United States Daily Briefing

Lululemon reported a drop in Q2 sales and revenue and revised its full-year outlook lower, sending shares down 15% in the session. The read-through hits Alo Yoga, On Running (ONON), and Nike's premium sport segment — consumer willingness to pay top-dollar for activewear is softening faster than management guided. With back-to-school season already priced in, the key Q3 signal is whether store traffic holds in the US or reaccelerates internationally.

Zscaler posted Q4 earnings above consensus and issued upbeat guidance, with stock up roughly 8% after hours. The cybersecurity name operates on annual-contract ARR, meaning its guidance revision reflects locked-in enterprise budgets rather than aspirational pipeline — a materially more reliable signal than bookings-heavy peers. Palantir, CrowdStrike, and Okta all carry read-through as investors recalibrate whether security spend is truly recession-resistant.

Apple smashed June-quarter records with soaring iPhone sales, with CEO Tim Cook flagging sustained upgrade cycles as the AI-feature ramp continues. The print reinforces Apple's role as the barometer for premium consumer spending globally — its China revenue trajectory in Q4 will be the one number that determines whether the stock re-rates toward $3.5T market cap or stalls. For mega-cap tech broadly, the record quarter is a constructive anchor heading into the September Fed meeting.