Markets in Focus: Earnings, Airlines, and a Crypto Slump

US Earnings in the Spotlight

The last trading day of June brings major earnings into focus. NKE reports Q4 2026 results after the bell today. Options activity on the June 26 expiry chain is intense. Traders are betting on a big move. STZ also reports tonight. Short interest is just 5.2% of free float, but bearish put activity in July expiries is picking up ahead of results. Both names are key reads on the US consumer.

Next Monday brings another wave. GIS, with short interest at 9.4% of free float, reports Q4 2026 numbers. Bears are watching closely.

Barclays Bullish on Summer Travel

Barclays upgraded UAL and LUV to Buy today. United got a target of $175. Southwest was set at $65. The bank is betting summer travel demand holds firm. Short interest in both names is modest, below 7% of free float. A sustained rally could squeeze the remaining shorts.

Wolfspeed Pressure Mounts

WOLF remains the standout short. SI hit 117% of free float. There are zero shares left to borrow. Options show weekly puts dominating. The semiconductor firm faces a tough fundamental road ahead.

Crypto and Europe

Bitcoin dropped below $60,000 today, hitting a 20-month low. Retail investors appear to be rotating from crypto into AI-related equities. In Europe, EasyJet is in talks with Castlelake after rejecting a £4.9bn takeover bid. Budget airline M&A is heating up. Oil slipped back to pre-Iran-conflict levels as Gulf supply picks up. Brent fell below $72.48 a barrel, easing pressure on energy costs across both regions.