Markets
Nia Warfield, Luke Kawa

Stocks slip ahead of Fed decision and megacap tech earnings

Stocks opened at their highs of the day and spent the rest of the session in a slow grind lower, finishing near their lows. Markets briefly perked up when China said it had come to an agreement with the US to continue their trade truce, before the gentle slide lower resumed.

The S&P 500 ended down 0.3%, the Nasdaq 100 gave back 0.2%, and the Russell 2000 underperformed with a 0.6% decline.

Performance among S&P 500 sector ETFs was mixed, with defensive groups like real estate and utilities leading the way higher while industrials fared the worst.

Gains were led by Corning, which jumped 12% after the glassmaker for smartphones and fiber-optic cables for AI data centers posted record second-quarter sales. Declines were led in part by Carrier and UPS, which fell 10%, with the shipping giant posting mixed Q2 results and warning of ongoing pressure in the US. Meanwhile…

Sarepta Therapeutics rose 14% after the Food and Drug Administration said it was clearing the way for the drugmaker to resume shipments of its gene therapy drug Elevidys to some patients.

SoFi Technologies shares jumped more than 6% after the personal finance company soared past Q2 expectations and hiked full-year guidance for 2025 revenue and earnings.

JetBlue shares jumped 7% after the airline posted a narrower-than-expected loss for Q2 and received approval for its “Blue Sky” alliance with United.

Stellantis shares dipped 1% after the Jeep maker said it would face a full-year tariff hit of about $1.7 billion.

UnitedHealth slumped 7% after it reported second-quarter earnings that missed expectations along with disappointing full-year guidance.

Uber shares dropped nearly 4% after Alphabet’s Waymo announced on Monday evening that it will launch its robotaxi service in Dallas in a partnership with rental car giant Avis. 

Spotify shares tumbled 11.5% after the audio streamer swung to a loss for the second quarter and gave a lighter-than-expected Q3 outlook.

Shares of PayPal fell almost 9% even after the payments company reported better-than-expected Q2 results and hiked its outlook for the year.

Tilray sank 17% after the cannabis company reported mixed Q2 earnings, including fewer sales than expected of alcoholic beverages like its Montauk beers.

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Luke Kawa
7/13/26
Meet the newly public, Bezos-backed company that’s recreating the sun and stars

General Fusion CEO Greg Twinney spoke with Sherwood News from the Nasdaq during the stock’s first day of trading.

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markets
J. Edward Moreno

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.

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.”

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