Markets
Nia Warfield, Luke Kawa

S&P 500 dips as Fed Chair warns on inflation risks

The S&P 500 fell into the red and never made it back to positive territory after Fed Chair Jay Powell warned of more tariff-induced pressure on inflation to come, causing traders to price in lower odds of interest rate cuts. The benchmark US stock index fell 0.1%, the Nasdaq 100 gained 0.2%, and the Russell 2000 slumped 0.5%.

Materials, energy, and real estate were the worst-performing S&P 500 sector ETFs, while utilities, communications services, and tech were the lone sectors to gain on the day.

Humana rose more than 12% after the health insurance company topped Q2 estimates and raised its full-year outlook. Big decliners included mining giant Freeport-McMoran, which tumbled after the Trump administration announced tariffs on imports of processed copper products, but excluded ore and cathodes.

Elsewhere…

Wingstop shares soared 26% after the chicken chain posted better-than-expected Q2 sales and profit — and opened a record 129 net new stores last quarter.

Peloton shares climbed 18% after UBS slapped a “buy” rating on the stock, citing recent subscription price hikes and early signs that user declines may be leveling off.

Marvell Technology rose 7% after Morgan Stanley raised its price target to $80 from $73 while keeping its “equal weight” rating.

Electronic Arts shares jumped 5.7% after Wedbush Securities said in a note that the Madden NFL parent company was set to outpace the rest of the video game market through its fiscal year 2027.

Shares of Nvidia and Broadcom rose 2% and 1.7%, respectively, after a Morgan Stanley analyst raised his price targets on the chipmakers to $200 from $170 for Nvidia and to $338 from $270 for Broadcom.

VF shares rallied 2.7% after the parent of Vans, Timberland, and The North Face reported a smaller-than-expected Q1 loss and showed early signs of a potential turnaround.

Avis shares tanked 15% following a disappointing second-quarter earnings report. (Fun fact: renting a car costs about 40% more than it did a decade ago).

Adidas shares sank 11% after the shoemaker posted lower-than-expected sales in the second quarter and warned of the impacts of US tariffs for the second half of the year.

Mondelez fell 6.6% after the Oreo parent beat Q2 expectations but stuck with a muted full-year outlook, as it faces historically high cocoa prices and slow demand in North America.

SoFi Technologies dropped 2.3% after it announced plans to sell $1.5 billion of stock, giving up gains after the company topped Q2 earnings expectations and hiked its full-year revenue guidance on Tuesday.

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Luke Kawa
7/2/26
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
Luke Kawa
7/1/26
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 Oamek

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 Cheng

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.

markets
Jake Lahut

Comcast shares rise on news of NBCUniversal spinoff deal

Comcast rose on the news that the telecom behemoth is spinning off NBCUniversal and Sky from its cable portfolio. 

Comcast initially jumped up to 17% in early trading, with the deal leaving management to focus on its core verticals of cable, wireless, and business services. 

NBCUniversal and Sky will form a new publicly traded company, similar to Versant Media, the holding company of CNBC and MS NOW that Comcast officially spun off in January. Bravo, one of the most lucrative properties that remained at Comcast, will remain part of NBCUniversal in the deal. The Universal theme parks and studios will also come with the new spinoff entity, along with Telemundo and Peacock.

Mike Cavanagh, the co-CEO of Comcast, will become the CEO for NBCUniversal, according to CNBC. 

The spinoff will be completed in about a year, according to a Comcast company statement. Its shareholders will also own shares in NBCUniversal, according to the same statement.

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