1. 1 day shorter
Employment statistics were released earlier this morning due to the holiday schedule. In June, nonfarm payrolls are expected to grow by 115,000 jobs, a noticeable slowdown from May’s increase of 172,000, based on a survey from Dow Jones economists.
Here’s the key takeaway:
2. Transaction review
The U.S. has finalized the USMCA trade agreement with Canada and Mexico. As of the previous day, there are no plans for an extension. This decision creates a new level of uncertainty for American automakers, as reported by Michael Weiland. Instead of the intended 16-year extension, the agreement will now need to be reviewed annually, raising concerns that this could spark more trade instability, affecting investments and job security.
Ford Motor CEO Jim Farley expressed his hopes for the new negotiations to promote a more equitable environment, specifically advocating for a deal beneficial to manufacturers that primarily operate in the U.S.
3. It’s too hot
During a panel discussion yesterday, Federal Reserve Chairman Kevin Warsh did not provide insights on future decisions from the central bank but did comment on escalating inflation. He described prices as “too high” and anticipated the Fed might start employing “new technology” in futures trading to better assess the inflation landscape.
4. Excessive power
Recently, it was revealed that Meta will be selling its surplus computing power to outside customers, aiming to capitalize on the surge in artificial intelligence interest. Following the announcement, the company’s stock saw an increase of over 8%, marking its best day since January. Facebook’s parent company is exploring the establishment of a new cloud service, which could help tech giants recover investments made into their AI infrastructures.
Meanwhile, Palantir’s CEO Alex Karp criticized the token models implemented by Anthropic and OpenAI, stating, “I’m not throwing shade at them, but something is completely wrong,” during an interview.
5. Opening days
This weekend marks the official launch of the so-called Trump account. Previously called a 530A account, this investment platform targeted at minors is designed for long-term retirement savings. It was introduced under President Trump’s “Big and Beautiful Act.” To kick off the pilot program, the Treasury Department is contributing $1,000 for children born from 2025 to 2028.
daily dividend
Here are a few articles to consider bookmarking for the long weekend.
