Weekly Digest - Jun 30th

The S&P 500 made a strong comeback this week, rising 3.59% and hitting a new all-time high. Just a week ago, investor sentiment was weighed down by geopolitical concerns, but things have shifted quickly. While some may worry that a market at record highs is due for a fall, history suggests otherwise. In fact, investments made when the market is at all-time highs have often performed better than those made on an average day. The index’s latest surge reflects a mix of encouraging developments, including progress in U.S.-China trade talks, easing tensions between Israel and Iran, and growing optimism around artificial intelligence.

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This week’s rally was driven by several encouraging developments. Talks between the United States and China took a positive turn, with both sides calling recent meetings constructive. A new trade framework is in the works, which would allow rare earth exports and ease tech restrictions. U.S. Commerce Secretary Howard Lutnick also shared that ten trade deals with other countries are in progress and expected to be finalized in the coming weeks.

Back home, the crypto industry scored a major win as the U.S. Senate passed the GENIUS Act, the first major federal legislation on stablecoins. The bill allows banks and fintech firms to issue stablecoins under federal oversight and passed with a 68-30 vote. It now moves to the House, where approval is expected. President Trump aims to sign it before the August recess. With firms like Visa, Mastercard, Amazon, and Walmart exploring stablecoin use, the $240 billion market may be poised for rapid growth.

Weekly Earnings Roundup: Surprises & Misses

Last week saw earnings from only a few notable companies, including FedEx Corporation (NYSE: FDX), Micron Technology (NASDAQ: MU), Jefferies Financial Group (NYSE: JEF), Levi Strauss (NYSE: LEVI), and Nike (NYSE: NKE).

FedEx beat expectations for both earnings and revenue. Adjusted EPS came in at $6.07 versus $5.84 expected, and revenue reached $22.22 billion against a forecast of $21.79 billion. However, its Q1 EPS guidance of $3.40 to $4.00 fell short of analyst estimates, and the company did not provide a full-year outlook. Shares edged up just 0.86% for the week.

Micron Technology delivered the week’s strongest earnings surprise. Adjusted EPS was $1.9 versus $1.60 expected, with revenue at $9.3 billion compared to $8.87 billion forecasted. The company guided Q4 revenue at $10.7 billion, well above the $9.9 billion consensus. Shares rose 1.64% during the week.

Nike posted better-than-expected Q4 results as it works through its turnaround plan. Revenue fell 12% YoY to $11.1 billion, but still topped expectations. Net income dropped to $211 million, or 14 cents per share, from $1.5 billion, or 99 cents per share, a year earlier, yet still beat estimates. The company warned of a potential $1 billion hit from the Trump administration's tariffs but aims to offset the impact over time. Shares jumped 18% for the week.

Top Gainers

Northern Trust (NASDAQ: NTRS) jumped around 10% after reports confirmed a long-rumored merger with BNY Mellon (NYSE: BK). The deal would create an investment-management powerhouse that oversees more than $3 trillion. Investors cheered the synergy potential, especially in tech and operational efficiencies.

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Enphase Energy (NASDAQ: ENPH) surged 12% after reports indicated Republicans in Congress were considering changes to the budget bill that would maintain federal tax credits for residential rooftop solar installations.

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AMD (NASDAQ: AMD), Arista Networks (NASDAQ: ANET), and Super Micro Computer (NASDAQ: SMCI) continued their AI-driven ascent, riding momentum from strong data center demand and bullish analyst coverage. Uber (NYSE: UBER) jumped on investor optimism surrounding their robo-taxis, and Carnival Corp (NYSE: CCL) also joined the rally after posting higher-than-expected results.

Top Losers

Equinix (NASDAQ: EQIX) fell by more than 10% following their investor day. Management said refinancing and expansion will weigh on near-term profits and issued lower revenue guidance, which unsettled investors. It now targets 7-10% annual revenue growth and 5-9% AFFO per share growth, reaching the upper end by 2029.

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Paychex (NASDAQ: PAYX) fell by around 5% following an unimpressive earnings report. Q4 FY25 revenue rose 10% to $1.43 billion, and adjusted EPS increased 6.3% to $1.19, both in line with estimates. However, FY26 guidance was mixed, with projected earnings slightly above expectations but revenue falling short of analyst forecasts.

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Upcoming Earnings: Key Stocks to Monitor

This week’s earnings calendar is light, with Constellation Brands, the parent company of Corona beer, being the only major firm set to report on Tuesday.

Marvell Technology is emerging as a stock to watch. After several quarters of losses, the semiconductor firm has turned the corner, reporting a return to positive net income. The financial turnaround reflects improving margins and strong momentum in its AI and data center segments. As demand for custom silicon accelerates, Marvell’s positioning in next-gen infrastructure could make it a key beneficiary of the broader AI boom.

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As the second half of 2025 begins, optimism from strong tech earnings and diplomatic breakthroughs is met with caution over valuations and global uncertainty. With the S&P 500 at new highs, the coming weeks may decide whether this rally has more fuel, or if we’re entering choppier waters.


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