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Wall Street closed earlier due to tomorrow’s 4th of July celebrations (no session tomorrow).
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U.S. indexes hit new highs today, driven by a stronger-than-expected U.S. jobs report (NFP). The Nasdaq 100 leads the gains (+1%), the S&P 500 breaks above the 6250 level (+0.9%), and the Dow Jones is up more than 0.8%.
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The final vote on Trump’s “Big Beautiful Bill” continues to be delayed due to an ongoing speech — now over 8 hours long — by Congressman Hakeem Jeffries, leader of the Democratic Party, who is using the customary "magic minute" rule. This allows party leaders to speak without time limits after a bill’s debate has concluded.
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Nonfarm payrolls rose by 147,000 (expectations: 110,000), with the previous reading revised up to 144,000 (from 139,000). Unemployment unexpectedly dropped to 4.1% (forecast: 4.3%, previous: 4.2%).
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The U.S. ISM Services Index rose to 50.8, beating expectations (50.5) and the prior reading of 49.9.
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On the back of strong labor market data, expectations for a Fed rate cut have declined. As a result, U.S. 10-year Treasury yields rose by 6 bps today, climbing back above 4.34%. This move erased the gains in bond prices seen over the last two weeks.
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Lucid Group rose nearly 6% after reporting a record number of electric vehicles sold in Q2 2025. The company delivered 3,309 vehicles in the second quarter, compared to 2,394 in the same period last year.
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Tesla held steady at yesterday’s closing price despite continued weak sales. In Q2 2025, car deliveries fell to 384,000 — a decline of more than 13% year-over-year. This marks the second consecutive quarter with vehicle sales below 400,000.
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European markets are extending yesterday’s gains. Among major indexes, Germany’s DAX and the UK’s FTSE 100 are performing best, each up about 0.6%. Italy’s IT40 is up 0.4%, and France’s CAC 40 has gained 0.2%. The only decline is seen in Switzerland’s SMI, which is down just over 0.1%.
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European services PMI data came in slightly better than expected, although the surprise was not large. Among major Eurozone economies, only Italy and Spain reported services PMIs above 50 points.
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Swiss CPI inflation rebounded slightly, defying expectations for continued deflationary pressure. The index rose 0.1% y/y (forecast: -0.1% y/y; previous: -0.1% y/y).
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In the forex market, the U.S. dollar is rebounding strongly against most G10 currencies following the better-than-expected NFP report (USD Index: +0.35%). The biggest corrections are in traditional safe-haven currencies: the Swiss franc (USDCHF: +0.4%), the yen (USDJPY: +1%), and the euro (EURUSD: -0.35% to 1.1756). The Canadian dollar (USDCAD: -0.25%) and British pound (GBPUSD: +0.1%) are more resilient.
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Brent and WTI crude oil are down 0.4% and 0.6%, respectively, after reports that OPEC is discussing an increase in August production to 411,000 barrels per day. Natural gas futures are also down 1.1% following data showing higher-than-expected inventories in the U.S.
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Precious metals are mostly lower: platinum futures have erased part of yesterday’s gains, dropping 2.9% near the upper boundary of this week’s consolidation range. Gold is down about 0.7%, palladium 0.9%. Only silver is continuing its rally, gaining 0.8%.
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In the cryptocurrency market, declines continue. While Bitcoin is up 0.25% to $109,480, other major tokens are in the red: Ethereum (-0.7% to $2,574), Solana (-1.75%), Graph (-1.3%), Sushi (-0.8%), and Trump (-0.7%).
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