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Lockheed Martin is leading the race to acquire Ultra Maritime, a naval defense firm specializing in anti-submarine technology, for approximately $3.5 billion. The company is owned by private equity firm Advent International, with Guggenheim and JPMorgan advising on the sale. A deal could be announced as early as this week.

• Ultra Maritime specializes in anti-submarine technology, radar and electronic warfare systems, and torpedo defense countermeasures
• The acquisition comes as defense stocks enjoy strong performance in 2026, with global military spending reaching $2.89 trillion driven by conflicts in Ukraine and Iran
• Lockheed Martin, producer of the F-35 fighter jet and Patriot missiles, is one of the world's largest defense contractors seeking to expand its naval capabilities

Foxconn, the world's largest contract electronics maker and Nvidia's biggest server maker, reported Q2 revenue of T$2.513 trillion ($78.71 billion), marking a 39.8% year-over-year increase. The strong performance was driven by robust AI-related demand and exceeded analyst expectations.

• Q2 revenue reached T$2.513 trillion ($78.71 billion), surpassing the LSEG SmartEstimate of T$2.372 trillion
• The 39.8% revenue jump was fueled by strong AI-related demand, reflecting Foxconn's position as Nvidia's largest server manufacturer
• The results demonstrate Foxconn's ability to capitalize on the growing artificial intelligence infrastructure market

German auto parts supplier Continental has agreed to sell its ContiTech plastics and rubber business to private equity firm Lone Star Funds for €4 billion ($4.57 billion), with potential performance-based payments of up to €250 million. The deal, expected to generate approximately €3.1 billion in cash proceeds, will allow Continental to refocus on its core tire business and plans to distribute around €2.5 billion to shareholders.

• Continental expects about €3.1 billion in cash proceeds from the sale, subject to customary adjustments, and plans to distribute approximately €2.5 billion to shareholders
• The divestment comes as Continental faces pressure, having cut 3,000 jobs in May (including 1,600 in Germany) and previously planned to save €150 million annually from 2028 at ContiTech
• The sale is expected to be completed by the end of 2026, while Continental's outlook for its core tire business remains unaffected

OPEC oil output surged by 3.3 million barrels per day in June to 19.43 million bpd, rebounding from its lowest level in over two decades as Gulf producers resumed supplies following disruptions from the Iran war and Strait of Hormuz closure. Kuwait and Iran saw the largest increases as the U.S. ended its blockade of Iranian ports, though production remains well below OPEC quotas.

• June output of 19.43 million bpd marks a recovery from May's lowest monthly figure since at least 2000, worse than COVID-19 pandemic lows in 2020
• Kuwait and Iran experienced the biggest production increases after the U.S. lifted its blockade of ships to and from Iranian ports
• The figures exclude the United Arab Emirates, which exited OPEC effective May 1, and production remains far below agreed quotas

Tesla announced on July 3 that its robotaxi service is now available in Miami, marking an expansion of its autonomous ride-hailing operations. The move is part of CEO Elon Musk's strategic shift toward AI and robotics, and comes as competition intensifies with rivals like Waymo and Zoox accelerating their own expansion efforts.

• Tesla launched its unsupervised robotaxi service in Austin in June and is now expanding to Miami, with plans for broader U.S. rollout later this year
• The expansion highlights Tesla's focus on self-driving software adoption as Musk pivots the company from EVs to AI and robotics
• Tesla reported record-setting second-quarter deliveries on Thursday that beat Wall Street estimates, driven by a rebound in Europe

An extreme heat wave affecting the central and eastern United States through the July 4th weekend is straining power grids and disrupting holiday travel. Temperatures reaching 105°F are driving electricity demand sharply higher, causing wholesale power prices to surge over 240% in some regions. The heat threatens transportation infrastructure and is forcing travel delays during one of the busiest travel weeks of the year.

• Wholesale electricity prices jumped 243% in New England and 101% in New York City on Thursday as air conditioning demand soared, with increases of 55% in the Midwest and 45.6% in the Mid-Atlantic
• New York City officials asked residents to set air conditioning to 78°F and avoid using appliances during peak hours to reduce strain on the energy grid
• Amtrak warned trains may operate at reduced speeds with delays between 11 a.m. and 7 p.m. through July 4, while road surfaces face buckling risks and airlines are waiving change fees for affected routes

NATO leaders will convene in Ankara next week amid tensions between the US and European allies over Iran, Greenland, and America's commitment to the alliance. Europeans aim to demonstrate increased defense spending and reaffirm support for Ukraine, hoping to ease strains with President Trump despite his ongoing criticism of NATO and recent unilateral actions.

• European NATO members and Canada increased defense spending by $90 billion in 2025 to exceed $570 billion total, with new commitments to spend 3.5% of GDP on core defense by 2035
• Tensions have escalated after Trump threatened to take Greenland from Denmark, waged war against Iran without consulting allies, and announced troop withdrawals from Europe while cutting forces assigned to NATO defense plans
• The Iran war remains a major uncertainty for the summit, with Trump criticizing European allies for insufficient support and suggesting the US might not honor Article 5 mutual defense commitments

Canada and Alberta announced plans to build a new 1-million-barrel-per-day oil pipeline from Alberta to the Pacific coast, with construction potentially starting in September 2027. The pipeline aims to expand Canada's export capacity to Asian markets and reduce dependence on U.S. buyers amid Trump's tariff policies. The project will be majority-owned by federal and provincial governments, with Pembina Pipeline holding a 10% stake.

• The pipeline would double Canada's Pacific export capacity, joining the existing Trans Mountain pipeline that cost C$34 billion and took years to complete amid environmental opposition
• Pembina Pipeline will hold a 10% construction stake with an option for another 10% once operational; no private company has expressed interest in a majority stake due to regulatory uncertainties
• Approval depends on partnership with Indigenous communities and the oil industry building a large-scale carbon capture project; a tripartite agreement on carbon capture is close to finalization

The U.S. Treasury announced that 'Trump accounts' for newborns will accept publicly traded stock donations starting Saturday, coinciding with the nation's 250th anniversary. The government will seed eligible accounts with $1,000 for children born from 2025-2028, though only 1.4 million of the 6 million families who signed up qualify for federal funding. The program allows tax-advantaged savings but offers less favorable treatment than other youth savings plans.

• Treasury Secretary Scott Bessent stated the stock donation feature creates 'a practical pathway for large-scale private giving to support the next generation'
• More than 6 million families enrolled, but only 1.4 million (23%) are eligible for the $1,000 federal seed money, meaning most participants will invest primarily their own funds
• Account holders can invest in five Treasury-approved funds tracking major Wall Street indexes; Trump himself holds between $7 million and $35.1 million in these same instruments

President Donald Trump made 327 stock purchases on April 8, 2025, during a market selloff triggered by his tariff announcement, according to newly released financial disclosures. The next day, he posted that it was a 'GREAT TIME TO BUY' before reversing some tariffs, sending the S&P 500 up roughly 9.5% in one of its best days on record. The episode highlights concerns about a president with market-moving power also having substantial personal investments at stake.

• Trump's April 8 buying focused heavily on megacap tech stocks including Apple, Alphabet, Amazon, Microsoft, and Nvidia, purchasing between $100,001 and $250,000 in each company
• The S&P 500 had fallen more than 12% over four days following Trump's April 2 'liberation day' tariff announcement, bringing it within 1% of bear market territory by April 8
• After Trump's tariff reversal on April 9, tech stocks rebounded sharply with Apple surging over 15% (its best day since 1998) and Nvidia jumping nearly 19% in a single session

Amazon has deployed over 390 satellites, reaching the threshold needed to launch its Leo internet service later this year. The service will compete with SpaceX's Starlink, which has a four-year head start and over 10,000 satellites already in orbit. Initial coverage will be geographically limited until Amazon can deploy more satellites from its planned 3,236-satellite constellation.

• Amazon's Leo constellation now exceeds 390 satellites after a Thursday launch, enough to provide 'continuous service across initial latitudes' with limited geographic coverage
• SpaceX's Starlink launched in 2015, four years before Amazon announced Leo, and has already deployed around 10,000 satellites serving over 10 million customers
• Amazon's deployment has been delayed by rocket capacity shortages and setbacks including a May explosion of Blue Origin's New Glenn rocket during testing at the launchpad

Jersey Mike's, a sandwich chain with over 3,300 locations, has filed for a U.S. IPO on the New York Stock Exchange under ticker 'JMKE'. The filing comes amid a rebounding IPO market that has seen second-quarter proceeds exceed $100 billion. The company was acquired by Blackstone for around $8 billion in 2023 and could seek over $1 billion at a valuation of at least $12 billion.

• Jersey Mike's was acquired by private equity firm Blackstone last year for approximately $8 billion and is now pursuing a public listing
• Bloomberg reported the company could raise more than $1 billion at a valuation of at least $12 billion, though official terms were not disclosed in the filing
• The IPO comes during a strong market rebound with Q2 proceeds surpassing $100 billion, driven by major listings including SpaceX's record $75 billion IPO

The U.S. labor force participation rate fell to 61.5% in June 2026, the lowest level since March 2021 and the lowest in 50 years excluding the Covid era. The decline was driven by 720,000 workers exiting the labor force, causing the unemployment rate to drop to 4.2% for the wrong reasons—not because more people found jobs, but because job seekers gave up looking for work.

• The labor force shrank by 720,000 workers in June alone, while those counted as 'not in the labor force' jumped by 832,000, suggesting widespread discouragement among job seekers.
• Prime-age workers (25-54) saw the biggest participation drop, falling 0.6 percentage points to 83.3%, undermining explanations that attribute the decline solely to retiring Baby Boomers or immigration changes.
• Over the past year, the labor force has declined by over 1 million people while the number employed has fallen by 1.06 million, even as the unemployment rate rose only 0.1 percentage point to 4.2%.

Ford Motor reported a 10.3% decline in second-quarter U.S. vehicle sales, selling 549,200 units compared to 612,095 a year earlier. The drop was driven by production issues with F-Series trucks due to aluminum supplier shortages and a sharp decline in electric vehicle sales.

• Pure EV sales plummeted 40.7% year-over-year, indicating weaker demand for Ford's electric vehicles
• F-Series truck sales fell 11% due to aluminum supply shortages caused by fires at Ford's top supplier in late 2025, with recovery expected in the second half of 2026
• Despite the decline being among the largest in the industry, Ford's results slightly beat analyst expectations of an 11.5% drop

Tesla reported 480,126 vehicle deliveries in Q2 2026, significantly beating analyst expectations of approximately 406,600 deliveries. The strong performance represents a rebound from consecutive annual sales declines that were attributed to consumer backlash against Elon Musk's political activities and increased competition from Chinese and European EV makers.

• Deliveries exceeded expectations by over 73,000 units (18% above consensus), with Model 3 and Model Y accounting for 467,762 deliveries
• Tesla's recovery was aided by soaring gas prices from the Iran war, which drove European EV demand, though oil prices have since declined with a fragile truce
• The company deployed 13.5 GWh in energy storage (beating estimates of 13.3 GWh), with xAI purchasing $269 million in Megapacks for its data centers

Rivian Automotive raised its 2026 delivery forecast to 65,000-70,000 vehicles, up from 62,000-67,000 previously, driven by strong demand for its electric delivery vans, R1 vehicles, and the newly launched R2 SUV. The increase comes despite the elimination of federal EV tax credits and positions the company to compete more directly with Tesla's Model Y.

• Second-quarter deliveries rose 14% to 12,194 vehicles, beating analyst estimates of 10,518, with the R2 SUV priced starting at $57,990 beginning deliveries in June 2026
• Rivian needs to deliver approximately 45,000 additional vehicles in the second half of 2026 to meet the midpoint of its revised annual target
• Uber announced a $1.25 billion investment in March 2026 to deploy 10,000 autonomous R2 SUVs as robotaxis starting in 2028, while lower-priced R2 variants ($48,490 and $45,000) are planned for 2027

The U.S. economy added 57,000 jobs in June, significantly missing economist expectations of 115,000 new jobs. The unemployment rate rose slightly to 4.2%, indicating potential softening in the labor market.

• Job creation fell roughly 50% short of the Dow Jones consensus forecast of 115,000 new positions
• Unemployment rate ticked down to 4.2% from the previously expected 4.3%
• The weaker-than-expected hiring suggests potential cooling in the U.S. labor market

Tesla's China-made electric vehicle sales increased 24.4% year-over-year in June 2026, marking the eighth consecutive month of growth. The Shanghai plant delivered 89,091 units of Model 3 and Model Y vehicles, supported by recovering demand in European export markets.

• Tesla's Shanghai factory delivered 89,091 Model 3 and Model Y vehicles in June, up 24.4% from the previous year
• This marks the eighth consecutive month of sales growth, though the pace slowed from May's 39.4% gain
• The Shanghai plant serves as Tesla's key export hub for European markets, where sales have been recovering

NATO plans to announce at its upcoming Ankara summit on July 7-8 that it will replace its aging AWACS aircraft fleet with GlobalEye surveillance planes manufactured by Sweden's Saab, according to four sources familiar with the matter. Neither NATO nor Saab provided immediate comment on the reported decision.

• The announcement is expected during NATO's summit in Ankara, Turkey on July 7-8
• Sweden's Saab GlobalEye surveillance aircraft will replace NATO's current AWACS (Airborne Warning and Control System) fleet
• Four sources confirmed the plans, though both NATO and Saab declined to comment on the matter

The U.S. National Highway Traffic Safety Administration closed its 2022 investigation into unexpected braking issues affecting 695,000 Tesla Model 3 and Model Y vehicles. The probe was terminated due to low demonstrated hazard and a significant decline in incident reports following Tesla's software updates in early 2022. Incidents dropped from 300 when the investigation opened to just three in early 2026.

• Incident reports fell dramatically from 300 at investigation opening to 45 in 2024, 19 in 2025, and only 3 since the start of 2026 after Tesla released software updates
• NHTSA determined the unexpected deceleration did not alter vehicles' lane positioning or cause significant distance loss that would lead to collisions
• A separate expanded investigation remains active covering 376,241 Model 3 and Model Y vehicles over loss of steering control issues