🌅 Pre-Market Pulse

S&P Futures 7,522.00 ▲ +16.75 (+0.22%)	Nasdaq Futures 28,970.25 ▲ +75.75 (+0.26%)	Dow Futures 52,491.00 ▲ +149.00 (+0.28%)
10Y Treasury 4.54% ▼ -0.03%	US Dollar 100.78 ▲ +0.06 (+0.06%)	Bitcoin $64,361 ▼ -$320 (-0.50%)

Good morning! Monday is off to a quietly confident start, with futures pointing higher across the board as dealmakers, earnings reporters, and geopolitical headlines all compete for your attention before the opening bell. From a $5.2 billion warehouse buyout to Ryanair's turbulent quarter, there is plenty to unpack before coffee gets cold. Here is your morning rundown.

👀 What to Watch Today

Domino's Pizza (DPZ) is front and center this morning after dropping its latest earnings. The company posted a profit of $135.8 million, or $4.07 per share, up from $3.81 a year ago. The catch: same-store sales growth is slowing, which is the kind of detail that tends to separate the bulls from the skeptics in early trading.

On the macro side, Treasury yields are pulling back slightly, with the 10-year sitting at 4.54%. That modest easing could give rate-sensitive sectors like real estate and utilities a bit of breathing room today. Keep an eye on how financials respond as the session gets going.

The dollar index (DXY) is ticking up to 100.78, which is worth watching for any multinationals reporting this week. A stronger dollar quietly chips away at overseas earnings, and with more S&P 500 names due to report this week, currency headwinds could be a recurring theme in guidance commentary.

This ‘Starburst’ Could Be Bigger Than the SpaceX IPO [ad]

🌏 Overnight Recap

The big overnight headline out of the industrial real estate world: Brookfield Asset Management and CPP Investments are buying LXP Industrial Trust in an all-cash deal worth approximately $5.2 billion. LXP brings a portfolio of modern warehouse and logistics properties to the table, exactly the kind of hard asset that long-term institutional capital loves to own. This deal is a signal that even in a higher-rate environment, the right industrial assets are attracting serious money.

Meanwhile, Prologis (PLD) is nursing a rejection this morning. Segro turned down the U.S. logistics giant's sweetened $18.2 billion takeover bid, the second offer the British warehouse landlord has rebuffed. Segro's board clearly thinks the valuation does not reflect its long-term worth. Prologis now faces the awkward question of whether to walk away or go hostile.

Over in the energy markets, the Caspian Pipeline Consortium halted oil loadings again after a fresh Ukrainian drone strike targeted a tanker in the region. This is a story to watch closely. CPC is a major export route for Kazakh crude, and any prolonged disruption has the potential to tighten global supply just enough to move oil-linked names like GUSH and BNO during today's session.

The AI stocks about to become worthless (and one that isn't) [ad]

📊 Pre-Market Movers

Ryanair (RYAAY) is drawing attention this morning on two fronts. First, profits fell as fares dropped 6% amid consumer uncertainty and jet fuel concerns tied to Middle East tensions. Second, CEO Michael O'Leary confirmed early findings suggest foreign object damage caused the alarming window incident aboard a Boeing 737. Both stories landing at once is not a great look for the stock heading into Monday's open.

Boeing (BA) gets a rare piece of good news with Riyadh Air ordering 34 widebody jets from both BA and Airbus (EADSY). Saudi Arabia's newest carrier is pushing hard to reach 100-plus destinations by 2030, and large widebody orders like this are the kind of backlog-builders that Boeing's long-suffering investors have been waiting on.

PayPal (PYPL) is quietly one of the more interesting names to watch today. A detailed account of how the once-dominant payments giant lost ground to Apple Pay and is now reportedly a reluctant merger target is circulating widely. The stock has been a long-term disappointment, and any fresh takeover chatter could spark a quick move in either direction when the session kicks off.

Trump is replacing the U.S. dollar [ad]

🔍 Today's Watchlist

1. DPZ: Domino's beat on profit but same-store sales momentum is fading. Watch how the market prices in the slowdown.
2. PLD and SEGXF: Prologis got rejected again by Segro. Does the U.S. giant escalate or exit? M&A drama could move both names.
3. RYAAY: Ryanair profits dropped on lower fares and a window incident investigation. A messy quarter with a side of Boeing headlines.
4. BNO, DBO, GUSH: CPC pipeline disruptions are back. Oil supply risk is real and energy ETFs could see action if the halt extends.
5. PYPL: PayPal's merger target narrative is intensifying. Watch for unusual options activity or any fresh deal speculation into the session.

🎯 The Morning Playbook

The overall setup heading into Monday is constructive but nuanced. Futures are green, yields are easing slightly, and deal flow is active, which together tend to support a mild risk-on posture early in the session. The LXP Industrial buyout and the ongoing Prologis-Segro standoff suggest institutional money is still hungry for quality hard assets despite rate pressures.

Geopolitical risk, however, is not sitting quietly in the background. The CPC pipeline halt and Ryanair's fare commentary tied to Middle East tensions are reminders that macro disruptions can shift sector narratives quickly. Energy names and airlines deserve a close look as the day develops.

For today, the playbook is straightforward: track the DPZ reaction for consumer sentiment cues, monitor oil-linked ETFs for supply disruption ripple effects, and keep PYPL on a short leash given the merger speculation swirling around it. Markets reward the prepared, and this Monday has plenty of moving parts to reward attention.

Starting This July: Hundreds of trillions of dollars at stake [ad]