The eagerly awaited first trailer for Spider-Man: Far From Home not only marks the live-action debut of classic Marvel Comics villain Mysterio, it (sort of) resolves the cliffhanger of Homecoming, in which Peter Parker's secret identity was discovered by Aunt May. However, if you look just beneath the surface, past the school trip to Europe, Peter's recruitment by Nick Fury and the threat of the elemental foes, you begin to discern clues about the state of the Marvel Cinematic Universe, after Avengers: Endgame.

Arriving in theaters on July 5, a little more than two months after the sequel to Avengers: Infinity War, Far From Home is the first release in Marvel's post-Phase Three plans (the studio hesitates to call it "Phase Four"). But let's address the elephant in the room: At the end of Infinity War, Tom Holland's teen hero turned to dust on the far-flung planet Titan after Thanos snapped his fingers and extinguished half of all life in the universe. Of course, given that a sequel to 2017's Spider-Man: Homecoming had already been announced, audiences knew that Peter Parker, and many of the other heroes, would somehow be brought back to life in Endgame.

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Given that the wall-crawler is back, that his Aunt May and his friends are accounted for, that Nick Fury is prowling Europe, and that the world's populace in the Far From Home trailer seems unfazed by the so-called Annihilation, or by the sudden return of half of humanity (to say nothing of the animals), it's a safe bet Earth's Mightiest Heroes discovered a way to defeat Thanos and undo most, if not necessarily all, of his actions. However, that raises a major question: Is the world -- and Peter for that matter? -- aware of what happened in the climax of Infinity War, and whatever follows in Endgame? Did the Avengers and their allies find a way to return the universe to its previous state, or did the finger-snap and its ramifications now never happen at all?

That, naturally brings us to Tony Stark.

Iron Man has been a big part of Peter Parker's story, beginning with Captain America: Civil War. The billionaire-philanthropist has served as a mentor and father figure, and played a central role in Spider-Man: Homecoming; his relationship with Peter was further explored in Infinity War, and provided the blockbuster with one of its most heartbreaking scenes. Yet, Tony is nowhere to be seen in the first trailer for Far From Home. Happy Hogan is there, quite prominently, and Pepper Potts' signature is emblazoned on the oversized check, but ... no Tony.

Endgame has been long rumored as the final adventure for Iron Man, as Robert Downey Jr.'s decade-spanning, multi-picture deal with Marvel Studios has come to an end. Our first look at the post-Endgame MCU sure seems to support that.

That might be the reason why Happy Hogan (Jon Favreau) has stepped in to serve as father figure, and to flirt with Aunt May (Marisa Tomei), and why Nick Fury (Samuel L. Jackson) pops up in Europe to recruit Spider-Man, in a scene reminiscent of 2008's Iron Man, which launched the MCU. If there's no longer an Iron Man, or a Captain America, or ... then it makes sense why Fury would turn to a teenager for help.

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Some fans still hold to the theory that Far From Home is actually set before the events of Infinity War. However, that doesn't seem likely. The movie will be the first building block in the next phase of the MCU, and it's doubtful the studio would begin that with a flashback that sidesteps entirely the ramifications of Infinity War and Endgame.

Opening July 5, director Jon Watts’ Spider-Man: Far From Home stars Tom Holland, Samuel L. Jackson, Zendaya, Cobie Smulders, Jon Favreau, JB Smoove, Jacob Batalon and Martin Starr, with Marisa Tomei and Jake Gyllenhaal.