Even more importantly, it then cuts to Spider-Man (Tom Holland) fighting the Vulture (Michael Keaton) on top of a plane. While a lot of this trailer gives us extended bits from things we saw in the last trailer, the plane fight is brand new.

And it looks like Spider-Man is in his old homemade suit during this fight. That puts this plane fight either in a flashback—unlikely, given the Vulture’s look here—or after Tony Stark (Robert Downey Jr.) makes Peter give him back the high-tech suit he was gifted in Captain America: Civil War, which happens later in the trailer.

Peter runs into an alley to change into his brand new suit, which fits so much better than the one he made himself. Presumably because of magical Stark tech.

And then he taunts some people still waiting for the train because New York.

We get more from a scene that was in a lot of the first trailer: Tony dropping off Peter at home. In this one, Peter asks if there are “trials” to become an Avenger. “Do me a favor. Can’t you just be like a friendly, neighborhood Spider-Man?” asks Tony.

Presumably, this is what the film thinks a “friendly, neighborhood Spider-Man” looks like. “Just stay close to the ground,” says Tony as we see Spidey on his own ceiling, leading to the discovery by Ned Leeds (Jacob Batalon) that his friend Peter is Spider-Man. We’ve seen that scene—and his destruction of a Lego Death Star—before.

As you’d imagine, Ned’s got some questions. “Can you summon an army of spiders?” gets a “No,” but is a great question.

God, can you imagine being held to the standard of Captain America in P.E.? It’s bad enough the first trailer showed that both Howard Stark and Bruce Banner are on the walls of this school. I can’t believe more kids aren’t screwed up by the standards set by these people.

This is Cap in his Avengers (first one) outfit, by the way, giving you some idea of when it was filmed.

In other news, Zendaya’s character (supposedly named “Michelle”) is reading Of Human Bondage by W. Somerset Maugham instead of paying attention to Captain America’s video. A book that starts with its protagonist being orphaned and sent to live with his aunt and uncle.

Update: This still of the class may have another Easter egg in it:

This is linking a supposed casting list which named a character as “Cindy” to this image. “Cindy Moon” is another radioactive spider bite victim who becomes the superhero Slik.

Ned wants to know if Peter knows Captain America, which is... slightly awkward since he fought him in Civil War. “I stole his shield,” is how Peter responds.

Peter lets Ned try on the suit. I just figured this gif would be useful.

Same with this one. Also, if you look closely, that hunk of metal they’re looking at is gold and red, so it might be part of an Iron Man suit. Or a bit of Iron Man tech that Vulture jammed into one of his weapons? Maybe?

Mostly, this trailer focuses hard on the male characters of this movie. Ned, Tony, and the villainous Vulture all dominate. Last time, we got a bit more with Zendaya’s character and Liz Allan (Laura Harrier). Both trailers are very light on Aunt May (Marisa Tomei).

This iteration of the Vulture gets his name from the way he scavenges technology. I wonder if he got this Iron Man mask from that or as the result of a battle. Or if it’s one of the cheap ones the robbers dressed as the Avengers were wearing in the last trailer, and this is Vulture speaking to them right before he gives them the big, dangerous tech they used.

In an apparent recruitment or sales speech to bad guys, the Vulture says, “The rich and the powerful, like Stark, they don’t care about us.” Oh, look, another villain that is either motivated by Tony or is using him as a piece of rhetoric to justify his evil actions. To be fair, Toomes’ motives aren’t as ideologically pure as he kind of sounds here. Mostly, he’s pissed about Tony’s new company, Damage Control, which cleans up after superhero dust-ups. Since he salvages from those, Damage Control is cutting in on his bottom line.

There’s a lot in the MCU that makes it totally fair to call it the “Blame the Starks” universe.

Vulture: “The world’s changing, boys. Time we changed, too.” What’s next are three different scenes stitched together to make it almost seem like they’re related. There’s the Vulture testing out his wings at night with what looks like the New York City skyline behind him, followed by him coming down inside a building in what we identified in the last trailer as being in DC. Then there’s an explosion at a bodega that I think is actually connected to people the Vulture sells his new tech to, rather than a direct bit of violence by him.

Peter says, “These weapons are crazy dangerous.” He’s in the Stark-designed suit for this one. We also get an establishing shot of Avengers Tower before and after Stark says, “Listen, Peter. Forget the flying monster guy. There are people who handle this sort of thing.”

Spider-Man jumps onto a ferry and confronts some thugs. “The illegal weapons ferry was at 2:30. You missed it.”

And don’t miss this:

The plot is a bit clearer by now. I’d guess that the Vulture is selling souped-up weapons based on tech he’s scavenged, probably including from Tony Stark. Whom we know loves when his tech is used by bad guys. Spider-Man is tracking the weapons because, well, they’re blowing up chunks of his city. In the process he gets the attention of the Vulture. Who...

...isn’t happy with the interference. The purple color of his beam here is the same as what we saw the Shocker have in the last trailer. And the bank robbers. It’s basically the hallmark of a lot of the weapons being made by the Vulture. Given that this is Marvel, I’d almost suggest that an Infinity Stone was to blame, but we’ve already seen the purple one, which is the Power Stone in the movies, in Guardians of the Galaxy. Although, if it turns out Thanos got it from the Nova Corps vault and dropped it on Earth—I’d be annoyed, but it would fit in.

Anyway, Spider-Man’s doing his best to hold the ferry together and save the lives of everyone the Vulture just tried to sink. I’d say we’re looking at something that happens mid-movie, right before our hero’s lowest point.

Which isn’t quite when Iron Man shows up to help him with the ferry.

But is this exchange.

Tony: “What if somebody had died?”

Peter: “I was just trying to be like you.”

Tony: “I want you to be better. I’m going to need the suit back.”

Peter: “But I’m nothing without this suit.”

Tony: “If you’re nothing without this suit, then you shouldn’t have it.”

And I’m guessing the bit where Peter fights the Vulture on a plane in his old suit proves he’s not “nothing” without it, and he gets a newer, better one delivered to him by Happy (Jon Favreau) in DC.

Peter: “I messed up.”

Aunt May: “You need to stop carrying the weight of the world on your shoulders.”

Aw, thanks for showing up for a few seconds in this movie, Aunt May, and reminding us of Peter’s home life.

Homemade suit Spider-Man confronts Vulture in what looks like the garage of the school bus depot we see the outside of later.

Vulture: “I want you to understand, I’ll do anything to protect my family.” In the comics, the Adrian Toomes Vulture did have a family, but it wasn’t really his motivation as much as being swindled out of his business was.

Vulture takes off, making the classic villain mistake of leaving the job of taking out the hero to someone else. In this case, it looks like Shocker (Bokeem Woodbine) has pulled that duty. After Vulture and Spidey fight inside the warehouse, though:

Vulture: “I know you know what I’m talking about. So don’t mess with me. ‘Cause I’ll kill you and everybody you love.”

Peter’s still in the homemade suit in this beach fight, which might be the climax to the plane fight? If his doomed Vulture chase spans bus depot, plane, beach, that would be a lot.

Look, it’s May again! And she’s concerned at a school!

Peter and Liz Allan (Laura Harrier) share a kiss at what I’m assuming, based on this movie’s title, is the homecoming dance.

A Vulture weapon rips through the Washington Monument, with a bunch of Peter’s classmates still inside.

Including, Liz. Which the movie makes clear by having her stand next to a giant plaque with the monument on it.

Zendaya’s character tells Spidey that her friends are in there. It looks like her shirt has this Sylvia Plath photo on it.

We get a few more scenes in D.C. that were in the first trailer—Spidey on the monument, stopping the elevator from falling, etc.—and then we get him back in New York saying, “The guy is still out there. I just got to do this on my own.”

And then a bit explaining how the Vulture and Spider-Man ended up on the plane.

Tony: “Just, don’t do anything stupid”

Tony: “All right?”

Peter: “Yeah.”

The only thing giving me pause about what we’ve seen so far is that the pieces don’t quite line up. It’s called Spider-Man: Homecoming, so it would be really weird for the big final battle to be in DC, considering Spider-Man is famously a New Yorker. Which means that there are three possibilities here:

Peter loses the suit after the ferry debacle, fights the Vulture and Shocker in the bus depot and on the plane in the homemade suit, and then gets a new suit from Stark for the DC battle.

Or, Peter loses the suit after the ferry debacle and what happened in DC, and the big final battle is him in the homemade suit in NYC, proving himself.

And the last one is that there is a big action sequence (possibly interrupting homecoming?) that we haven’t seen any part of yet, and it’s the big final battle in the new suit and in NYC. Photos from the set reportedly showed Shocker in a completely different outfit, which we still haven’t seen in motion. We’re also missing the Tinkerer.

The first option is the one most supported by what we’ve seen in the first two trailers, but I wouldn’t be blown away if that shifted and one of the other two turned out to be true.

We’ll have to wait until July 7 to find out.