HAPPY THURSDAY TO THE STREET
Wall Street's flashiest tech bull is leaving the barn. After eight years of emoji-stuffed notes and megacap victory laps, Dan Ives is exiting Wedbush to launch his own merchant bank.
Say what you will about his pomp and moonshots, but the man did call the AI boom early and rode Nvidia (NVDA) to legend status, all while wearing head-to-toe pink. A bullish signal if there ever was one.
🟨 | US stocks were split today after jobs data came in well below expectations, with the US economy adding just 57,000 last month. The DJIA remained at records, while the Nasdaq continued its slide.
📈 | One Notable Gainer: Rivian (RIVN) jumped after raising its 2026 delivery outlook to 65K to 70K vehicles.
📉 | One Notable Decliner: The same logic didn’t apply to the other US EV leader. Tesla (TSLA) slid even after Q2 deliveries topped Wall Street estimates.
— Brooks & Cas
MARKET SNAPSHOT
S&P 500 Heatmap. Credit: Unusual Whales
WILL THE FED HOLD IN JULY?
Fed Chair Kevin Warsh had one job at the ECB's Sintra panel: say nothing useful about rates. Well, mission accomplished.
Instead, he swore off forward guidance entirely, but reaffirmed he will deliver price stability, winning support in central banks abroad along the way.
Reading between the lines, Kalshi traders see a hold for now, but perhaps a hike on the horizon. Wonder how President Trump would feel about that one…
Market Movers
AEROVIRONMENT, ALPHABET, BLUE OWL
📈 | AeroVironment (AVAV) won a $500M Army contract for counter-drone capabilities.
📉 | Alphabet (GOOGL) fell after a court upheld its 4.1B euro EU antitrust fine.
📈 | Blue Owl Capital (OWL) rose as redemption pressure eased on its private credit funds.
📉 | Teradyne (TER) sold off as traders dumped AI infrastructure names.
📈 | Waystar Holding (WAY) was initiated at Overweight by KeyBanc.
Tomorrow's Trade Idea, Today
SEEING STONES, BUYING DIPS
Stock Spotlight
Stock: Palantir Technologies (PLTR)
Firm: D.A. Davidson
Current Price: $130
Price Target: $175
Implied Upside: 35%
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Dip, Meet Buyer
Palantir has been the market's punching bag in 2026. D.A. Davidson thinks that is the opening.
Analyst Gil Luria upgraded the stock to Buy, arguing the selloff has finally made the price worth paying.
The Middleman Wins
Luria says the standoff between Anthropic and the government, which briefly pulled a model from the market, is exactly why customers want Palantir.
Build directly on one AI model and a policy fight can gut your business, the analyst argues. But Palantir is building on an orchestration layer, so with any change in fortune, it can simply swap out the engine underneath.
Investors have feared OpenAI and Anthropic would eat Palantir's lunch. Luria thinks they built it a moat instead.
Cheaper Than It Looks
Palantir trades at roughly 71x forward earnings, rich by any normal standard, but well off its early-November peak.
Of 33 analysts covering the stock, 21 rate it a Buy or Strong Buy, 10 sit at Hold. Shares are deep in the red year to date.
For a company built to read the future, the market may have misread this one.
Do you own any shares of Palantir Technologies (PLTR)?
OVERHEARD ON THE STREET
💼 The US labor force participation rate fell to 61.5%, its lowest outside the Covid era since 1976, as 720K workers dropped out in June alone.
🥪 Jersey Mike's filed for an IPO on the NYSE under ticker JMKE, after reporting 50% cumulative same-store sales growth from 2020 through 2025.
🥚 Cal-Maine Foods (CALM), Versova and Hickman's will pay $3.3M and donate 53M eggs to settle price-fixing claims.
🪙 A federal filing shows President Trump took in nearly $1.2B from his crypto businesses last year, as retail investors in those tokens booked steep losses.
🍺 Big brewers led by Constellation Brands (STZ) are betting on tiny 'pony' cans to court moderation-minded and GLP-1 drinkers.
WEDNESDAY'S POLL RESULTS
Do you own any shares of Abivax (ABVX)?
▇▇▇▇▇▇ 🐂 Yup, I'm holding
▇▇▇▇▇▇ 🐻 Nope, not interested
▇▇▇▇▇▇ 👀 No, but I'm interested
And, in response, you said:
🐻 Nope, not interested — “Not in my price range.”
👀 No, but I'm interested — “The trial in question was the stage 3, so the next step is FDA new drug approval. This seems promising, and UC is a relatively common disease with a need for effective long term treatments, This biological might be a good fit.”
