This is counterintuitive: It's safer to invest when the sp500 is at an all-time high...
Source: @MikeZaccardi on X
ALERT: There’s only 8 days remaining until the tariff negotiation deadline
Betting markets are placing an 82% chance of US-China reaching an agreement before that deadline. Source: Bravos Research
Magnificent European Aerospace & Defence
Source: @MikeZaccardi on X
The lowest close since February 2020 for the VIX index
Source: Charlie Bilello
The bill’s passage through Congress’s upper chamber now leaves its fate in the hands of the House of Representatives, where it could still face considerable opposition
Donald Trump’s landmark tax and spending legislation moved a step closer to becoming law on Tuesday after the US Senate ended days of haggling and narrowly passed the so-called big, beautiful bill. The bill’s passage through Congress’s upper chamber now leaves its fate in the hands of the House of Representatives, where it could still face considerable opposition ahead of a looming July 4 deadline. The Senate approved the sweeping legislation, 51-50, after vice-president JD Vance cast the tiebreaking vote. The president celebrated the legislation’s progress and turned up the pressure on the House to approve it by the end of the week. He urged Republicans in the lower chamber to ignore “GRANDSTANDERS” and do “the right thing, which is sending this Bill to my desk” to be signed into law. Source: FT
In case you missed it... As of July 1, 2025, gold will officially be classified as a Tier 1, high-quality liquid asset (HQLA) under the Basel III banking regulations.
That means U.S. banks can count physical gold, at 100% of its market value, toward their core capital reserves.
Strategy now satisfies all SP500 inclusion criteria. $MSTR
Source: Chris Millas @ChrisMMillas
Huge ADP miss… the trend is clear.
*ADP PRIVATE PAYROLLS: -33K vs 98K exp. First negative print since March 2023. Private sector hiring unexpectedly contracted in June, payrolls processing firm ADP said Wednesday, in a possible sign that the economy may not be as sturdy as investors believe as they bid the S&P 500 back up to record territory to end the month. Private payrolls lost 33,000 jobs in June, the ADP report showed, the first decrease since March 2023. Economists polled by Dow Jones forecast an increase of 100,000 for the month. The May job growth figure was revised even lower to just 29,000 jobs added from 37,000. To be sure, the ADP report has a spotty track record on predicting the subsequent government jobs report, which investors tend to weigh more heavily. May’s soft ADP data ended up differing significantly from the monthly jobs report figures that came later in the week. Source: Zerohedge, Bloomberg, CNBC
