What Moved The Markets This Week 📈
Meta Threads Gets 70M Signups, Apple Cuts Forecasts For Vision Pro Headsets, Job Openings Plunge 500K In May, ISM Manufacturing PMI Falls To 46, Exodus Of Executives From Binance
Sunday Morning Markets
Trading Week 27, covering Monday, July 3 through Friday, July 7. Your weekly financial markets update, in less than 5 minutes.
The Week In Review ⏪
Labor Market Data:
Nonfarm Payrolls +209K (est. 240K)
ADP Employment +497K (est. 220K)
Job Openings 9.8M (est. 10M)
Meta launches Twitter-like ‘Threads’ app, gets 70M+ signups
Tesla, Rivian, GM, and Ford all announced strong numbers for Q2
Apple makes major cuts to Vision Pro forecasts
FDA approves Biogen’s Alzheimer “Leqembi” drug
China curbs exports on semiconductor materials, Yellen visits
Three key executives leave Binance
US Markets 🇺🇸
US industrial activity weakened in June after the ISM Manufacturing PMI fell to 46.0. This marks the eighth straight month that the index has stayed below the 50 threshold, the longest such stretch since the Great Recession.
Job openings fall by half a million in May to 9.82 million, below the 9.9 million estimate. The number of available positions outnumbered the number of job seekers by 1.6 to 1. The labor market remains strong and resilient.
Payrolls rose by 209,000 in June, below the consensus estimate of 240,000. The unemployment rate was 3.6%, down 0.1 percentage point. Wages rose 4.4% from a year ago, slightly higher than expectations.
Meta launches its new text-based “Threads” app and gets over 70 million users on the first day. The Twitter-like app automatically connects to users' Instagram accounts and imports their profile information.
Tesla’s Q2 volumes easily surpass expectations after the company reported it produced 480K vehicles and 466K deliveries during the quarter. Rivian, Ford, and GM also reported strong numbers this week.
Apple to make major cuts to its Vision Pro forecasts due to design complexities. Chinese manufacturer Luxshare, Apple's only assembler of the headset, is preparing to make less than 400K units in 2024.
FDA approves Alzheimer’s drug Leqembi made by Eisai and Biogen. Medicare announced it will broadly cover Leqembi for patients enrolled in the program. The drug has a list price of $26,500 per year.
ChatGPT downloads fall 38% month-over-month on iPhones according to analysis from BofA. They also estimate visits to the ChatGPT website were down about 11% to 51m visitors/week, or about 2% of Google’s estimated web traffic.
Rest of World 🌏
China hits Alibaba’s Ant Group with a $985M fine for violating various laws. Regulators forced Ant Group to restructure its business after canceling its blockbuster IPO in 2020.
China’s export curbs on raw materials are concerning, Yellen says on Beijing trip. China’s Ministry of Commerce announced that companies wanting to export two metals used in semiconductors would need to apply for new licenses.
Tesla rolls out customer referral incentive globally as EV price war heats up. The offer includes $500 in cashback for Model 3 or Model Y buyers in the US, China, Germany, France, Canada, Mexico, Hong Kong, and Singapore.
Crypto ⚡
Top Binance executives leave the company over the CEO’s handling of DoJ investigation. Binance General Counsel Han Ng, CSO Patrick Hillmann, and SVP for Compliance Steven Christie are among those that have resigned.
Bored Ape Yacht Club prices have tanked 90% as floor prices plummet. Nonfungible tokens (NFTs) have not recovered anywhere near the levels that crypto markets have.
Earnings Reports 💰
No major earnings reports from this holiday week. This section will be back next edition with Delta Airlines, Taiwan Semiconductor, and JPMorgan.
See other breakdowns on our Twitter page.
Weekly Poll 🗳️
Week Ahead 📅
Monday
Australia - NAB Business Confidence (JUN)🇦🇺
Tuesday
UK - Unemployment (MAY)🇬🇧
Germany - Inflation Rate (JUN)🇩🇪
Germany - ZEW Economic Sentiment (JUL)🇩🇪
Wednesday
US - CPI Inflation (JUN)🇺🇸
Canada - BoC Monetary Policy Report 🇨🇦
Thursday
US - Jobless Claims 🇺🇸
US - PPI Inflation (JUN)🇺🇸
UK - GDP (MAY)🇬🇧
Earnings Reports: Taiwan Semiconductor, Pepsico, Delta Airlines💰
Friday
US - UMich Consumer Sentiment (JUL)🇺🇸
Earnings Reports: UnitedHealth Group, JPMorgan, Wells Fargo, Blackrock, Citi💰
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