty tariff refund bonus. However, the stock then sank to its lowest level since August 2014 in postmarket trading.

Here are the Q4 numbers:

Revenue of $11.0 billion (estimate: $10.8 billion).
Adjusted earnings per share of $0.20 (estimate: $0.12).

Ahead of this report, Nike warned that results would be flattered by a one-time tariff refund (now estimated at roughly $0.52 per share for the bottom line). That gave the company an extra cushion in snapping its streak of seven quarters of year-over-year profit declines.

Over the past year, the company had been punished by tariffs on imported goods, stagnant consumer spending, and increasing competition from other footwear brands like New Balance, Adidas, and Hoka.

Outgoing CFO Matthew Friend deemed it an “increasingly challenging operating environment, where sell-through remains challenged.”

markets

Helena Cheng6/29/26

Rocket Lab deal lifts space stocks

Shares of Rocket Lab are surging after announcing an $8 billion acquisition of satellite communications operator Iridium Communications, helping lift a broader basket of space-related stocks as investors piled back into the sector.

Planet Labs, AST SpaceMobile and Redwire all traded higher alongside Rocket Lab, extending gains in an industry that has drawn enhanced investor attention in recent months in light of the strategic importance that governments place on space and satellite communications infrastructure.

In a presentation, Rocket Lab’s management called the purchase “a shortcut” for its satellite communications business.

Under the terms of the agreement, Iridium shareholders will receive $27 in cash and Rocket Lab stock, valuing Iridium at $54 per share. Backed by a $3.6 billion bridge loan committed by Deutsche Bank and Wells Fargo, Rocket Lab absorbs Iridium’s globally licensed spectrum and an active base of 2.5 million subscribers.

Rocket Lab has also remained one of the most active launch providers in the sector. The company completed its 12th launch of the year last week, maintaining one of the highest launch cadences among commercial space companies.

Today's rally helps offset a brutal stretch for the group. Rocket Lab shares had fallen over 35% over the prior month, while Planet Labs stock was down more than 40% and AST SpaceMobile stock was down around 30% over the same window.

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