S&P 500 – 7,511.35 (-0.57%)

Dow Jones – 51,999.67 (+0.64%)

NASDAQ – 26,376.34 (-1.15%)

• MARKETS MIXED AS DOW HITS RECORD: U.S. equities ended mixed Tuesday, with the Dow up about 0.6% to a fresh record while the S&P 500 and Nasdaq declined, signaling continued rotation beyond mega-cap tech leadership.
• YUM SELLS PIZZA HUT IN $2.7B DEAL: Yum! Brands agreed to sell Pizza Hut in a $2.7 billion split transaction to LongRange Capital and Yum China, as it moves to simplify its portfolio and sharpen strategic focus.
• BURY SKEPTICAL OF SPACEX VALUATION: Michael Burry said he has no position in SpaceX and passed on bearish trades due to costly options, while questioning its roughly $3 trillion valuation relative to earnings.
• SPACEX TO BUY CURSOR IN $60B DEAL: SpaceX agreed to acquire AI coding startup Cursor in a $60 billion all-stock deal, accelerating its expansion into artificial intelligence as Cursor surpasses $1 billion in annualized revenue.
• RISK ASSETS MIXED AS FED FOCUS INTENSIFIES: Wall Street traded mixed as investors focused on the Federal Reserve meeting and U.S.–Iran ceasefire optimism, while easing oil prices and lower yields shaped sentiment across markets.
• OIL EASES AS HORMUZ REOPENING SIGNALS EMERGE: Oil fell below $80 per barrel as markets priced in progress toward reopening the Strait of Hormuz, even as some uncertainty remained over the pace of normalization.
• SPACEX SURGES ABOVE $200: SpaceX rose in early trading above $200 per share, briefly surpassing Amazon in market value and becoming one of the world’s largest companies shortly after its public debut.
• CHIP RALLY EXTENDS: Semiconductor stocks extended their rally, led by Western Digital and Seagate, while Micron advanced ahead of earnings as momentum rotated within the AI trade.
• QUALCOMM RISES ON TENSTORRENT DEAL TALK: Qualcomm climbed after reports it is in discussions to acquire AI chip startup Tenstorrent in a potential $8–10 billion deal.
• ROKU SLIPS AFTER FOX DEAL REPORT: Roku pulled back after a sharp rally tied to acquisition reports involving Fox, as investors digested volatility in streaming consolidation headlines.
• TESLA EDGES LOWER DESPITE DELIVERY UPGRADE: Tesla slipped despite a bullish analyst note raising Q2 delivery expectations to 420,000 vehicles, supported by strength in Europe and China.
• WDC EXTENDS RALLY: Western Digital rose 7%, extending a strong multi-day rally after Morgan Stanley raised its price target and reaffirmed an Overweight rating.
• DEFENSE STOCKS SOFTEN: Defense names including Lockheed Martin and Northrop Grumman declined as markets priced in reduced geopolitical risk from the Middle East.
• BOEING GAINS ON DELIVERY UPTICK: Boeing rose after reporting 60 aircraft deliveries in May, up from 45 a year earlier, signaling continued production recovery.
• MARKET BREADTH IMPROVES: breadth improved, gains remained concentrated, with just over half of S&P 500 constituents advancing during Monday’s 1.65% rally.
• JAPAN HIKES RATES: The Bank of Japan raised rates by 25 basis points to 1%, reinforcing expectations of continued tightening amid inflation and currency pressures.
• ECONOMIC DATA MIXED: U.S. data showed weaker housing starts, softer industrial production, and mixed inflation signals, while Treasury yields eased on the softer economic tone.
• ROBINHOOD CUTS JOBS: Robinhood shares rose after the company announced layoffs affecting about 10% of its workforce as part of a broader cost-cutting effort.

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“There’s no better feeling in the world than a warm pizza box on your lap.” 

— Kevin James

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Notable Stocks

• Nvidia (NVDA)
• Snap (SNAP)
• SpaceX (SPCX)
• Qualcomm (QCOM)
• Roku (ROKU) 

Weekly Notables

Snap Debuts $2,195 AR Glasses, Bets Big on Post-Smartphone Era

Snap (SNAP) unveiled its new “Specs” AR glasses on Tuesday, a $2,195 consumer device marking CEO Evan Spiegel’s push into a post-smartphone future. The glasses, expected to ship later this year, are designed for shared augmented reality experiences and represent Snap’s most ambitious hardware move yet. Spiegel said the goal is to shift computing away from screens and toward real-world, see-through digital overlays. Snap shares fell around 4% following the announcement as investors weighed the company’s costly hardware bet against a still-challenging consumer electronics backdrop.

GM And Lockheed Martin Forge New Defense Manufacturing Alliance

General Motors (GM) announced Tuesday a new partnership with Lockheed Martin aimed at scaling defense manufacturing and expanding U.S. production capacity as demand for munitions and military systems increases. The collaboration, facilitated by the U.S. Department of Defense, will focus on strengthening production readiness, supply chain resilience, and advanced manufacturing capabilities, according to GM Defense Vice President of Strategy Bruce Brown. GM Defense—revived in 2017—is one of the company’s fastest-growing segments and already supports customers including the U.S. Army, Secret Service, and NASA.

Earnings Spotlight: FedEx (FDX)

FedEx Corporation (FDX) is scheduled to report its Q4 and full-year fiscal 2026 earnings on June 23, 2026. Analysts project an adjusted EPS of $5.84 for the quarter, down slightly from the previous year's period. 

What's Ahead

Attention now turns to today’s Federal Reserve meeting, where updated projections for rates, growth, and inflation are expected to shape market direction. Following stronger employment trends and persistent inflation, expectations point toward a more cautious policy stance and an extended pause in rate cuts. 

June 17: FOMC rate decision, May retail sales and pending home sales, and expected earnings from CarMax (KMX).
June 18: Expected earnings from Accenture (ACN) and Kroger (KR).
June 19: U.S. markets closed for Juneteenth holiday.
June 22: No major earnings or data expected.
June 23: Expected earnings from Carnival (CCL) and FedEx (FDX).