The last trading day of Q2 closed higher across U.S. markets, as investors braced for heavyweight earnings after the bell and a busy IPO calendar. The S&P 500 gained 0.75% to 7,496, the Nasdaq Composite surged 1.3% to 26,157, and the Dow added roughly 0.3% to 52,325, putting the quarter on track to be the strongest in years.
Earnings: Nike and Constellation Brands
Nike (NKE) reports fiscal Q4 results after the close, with analysts expecting EPS of $0.13 on revenue of $10.86 billion. The print comes amid a challenging period for the sneaker giant. CEO Elliott Hill is in the midst of a turnaround that has included two rounds of layoffs totaling 1,400 roles since January. The company had previously guided for a 2-4% revenue decline in Q4, with particular weakness in Greater China (down ~20% YoY expected). A CFO transition is also underway, with former Pfizer executive David Denton set to take over on August 17. On the positive side, Nike's World Cup ad campaign has gained strong social media traction and may provide a tailwind to sentiment.
Constellation Brands (STZ) reports fiscal Q1 2027 results after the bell, with consensus calling for EPS of $3.21-$3.25 on revenue of $2.39-$2.40 billion. The beer and wine giant continues to face volume pressure across the alcohol sector, though its beer segment (Corona, Modelo) has shown relative resilience. The earnings call is scheduled for July 1 at 8:00 AM ET.
Four IPOs Gear Up to Price
IPO activity remains robust, with four companies expected to price this week for a combined raise exceeding $2.5 billion.
ITG (ITG), A digital communications infrastructure company, plans to price 19.5 million shares at $19-$22, targeting roughly $400 million and a market cap of ~$2.5 billion. Trading is expected to begin July 1 on Nasdaq.
CopperTech Metals (CUX), A Vedanta-controlled copper mining company with Zambian assets, expects to price 23.5 million shares at $16-$18, raising $400-$423 million at a valuation of up to $3.57 billion. Listing on NYSE.
Lime (LIME), The Uber-backed micromobility platform operating in ~230 cities globally, seeks to raise $174-$182 million at $24-$26 per share, implying a valuation of $1.6-$1.8 billion. Nasdaq listing.
Bending Spoons (BSP), The Italian tech company behind AOL and Vimeo, approaching its Nasdaq debut with a $26-$28 range and a potential $1.6 billion raise, reflecting a valuation of $18-$19 billion. Goldman Sachs, JPMorgan and Allen & Co. are leading the offering, with trading expected in early July.
A Historic Quarter
Beyond today's headline events, the markets are on track to deliver their best quarterly performance in years. The Nasdaq is up roughly 20% for Q2, its strongest quarter since Q2 2020. The S&P 500 has rallied ~14%, also the best since 2020, while the Dow is headed for its best quarter since 2022. Gains have been broad-based, driven by AI enthusiasm and resilient corporate earnings, despite periodic volatility around tariffs, geopolitical risks, and inflation concerns.
The Bottom Line
The final trading day of Q2 brings dual focus: marquee consumer earnings that could set the tone for retail and beverage sectors, and a busy IPO calendar that tests institutional appetite ahead of the July 4 holiday. Nike's report in particular will be scrutinized as a bellwether for consumer spending and retail health.
