Morning Preview: July 01, 2026

Early Look

Wednesday, July 1, 2026

Following another nice day of gains, and the best quarter for both the S&P 500 and Nasdaq since 2000, futures took a breather overnight and were red across the board. Gold and oil, similarly slipped overnight. NKE was the most impactful earnings name last night and it’s looking lower by about 3.5%. Trading activity is likely to begin to ease as we approach the holiday long weekend, but tomorrow’s payrolls data will still looms for the Fed watchers.

In Asian markets, The Nikkei Index gained 412.64 to 70,474.96, the Shanghai Index added 18.05 to 4,112.45 and the Hang Seng Index dipped 145.66 to 22,881.02. In Europe, the German DAX is up 49.32 at 25,046.95 while the FTSE 100 is off 38.92 to 10,457.74.

• The Dow Jones Industrial Average rose 135.07 points, or 0.26%, to 52,317.81
• The Nasdaq Composite gained 393.57 points, or 1.52%, to 26,213.72
• The Russell 2000 Index advanced 16.79 points, or 0.56% to 3,027.20

• 7:00 AM ET MBA Mortgage Applications Data
• 8:15 AM ET ADP Private Payrolls for June
• 9:45 AM ET S&P Global Manufacturing PMI for June
• 10:00 AM ET                Construction Spending M/M for May
• 10:00 AM ET ISM Manufacturing PMI for June
• 10:30 AM ET                Weekly DOE Inventory Data

• Earnings After the Close: BSET FC GBX

• In airlines, ULCC and BCS announced they would continue long-term partnership to deliver more value for Frontier Airlines World Mastercard ® cardmembers.
• In consumer brands, STZ announced a double beat in EPS and sales, sending shares higher in AHs trading, NKE shares fell modestly after reporting Q4 earnings: Adj. EPS $0.20 beats est $0.13 and Sales $10.972B beat est $10.863B; on the conf. call Nike’s CEO said the company is seeing added pressure on traffic, pressure tariffs, and discretionary spending across geographies and working to right-size distribution network to match demand, lower supply chain costs. PZZA shares fell in AHs trading after announcing the appointment of Chris Collins as interim CFO effective immediately and Ravi Thanawala leaving as CFO.
• In online commerce, Australia’s ACCC has sued AMZN over alleged unfair contract terms for Prime users per an ACCC PR overnight.
• In autos, China’s LI announced that it delivered 30,895 vehicles in June. As of June 30, Li Auto’s cumulative deliveries reached 1,733,687. China’s NIO announced they had delivered 40,597 vehicles in June, representing an increase of 62.9% YoY. China’s XPEV announced the delivery of 40,126 vehicles in June, bringing total second-quarter deliveries to 103,295 units.

• In energy, shares of BE gained in AHs trading following announcement that they and Brookfield expand their strategic partnership as Brookfield increases its framework to finance power projects for ai infrastructure from previously announced $5B to $25B. TALO announced they would buy Gulf of Mexico deepwater assets from SHEL for $850M net. RIG shares rose in AHs trading after signing over $1B agreement with EQNR for three of its harsh environment semisubmersible rigs on Norwegian Shelf. SDRL issues $700M of 6.75% Senior notes due 2034 per an SEC filing. The U.S. DOE has approved final safety analysis for OKLO‘s Groves Isotope test reactor; targets first criticality in July 2026.
• In industrials, WS enters a $550M asset-based revolving credit facility with Wells Fargo, expandable to $650M. FMC shares are higher in pre-market trading following announcing that they and Tessenderlo Group announced that they have entered into a definitive agreement under which Tessenderlo Group will make a strategic minority equity investment in FMC Corporation of approximately $400M at a price of $13.30 per share. Overnight, KE announced the acquisition of private Helvoet Polymer Technologies for €90M ($103M), expanding global medical CDMO platform across Europe and India. ES announced the completion of its sale of Aquarion Water Company to Aquarion Water Authority, a quasi-public Corporation and political subdivision of the State of Connecticut, for $2.4B in cash. MSM reported Q3 earnings: Adj. EPS $1.43 beat $1.26 estimate and Sales $1.047B beat $1.031B estimate.
• In logistics overnight, the FT reported that French container shipping group CMA CGM is nearing a deal to buy FDX’s third-party logistics business for $1.4bn in cash, further strengthening its foothold in the US supply chain.
• In mining last night, AA announced the strategic acquisition of South32’s bauxite, alumina, and aluminum assets for $4.1B.

• In real estate, nan-cap LGPS shares rose sharply after announcing payment of a special dividend of $0.022 per share. ABR announced they would offer $300M convertible Senior notes due 2029 in private placement. INN completes $650M credit facility refinancing. Realty Income (O) forms programmatic joint venture with Cloud Capital and a global institutional investor to invest in hyperscale data centers; initial seed assets valued at over $6B. CSGP has announced an 30% investment in Wikicasa, an agent-backed real estate marketplace in Italy.

• In data storage late yesterday, activist hedge fund Jana Partners built new position in tech company Everpure Inc, (P), sources note, lifting the shares. SCSC announced the expansion of HPE networking partnerships to include HPE Juniper Networking.
• In software, shares of PRGS moved lower in AHs trading despite a double beast and generally raised guidance following Q2 earnings: Adj. EPS $1.62 beat est $1.49, Sales $253.465M beat est $242.741M. DDOG announced the acquisition of Adaptive ML to accelerate its investment in AI research and development. In an SEC filing SNOW announced that stockholders do not approve executive officer compensation on non-binding advisory basis. Israel’s NICE announced that they had deepened their AMZN’s AWS partnership, bringing ai agents and automation capabilities to European sovereign cloud for financial services, healthcare and public sector.
• In chips, LSSC filed to enter a $200M revolver, $950M delayed draw term loan agreement. In an SEC filing NVDA announced stockholders approve advisory vote on executive compensation.
• In AI last night, Bloomberg reported that the US government removed foreign access restrictions on Anthropic PBC’s Fable 5 artificial intelligence model, clearing it for wider distribution.