Markets
Luke Kawa

US stocks extend winning streak to nine, erase all losses since reciprocal tariff announcement

Confirmation that China is open to trade talks with the US along with better-than-expected US job growth in April fueled another day of gains for stocks, with the S&P 500 up 1.5%, the Nasdaq 100 gaining 1.6%, and the Russell 2000 booking a 2.3% advance.

The S&P 500 has now reclaimed all of its losses since the April 2 reciprocal tariffs announcement.

It’s the first set of back-to-back weekly gains in excess of 2% for the benchmark index since October 2022. And the S&P 500 has now equaled its record stretch of consecutive gains while below the 200-day moving average with nine days, tying streaks seen in 1970, 1973, and 1981.

Every S&P 500 sector ETF rose at least 1% except for consumer staples and utilities, two more defensive pockets of the market. Financials led the way higher.

The big day for stocks came despite retreats from the two Magnificent 7 constituents that reported earnings after the close on Thursday.

Apple sank as its top- and bottom-line beat was overshadowed by weakness in its China business and worries that its strong iPhone sales were a one-off rush to beat potential tariffs. Amazon finished modestly lower after reporting solid Q1 earnings but a Q2 outlook that disappointed the Street.

Five Below was one of the major positive surprises of the day, raising its first-quarter guidance despite facing intense operational challenges linked to its supply chains in China. Shares jumped double digits.

AppLovin also rose double digits after Wedbush suggested the stock could be a huge beneficiary of a recent court order that stops Apple from collecting commissions on off-app purchases.

Strategy’s big earnings miss and light revenues didn’t stop traders from bidding up the stock.

Instacart rose on the heels of solid Q1 results that included impressive order growth.

Palantir shares finished just shy of a record closing high after reports that the White House is looking to boost defense spending.

Duolingo posted strong earnings and upped its full-year forecast, sending shares soaring.

On the other hand, Block was a big loser after the fintech firm did the opposite: missing on earnings and revenues while lowering its full-year guidance. Roku also slumped after issuing a cautious full-year outlook, while Take Two tanked after pushing back the release of “GTA 6” from the fall of this year to May 26, 2026.

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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.

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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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