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The Weekend Rip
Happy Weekend!

What a week! The week began with the S&P 500 closing above 6,000 for the second straight session, and it all looked like June would be rosy after all. But the week ended in a sell-off. It looks like war between Israel and Iran, and conflict rattles markets, pushing crude oil and defense stocks higher while broader equities fell. Inflation fell to nearly 2% YoY, and earnings went well, but the market fears uncertain outcomes. The trade talks between the U.S. and China culminated in a ‘deal’ that looks a lot like last month’s deal, and Bessent had the gall to warn not to expect many trade updates anytime soon. 📉 

Let's recap and prep you for the week ahead. 📝

◀️ On Monday, the market climbed for the second straight session as the S&P 500 closed above 6,000, approaching highs set in February. Apple unveiled updates at WWDC25, including a new design language, VR system enhancements, and a ChatGPT-integrated image generation tool, but investors were unimpressed, sending the stock lower. Robinhood failed to secure inclusion in the S&P 500 during the latest index rebalancing. Warner Bros. Discovery announced plans to split into two publicly traded companies, separating its streaming and studios division from its global networks unit. Amazon committed $20 billion to expanding AI and cloud infrastructure in Pennsylvania, while OpenAI reached $10 billion in annual recurring revenue.

🌏️ On Tuesday, the market continued its climb toward all-time highs, though uncertainty remains over trade talks, inflation-driven interest rate decisions, and the Senate’s spending bill. JM Smucker fell after providing weaker-than-expected 2025 profit guidance, while GameStop and GitLab also declined following earnings reports. IBM announced plans to build the Starling quantum computer by 2029, boasting 20,000 times the processing power of current quantum systems.

⚡️ On Wednesday, the market climbed after CPI inflation came in lower than expected at 2.4%, though core inflation held steady at 2.8% for the third straight month. Oracle reported strong earnings, with its remaining performance obligations growing 41% to $138 billion, signaling confidence in its cloud infrastructure growth. The U.S. and China reached a revised trade agreement, essentially reaffirming last month’s deal. Trump touted a 55% tariff rate, while China said it would supply key rare earth materials upfront. Treasury Secretary Bessent warned that another tariff pause was likely and cautioned that failure to pass Trump's tax bill could cause a recession. Meta introduced V-JEPA 2, an AI model aimed at improving robotic intelligence, while Tesla rebounded slightly after Musk admitted he went too far in his recent criticism of Trump.

🐂 On Thursday, the market edged higher with a fractional gain as investors weighed tariff uncertainty and a declining U.S. dollar index. Restoration Hardware surged post-market after unexpectedly swinging to a profit, while Adobe beat estimates but struggled to gain momentum. Chime’s IPO debuted strongly, soaring over 60% at its Nasdaq opening, pushing its valuation to $18.4 billion. Boeing fell after an Air India 787 Dreamliner crashed in western India, with investigations underway into the tragedy. Trump signaled potential auto tariff hikes just days after increasing aluminum and steel tariffs, keeping markets cautious ahead of July’s trade policy updates.

😢 On Friday, the market sold off sharply after missile barrages between Israel and Iran rattled investor confidence, driving crude oil and defense stocks higher while most equities fell. Goldman Sachs analysts warned oil prices could reach $90 per barrel if the situation worsens, while the U.S. deployed naval forces to the region. Chime climbed 37% in its Nasdaq debut, adding to recent IPO momentum. The GENIUS Act stablecoin framework bill advanced in the Senate, prompting speculation that Walmart and Amazon could move toward internal payment systems to bypass credit card fees. Visa and Mastercard stocks declined on the news.

🤩 This week's Stocktwits Top 25 showed outperformance vs. the indexes.

Here are the closing prices: 

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THE BRIEF

Need a concise summary of what's going on this week? Look no further. Here’s a rundown of this week’s earnings and economic data.

Earnings This Week

Earnings season is basically over with just 34 stocks reporting this week.

Above is a quick summary. Check out the full Stocktwits earnings calendar for the other names reporting this week.

Economic Calendar

It’s a busy week of economic data, with investors focused on the FOMC rate decision on Wednesday

In addition to the above, check out this week's complete list of economic releases.

Links That Don’t Suck 🌐

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⚠️ Trump says 'it's possible' US gets involved in Israel-Iran conflict

🛢️ Oil Traders Brace for Turmoil as Iran Crisis Imperils Supply

🛍️ The Trump administration is offering 3 different scenarios for how 'Liberation Day 2.0' may play out

🪙 'It makes sense to be on hold': Why Wall Street strategists think Fed rate cuts aren't coming anytime soon

⁉️ Who Is Vance Boelter? The Minnesota Lawmaker Shooting Suspect

*3rd Party Ad. Not an offer or recommendation by Stocktwits. See disclosure here.

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