Market Update: Wednesday Morning, July 1st, 2026
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Market Update: Wednesday Morning, July 1st, 2026
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Nike just "beat" earnings expectations — but the headline number is hiding something.Here's the breakdown from yesterday's market action:Wall Street just wrapped its best quarter since 2020 — the S&P is up almost 9.5% this year, the Nasdaq nearly 13%.Nike reported EPS of 72 cents vs. the 19 cents expected. Sounds huge, right? Except more than half of that came from a one-time tariff refund. Strip it out and Nike's actual business roughly met expectations — while revenue fell 1%.Concentrix (an outsourcing/call center company) dropped 11% after warning that clients are shifting work to AI systems instead of humans — a real-time example of AI disruption showing up in a stock price.ABIVAX jumped 39% on strong drug trial data.Circle Internet Group fell 17% after news that Visa, Stripe, and 100+ firms are launching a competing stablecoin.The lesson from today: a headline earnings "beat" and a healthy business aren't always the same thing. Save this for the next time you see a company "smash estimates."Drop your questions below.