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Today is Wednesday, July 2, 2025.

The Early Bird Index today is 85.51

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Big Banks Raise Dividends 🏦

The biggest banks in the United States boosted their dividends on Tuesday in after-hours trading after recently passing Federal Reserve assessments.

Details: JPMorgan Chase & Co. $JPM ( ▲ 0.55% ) raised its quarterly dividend from $1.40 per share to $1.50 per share and announced a $50 billion stock buyback on Tuesday. Morgan Stanley $MS ( ▲ 1.27% ) increased its dividend by 8% and announced a $20 million stock buyback. Goldman Sachs $GS ( ▲ 1.34% ) enhanced its dividend by 33%. Wells Fargo $WFC ( ▲ 1.07% ) raised its dividend by 12.5%. Bank of America $BAC ( ▲ 1.16% ) upped its dividend by 8%. And Bank of New York Mellon $BK lifted its dividend by 13%.

Background: The dividend hikes come after the banks passed the recent banking stress tests from the federal government.

Stock Prices: Most big bank stocks are up by double digits in 2025.

Early Bird’s Nest Egg Gains: Big bank stocks are having a strong year in 2025 because of regulatory tailwinds, improved economic and earnings prospects, a rebound in deal activity, and renewed investor confidence following strong stress test results and capital management.

• Despite the rally, many big banks are still trading below their long-term average price-to-book ratios.

Final Thoughts: In about two weeks, most big bank stocks will report quarterly financial earnings results.

Notables

Notable Earnings Today: UniFirst (NYSE: UNF), Franklin Covey (NYSE: FC), Zenvia (Nasdaq: ZENV).

Notable IPOs Today: CoastalSouth Bancshares, Inc. (NYSE: COSO), EQV Ventures Acquisition Corp. II (NYSE: EVAC), Vendome Acquisition Corporation I Unit (Nasdaq: VNMEU), Thayer Ventures Acquisition Corporation II Class A Ordinary Shares (Nasdaq: TVAI), Origin Investment Corp I Units (Nasdaq: ORIQU), 1RT Acquisition Corp. Units (Nasdaq: ONCHU).

Notable Equity Crowdfunding Campaigns Ending Today: The Loading Dock (Honeycomb).

Notable Economic Events Today: ADP Nonfarm Employment Change (8:15 a.m. ET), Crude Oil Inventories (10:30 a.m. ET).

Solana Falls Before ETF Launch

Tuesday was a rough day for the cryptocurrency market, but especially for Solana $SOL.X ( ▲ 5.42% ) , which saw its price decline by about 4%.

Powering the Story: Solana’s price decline on Tuesday was largely a result of volatility ahead of Wednesday’s launch of the REX-Osprey SOL + Staking ETF (exchange-traded fund). This marks the first Solana staking ETF of its kind.

Definition: A staking ETF gives traditional investors exposure to digital assets that have a "proof-of-stake" consensus mechanism to earn staking rewards.

Final Thoughts: Despite Tuesday’s decline, Solana’s price is slightly positive in the past 7 days.

Constellation Brands Sees “Softer” Demand

Constellation Brands $STZ ( ▲ 4.48% ) , a maker of beer, wine, and spirits, fell by 0.82% in after-hours trading on Tuesday after posting bad financial earnings results.

Financials: Constellation Brands reported earnings of $3.22 per share and revenue of $2.5 billion in the last quarter. Both were lower than expected. 

Final Thoughts: CEO Bill Newlands attributed the weak results to “softer consumer demand.”

Trends to Watch

Tariff Pain: Powell says the Fed would have cut rates this year if it weren’t for tariffs (CNN)

Auto Bad: Car sales plummet following pre-tariffs panic buying: ‘The party is over’ (New York Post)

Designing an IPO: Figma files for an IPO. What investors should know about the Adobe design rival. (MarketWatch)

Manufacturing Low Growth: U.S.’s Sluggish Factory Activity Persists Amid Trade Uncertainty (Wall Street Journal)

Lackluster July Start: Bitcoin Pulls Back to $106K After Record Monthly Close (CoinDesk)

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_{The contents of Early Bird are intended for informational and entertainment purposes only. They do not constitute trade or investment recommendations and they are not financial or legal advice. Readers are encouraged to consult licensed professionals for personalized guidance regarding their financial or legal situations.}