What Moved The Markets This Week
Congress Passes Spending Bill, Microsoft Slashes 9K Jobs, U.S.-Vietnam Ink Trade Deal, Oracle Secures $30B OpenAI Deal, Meta Unveils New AI Team, Figma Files For IPO, and Robinhood Rolls Out Tokens
Sunday Morning Markets
Trading Week 27, covering Monday, Jun 30 through Friday, Jul 4. Your weekly financial markets update, in less than 5 minutes.
The Week In Review ⏪
BBB Passed: Tax cuts extended, social programs slashed.
Jobs Slip: Private payrolls fall 33K; government hiring masks slowdown.
Microsoft Layoffs: 9,000 more jobs cut after May, June layoffs.
Oracle Cloud: Lands major $30B cloud deal with OpenAI.
Vietnam Trade Deal: U.S. adds 20% tariff, gains market access.
Meta AI: Zuck unveils Superintelligence Labs team with top hires.
Figma IPO: Files under "FIG" after strong 46% Q1 growth.
Robinhood Tokens: Lists OpenAI, SpaceX in EU launch.
AI Doctor: Microsoft tool beats doctors with 4x diagnosis accuracy.
Siri Overhaul: Apple weighs OpenAI, Anthropic for voice AI revamp.
US Markets 🇺🇸
Trump’s megabill clears both House and Senate, securing a slim victory that extends 2017 tax cuts and slashes social programs. Musk calls for the start of new political party after calling the bill “debt slavery.”
Private sector sheds 33,000 jobs in June, badly missing forecasts as hiring slows across key industries, says ADP. Nonfarm payrolls confirmed it, with nearly half of the new jobs coming from the government.
Powell confirms Fed would've cut were it not for tariffs as Trump’s import levies raised inflation forecasts. CME’s FedWatch tool now projects between two to three rate cuts in 2025.
U.S. factory slump drags on amid tariff worries with June marking a fourth straight month of contraction. Rising costs and weak new orders highlight business uncertainty.
Microsoft to cut another 9,000 jobs, following layoffs in May and June as it streamlines operations. The move aims to reduce management layers between individual contributors and executives.
Oracle lands major $30B cloud deal with OpenAI for 4.5GW data power as part of the Stargate project. CEO Safra Catz noted that its MultiCloud database revenue continues to grow at over 100%.
Global Markets 🌏
U.S. strikes Vietnam trade deal with 20% tariff on Vietnamese goods, plus a 40% “transshipping” duty. Trump touted new U.S. market access in Vietnam as part of the deal.
Canada scraps digital tax after Trump halts trade talks over the 3% levy on U.S. tech firms set to begin Monday. Ottawa aims to revive negotiations and strike a new trade deal.
China’s factory activity returns to growth in June as the Caixin PMI hits 50.4, lifted by a temporary trade truce with the United States. Smaller private firms led the rebound in manufacturing.
Eurozone inflation hits 2% target, raising odds of ECB rate pause as factory activity climbs to a 34-month high. June’s PMI hit 49.5, supported by steady orders and a fourth month of rising output.
Russia unleashes record airstrike on Kyiv hours after Trump’s call with Putin yields no progress on peace. Ukraine urges allies to restore air defense aid as civilian toll mounts.
Apple's China iPhone sales rise for first time in 2 years, up 8% in Q2 thanks to discounts and trade-ins, says Counterpoint Research. Huawei’s sales jumped 12% in the same period.
Tech ⚡
Zuckerberg launches Meta Superintelligence Labs to lead in AI with top hires from OpenAI, Google, and Scale AI. The new unit will build frontier models and drive Meta’s next-gen AI push.
Figma files for IPO on NYSE under ticker "FIG" and plans to ‘take big swings’ with acquisitions. Figma's Q1 revenue increased 46% to $228 million, and had an impressive 19.7% net income margin.
Robinhood offers OpenAI and SpaceX "tokens" in EU, marking its first tokenization of private firms. OpenAI says the tokens aren't real equity and were launched without its approval.
Microsoft claims AI diagnostic tool can outperform doctors by solving complex cases with 4x greater accuracy. The system uses debating AI agents and may soon power health queries on Bing and Copilot.
Cloudflare launches 'Pay per Crawl' to charge AI bots for scraping websites, giving publishers control over content access. The marketplace aims to reshape web economics in the AI era.
Senate kills AI regulation ban in budget bill after bipartisan backlash over industry overreach. The 99-1 vote strips the 10-year moratorium pushed by tech executives and Senator Ted Cruz.
Apple weighs using Anthropic or OpenAI for Siri in a major reversal away from building its own in-house AI. Talks focus on testing third-party models on Apple’s cloud, but no final decision has been made.
Circle applies for U.S. bank charter to back USDC and offer blockchain-based custody services to institutions. The move follows a 484% stock surge after its successful IPO.
Earnings Reports 💰
No major earnings reports this week. This section will return next week.
Weekly Poll 🗳️
Week Ahead 📅
Monday
DE - Industrial Production 🇩🇪
Tuesday
US - Consumer Credit 🇺🇸
CA - Ivey PMI 🇨🇦
CN - CPI Inflation 🇨🇳
AU - RBA Interest Rate Decision 🇦🇺
Wednesday
US - FOMC Meeting Minutes 🇺🇸
US - 10Y Note Auction 🇺🇸
UK - BOE Financial Stability Report 🇬🇧
Thursday
US - Jobless Claims 🇺🇸
DE - CPI Inflation 🇩🇪
Earnings: Delta Airlines 💰
Friday
UK - GDP Growth 🇬🇧
DE - CPI Inflation 🇩🇪
CN - Trade Balance 🇨🇳
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