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Welcome to your new week.
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Let’s dive right in.
Key Earnings Announcements:
Adobe, Casey’s, Chewy, and Oracle highlight a slower week.
Monday (6/8): Campbell’s, FuelCell Energy, Gloo, Mama’s Creations, Mission Produce, Vail Resorts, VinFast
Tuesday (6/9): Academy Sports, Casey’s, Cracker Barrel, Designer Brands, J.M. Smucker, Lands’ End, SailPoint, UNFI, Uranium Energy
Wednesday (6/10): Chewy, Core & Main, J.Jill, Oracle, Stitch Fix
Thursday (6/11): Adobe, Aurora Innovation, Lennar, Lovesac, McGraw Hill, RH, Vera Bradley
Friday (6/12): N/A
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What We’re Watching:
Adobe (ADBE)
Adobe (-28.1% YTD) reports Q2 FY2026 earnings this week, with investors focused on whether the company can prove its AI strategy is turning into real monetization after a difficult stretch for software stocks. Adobe has been under pressure from the broader AI disruption narrative, with investors questioning whether tools like Claude Design and other AI-native creative products could weaken Adobe’s pricing power across Creative Cloud.
Last quarter, Adobe delivered $6.40 billion in revenue (+12% YoY) and non-GAAP EPS of $6.06 (+19% YoY), ahead of expectations. The company also generated a record $2.96 billion in operating cash flow, while Digital Media ARR reached $26.06 billion and RPO rose 13% to $22.22 billion. Management also announced a new $25 billion share repurchase authorization through April 2030, signaling confidence in long-term cash generation despite near-term AI disruption concerns.
Heading into this print, I’ll be watching whether Adobe can show stronger AI monetization through Firefly, Creative Cloud Pro, AI assistants, and enterprise adoption, while defending its core creative software moat. Commentary on Digital Media ARR, Experience Cloud demand, pricing, capital returns, and guidance will be critical as investors look for evidence that AI is strengthening Adobe’s ecosystem rather than disrupting it.
“We’ve got great innovation in flight. We’ve got an organic engine that we’re pleased with the innovation we’re bringing and the strategy that we’re executing against.”
Adobe, Inc. (ADBE) Stock Performance, 5-Year Chart, Seeking Alpha
Oracle (ORCL)
Oracle (+9.6% YTD) reports Q4 FY2026 earnings Wednesday after the close, with investors focused on whether its AI cloud infrastructure boom can keep accelerating while the company manages heavy capex, rising debt concerns, and pressure to convert its massive backlog into revenue.
Last quarter, Oracle delivered $17.2 billion in revenue (+22% YoY) and $1.79 in non-GAAP EPS (+21% YoY), with cloud revenue rising 44% to $8.9 billion and Oracle Cloud Infrastructure revenue surging 84% to $4.9 billion. Remaining performance obligations reached $553 billion, up 325% YoY, highlighting the scale of demand tied to AI infrastructure contracts.
Heading into this print, I’ll be watching whether OCI growth can continue compounding at an 80%+ pace, how quickly Oracle converts AI-related RPO into recognized revenue, and whether management provides more clarity on capex and free cash flow. Commentary around OpenAI, Nvidia GPU capacity, multi-cloud partnerships, and the durability of AI infrastructure demand will be key for sentiment.
“We expect OCI revenue growth to be dramatically higher than our competitors — hyper-growth is continuing.”
Oracle, Corp. (ORCL) Stock Performance, 5-Year Chart, Seeking Alpha
Investor Events / Global Affairs:
Apple's WWDC 26 debuts, SpaceX IPO day, and the World Cup kicks off.
Apples WWDC
Apple’s WWDC software event kicks off this week, headlined by updates across iOS 27, iPadOS 27, macOS 27, watchOS 27, tvOS 27, and visionOS 27. This year’s theme, “All Systems Glow,” points to Apple’s biggest software push yet around on-device AI and deeper integration of Apple Intelligence across the ecosystem.
Attendees will be looking for an overhauled Siri, new AI-powered productivity features, and signs that Apple can turn its massive installed base into a differentiated AI platform. The key question is whether Apple can close the perceived AI gap with Microsoft, Google, and OpenAI while keeping its privacy-first, device-centered approach intact.
“You shouldn’t have to hand over all the details of your life to be warehoused and analyzed in someone’s AI cloud.”
SpaceX (SPCX) IPO
SpaceX (SPCX) is expected to price its IPO this week and begin trading on June 12, in what could become the largest public listing in history. The Elon Musk-led aerospace and satellite company is seeking to sell roughly 555.6 million Class A shares at $135 each, raising about $75 billion and valuing the company near $1.75–$1.8 trillion.
The deal gives public investors exposure to one of the world’s most important private companies, spanning rocket launches, Starlink satellite broadband, defense contracts, and emerging AI infrastructure ambitions. Demand is through the roof, with reports that retail investors will receive an unusually large allocation of the offering, making this a major test of public appetite for mega-cap growth and space-economy exposure.
Key points to watch will be how SpaceX trades out of the gate, whether its valuation can hold at roughly $1.75 trillion, and whether a strong debut reopens the IPO window for other late-stage private tech companies.
“SpaceX may be one of the most extraordinary companies ever brought to market, but extraordinary companies can still become difficult investments if the entry price is too high.”
World Cup Begins
The 2026 FIFA World Cup begins this week as Mexico hosts South Africa in the opening match at Mexico City’s Estadio Azteca, which becomes the first stadium to host three World Cup opening matches. The expanded tournament will feature 48 teams and 104 matches across the U.S., Mexico, and Canada, running for more than a month.
The event is expected to provide a boost across lodging, travel, sports betting, media, advertising, restaurants, and consumer brands. Investors will be watching companies with exposure to live sports rights, streaming engagement, hospitality demand, and betting volume as global viewership accelerates throughout the tournament.
The first match for the United States is this Friday, June 12. They will take on Paraguay at 9pm ET.
The first match for Canada is also this Friday, June 12. They will take on Bosnia and Herzegovina at 3pm ET
“The FIFA World Cup 2026 will lift the global mood.”
Major Economic Events:
A big look into inflation this week with CPI, PPI, and Consumer Confidence.
Monday (6/8): N/A
Tuesday (6/9): Existing home sales, Monthly wholesale trade, NFIB small business optimism index
Wednesday (6/10): CPI, Core CPI year over year, CPI year over year, Monthly Treasury balance
Thursday (6/11): Core PPI, Personal consumption, PPI, Weekly jobless claims
Friday (6/12): U. Michigan consumer sentiment prelim
What We’re Watching:
Consumer Price Index
U.S. inflation accelerated to 3.8% YoY in April, up from 3.3% in March and above expectations of 3.7%, marking the highest annual inflation rate since May 2023. The main driver was the ongoing oil shock tied to the war with Iran, with energy prices jumping 17.9% YoY, led by gasoline (+28.4%) and fuel oil (+54.3%).
On a monthly basis, headline CPI rose 0.6%, easing from March’s 0.9% spike but still elevated. Shelter inflation also firmed to 3.3%, while core inflation rose to 2.8% YoY, above expectations and the highest level since September.
The concern for markets is that energy-driven inflation is beginning to bleed into core prices. Core CPI rose 0.4% MoM, double the pace seen in February and March, suggesting the shock is no longer isolated to gas and fuel.
Economists expect the following this week:
Headline CPI (YoY): 3.8% vs. 3.3% prior
Core CPI (YoY): 2.8% vs. 2.6% prior
Core CPI (MoM): +0.4% vs. +0.2% prior
“Higher energy prices function like a tax on consumers. They’re going to spend less on other things.”
Michigan Consumer Sentiment
The University of Michigan Consumer Sentiment Index fell to a record low of 44.8 in May, revised sharply lower from the preliminary 48.2 reading and marking the third straight monthly decline. The drop reflects growing pressure from higher gasoline prices tied to Strait of Hormuz supply disruptions, with consumers increasingly focused on the rising cost of living.
High prices remain the dominant concern, with 57% of consumers spontaneously citing inflation as a strain on their personal finances. The weakness was most pronounced among lower-income households and consumers without college degrees, groups that are more exposed to rising gas and essentials costs. Politically, sentiment among Independents and Republicans fell to the lowest levels of the current administration, while Democratic sentiment was little changed.
Economists expect the following this week:
Consumer Sentiment: 44.8 vs. 48.2 preliminary
1-Year Inflation Expectations: 4.8% vs. 4.7% prior
5-Year Inflation Expectations: 3.9% vs. 3.5% prior
“The cost of living continues to be a first-order concern, with 57% of consumers spontaneously mentioning that high prices were eroding their personal finances, up from 50% last month.”
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