News Bulletin
Wednesday, July 01, 2026
Evening Edition

Economic Numbers:

Time	Event	Actual	Forecast	Previous
Wednesday, July 1, 2026
8:15	ADP Nonfarm Employment Change (Jun)	98K	118K	122K
9:00	Fed Governor Warsh Speaks
9:45	S&P Global Manufacturing PMI (Jun)	53.90	55.70	55.10
10:00	ISM Manufacturing PMI (Jun)	53.30	53.80	54.00
10:00	ISM Manufacturing Prices (Jun)	73.00	77.70	82.10
10:30	Crude Oil Inventories	-3.775M	-2.900M	-6.088M
10:30	Cushing Crude Oil Inventories	0.709M		-1.077M
15:15	U.S. President Trump Speaks

Indices

	CLOSE	50 DMA	200 DMA
DJIA	52,305.24	50,481.78	48,407.94
NASDAQ	26,040.03	25,881.82	23,685.45
S&P 500	7,483.23	7,395.31	6,942.93

Earnings Calendar:

(EPS: Earning Per Share / Rev: Revenue / Mkt Cap: market Capital/ BMO: Before Market Opening /AMC: After Market Close)

COMPANY	EPS Act	EPS Fore	Rev Act	Rev Fore	Mkt Cap	Time
Constellation BrandsSTZ:US		3.22		3.22	$25.43B
General MillsGIS:US		0.74		4.6B	$21.43B	AM
FactSet Research SystemsFDS:US		4.27		585.5M	$9.19B	AM
MSC Industrial DirectMSM:US		1.08		1.08	$5.16B	AM
UniFirstUNF:US		2.17		610.8M	$4.79B	PM
National BeverageFIZZ:US		0.48		314M	$2.97B	AM
Greenbrier CompaniesGBX:US		1.86		1.86	$1.54B	PM

Market News:

Wall Street on Wednesday ended largely lower in a choppy session, a day after closing out the second quarter and the first half of the year with stellar gains. Stocks opened trading on a negative note as investors digested a mixed bag of labor market data and the first public comments from Federal Reserve Chair Kevin Warsh since the central bank’s hawkish turn last month.

The mood improved shortly after the open after the release of U.S. manufacturing data and as Meta extended gains on a report that the Facebook-parent was planning to enter the cloud infrastructure market. Stocks then seesawed through the day in mixed fashion before losing more ground in the final hour of trading.

Market participants also kept an eye on uncertain peace talks between Washington and Tehran, with President Donald Trump asserting that the "denuclearization of Iran" was "moving along well."

The benchmark S&P 500 index slipped 0.2% to close at 7,484.47 points, while the tech-heavy NASDAQ Composite shed 0.7% to settle at 26,040.03 points. The blue-chip Dow Jones Industrial Average concluded just under the flatline at 52,306.22 points.

"Stocks are taking a well-deserved breather after a rip-roaring second quarter. Remember, even the hottest sectors and stocks don’t go up every day, so we’re seeing some profit-taking for a change today. Note that the selling is mostly tech focused, with NDX down more than 1% and SOX down more than 6%. Otherwise, we have a general balance between winning and losing sectors, and advancing stocks outpacing decliners,"

"Another reason for the relative stability is tomorrow’s impending release of June jobs numbers. There’s little reason for traders to take on too much risk ahead of a huge set of economic statistics and a long weekend,"

Layoffs cool, private job growth comes in soft

Watchers of monetary policy this week have been focused on a host of U.S. labor market indicators for more cues on interest rates. On Wednesday, Challenger, Gray & Christmas reported 45,849 U.S. job cuts in June, down 53% from May’s 97,006 layoffs and marking the lowest monthly total since December 2025.

Soon after, ADP said U.S. private employers added 98k jobs in June, lower than the expected figure of 118k and May’s 122k reading.

The Challenger and ADP data comes a day after a strong reading for U.S. job openings, which surged to a two-year high in May, and a day before the widely-anticipated June nonfarm payrolls report. The Federal Open Market Committee (FOMC) last month indicated that it was solely focused on the inflation part of its dual mandate, as the overall labor market remained strong.

"We expect nonfarm payrolls grew roughly 85,000 in June as more consumers reported jobs are hard to get and businesses are not adding to payrolls as quickly as previous years. Further, FOMC chair Kevin Warsh will likely remain hawkish in tone but will keep rates unchanged at the July 29 meeting," Jeffrey Roach, chief economist at LPL Financial, said.

While Wednesday’s labor indicators were a mixed bag, data from the Institute for Supply Management (ISM) was more positive. ISM’s headline manufacturing purchasing managers index slipped to 53.3 in June from 54 in May and was below the consensus estimate of 53.8, but its gauge measuring the monthly change in raw material costs paid by manufacturers dipped significantly to 73 in June from 82.1 in May.

"The (prices paid) index saw its largest drop in four years, down from 82.1 in May to 73.0 in June (below the 77.5 consensus). This steep decline suggests that pipeline (cost-push) inflationary pressures -- though still notable -- are cooling off," Mohamed El-Erian, former CEO of PIMCO, said.

Warsh speaks in Sintra

Looking away from the economic calendar, followers of monetary policy also paid close attention to Fed chief Warsh’s first public appearance at the European Central Bank (ECB) forum in Sintra, Portugal, since addressing reporters at a post-rate decision press conference last month.

Warsh, President Trump’s pick to succeed former Fed Chair Jerome Powell, has indicated that he could take a different approach to forward rate guidance than his predecessor, including potentially doing away with providing policy road signs for markets altogether. In the post-decision press conference, Warsh had outlined plans for a task force to review how the central bank approaches everything from communication to economic assessments.

Warsh on Wednesday again declined to provide forward guidance on interest rates, saying only that the FOMC was ready for a "good family fight" when it meets again in July.

"Inflation risks have come down," Warsh also noted. While energy-driven price pressures have been in sharp focus for Fed officials since the outbreak of the Iran war in late February, the signing of an interim peace agreement between the U.S. and Tehran last month has led to oil prices sliding back to pre-conflict levels and easing inflationary concerns.

Wall Street coming off best quarter in six years

Away from Warsh, investors on Wednesday were also parsing a stellar run for U.S. markets. The benchmark S&P 500 and the tech-heavy Nasdaq Composite soared about 15% and 21%, respectively, to post their best quarterly performance since Q2 2020. Meanwhile, the Dow surged nearly 9% to post its best H1 since 2021.

Driving these gains were a furious rally in the AI trade, with the Philadelphia Semiconductor Index -- a key barometer of chip stocks -- notching its best quarterly advance on record with a whopping rise of around 88%. Fears around the sustainability of the soaring expenditures on AI data centers and chips weighed on sentiment near the end of June.

A rapid slide in oil prices since the signing of a memorandum of understanding between the U.S. and Iran in mid-June also played a part in driving Wall Street’s massive quarter. Tensions have been elevated, however, since Washington and Tehran exchanged fresh strikes over the weekend. The focus is now on a trip by U.S. and Iranian diplomats to Qatar, where both sides are due to hold discussions with mediators.

Nike stock recovers, Meta jumps

Turning to Wednesday’s active movers, shares of Nike initially fell nearly 1% at the open, after the world’s largest sports apparel retailer warned of a prolonged turnaround effort as it grapples with slumping sales in China. But the stock later recovered strongly and ended 5.1% higher.

Nike signaled that CEO Elliott Hill’s ongoing push to overhaul the embattled business still has large hurdles to overcome, even after its fiscal fourth-quarter revenue topped expectations. A double-digit slide in sales in China, a major market for Nike, weighed heavily on the top-line figure as well.

Hill, who took over at Nike in 2024, told investors in a post-earnings call that the results "aren’t there yet," adding that the company is not "living up to our full potential."

Elsewhere, Meta stock surged 8.8%, after Bloomberg News reported that the tech giant was planning to enter the cloud infrastructure market by selling its excess AI computing capacity, citing sources familiar with the matter. The move would set up direct competition with hyperscalers such as Amazon Web Services and Microsoft Azure.

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