US Markets - First Look

S&P +12bp (middle of range)

10-Year Yield 4.28

USD +12bp

Euro Stoxx +70bp

Brent +87bp

BTC +1.6%

US Markets

US markets are flattish on light news.

International Markets

European markets are higher led by the consumer sector.

• Heatwave shuts down parts of Europe Reuters

Asia was mixed and uneventful.

• China is quickly eroding the US lead in AI WSJ

Themes

• Foreign investors increase US dollar hedges Reuters

• Neverending GOP spending bill drama WSJ

• Bubble worries BN

Data

• ADP Employment @ 8.15am…

TMT:

• VC utilizing PE rollup tactics (ft)

• Intel planning a big shift (rtrs)

• Heavy insider selling at Nvidia (ap)

• Chipmakers get larger tax credits (cnbc)

• Figma files for IPO (cnbc)

Consumer:

• Korean food is suddenly everywhere (axios)

• The WBNA is worth way more (ap)

• Get ready for the $80 popcorn bucket (wsj)

• Kodak is having a moment (cnbc)

• Gawd (rtrs)

Industrials:

• Trump pauses some weapons to Ukraine (nyt)

• Malaysia doesn’t want any more of our plastic trash (nyt)

Transports/Autos/Airlines:

• Massive Qantas cyber hack (rtrs)

• Tesla shareholders in the hot seat again (cnbc)

Energy:

• GOP knee-capping America's renewable energy boom (axios)

• Mystery blasts hit oil tankers (ft)

• Iran suspends cooperation with UN nuclear agency (rtrs)

Commodities:

• EU to use carbon levy as trade barrier (bn)

Housing/REITs:

• California hopes for a construction boom (nyt)

Financials:

• JPMorgan ups dividend and buyback (wsj)

• EU junk bond sales hit record (ft)

• Why Vanguard joined the private markets craze (wsj)

• New highs are not risk free (axios)

Healthcare:

• Two useless shots in one (ap)

• Health > Wealth (axios)

• Weed is not harmless (ap)

Politics:

• The GOP’s budget-blowing bill (nyt)

• Problematic spending politics (wsj)

• The two theories of Zohran (link)

NYC:

• Make sure you watch people, understand your surroundings (link)

Misc:

• Energy, frequency and vibration (link)

• Now what? (link)

• Yessssssssssssssss (ap)

Trivia:

• WBNA is adding three new teams (ap)

• Celebrate good times (link)

• Yo might wanna get tested (link)

• Courtship (link)

Quote of the Day: “Every election is a sort of advance auction sale of stolen goods.” H.L. Mencken

Podcast/Track of the Day: Sabah Shunus

Random Factoid: The attribution of approximately 100 million deaths to Communism is based on The Black Book of Communism, a work by several historians led by Stéphane Courtois. Their rough estimate of 94 million fatalities included deaths from executions, labor camps, man-made famines, and repressive violence in communist regimes during the 20th century.

This Day in History: Thomas Savery patents the first steam engine. 1698.