• Market recap: All 3 main indices fell modestly yesterday. Micron (MU) and Sandisk (SNDK) were each down 11%, and Caterpillar (CAT) sank 7%. Source: CNBC.
• Meta's new cloud business: Meta (META) plans to sell excess AI computing capacity through a new cloud business, creating a potential revenue stream to offset heavy infrastructure spending and compete with major cloud providers. Shares popped 9% in their best day since January. Source: CNBC.
• OpenAI pitches federal stake: OpenAI has reportedly proposed providing the U.S. government a 5% equity stake and urged other AI firms to do the same. Sources: FT / Reuters.
• SpaceX unveils AI device prototype: SpaceX (SPCX) allegedly showed investors a slim handset-like AI device prototype that integrates xAI tech and runs a proprietary operating system. The project is early-stage, though Elon Musk denied the report. Shares tumbled 8%. Sources: WSJ / The Verge.
• Bending Spoons jumps in IPO: Bending Spoons (BSP) — which owns AOL, Vimeo, and others — surged 40% in its Nasdaq debut after raising $1.68B, suggesting strong investor demand for its strategy of acquiring and restructuring underperforming software businesses. Source: Reuters.
• Google's legal setbacks: The E.U.'s highest court approved a $4.67B antitrust fine against Google (GOOGL) for abusing Android's market dominance, ending Google's appeal. Separately, a Swedish court ordered the tech giant to pay Klarna (KLAR) nearly $2B for unfairly favoring its own shopping comparison service. Google sank 1% premarket, with Klarna up 1%. Sources: CNBC / WSJ.
• Judge blocks arthritis drug's price cap: A federal judge blocked Colorado's price cap on Amgen's (AMGN) Enbrel, ruling that the company would likely suffer irreparable harm. Colorado was the first state to attempt its own price cap. Amgen is up 10% YTD. Source: Reuters.
• SAP cuts costs for AI: SAP (SAP) is restricting hiring, travel, and supplier spending to fund larger AI investments as it reorganizes around AI and faces rising competition. Shares gained 3.3%. Source: Bloomberg.
• Hybrids drive auto sales: Hybrid-focused automakers like Toyota (TM), Honda (HMC), and Hyundai outperformed in U.S. Q2 sales as high gas prices lifted demand, while GM's (GM) sales fell 4.2% amid weaker EV demand and a limited hybrid lineup. Source: CNBC.
• McKinsey revamps governance: McKinsey separated its board chair and managing partner roles, appointed Andrew Pickersgill as chair, and shrank its board. The moves are intended to strengthen oversight after past client scandals and support long-term AI strategy. Source: WSJ.

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• Apple seeks Chinese chips: Apple (AAPL) is reportedly planning at least 5 new iPhone models through early 2027 and is negotiating to source memory chips from Chinese firms that the DoD has blacklisted. The latter move could reduce supply constraints but risks political backlash in Washington. Shares rose 1.7%. Sources: CNBC / Bloomberg.
• Alibaba settles U.S. probe: Alibaba (BABA) and its U.S. payment processor agreed to pay $600M and strengthen compliance to resolve allegations that they failed to prevent illegal drug and pharma equipment sales. Shares fell 2% premarket. Source: Reuters.
• Chip probe snares suspects: Singapore seized a $42.5M mansion allegedly bought with proceeds from smuggling of Nvidia (NVDA) AI chips into China. Super Micro (SMCI) said 2 Taiwanese employees were detained and 2 released on bail in a related probe. Smuggled servers were also purchased from Dell (DELL) and Asus (TPE:2357). Sources: BBC / Reuters.

• Jobs growth misses expectations: The U.S. economy gained 57K jobs in June, missing estimates of 115K — and down from 129K jobs in May. April and May totals were revised down by 74K. Still, the unemployment rate dropped from 4.3% to 4.2%. Sources: WSJ / NY Times.
• Warsh stays mum on rates: Fed Chair Kevin Warsh said inflation risks have eased but declined to indicate whether the Fed will raise rates this month, emphasizing his commitment to the Fed's 2% inflation target. Source: WSJ.
• Factory growth moderates: U.S. manufacturing expanded for a 6th straight month in June, but the PMI eased to 53.3, down from a 4-year high, as order growth slowed. Source: Reuters.
• Jobless claims: Seasonally adjusted initial jobless claims totaled 215,000 for the week ending June 27, down 1,000 WoW. The 4-week moving average was 220,000, down 2,500 WoW. Source: Dept. of Labor.

• Russia pounds Kyiv: Russia launched its largest attack on Kyiv in weeks, killing at least 17 people and injuring about 90. Sources: AP / BBC.
• Vatican announces schism: The Vatican declared the Society of St. Pius X — a traditionalist sect that rejects 20th-century Catholic reforms — in schism after it consecrated 4 bishops without papal approval. The Holy See excommunicated the bishops and priests and warned adherents that they also face excommunication. Source: NPR.
• White House scraps trade deal renewal: The Trump administration declined to extend the current North American trade pact between the U.S., Canada, and Mexico. The deal will expire in 10 years unless a new agreement is made. Source: Reuters.
• U.S. death rate hits record low: The U.S. death rate fell to a record low in 2025, driven by fewer drug overdose and Covid-19 deaths. Source: WSJ.

• 8:30 AM: Non Farm Payrolls
• 8:30 AM: Unemployment Rate
• 8:30 AM: Average Hourly Earnings MoM & YoY
• 8:30 AM: Initial Jobless Claims
• 8:30 AM: Participation Rate
• 10:00 AM: Factory Orders MoM

• There are no major recent earnings to report today but you can check the earnings calendar for a complete list.

• There are no major upcoming earnings to report today but you can check the earnings calendar for a complete list.

• Estimated Thursday, July 2: MetaOptics Ltd (MOT), a Singapore-based optical lenses maker with $613K in TTM revenue and 891.2% revenue growth YoY.

• The stock market will be closed on Friday, July 3, and Market Bullets will be taking the day off as well.
• We'll be back in your inbox on Monday, as usual.
• You can view all planned U.S. stock market holidays here.