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Together with ProShares
Welcome to your new week.
Let’s dive right in.
Key Earnings Announcements:
Slow week of earnings with Constellation Brands, General Mills, & Nike taking stage.
Monday (6/29): N/A
Tuesday (6/30): Constellation Brands, Nike
Wednesday (7/1): General Mills
Thursday (7/2): N/A
Friday (7/3): Markets closed for Independence Day
Here’s How Some Investors Are Seeking 2x on SpaceX’s Daily Returns
Two weeks after its public debut, SpaceX remains one of the market's most closely watched companies. Investor interest continues to extend beyond the stock itself, reflecting the company's position at the intersection of several powerful growth themes, including launch services, satellite communications, AI infrastructure, and next-generation technologies.
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While SpaceX is best known for its rockets, much of the investment conversation has centered on the company's broader commercial opportunities. Through Starlink, SpaceX operates one of the world's largest satellite communications networks, while its growing AI infrastructure ambitions and expanding connectivity platform have helped position the company at the center of several of today's most closely watched technology trends.
ProShares is the world's largest provider of leveraged and inverse ETFs, and SPCF is part of the growing category of single-stock ETFs designed for investors seeking magnified daily exposure to individual companies.
What We’re Watching:
General Mills (GIS)
General Mills (-22.5% YTD) reports Q4 FY2026 earnings Wednesday morning, with investors focused on whether the company can stabilize volumes after a difficult year for packaged food demand. The stock has been under pressure as consumers remain price-sensitive, input costs stay elevated, and the company works through portfolio changes, including its yogurt divestitures and the Whitebridge Pet Brands acquisition.
Last quarter, General Mills delivered $4.4 billion in revenue, down -8% YoY, with organic net sales falling -3%. Adjusted operating profit declined -32% in constant currency, while adjusted EPS fell -37% to $0.64, reflecting lower volume, higher input costs, divestiture impacts, and stepped-up investments behind its brands. Management reaffirmed its full-year outlook, calling for organic net sales to decline -1.5% to -2.0% and adjusted EPS to fall -16% to -20% in constant currency.
This report will be a key read on whether the company’s “Remarkability” strategy is starting to translate into better volume and market-share trends. Investors will be watching North America Retail, pet food demand, margin recovery, pricing, input-cost pressure, and whether management signals that the worst of the reinvestment cycle is behind the company heading into FY2027.
“Our focus on executing our Remarkability playbook continued to deliver stronger competitiveness for our brands.”
General Mills (GIS) Stock Performance, 5-Year Chart, Seeking Alpha
Nike (NKE)
Nike (-36.0% YTD) reports Q4 FY2026 earnings Tuesday after the close, with investors focused on whether Elliott Hill’s turnaround plan is starting to show real traction. The stock has been under pressure as Nike works through weaker digital demand, product resets, wholesale rebuilding, China softness, and tougher competition from Adidas, On, and Hoka.
Last quarter, Nike delivered $11.3 billion in revenue, flat on a reported basis and down 3% on a currency-neutral basis. Wholesale revenue rose 5% to $6.5 billion, but Nike Direct fell 4% to $4.5 billion, while gross margin declined 130 basis points to 40.2% and diluted EPS fell 35% to $0.35. Management said the company is still taking “Win Now” actions to clean up the marketplace and rebuild healthier long-term growth.
This quarter, investors will be looking for signs that the worst of the reset is getting closer to the end. Key focus areas include North America momentum, Greater China weakness, inventory cleanup, gross margin pressure, wholesale recovery, and whether Nike can prove its product pipeline is improving fast enough to win back consumers. Commentary around World Cup demand, running, basketball, and lifestyle footwear will also matter as investors look for evidence that the brand is regaining momentum.
“The work is not finished, but the direction is clear, our teams are moving with focus and urgency, and our foundation is getting even stronger to build the future of NIKE.”
Nike (NKE) Stock Performance, 5-Year Chart, Seeking Alpha
Investor Events / Global Affairs:
Bending Spoons IPO, Honeywell Aerospace spin-off, and the next U.S.-Iran peace talks will take place in Qatar.
Bending Spoons IPO
Italian tech conglomerate Bending Spoons is expected to draw attention this week as the owner of Vimeo, WeTransfer, Evernote, AOL, Eventbrite, and Brightcove moves toward its U.S. IPO. The company is reportedly seeking to raise up to $1.62 billion at a valuation near $19 billion, with plans to list on the Nasdaq under the ticker BSP.
Bending Spoons is an unusual public-market story. Rather than betting on one breakout software product, the company acquires well-known digital brands, restructures them, cuts costs, and tries to improve profitability through tighter operations and product upgrades. That makes the IPO a test of whether public investors are willing to reward a software roll-up model at a premium valuation.
I’m wondering how markets will value the trade-off between growth and leverage. Bending Spoons has built a large portfolio of recognizable internet assets, but investors will be paying close attention to debt levels, acquisition quality, user retention, and whether the company can keep improving margins without sacrificing long-term growth.
“Bending Spoons' decision to bypass European stock exchanges highlights a pronounced financial divide. The total potential liquidity pool for advanced software companies commands up to €1.6 trillion (about $1.8 trillion) in the U.S., compared to a restrictive €65.5 billion across European bourses, per Pitchbook. By listing on the Nasdaq, the company secures direct access to a deep pool of institutional investors who routinely reward tech platforms capable of converting operational scale into high-margin recurring cash flows.”
Honeywell Aerospace Spin-Off
The Honeywell Aerospace (HONA) spin-off becomes effective this week, with Honeywell (HON) investors receiving one share of Honeywell Aerospace for every two Honeywell shares held as of the June 15 record date. The separation gives investors a cleaner way to value Honeywell’s aerospace business as a standalone company.
Honeywell Aerospace is tied directly to several major themes investors care about: commercial aviation demand, defense spending, aircraft components, and high-margin aftermarket services. Standalone aerospace companies have generally attracted premium valuations when they combine strong backlog, recurring service revenue, and exposure to long-cycle aviation demand.
HONA may trade as a higher-quality pure-play aerospace company, while the remaining Honeywell business gets valued on its own automation, industrial, and energy transition exposure. Investors will be watching early trading, index inclusion flows, and whether the separation helps unlock value that was previously hidden inside the larger conglomerate.
"Today marks the start of a new era for Honeywell Aerospace. As an independent aerospace and defense company, we are fully dedicated to our mission to protect and advance the promise of flight to create a safer, more connected world. We are poised to deliver significant value for our customers and shareholders by leveraging a best-in-class operating system to expand our leading market positions, investing in our supply base and innovation to drive profitable growth, and pursuing disciplined capital allocation backed by a strong balance sheet."
U.S. and Iran Prepare for New Round of Peace Talks
The U.S. and Iran are expected to resume peace negotiations in Doha after both sides agreed to halt a recent series of retaliatory attacks tied to the Strait of Hormuz. While President Trump announced that talks would take place Tuesday, Iranian officials said the meeting had not yet been formally confirmed, highlighting that negotiations remain fluid.
The latest diplomatic push follows several days of renewed military tensions that temporarily disrupted shipping through the Strait of Hormuz, a critical route for roughly 20% of the world's oil and liquefied natural gas. Although both sides have agreed to pause attacks for now, commercial shipping activity remains below normal levels as companies continue to monitor security risks.
Oil prices initially rose during the escalation but eased after news of the ceasefire, reflecting investor optimism that the conflict may remain contained. However, uncertainty remains over the long-term future of the Strait of Hormuz, with regional officials discussing the possibility of new transit fees and Iran continuing to link broader peace efforts to ongoing tensions involving Hezbollah in Lebanon.
“Iran signed a ceasefire agreement. We have honored it. If they have disagreements about how the MOU is being applied, they can pick up the phone. But violence will be met with violence.”
Major Economic Events:
A look at manufacturing data & June jobs numbers.
Source: Getty Images
Monday (6/29): N/A
Tuesday (6/30): Case-Shiller Home Price Index, Chicago PMI, Consumer Confidence, Job Openings
Wednesday (7/1): ADP Employment Report, Construction Spending, ISM Manufacturing PMI, U.S. Manufacturing PMI
Thursday (7/2): Average Hourly Earnings, Average Hourly Earnings YoY, Employment Report, Factory Orders, Unemployment Rate, Weekly Jobless Claims
Friday (7/3): Markets Closed for Independence Day
What We’re Watching:
ISM Manufacturing PMI
The ISM Manufacturing PMI rose to 54.0 in May, up from 52.7 in each of the previous two months and above forecasts for 53.0. The reading marked the strongest expansion in the factory sector since May 2022, signaling that manufacturing momentum continued to improve despite ongoing geopolitical and tariff uncertainty.
The details were broadly stronger. New orders rose to 56.8, production improved to 54.3, and order backlogs increased to 52.2, while employment remained in contraction but improved to 48.6 from 46.4. Customer inventories also remained in “too low” territory, which is usually a positive signal for future production as companies may need to rebuild stock.
The inflation side of the report was still a concern. Prices remained elevated at 82.1, only slightly below April’s 84.6, while supplier deliveries stayed high at 60.6. That keeps the report from being a clean win for the Fed: growth is improving, but manufacturers are still dealing with pricing volatility, tariff uncertainty, and war-related supply-chain concerns.
Economists expected the following this week:
ISM Manufacturing PMI: 54.0 vs. 53.0 expected
New Orders: 56.8 vs. 54.1 prior
Employment: 48.6 vs. 46.4 prior
“Among comments, the Iran war was mentioned in 42 percent and tariffs in 18 percent; 57 percent of the panelists mentioned pricing volatility as an issue for their companies.”
Non Farm Payrolls
The U.S. economy added 172,000 jobs in May, well above forecasts for 85,000, while the prior month was revised higher to 179,000. The stronger-than-expected report points to a labor market that remains resilient, even as investors continue watching for signs that higher rates are starting to cool hiring.
The details were solid across several key areas. Leisure and hospitality added 70,000 jobs, led by food services and drinking places, while local government added 55,000, health care added 35,000, and manufacturing added 7,000. Financial activities were the main weak spot, losing 22,000 jobs, including declines in insurance and commercial banking.
Revisions also strengthened the report. March and April employment were revised higher by a combined 93,000 jobs, making the labor market look firmer than previously reported. For the Fed, that creates a tricky setup: strong hiring supports consumer spending and economic growth, but it also gives policymakers less urgency to cut rates if inflation remains above target.
Economists expected the following this week:
Nonfarm Payrolls: +172K vs. +85K expected
March/April Revisions: +93K combined
“Job creation above 150,000 — very comfortably exceeding the Fed’s estimate of breakeven and also broad-based in nature — comes alongside inflation that remains above target and is expected to trend higher in coming months. In effect, both sides of the Fed’s dual mandate argue against cuts at this stage.”
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ABC News: Lindsay Dunbar
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