👉 Welcome to the Second Half of 2026

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Welcome to your new week.

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Key Earnings Announcements:

Delta Air Lines and PepsiCo highlight this slower week in the market.

Monday (7/6): N/A

Tuesday (7/7): Penguin

Wednesday (7/8): Helen of Troy, Levi’s

Thursday (7/9): Byrna, PepsiCo

Friday (7/10): Delta Air Lines

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What We’re Watching:

1. Delta Air Lines (DAL)

Delta Air Lines (+33.6% YTD) reports Q2 FY2026 earnings Friday morning, with investors focused on whether strong travel demand can offset a sharp increase in fuel costs. Delta has continued to benefit from premium travel, corporate demand, international routes, loyalty revenue, and disciplined capacity growth, but the biggest swing factor this quarter is whether the company can recapture enough of its fuel headwind through pricing and revenue strength.

Last quarter, Delta delivered record March-quarter adjusted revenue of $14.2 billion (+9.4% YoY) and adjusted EPS of $0.64, with premium revenue up 14%, loyalty revenue up 13%, and American Express remuneration growing 10% to more than $2 billion. Management guided for low-teens revenue growth in the June quarter, 6%–8% operating margins, and EPS of $1.00–$1.50.

Delta’s Q2 fuel headwind is expected to be more than $2 billion versus last year, with guided fuel costs rising to roughly $4.30 per gallon, up from $2.62 per gallon in Q1. Management has guided to recapturing only 40%–50% of that fuel headwind this quarter, with the long-term goal of eventually reaching 100% recapture through pricing, premium demand, loyalty revenue, and operational efficiency.

This quarter’s report will show whether Delta can keep margins intact while fuel costs reset higher. Investors will be watching premium cabin demand, corporate travel, international bookings, capacity discipline, refinery benefits, and whether management sees a path toward higher fuel recapture in the second half of the year.

• Analysts expect $1.52 GAAP EPS on Revenue of $18.78 billion.

• You can explore the most recent DAL investor release here and here.

2. Pepsico (PEP)

PepsiCo (+0.5% YTD) reports Q2 FY2026 earnings Thursday morning, with investors focused on whether the company can keep improving volumes while consumers remain price-sensitive across snacks, beverages, and convenience foods. The key question is whether PepsiCo’s affordability initiatives, brand investments, and innovation pipeline are enough to offset pressure from stretched households and still-elevated input costs.

Last quarter, PepsiCo delivered $19.4 billion in revenue (+8.5% YoY), with organic revenue rising 2.6% and core EPS increasing 9% to $1.61. North America showed signs of improvement, especially in convenient foods, while the international business remained resilient. Management also reaffirmed its full-year outlook for 2%–4% organic revenue growth and 4%–6% core constant-currency EPS growth.

This report will be an important read on the health of the consumer staples trade heading into the back half of the year. Investors will be watching North American snack volumes, beverage demand, pricing, margin recovery, and whether management gives any signs that the consumer is becoming more responsive to smaller packs, promotions, and affordability-focused products.

• Analysts expect $2.16 GAAP EPS on Revenue of $23.96 billion.

• You can explore the most recent PEP investor release here and here.

Investor Events / Global Affairs:

The Allen and Company Sun Valley Conference, SK Hynix US Listing, SpaceX Joins the Nasdaq.

• The Allen and Company Sun Valley Conference

The Allen & Company Sun Valley Conference kicks off this week in Sun Valley, Idaho, bringing together the usual mix of tech, media, entertainment, and investing heavyweights. Expected attendees include Tim Cook, Jeff Bezos, Mark Zuckerberg, Sundar Pichai, and Sam Altman, alongside major media executives from Disney, Warner Bros. Discovery, Netflix, Skydance, News Corp, and Fox.

For investors, Sun Valley matters because it has historically served as a behind-the-scenes dealmaking hub for some of the biggest media and technology transactions. This year’s agenda is likely to center on AI, streaming consolidation, sports rights, content costs, advertising, cloud infrastructure, and the next wave of media M&A.

With AI reshaping tech and streaming economics still under pressure, markets will be watching for signs of new partnerships, consolidation chatter, or renewed deal activity across media and technology.

• SK Hynix US Listing

SK Hynix is expected to price its U.S. ADR offering this week and begin trading on the Nasdaq under the ticker SKHY, giving U.S. investors easier access to one of the biggest winners of the AI memory boom. The South Korean chipmaker is looking to raise roughly $29 billion, making it one of the largest stock offerings in history.

For markets, the listing is a major test of appetite for AI infrastructure exposure beyond the usual U.S. semiconductor names. SK Hynix has become a key player in high-bandwidth memory, which is critical for AI accelerators and data center buildouts, putting the company directly inside the Nvidia-led AI supply chain.

The key watch will be how the stock trades out of the gate. A strong debut would reinforce investor demand for AI memory, HBM capacity, and global semiconductor supply chains. A weaker reception would suggest investors may be growing more selective after the massive rally across AI hardware stocks.

• SpaceX Joins the Nasdaq 100

SpaceX will be added to the Nasdaq 100 this week, marking another major milestone just weeks after its historic public debut. The move brings SpaceX into one of the most widely tracked growth indexes in the market and forces index-tracking funds and ETFs to add exposure to the Elon Musk-led aerospace, satellite, and AI infrastructure company.

The inclusion creates a new wave of passive buying demand while making SpaceX a more permanent part of mainstream growth portfolios. The stock has already seen major volatility since its IPO, and Nasdaq 100 inclusion could add another layer of trading activity as funds rebalance around the new index weight.

The key question is whether passive inflows can support the stock after its post-IPO volatility, or whether the index inclusion becomes a “sell-the-news” event. Either way, SpaceX’s move into the Nasdaq 100 shows how quickly the company has gone from one of the world’s most valuable private businesses to a core holding inside the public-market growth trade.

Major Economic Events:

The Fed’s meeting minutes are released and we get a look at existing home sales.

Monday (7/6): ISM Services, S&P Final U.S. Services PMI 

Tuesday (7/7): U.S. Trade Balance 

Wednesday (7/8): Consumer Credit, FOMC Meeting Minutes, Wholesale Inventories 

Thursday (7/9): Existing Home Sales, Initial Jobless Claims 

Friday (7/10): None scheduled 

What We’re Watching:

1. Existing Home Sales

Existing home sales rose 3.2% MoM in May to an annualized rate of 4.17 million, beating expectations for 4.07 million and extending the rebound from March’s seven-month low. The stronger-than-expected report showed that housing activity is still moving despite elevated mortgage rates and higher long-term Treasury yields.

Regionally, the strongest gains came from the Midwest, where sales rose 6.4%, and the South, where sales increased 3.2%. Sales also rose 2.2% in the Northeast, while activity was unchanged in the West. Inventory improved as well, rising 3.3% on the month to the highest level in 10 months, equal to 4.5 months of supply at the current sales pace.

For markets, the report points to a housing market that is no longer weakening as quickly, but still remains constrained by affordability. More inventory is helpful for buyers, but elevated mortgage rates continue to limit a broader recovery. That keeps housing in a narrow lane: better than feared, but not strong enough to signal a full rebound.

Economists expected the following this week:

• Existing Home Sales: 4.17M vs. 4.07M expected

• Monthly Change: +3.2%

• Inventory: +3.3% MoM

• Months’ Supply: 4.5 months

• Strongest Region: Midwest, +6.4%

2. FOMC Meeting Minutes

The Federal Reserve releases minutes from its June meeting this week, giving investors a deeper look at Kevin Warsh’s first policy decision as Fed Chair and the Committee’s debate around inflation, rates, and forward guidance.

The bigger change is how the Fed plans to communicate. Warsh reiterated that the central bank will no longer provide traditional forward guidance on future interest-rate decisions, meaning markets may get fewer hints about the next move and more emphasis on incoming data. He also pushed back on the idea that political pressure will influence policy – stressing the Fed’s independence.

Last month, the Fed held rates steady but signaled growing support among officials for additional hikes later this year if inflation remains elevated. That makes this week’s meeting less about whether rates change immediately and more about whether Warsh keeps the door open to further tightening, especially with inflation still above target.

Economists expect the following this week:

• Fed Funds Rate: Hold steady

• Policy Bias: Data-dependent, with additional hikes still possible

• Inflation Target: 2.0%

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