Around X:
- @Business
- Japanese carmakers have largely absorbed the cost of Trump’s tariffs on auto imports, a move that may undermine the Asian nation’s negotiating power.
- Campaigning for Japan’s upper house election starts Thursday with the fate of Prime Minister Shigeru Ishiba and his minority government hanging in the balance .
- Conservative hardliners’ resistance to Donald Trump's massive tax and spending package began to soften late Wednesday as the president and his allies worked to win them over.
- Even if the run-up to this month’s deadline for US trade deals weighs on stocks, bargain hunters will step in to stem losses, the latest Markets Pulse survey showed.
- Software company Datadog will be added to the S&P 500 index next week, replacing Juniper Networks after its recent acquisition by HPE.
- Wall Street dealers — until recently expecting US government debt auction sizes to resume growing next year — are going back to the drawing board after comments by Treasury Secretary Scott Bessent this week.
- Scoop: OpenAI and Oracle inked an unprecedented cloud deal for 4.5GW of data center capacity. That’s enough power for millions of homes.
- Here’s the latest news and analysis on the oil market.
- Get up to speed on what's moving global markets.
- Here's what you need to know to start your day.
- @ZeroHedge
- Thiel Joins Luckey & Lonsdale To Launch New Bank Aimed At Filling SVB Void For Stablecoins, AI, Defense & Advanced Manufacturing.
- What's Next For CDC's Remade Vaccine Advisory Committee?
- Democrats, Animated By Loathing Of Trump, Are Driving Their Party To Self-Destruction.
- Fiji Says Chinese Military Base, Missiles Not Welcome In Pacific.
- Moderna To Ask For Clearance For Combination COVID-Influenza Vaccine.
- 'Bad News Is Good News' - Stocks, Oil, Bitcoin, & Precious Metals Surge As US Macro Melts Down.
- @CNBC
- Thursday’s big stock stories: What’s likely to move the market in the next trading session.
- Clear CEO Caryn Seidman Becker on future of identity verification technology in daily life.
- Bank of America says autonomous cars are having their 'ChatGPT' moment. How to play it.
- @WSJ
- From @WSJopinion: Reflexively delegitimizing every Trump action isn’t helpful and isn’t journalism. It’s also not democratic, writes Holman Jenkins.
- @FoxNews
- Diddy's defense team took a victory lap after the rapper was acquitted of RICO and sex trafficking charges with attorney Nicole Westmoreland declaring, "Today is a major win." (video)
- Biden-appointed judge halts Trump HHS overhaul after Democrat-led lawsuit.
- Americans at July 4th celebrations warned of lone wolf terrorist threat.
- “The Democrats are having a problem.” Former Congressman @jasoninthehouse warns that @ZohranKMamdani's primary victory in New York City is evidence that the Democratic Party is lurching far to the left, putting so-called "moderates" at risk. (video)
- @GatewayPundit
- House Republicans Plan 9:30 Vote – Rules Vote to Set Up Debate on the Big Beautiful Bill.
- ABLECHILD: National Law Needed to Determine if Psychiatric Drugs are Involved in Shootings.
- Get Woke, Go Broke: Jaguar Sales Plunge Amid Woke Rebrand.
- Trump Lifts Sanctions on Syria and Proposes Integrating the Country Into the Abraham Accords to Strengthen Alliances in the Middle East.
- Convicted Sex Offender Anthony Weiner, AKA, ‘Carlos Danger’ Loses New York City Council Race.
- Keep an eye on Congress where members are still fighting this line item by line item & it’s obvious they will try bring back some of these grants at the last minute or give more significant budgets. Look for orgs like USIP, Wilson Center, NED, NDI, ADF, IRI, IAF & so on. Some of these are focussed on regime change…
- BREAKING EXCLUSIVE: Jim Comey’s Daughter Maurene at DOJ Sees P. Diddy Not Charged with Sex Trafficking.
- @TheTranscript
- @unusual_whales
- Microsoft, $MSFT, has requested 6,327 H-1B visas, mostly from India, in Washington, per Amanda Goodall. That same month, it laid off 2,300 workers in the state.
- @VigilantFox
- REPORT: A leaked internal memo has blown the lid off Big Pharma’s $2 million plot to force RFK Jr. out as HHS Secretary. The document, from the Biotechnology Innovation Organization (BIO), reveals a brazen plan to spend half its entire cash reserve lobbying Congress to remove Kennedy, whose push for real oversight threatens their business model. It details a sinister scheme to dodge public debate while co-opting conservative influencers and deploying Dr. Mehmet Oz as a supposed “neutral” health expert to sabotage MAHA. This isn’t about science or safety. It’s about narrative control—a psychological warfare campaign designed to scare lawmakers and the public into rejecting reform. (video)
Night Trading
Morning Preview Links
BOTTOM LINE: Asian indices are mostly higher, boosted by technology and financial shares in the region. I expect US stocks to open mixed and to rally into the afternoon, finishing modestly higher. The Portfolio is 100% net long heading into the day.
- Asian equity indices are -.25% to +.75% on average.
- Asia Ex-Japan Investment Grade CDS Index 72.75 -.75 basis point.
- China Sovereign CDS 49.25 -1.0 basis point.
- China Iron Ore Spot 95.1 USD/Metric Tonne -.05%.
- Polymarket: US-EU Trade Agreement by July 9th 31.0% -6.0 percentage points.
- Polymarket: Reconciliation Bill Passed by July 4th 74.0% +14.0 percentage points
- Swiss Franc/Offshore Chinese Renminbi Cross 9.05 +.07%.
- Bloomberg Emerging Markets Currency Index 37.17 -.13%.
- Bloomberg Global Risk-On/Risk Off Index 74.5 +.2%.
- US 10-Year Yield 4.26% -2.0 basis points.
- Volatility Index(VIX) futures 20.1 -.6%.
- Euro Stoxx 50 futures +.06%.
- S&P 500 futures +.01%.
- NASDAQ 100 futures +.01%.
BOTTOM LINE: Asian indices are mostly higher, boosted by technology and financial shares in the region. I expect US stocks to open mixed and to rally into the afternoon, finishing modestly higher. The Portfolio is 100% net long heading into the day.