Early Look
Thursday, July 2, 2026
|
Futures |
Up/Down |
% |
Last |
|
Dow |
89.00 |
0.17% |
52,757 |
|
S&P 500 |
-3.25 |
0.04% |
7,540 |
|
Nasdaq |
-114.75 |
0.38% |
29,980 |
On the heels of a few nice gains, investors started the new month in a more cautious mood and took some profits yesterday. Today’s payrolls data likely will be the determining factor in the next move ahead of a long holiday weekend as concerns linger around the prospect of Fed hikes. Is good news good news or is it bad? Earnings get going in couple weeks, though, and growth should be solid and that would be good news either way.
In Asian markets, The Nikkei Index slid 1,741.81 to 68,733.15, the Shanghai Index lost 83.54 to 4,028.90 and the Hang Seng Index gained 174.01 to 23,055.03. In Europe, the German DAX is adding 139.82 to 25,178.90 while the FTSE 100 is higher by 51.17 to 10,529.56 and the CAC is up 65.58 at 8,402.87.
Market Closing Prices Yesterday
- The S&P 500 Index dipped 15.97 points, or 0.21%, to 7,483.39
- The Dow Jones Industrial Average slipped 12.98 points, or 0.02%, to 52,306.22
- The Nasdaq Composite lost 173.69 points, or 0.66%, to 26040.03
- The Russell 2000 Index declined 2.07 points, or 0.07% to 3,022.30
Economic Calendar for Today
- 8:30 AM ET Nonfarm Payrolls for June
- 8:30 AM ET Private Payrolls for June
- 8:30 AM ET Manufacturing Payrolls for June
- 8:30 AM ET Unemployment Rate for June
- 8:30 AM ET Average Hourly Earnings M/M for June
- 8:30 AM ET Weekly Jobless Claims
- 8:30 AM EST Continuing Claims
- 10:00 AM ET Factory Orders M/M for May
- 10:30 AM ET Weekly EIA Natural Gas Inventory Data
- 1:00 PM EST Baker Hughes Weekly rig count data
Earnings Calendar:
- Earnings Before the Open: LNN
- Earnings After the Close: None
Other Key Events:
- Goldman Sachs APAC Consumer & Leisure Corporate Day, 6/29-7/3, in Hong Kong
|
Macro |
Up/Down |
Last |
|
Nymex |
-1.01 |
67.57 |
|
Brent |
-0.94 |
70.63 |
|
Gold |
-5.50 |
4,076.90 |
|
EUR/USD |
0.0027 |
1.1412 |
|
JPY/USD |
-1.098 |
161.421 |
|
10-Year Note |
+0.0057 |
4.475% |
Sector News Breakdown
Consumer
- In retail, AEO announced CFO transition; appoints Ravi Thanawala as CFO effective August 3, 2026; Mike Mathias will transition from CFO to strategic advisor.
- In consumer products, WHR announced in an SEC filing they would ‘gradually’ phase out Supsa manufacturing facility in Mexico. BSET shares fell in AHs trading after reporting Q2 earnings: EPS $0.24 beat est $0.20 and Sales $83.753M beat est $83.300M.
Energy, Industrials and Materials
- In defense, LHX received FAA contract to upgrade and continue to operate nation’s aircraft tracking network through 2045. RDW filed amendment increases revolving credit facility commitments to $50M from $30M per SEC.
- In energy, TEN announced second LNG carrier order in Hyundai Heavy Industries; to be delivered in July 2026 in South Korea with $3.5B in minimum secured revenues. TTE divests 8.5% interest in Marjoram gas field to Inpex for $350M.
- In industrials, CMCO announces CFO transition; appoints John R. Linker as CFO effective July 1, 2026; reaffirms fiscal year 2027 guidance. REZI announces board approves ADI spin-off, sets August 3 distribution under ticker ‘ADIG‘; shareholders of record expected to receive one share of ADI common stock for every two shares of Resideo common stock owned. QXO incurs $3B incremental term loan facility per SEC filing. KODK files to offer up to 4.43M shares of common stock by selling shareholders per SEC filing. GBX shares were slightly lower last night after reporting Q3 earnings: EPS $0.60 misses est $0.62 and Sales $576.500M misses est $612.694M.
CLF Wins A Maximum $400M Indefinite-Delivery/Indefinite-Quantity Contract For Grain Oriented Electrical Steel - In water services and utilities, AWK’s Missouri American Water unit seeks MoPSC approval for higher rates to fund about $1.6B in system investments between 2025 and 2028.
- In agriculture, BAYRY will consolidate U.S. glyphosate business Into distinct entity operating as Ruveon; Reinforces commitment to delivering trusted Roundup® brands and glyphosate products and services to U.S. customers. QXL demonstrates first all-optical HRG architecture for advanced inertial sensing.
- In mining, LEU signs contract with Department of Energy for $900M award.
- In aerospace, AVAV shares moved higher in AHs following announcement hey won a $500M firm-fixed-price contract for the procurement of commercial counter-unmanned aerial systems and counter small-unmanned aerial systems capabilities; Army Contracting Command is the contracting activity.
Financials
- In investing, Reuters reported last night that SFTBY is in talks with lenders on securing $10B margin loans backed by OpenAI stake and repayment guarantee, sources note; previous Softbank efforts to secure loan against its OpenAI stake had stalled due to lack of lender support, sources note. U.S. Treasury selects BLK‘s Ivy and ITOT ishares ETFs for Trump accounts program; selected funds expected to become available in coming months following official launch.
- In services, FC sharers fell by 20% in AHs trading following reporting Q3 earnings: EPS $0.27 misses est $0.28 and Sales $67.807M Miss est $68.334M and cut its FY26 sales guidance with its midpoint below estimates. VEON partners with MC to expand financial services across Ukraine, Kazakhstan, Pakistan and Uzbekistan.
- In real estate, STRS announced initial liquidating distribution of $5.00 per share to stockholders and intention to voluntarily delist from Nasdaq and deregister with SEC. GOOD announces that they have executed a 10-year lease with Ohio Life Sciences. CSGP announces launch of costar platform in france targeting €300b commercial real estate market.
Healthcare
- In biotech, TRAW files for mixed shelf offering of up to $139.2M per SEC filing. NBIX initiates Phase 2 study of crinecerfont in pediatric patients under 4 years old with classic congenital adrenal hyperplasia. In an SEC filing, BIIB announces they expect Q2 2026 $164M bought in-process R&D, upfront and milestone expense and expects Q2 2026 adj net Income per diluted share impact of $0.95. ONMD files to sell 11.68M shares of common stock for holders.
JBIO enters exclusive worldwide license agreement with Paragon Therapeutics; to pay up to $22M in milestone payments to Paragon; to pay paragon low to mid-single-digit percentage royalties on net sales of licensed products; Paragon barred from new campaigns targeting licensed target for at least five years. TLX achieves FDA alignment on clinical protocol and statistical framework across three standards of care combination cohorts. UTHR has acquired Thymmune Therapeutics, Inc.for $140M in cash plus up to $160M in potential earn-out payments tied to clinical and regulatory milestones to be achieved by the end of 2031.
- In healthcare services, GRDN acquires Wellness Concepts; terms not disclosed. ENSG purchases two skilled nursing facilities in Texas; terms not disclosed,
Technology, Media & Telecom
- In chip making late yesterday, add’l news emerged on AAPL being in talks with the Trump administration on chip purchases; the 2 Chinese chipmakers are on the Pentagon warning list.
In an SEC filing, AMD said CEO Lisa T. Su to receive $36M equity award on August 15, 2026. In South Korean trading overnight, shares of SSNLF and SK Hynix fell sharply as trader took profits in the DRAM memory chip space following the 1H26 rally and news that AAPL is lobbying the Trump administration to buy Chinese memory chips. US memory chip makers MU, SNDK, WDC are continuing y’day’s losses this morning.
- In software and hardware, AAPL is said to be preparing a new iPad Pro, redesigned entry-level MacBook Pro per Bloomberg. SYM buys private ARMS Innovations as it expands from warehouse automation to AI-powered operational intelligence; terms not disclosed. CTSH and Domyn Announce Strategic Partnership to Deliver Sovereign AI Solutions Across EMEA.
- In internet, GOOGL shares are lower in pre-market trading following last night’s: The European Union’s top court has upheld the record antitrust fine of $4.67 billion levied on Alphabet Inc.‘s Google over alleged anti-competitive practices.
In AI, the FT reports that OpenAI is discussing giving U.S. government 5% stake.
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Market commentary provided by Hammerstone Markets, Inc, a firm separate from and not affiliated with Regal Securities. Regal Securities has not participated in the creation of the content, and does not explicitly or implicitly endorse the content.