The US Treasury just bought back $12,500,000,000 of its own debt to improve liquidity.
Source: Bull Theory
The U.S. is proposing new tariffs of at least 10% on imports from 60 trading partners after a forced-labor-related trade investigation.
Canada, Mexico, the EU, Taiwan, and the UK would face a 10% tariff. China, India, Japan, South Korea, Brazil, Switzerland, and other major economies would face a 12.5% tariff. The tariffs are not immediate. Written comments are due July 6, with public hearings starting July 7, so the final rules could still change before implementation. Source: Wall St Engine
In case you missed it... Better than expected ADP jobs data combined with Services PMI strength and soaring factory orders sent the US Macro Surprise Index ripping to its strongest since Sept 2023...
Source: zerohedge
The S&P 500 averages +4.6% in midterm years dating back to 1950.
It's already up 11% halfway through 2026. Stocks are outpacing their own history by a mile this year. Source: Phil Rosen
The U.S. technology sector has surged 42% in the last two months, marking its biggest two-month rally in 24 years as AI and semiconductor stocks lead the market higher.
Source: Bloomberg
ISM manufacturing PMI accelerates to 4-year high with improving production, new orders, and employment.
Prices remain 2nd highest since 2022. Source Bloomberg
JENSEN AT COMPUTEX TAIPEI:
- Marvell will become the next trillion-dollar company - Marvell and Nvidia are strengthening their partnership to expand critical networking & connectivity to power AI data centers Jensen touch...plus 17% Source: amit
U.S. distillate fuel inventories fall to the lowest level since 2003
Source: Bloomberg, Hedgeye
