👟The Swoosh Surge

Good afternoon! Amazon’s 007 reboot just got a big-name director Denis Villeneuve, the mind behind Dune and Arrival, will helm the next James Bond film under Amazon MGM. No Bond cast yet, but with the franchise in Villeneuve’s hands, expect something sleek, cerebral, and probably sand-colored.

Meanwhile, Meta’s getting the sequel treatment. Aaron Sorkin is returning to write and direct The Social Network Part II, this time tackling the fallout from the 2021 Facebook Files. Less college drama, more congressional hearings.

MARKETS

• Records all around: The S&P 500 closed at an all-time high on Friday, ending a 3.4% winning week with a 0.5% gain. The Nasdaq Composite also notched a fresh record, while the Dow jumped over 430 points as traders shrugged off trade noise and rode momentum back to new highs.

• Markets briefly dipped after Trump said he was cutting off trade talks with Canada over its digital services tax, but stocks rallied into the close. Meanwhile, the U.S. and China unveiled details of a trade deal easing chip and rare earth restrictions, giving investors more reason to stay bullish.

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STOCKS
Winners & Losers

What’s up 📈

• Cyngn soared 20.07% after announcing a partnership with Nvidia on self-driving industrial vehicle tech. ($CYN)

• EchoStar climbed 13.16% after confirming President Trump pressured the FCC to approve a Dish TV-related deal. ($SATS)

• Nike jumped 15.19% after strong earnings and signs that its turnaround strategy is finally paying off. HSBC upgraded the stock to buy. ($NKE)

• Dick’s Sporting Goods rose 3.54% and ON Holdings added 1.34% as sporting goods stocks rallied on Nike’s report. ($DKS, $ONON)

• Apogee Enterprises gained 5.85% after beating earnings and revenue estimates for the quarter. ($APOG)

• Trade Desk popped 1.93% after Evercore ISI upgraded the ad tech stock to outperform. ($TTD)

• GE Vernova, Vistra, and Vertiv rose 2.54%, 2.44%, and 2.71% respectively after reports that Trump will issue an executive order to boost domestic energy production for AI infrastructure. ($GEV, $VST, $VRT)

• Nvidia extended its streak, rising 1.72% as AI enthusiasm remains strong. ($NVDA)

What’s down 📉

• Circle tumbled 15.54% after a weeklong surge, as traders locked in profits. ($CRCL)

• MP Materials and USA Rare Earth dropped 8.59% and 12.14% respectively after a trade deal reopened access to Chinese rare earth imports. ($MP, $USAR)

• Coinbase fell 4.27%, ending a strong week as crypto traders rebalanced their portfolios. ($COIN)

• Pony.ai sank 6.31% on reports that Uber may help fund a takeover of its U.S. unit by co-founder Travis Kalanick. ($PONY)

• Li Auto slipped 1.93% after issuing weak Q2 delivery guidance. ($LI)

• Xiaomi fell 4.20% despite announcing 240,000 SUV orders within 18 hours. ($XIACY)

• Newmont, Barrick Mining, and Kinross Gold fell 4.11%, 3.44%, and 6.18% respectively as gold prices declined amid a shift to risk-on sentiment. ($NEM, $GOLD, $KGC)

RETAIL
Nike Stock Jumps as CEO Says the Worst of Its Sales Decline Is Over

Swoosh Surge
Nike stock sprinted ahead by 15% after CEO Elliott Hill told investors the worst of the company’s sales slump is in the rearview mirror. The upbeat tone came during Nike’s Q4 earnings call, where revenue fell 12% to $11.1 billion—better than feared—and EPS landed at $0.14, just edging past forecasts. After a rough year that wiped out a third of its market value, the surprise upside gave Wall Street reason to lace back up.

Hill, who returned from retirement last October, is in the thick of a reset. He’s walking back a failed strategy that leaned too hard on lifestyle kicks and direct-to-consumer sales. Instead, Nike is doubling down on performance gear, mending ties with retailers like Amazon, and shifting production away from China to reduce tariff exposure. Those tariffs, by the way, could cost the company $1 billion.

Running Toward Recovery
The Vomero 18 running shoe has emerged as a standout, racking up $100 million in sales in just three months. Meanwhile, Nike’s running category as a whole posted high-single-digit growth. The company also scored with its athlete marketing—highlighting stars like Rory McIlroy and Faith Kipyegon—and raised marketing spend by 15% last quarter. Still, China remains a drag, with weak traffic slowing regional recovery.

On the wholesale side, relationships are thawing. Retailers that were once dropped are coming back to the table. Nike cleared out aging inventory with heavy discounts and expects a cleaner marketplace by the end of next quarter. Analysts praised the progress, noting that performance products may soon offset lifestyle weakness.

What Wall Street's Saying
With competitive pressure easing and fresh products gaining traction, some analysts now see signs of a sustainable rebound. Nike’s pivot to core sportswear, combined with operational cleanup and sharper messaging, is restoring investor confidence. Hill admits the full recovery will take time—but for investors, it’s starting to feel like Nike might Just Do It.

NEWS
Market Movements

• ✈️ Boeing upgraded as production accelerates: Boeing received a buy rating from Redburn, which raised its price target to $275, citing faster aircraft production and improved cash flow outlook. ($BA)

• 💊 Hims rebounds after adding new exec: Hims shares rose more than 10% after the company named Dheerja Kaur as chief product officer, partially recovering from a steep drop triggered by the end of its Novo Nordisk partnership. ($HIMS)

  🏠 Crypto to count toward mortgages: FHFA ordered Fannie Mae and Freddie Mac to develop proposals to accept cryptocurrency assets—held on U.S.-regulated exchanges—as qualifying assets for home loans. ($BTC)

  🚗 Tesla and Waymo lift self-driving sector: Tesla’s robotaxi launch and Waymo’s expansion sent self-driving tech stocks soaring, with lidar-maker Aeva up 34%, Mobileye up 25%, and Pony.ai—rumored to be a Kalanick target—up 23%. ($TSLA, $GOOGL, $AEVA, $MBLY, $PONY)

• 🧠 SoftBank CEO plans $33B OpenAI investment: Masayoshi Son said he’s “all in” on OpenAI and aims to lead in artificial superintelligence after missing out on early investment to Microsoft. ($TYO:9984)

• 📈 UBS raises S&P 500 forecast to 6,200: UBS boosted its year-end target for the S&P 500, citing easing trade tensions and strong earnings, while also raising 2025 EPS expectations. ($UBS)

• 🇺🇸 Trump ends all trade talks with Canada: President Trump announced the U.S. is “terminating ALL discussions on Trade with Canada” over Ottawa’s digital services tax targeting U.S. tech firms and warned new tariffs are coming within a week. ($META, $GOOGL, $AMZN)

• 🇨🇳 U.S. and China confirm trade deal details: The U.S. and China finalized a framework to ease tech restrictions and resume rare earth exports, following high-level talks and a Geneva agreement signed earlier this month. ($MSFT)

• ⚖️ E.U. regulators say Meta still violates DMA: Meta’s revised pay-or-consent ad model may still breach antitrust rules under Europe’s Digital Markets Act, according to regulators threatening further fines. ($META)

• 🚙 Xiaomi SUV undercuts Tesla, shares surge: Xiaomi shares jumped over 5% after its new YU7 SUV launched $1,400 cheaper than Tesla’s Model Y, racking up more than 200,000 orders in minutes. ($HKG:1810)

• 🧪 Merck RSV shot gets panel backing: A U.S. advisory panel endorsed Merck’s infant RSV vaccine Enflonsia for government programs after it showed over 84% efficacy in reducing hospitalizations. ($MRK)

• 🚘 Toyota sets new May sales record: Toyota reported a record 6.9% jump in global May sales, fueled by strong U.S. demand, though production slipped slightly amid tariff pressures. ($TYO:7203)

• 🛫 Cyber incident hits Hawaiian Airlines systems: Hawaiian Airlines, owned by Alaska Air, reported a cybersecurity issue affecting IT systems but said flight operations remain stable. ($ALK)

ECONOMY
US Consumer Spending Drops In May

Consumers took their foot off the gas in May. Spending dropped 0.3% — the biggest monthly dip this year as Americans hit pause on everything from travel to takeout. And while wages kept climbing (+0.4%), overall income slid thanks to shrinking government payments. Translation? Households could spend, but many just... didn’t feel like it.

Hot Prices, Cold Feet: Meanwhile, inflation came in lukewarm. The Fed’s preferred gauge core PCE ticked up to 2.7%, slightly hotter than expected but not exactly setting off alarm bells. Still, with tariffs creeping in, policymakers aren’t eager to slash rates just yet. Think of it as economic limbo: prices aren’t falling, spending’s retreating, and the Fed’s just watching with one eyebrow raised.

Reality Check Incoming? Despite the spending slump, consumer sentiment actually rose in June. But don’t pop champagne just yet — as one economist put it, the mix of falling income, higher prices, and tariff headaches means this summer could be less “Hot Girl Summer” and more “Budget-Conscious Staycation.”

Calendar
On The Horizon

Next Week

Earnings are hitting the mute button this week, leaving the spotlight wide open for economic data to steal the show. If you're waiting for a major quarterly report… don’t. It’s a ghost town on that front.

The real action starts Tuesday, with fresh reads on job openings, manufacturing activity, and construction. Thursday brings the heavy hitters: jobless claims, services PMI, and the all-important June jobs report. And just a heads-up—markets are closed next Friday for July 4th, but we’ll still be dropping special editions to help you reset for the second half of the year.

NEWS
The Daily Rundown

• 📈 Market Flirts With Record Highs: The S&P 500 closed within 0.1% of an all-time high yesterday, bouncing back from April’s steep drop after tariff announcements. Tech enthusiasm and softening trade tensions fueled the rebound, with the Nasdaq 100 already hitting a new record. Investors are betting on deregulation, rate cuts, and tax reform to boost earnings further.

• 🪑 Trump Has a Shortlist for Fed Chair: As Powell wrapped up his congressional testimony, reports emerged that Trump may nominate a successor this summer—despite Powell’s term running through 2026. The dollar slipped on the news, and economists warned that undermining Fed independence could rattle markets and central bank credibility.

• 👠 Anna Wintour to Step Down from Vogue: After 37 years at the helm of U.S. Vogue, Anna Wintour is leaving her role as editor-in-chief. She’ll remain global chief content officer at Condé Nast, but her successor will take on a rebranded “head of editorial content” title. Wintour transformed the magazine into a fashion and cultural powerhouse.

• 🕌 Iran’s Leader Declares Victory After Ceasefire: In his first public remarks since Israel’s bombing campaign, Ayatollah Khamenei claimed Iran’s retaliation “slapped America’s face” and dismissed U.S. strikes as ineffective. Trump said Iran’s nuclear program is “obliterated,” though leaked reports suggest only minor damage.

• 📚 Meta Wins AI Copyright Lawsuit: A federal judge tossed a suit by 13 authors against Meta, ruling that training its LLaMA model on purchased books qualifies as fair use. While the decision is a win for AI firms, the court warned that better-argued cases could still prevail in the future.

• ⚖️ SCOTUS Allows States to Drop Planned Parenthood: The Supreme Court ruled that states can exclude Planned Parenthood from Medicaid programs, also determining that individual patients don’t have standing to sue over such exclusions—a decision with major implications for healthcare access.

• 💍 Bezos–Sánchez Venice Wedding Begins: Jeff Bezos and Lauren Sánchez officially kicked off their multi-day wedding in Venice, drawing celebrities and sparking backlash from locals worried about overtourism and resource strain. The event is expected to cost upwards of $30 million.

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