Nike (NKE) reported fiscal Q4 2026 results that beat EPS and revenue estimates — aided by a nearly $986M tariff refund — but shares fell as much as 8% in extended trading after China sales dropped 12% to $1.3B and direct-to-consumer revenue declined 7%. Constellation Brands (STZ) rose roughly 3% after hours after posting Q1 EPS of $3.43 vs. the $3.21 consensus, with beer margins holding steady at 39% despite soft depletion trends in Modelo and Corona. Separately, the Supreme Court's 5-4 ruling (issued Monday) protecting Fed Governor Lisa Cook's independence is resonating into Tuesday's close, reinforcing central bank autonomy but leaving markets watchful over the FTC and SEC's newly diminished independence.
→ Nike's investor call takeaways and whether FY2027 guidance language on China and DTC stabilization shifts analyst price targets — several banks already cut targets ahead of earnings.
→ ADP June employment change and ISM Manufacturing PMI on Wednesday (July 1), followed by the pivotal June nonfarm payrolls report Thursday (July 2) — key inputs for the Fed's next rate decision.
→ SpaceX (SPCX) Nasdaq-100 inclusion mechanics: passive fund buying begins after close July 6, official entry July 7; JPMorgan estimates ~$4.3B in inflows.
→ Ongoing U.S.-Iran ceasefire talks in Doha — any breakdown could spike oil prices sharply given WTI is already down ~30% quarter-to-date.