June 3 was one of the busiest days of the earnings season, packed with quarterly reports and a fresh IPO. U.S. markets edged lower (S&P 500 down ~0.5% to 7,572) after a record-setting week, with rising oil prices and higher bond yields cited as headwinds. But the action was in the headlines.

Macy's: Best Q1 in Four Years

Macy's (M) reported first-quarter fiscal 2026 results before the open, posting comparable sales growth of 3.0% — its strongest Q1 in four years. Net sales reached $4.7 billion, up 1.8%, and adjusted EPS came in at $0.13, well above the consensus estimate of $0.02–$0.03.

All banners contributed: Macy's +1.6%, Bloomingdale's +10.2%, and Bluemercury +6.4%. The company raised its full-year guidance across the board. Shares rose roughly 1.34% in regular trading.

Medtronic: Best Annual Revenue Growth in a Decade

Medtronic (MDT) wrapped up fiscal 2026 with a strong Q4, capping a year of 8.4% reported revenue growth to $36.36 billion — the company's highest annual growth in ten years. Q4 revenue hit $9.8 billion, ahead of internal guidance, with adjusted EPS of $1.55 versus a $1.54 consensus.

Portfolio highlights: Cardiovascular +10.1% organic (with Cardiac Ablation Solutions surging 78% globally), Diabetes +8.1%, and Medical Surgical +5.1%. The board raised the quarterly dividend to $0.72 per share — the 49th consecutive annual increase. FY2027 guidance calls for organic revenue growth of 6.75%–7.25%.

AADX: Aerospace & Defense IPO Hits the Board

Applied Aerospace & Defense (AADX) began trading on the NYSE today, pricing 32.5 million shares at $20 each — below the top of the $18–$21 range — raising $650 million. The stock opened at $20.75 (+3.75% from the IPO price) and traded with heavy volume of over 9 million shares.

The company focuses on mission-critical aerospace and defense systems for launch, defense aviation, and C5ISR applications. Market cap at the open was approximately $3.5 billion.

SpaceX: The Largest IPO in History Looms

SpaceX, which filed its public S-1 on May 20, is expected to begin its roadshow this week with pricing as early as June 11. Reports point to a raise of up to $75 billion at a $1.25–$1.75 trillion valuation, which would make it the largest IPO ever. Trading on Nasdaq under ticker SPCX could begin around June 12.

What's Next

All eyes are on Broadcom (AVGO) and CrowdStrike (CRWD), both reporting after the close. Broadcom's AI-chip revenue trajectory and CrowdStrike's net-new ARR growth will be key metrics for the market to digest in Thursday's session.