US Markets - First Look

S&P +3bp (middle of range)

10-Year Yield 4.27

USD +5bp

Euro Stoxx -27bp

Brent -1.0%

BTC +70bp

US Markets

US markets are flat as we wait for the Employment Report.

International Markets

European markets are mildly lower with tech weighing.

• EU companies push to delay AI regulation Reuters

Asia was mixed with major markets flat and only Korea (+1.3%) sticking its head up.

• Japan’s great unsticking has begun FT

Themes

• Eyes on the June Jobs data BN

• Chip software makers say US restrictions on sales to China lifted FT

• Markets closed tomorrow, no emails from me until next week.

Data

• Employment Report & Weekly Claims @ 8.30am. ISM Services @ 10am…

TMT:

• Apple may use OpenAI or Anthropic to power Siri (bn)

• Grammarly is expanding into email (rtrs)

• OpenAI signs $30b data center deal with Oracle (ft)

• CEOs admit AI will wipe out jobs (wsj)

• Microsoft to cut up to 9K jobs (ap)

Consumer:

• ‘Merica (nyp)

• Price hikes show up in department stores (cnbc)

• Lulu suing Costco (ap)

• Del Monte Foods files for Ch 11 (ap)

• I’ll really miss those drunk illegals (cnbc)

Industrials:

• n/a

Transports/Autos/Airlines:

• NASA will stream rocket launches and spacewalks live on Netflix (cnbc)

• Tesla in disarray (wsj)

• Record travel expected for July 4th (ap)

• How China’s new automakers ate the West’s lunch (rtrs)

• Private jet experience at a bargain price (wsj)

• Well, that’s lovely (nyp)

Energy:

• Renewables getting the short straw in megabill (rtrs)

• Milei is tapping Argentina’s Permian (bn)

Commodities:

• Copper prices rally on tariff threat (ft)

Housing/REITs:

• n/a

Financials:

• Harvard needs to find a billion dollars (wsj)

• Goldman wins big in the Fed stress test (ft)

• Yen is an attractive trade, but at a cost (rtrs)

Healthcare:

• How to do the perfect squat (nyt)

• A child would know these “experts” are clowns (nyt)

Politics:

• The hammer comes down on reluctant GOP (wsj)

• White House border strategy is working (nyt)

• It might be as good as the real Alcatraz (ap)

• DeSantis reconciles with Trump (link)

• What on earth is going on in England? (cnbc)

NYC:

• n/a

Misc:

• An uneasy time for press freedom (nyt)

• Now he knows how the humans he trafficked feel (nyt)

• How the alphabet people are hurting gay rights (nyt)

Trivia:

• Fifty! (nyp)

• Well, yes but (link)

• Three types of friends (link)

Quote of the Day: “Socialism is a wonderful idea. It is only as a reality that it has been disastrous.” Thomas Sowell

Podcast/Track of the Day: How to make $3 trillion disappear Daily

Random Factoid: Studies suggest that transitioning to a socialist system can lead to a significant decrease in annual growth rates, potentially by 2-2.5 percentage points Link

This Day in History: Québec City is founded by Samuel de Champlain. 1608.