THE NEWS

Saylor’s Strategy Sells 3,588 Bitcoin To Cover Preferred Dividends

Authored by Micah Zimmerman via Bitcoin Magazine.com,

Strategy sold 3,588 bitcoin for $216 million to fund dividends on its preferred securities, the company disclosed in a Form 8-K on July 6, 2026.

The sale marks the largest bitcoin disposal in the company’s history and its most direct admission that its dividend obligations now shape its treasury.

Chairman Michael Saylor posted about the transaction on social media. As of July 5, the company held 843,775 bitcoin in its reserves and $2.55 billion in cash. Saylor said the proceeds covered second-quarter dividends on four preferred instruments and the full June payment on a fifth.

The disclosed sale funded quarterly dividends on STRF, STRE, STRK, and STRD. It also covered the monthly dividend on STRC. Together these securities form the core of what Strategy calls its Digital Credit business.

Each instrument carries a distinct payout structure. STRF, the senior tier, pays a fixed 10% annual dividend on a $100 stated amount. STRE pays 10% a year on a €100 stated amount, denominated in euros. 

STRK pays 8% and converts to common stock if shares reach $1,000. STRD pays 10% but is not cumulative, giving the board room to skip a payment. 

STRC sits in the middle of the stack and pays a variable rate near 12%, reset to keep the security trading close to its $100 par. The board recently shifted STRC to semi-monthly payments.

None of the preferred securities is backed by the company’s bitcoin. Each holds only a claim on residual assets.

Why Strategy is selling

Strategy is the largest corporate holder of bitcoin. The company has built its treasury through repeated stock and debt offerings. Its bitcoin sits at a cost basis near $63.9 billion, or roughly $75,700 a coin.

That model created a growing cash bill. The preferred securities pay dividends in cash, not bitcoin. Strategy’s software business does not generate enough to cover them. 

Grayscale’s head of research, Zach Pandl, estimated the annual dividend load at $1.5 billion. When cash reserves run short, the company must raise more capital or sell coins.

For years Saylor pledged to never sell. That stance ended in late May 2026. Strategy sold 32 bitcoin for about $2.5 million, its first disposal since 2022, to fund preferred dividends. 

The move broke the pledge and drew wide attention. Saylor framed it as a signal of commitment to preferred holders rather than a retreat from bitcoin. “Our goal is to make STRC the best credit instrument in the world,” he said at the time.

The July sale dwarfs that first step. At 3,588 coins and $216 million, it is roughly a hundred times larger.

According to the company’s latest filing, Strategy sold 3,588 Bitcoin between June 29 and July 5. About 1,363 Bitcoin were sold during the first two days of the program at an average price around $59,256, with another 2,225 Bitcoin sold over the following five days at $60,773.

Buying and selling at once

Strategy continues to accumulate even as it sells. After the May sale, the company bought 1,550 bitcoin for $101.3 million, nearly 50 times the size of the disposal. It made a $2 billion purchase in May and a $2.54 billion purchase in April. 

The pattern shows a firm that funds dividends from its stack while adding to it through fresh capital raises.

That approach depends on market access. Strategy can issue new preferred shares and common stock to raise cash. When those markets cooperate, the company avoids large sales. When they tighten, bitcoin becomes the source of funds. 

The July disposal suggests the second condition held during the quarter.

Last night, Saylor posted “Bitcoin is Digital Energy” on X, accompanied by Strategy’s orange-dot Bitcoin acquisition chart, prompting expectations that another SEC filing disclosing a new Bitcoin purchase is imminent. Traders have come to view these weekend posts as a recurring signal ahead of Strategy’s BTC accumulation announcements. This time, the announcement was about a bitcoin sale.

At the time of writing, Strategy shares are down 2% in premarket and bitcoin has dipped below $62,000.

Tyler Durden
Mon, 07/06/2026 – 08:47

FIRST ON FOX: A scathing whistleblower letter alleges corruption inside New York City’s powerful hotel workers union, including claims that union leaders accepted gifts from hotel executives, manipulated lease arrangements and improperly influenced union business in a culture of quid pro quo dealings — claims that were corroborated by union sources who spoke with Fox News Digital.The letter, reviewed by Fox News Digital, asserts that top officials within the New York Hotel Trades Council and UNITE HERE Local 6, including President Richard Maroko, participated in actions that violated internal policies, fiduciary obligations and possibly federal law. The union denies all allegations of impropriety and organized two internal investigations carried out by third-party lawyers who found the whistleblower’s claims to be unsubstantiated.Fox News Digital spoke with the whistleblower and multiple sources with knowledge of the union’s inner dealings but is not identifying them by name due to fear of retaliation.EXPLOSIVE REPORT UNEARTHS PROMINENT UNION MONEY TRAIL LABELED A ‘STUNNING BETRAYAL’ OF MAGA MEMBERS”Mr. Maroko had personal knowledge of, and either directly participated or directed others to misappropriate millions of dollars of retail income,” the letter states. “He accepted and allowed his Elected Officers to accept gifts of Hotel Rooms, Liquor, Gourmet Food and Electronic Items from Hotel Officials on a Quid Pro Quo System.”A source with intimate knowledge of union operations told Fox News Digital that there was a sudden shift in HTC’s culture after Maroko ascended to the presidency in fall 2020.”For 25 years, maybe 24 years, there was a standard then that was really adhered to. [The former president] was very disciplined about it as far as receiving gifts and what you did and didn’t do,” the source, who has decades of experience working with the union, said. “And the past five years when the new president came in, that was completely tossed.””Pretty soon,” the source said, referring to when the rules were relaxed when Maroko took over. “It wasn’t like they flipped the switch, but … it just wasn’t important to him. I brought a bunch of things to his attention that he just wasn’t interested [in].”Crain’s New York Business reported in June that the Hotel Association of New York City, a trade group representing hotel interests, retained former Southern District of New York public corruption chief Brendan McGuire to investigate allegations contained in the letter.”Two exhaustive, independent investigations, including one by a former federal prosecutor, have concluded that these anonymous claims are frivolous, lack any factual basis, and were clearly an attempt to derail contract negotiations between the union and hotel management,” HTC spokesman Austin Shafran told Fox News Digital. “Thankfully, these efforts failed as our union secured the best contract in its history that will provide unprecedented wage increases and benefits to tens of thousands of hotel workers. Nothing will ever deter the union from working every day to better the lives of our members and their families.”NEW YORK TIMES ACCUSED OF DEPLOYING AI SURVEILLANCE ON TECH STAFF WITHOUT NOTIFYING THEIR UNIONKey components of the letter are supported by documents and accounts from multiple individuals with firsthand knowledge and insight into the day-to-day operations inside the union’s 8th Avenue headquarters in New York City, a Fox News Digital review found.The whistleblower letter alleges that hotel industry figures, including former Highgate labor executive Robert Lafferty and former Hyatt labor executive Michael Grosso, provided union officials with gifts including food, top-shelf liquor and electronic items.The two investigations organized by the union, however, found no evidence of improper gift-giving.Highgate is one of the largest lodging operators in the nation and Hyatt is a major hotel owner.In addition to providing gifts to union officials, a former union leader told Fox News Digital that the duo of hotel executives served as “inside guys” who could keep HTC union leadership informed about what was going on in boardrooms so that they could protect their own power.These favors, according to the longtime union leader, preceded contracts that benefited hotel owners to the detriment of workers.”If I could cut away one department [from being unionized], you’re talking about millions of dollars per year over the life of a contract, and if Lafferty could deliver that to the owners, then what he’s now doing is changing the entire economic structure of hundreds of millions of dollars in a real estate transaction,” the former union leader told Fox News Digital.UNION RACKED UP MASSIVE TAB ON SWANK DC HOTEL STAY TO BATTLE TRUMP — AND STILL LOST”The union’s ability to make your property profitable or not is all its leverage. So that’s the inside that’s what’s going on there,” they continued. “If you look at every time Lafferty made a deal with [Maroko] on one of these new properties, you’re going to see that all these weird deals are made where bargaining unit members are cut out. How come at your properties there’s no front desk agents? How come at your properties food and beverage isn’t under the union contract, but it is everywhere else?”Fox News Digital has reviewed photos that appear to show hotel industry figures or their associates entering union offices with shopping bags. Two people familiar with the union’s internal operations told Fox News Digital the gift-giving was not isolated and that accepting items from hotel management would have violated longstanding union norms and policies.Two internal investigations conducted by third-party lawyers on behalf of the union could not corroborate claims of improper gift-giving made by the whistleblower.The longtime union member and leader attested to an unusual relationship between Lafferty, Grosso and the HTC’s leadership when speaking with Fox News Digital.”What I witnessed was Lafferty would come upstairs and have, like, really different access than most people,” the source said. “You don’t get buzzed in and meet me at the conference room. That doesn’t happen … This is like the count room in a casino. You don’t just get to walk around.”The source explained that allowing someone like Lafferty to have such open access to union offices is unheard of as management and labor have conflicting interests, and access would enable the former to potentially outmaneuver the latter in negotiations. Union leadership, per the source, allowed Lafferty into their legal office, where he could have seen plans for organizational activity.Fox News Digital could not independently confirm that Lafferty viewed union plans or that he used them in labor negotiations.UNIONS THAT PARALYZED NEW YORK COMMUTE OVER PAY SPENT MILLIONS ON LUXURY TRAVEL, FILINGS SHOWThe former union leader went on to explain that, while they initially thought Lafferty was simply “moving up in the world” with his frequent visits, they eventually noticed that he would often bring over luxury food items from an establishment operated by Highgate to share with union officials.”In what universe does that look good, a bunch of union reps hanging out with management eating lobster rolls at the union office?” the source said.Another source, who had worked with the union for decades, confirmed the former leader’s account.”They had unfettered access to the building, which I couldn’t believe, they just came and went and that was just so like opposite of what we’re about and any business for that matter,” the source told Fox News Digital. “And they had unfettered access to the, I used to call it the Bermuda Triangle, they would go to legal, they would go to the union officials and they would go to [Maroko.]”The HTC spokesman denied that there was anything unusual about the meetings.”Yes, the union regularly meets with hotel management for negotiations and to resolve issues, and those individuals had no different access than any other hotel representative,” Shafran said.The longtime union leader said that it is inappropriate for union officials to accept meals paid for by management as it may create an appearance of impropriety or amount to an illegal gift if not properly reported. Neither Grosso nor Lafferty have been convicted of illegal gift-giving as of publishing.Photographs reviewed by Fox News Digital also appear to show Grosso carrying large shopping bags into union offices.The HTC acknowledged the veracity of these photographs, but claimed that the bags only contained a pie, not expensive food and drink.UNIONIZED NURSING HOMES IN DEEP-BLUE STATE TRAIL THE PACK AS ANALYSIS REVEALS RATINGS GAPFollowing his allegedly uncharacteristically cozy relationship with union leadership, Lafferty was given a job as the chief operating officer of HTC’s Health Benefit Fund where he pulls in a total compensation of over $650,000 per year, according to the most recent financial disclosures.”Lafferty underwent a rigorous background check and was supported equally by both union and management representatives, as well as the CEO of the Funds,” the HTC spokesman told Fox News Digital.Before Lafferty left Highgate, the whistleblower’s letter alleges that Lafferty and Maroko pressured an arbitrator on the union’s independent conflict resolution board to render a decision favorable to Highgate. A federal district court later upheld the arbitrator’s rationale in the matter as well-grounded.Maroko allegedly threatened the job of both the arbitrator and his son unless he ruled that Highgate would be absolved of monetary obligations to union members after it ceased managing a property, passing those obligations to the financial institution seeking to take over the hotel.Maroko’s newly minted compensation package, worth nearly $1 million annually, has also come under scrutiny recently by the Center for Union Facts, an organization critical of labor unions. CUF argues that Maroko is using his members’ dues for self-enrichment.Also in contention is Maroko’s decision to rent a building owned by UNITE HERE Local 6 to HTC at a rate allegedly far below what the space would go for on the open market. Maroko, who leads both labor entities, is accused of depriving UNITE HERE Local 6 of up to $3 million in rental revenue by allowing HTC to use its real estate at a severely discounted rate, according to the whistleblower letter.Two sources told Fox News Digital that the lease was not approved by the union’s executive board.”The lease was signed over 40 years ago and renewed over 20 years ago,” Shafran, the HTC spokesman, told Fox News Digital. “The current administration had nothing to do with this lease and, notwithstanding that, the terms are fully legal. The lease payments were accurately and routinely reported in public filings and consistent with applicable federal law.”FRUSTRATED BLUE-COLLAR UNION BOSSES RIP SOCIALIST POLITICIANS, WARN OF LABOR EXODUS FROM DEM PARTYFox News Digital is also told that the union launched an in-house investigation into the letter, which it received months ago. Sources who spoke with Fox News Digital say it was a farce that dismissed the seriousness of the situation and left out key information while the union maintains the review clears it of any wrongdoing.Vincent Pitta, the chairman of the law firm that conducted the first investigation, declined to comment on it, stating that it was “created after a preliminary and expedited review” of the whistleblower’s allegations pending the union’s retention of a former prosecutor to conduct another investigation. Pitta also said that the document “was a client-attorney privileged document which was stolen from our client’s offices.”A copy of the union’s in-house investigation obtained by Fox News Digital claims that its lawyers questioned 16 people across 23 total interviews, reviewed reams of documents and found that the allegations within the whistleblower report were “completely devoid of merit” and “frivolous.”The internal review purports to have found no evidence of internal gift-giving.”We found no evidence during our investigation that supported the allegations that HTC and/or Local 6 officers accepted gifts of free hotel or discounted hotel rooms, expensive bottles of liquor, gourmet food or electronics from hotel management representatives,” the report reads. “This provision of a pie and other pastries by a hotel representative during business meetings with the Union did not constitute any improper conduct whatsoever on the part of any Union or hotel management representatives and is permissible under federal laws and regulations.”Additionally, the review claims to have found that the allegedly below-market rental agreement offered to HTC was actually determined by a third-party firm and was thus not set by Maroko.”Our investigation revealed that just two years ago, the lease between Local 6 and the Funds was re-negotiated based on a market value study conducted by an outside company retained by the Funds. The Funds’ management trustees then retained another outside company as an independent fiduciary to review all terms of the proposed, re-negotiated lease,” the union review claims.Pitta declined to provide documentation showing how his firm came to these conclusions. INSIDE TEACHERS’ UNION MAY DAY ‘DRESS REHEARSAL’ CRITICS WARN WILL ‘GROOM’ STUDENTS INTO DEM ‘FOOT SOLDIERS’Regarding the arbitration process, the internal investigation claims that the whistleblower conflated two separate arbitration processes as one alleged scheme that involved highly technical questions and produced no damages or penalties, did not lead to later lender-liability awards and did not harm hotel lending. It also said all relevant witnesses denied coercion and that the arbitration process gave both sides a fair chance to present evidence, citing a federal court ruling.”Because the [arbitrator] acted within the scope of his authority and did not exhibit a manifest disregard for the law or issue an Award that violates public policy, the Court finds that the Award should be confirmed,” a federal court wrote, explaining why it upheld the findings of the arbitration process.One union source close to the situation who claims to have had direct knowledge of the alleged misconduct, however, told Fox News Digital that they were not interviewed as part of the internal probe.”I kept on saying, ‘When are they going to interview me?’ and [Maroko] wanted no part of that. They wouldn’t interview me because, from the beginning, I explained to him that it’s all true,” they said.Shafran, however, maintains that the whistleblower never came forward and thus could not be interviewed.UNEARTHED FILING SHOWS TOP TEACHERS UNION FUNNELING MILLIONS TO FAR LEFT ORGSThe summary of a second internal investigation conducted by a third-party law firm obtained by Fox News Digital further maintains that the whistleblower’s letter is factually unfounded. Citing internal messages and interviews with union leadership, the investigation acknowledges that a hotel industry representative entered the union’s office, but maintained that the bag of purported gifts he brought only contained a “pie or cake.”Additionally, the investigation purports to have interviewed three people involved in the arbitration dispute, all of whom denied foul play. The report concluded that the allegations may have been a plot to provide the hotel industry with leverage during labor negotiations.A union representative declined to provide Fox News Digital with the primary source evidence supporting the findings of either of its investigations.Fox News Digital reached out to Grosso and Lafferty for comment.A veteran hotel industry leader who has dealt extensively with HTC told Fox News Digital that the allegations detailed related to improper gift-giving in the whistleblower letter were “not shocking.” They did, however, call the allegations of arbitration tampering “surprising and alarming.””It’s a letter, it’s not signed, it’s allegations, it’s not proof positive,” the industry veteran went on, speaking about the whistleblower letter generally. “But its allegations are alarming, and it should absolutely be looked into because if any or all of these are true, it’s a big deal.”To date, the allegations made by whistleblowers have yet to be corroborated by any independent review or legal authority. Neither Grosso nor Lafferty have been charged with crimes connected to their alleged misconduct.

Pro wrestling fans were reminded last week about how close their favorite superstars are to the end than the beginning.It first happened on “Monday Night Raw.” Seth Rollins came out in the last segment to challenge Roman Reigns for the World Heavyweight Championship at SummerSlam. The prospect of Reigns and Rollins going head-to-head again may have seemed a bit tiresome on the surface, but Rollins explained to Reigns that it could be one of the last times, if not the last time, they ever do battle in the ring again.COMPLETE PRO WRESTLING COVERAGE ON FOX NEWS DIGITAL”This may be your last chance to close that loop. You and me, we came into this company together. We came through that crowd. We knocked down the door. The kicked the old generation to the curb. We made this place our own. We created the greatest generation in the history of this industry. You and me. We did that together,” Rollins said. “My man, we are much closer to the end than we are to the beginning. And just like it was when we came in, young, hungry, ready to take over there is a new generation of young men and women coming in and ready to do the same thing to us.”So, I say again, this may be our last chance to do this dance, brother. What do you want your legacy to be? When you are retired, you will go down as one of the greatest of all time. No doubt about it. Probably No. 1. You are a sure-fire Hall of Famer. Hell, they should just give you your own Hall of Fame show. You’d be the only one and I might even be there to induct you. But if you don’t accept this challenge, you will never be able to escape the ghost of Seth Rollins.”Rollins and Reigns are each in their 40s and have, at points, shown they could perform for longer than people expect. But Rollins has experienced several injuries since the build-up to WrestleMania 40. He knows better than anyone about how much longer it takes to recover from the injuries.On All Elite Wrestling’s “Dynamite,” the hint of pro wrestling stars come into the twilight of their careers was a little more subtle.Omega agreed to the stipulation to go up against MJF for the AEW World Championship on next week’s “Dynamite.” If he loses to MJF, he will no longer we allowed to challenge for the title.”There’s been no greater passion, no greater pleasure than stepping through these ropes and giving you people everything that I have,” Omega said. “Whether it be when I was a 14-year-old boy or a 42-year-old broken down man, you still get the same 100% Kenny Omega every single time. I’ve won titles. I’ve broken records, records that may never be broken again. I have a career I could probably hang my hat on and be proud of, look back upon fondly, but you see, there’s this selfish part about me that knows it just isn’t enough.”There’s this part of me that thinks there’s still a little bit left in the tank. There’s a part of me that thinks if I can believe, if Will (Ospreay) can believe, if the Young Bucks can believe, if you people can believe just one more time, then I know I could be a champion that each and every one of you can be proud of and I could stand on the greatest stage that AEW has ever stepped foot on in Wembley Stadium and I can represent All Elite Wrestling where the best wrestle, where I can face Will Ospreay, the winner of the Owen Hart Cup.”The moments are a reminder to fans that the generational talents that have built professional wrestling for the last two decades are slowly breaking down. It’s a reminder to bask in the glory of the greats while they are still around.Reigns vs. Rollins will be at SummerSlam while Omega takes on MJF this Wednesday.==Sami Zayn pulled off a shocking win at WWE Night of Champions to close out June and it left a few people on the WWE roster trying to climb over each other to get a chance at the Undisputed WWE Championship.Jey Uso lost to Oba Femi and decided to waltz over to SmackDown to try to get a shot at Zayn’s title. Cody Rhodes, however, was pinned by Zayn to lose the championship Uso and Rhodes would be forced to battle it out to earn the No. 1 contender spot.Rhodes hit multiple Cross Rhodes maneuvers on Uso before pinning him for the win.Zayn and Rhodes will meet for the Undisputed WWE Championship on “Monday Night Raw” in Chicago.CLICK HERE FOR MORE SPORTS COVERAGE ON FOXNEWS.COM==Willow Nightingale going down with an injury left two major holes in AEW. She was forced out of the Owen Hart Foundation Women’s Tournament and needed to drop the TBS Championship.AEW announced a Survival of the Fittest match to crown the new TBS champion. Hikaru Shida, Harley Cameron, Kris Statlander, Maika, Persephone and Queen Aminata each qualified for the match, which took place Wednesday night on “Dynamite.”Persephone looked strong has she eliminated two opponents but she ran into Statlander, who rolled her up and pinned her. Persephone got her revenge on Statlander when she hit her with the TBS title belt. Shida put Statlander into a submission hold and the referee called the match as Statlander was knocked out.It’s Shida’s first reign as champion.==Kendal Grey defeated Lola Vice for the WWE NXT Women’s Championship at The Great American Bash. On Tuesday, she cut her first promo as champion.Grey came off as relatable, acknowledging that she’s not the best on the microphone but vowed to wrestle like the champion she is.”I know I might not look like your normal champion. I mean, last week, I sat across the table from Lola Vice with her designer dresses, her heels, being all glammed up. And I thought to myself in that moment, ‘That’s what a champion looks like.’ But that’s not me. That’s not my style. I mean I can’t even sit in the makeup chair for five minutes without going crazy. And to be honest with you guys, I wipe off half the makeup they put on me before I come out here every time.”So, yeah, I’m probably not going to be comfortable dressing up like a ‘Barbie.’ And I’ll probably be nervous as hell every time I talk to you guys and I can’t guarantee that every time I talk I’m going to sound like a champion but when the bell rings, I’m damn sure gonna wrestle like a champion. I’m ready to take this division to another level – a level that no one has seen before. And if this title puts a target on my back, good. I welcome that target. I thrive under pressure. I thrive in the competition and when you step in the ring with Kendal Grey, it’s my match, it’s my tempo, it’s my pace and all the other girls in the locker room right now sooner or later are gonna find out that they just can’t keep up with Kendal.Grey certainly has a target on her back.Kali Armstrong wanted to be Grey’s first opponent and GM Rob Stone told her that “actions speak louder than words. Armstrong took it to heart when she attacked Grey later in the night. Still, it didn’t seem to be enough to get that title shot right away.Grey will ahve her first title defense opportunity this week against Nattie Neidhart.==

Futures Rise As Tech Rebounds In Post-Holiday Catch Up

US equity futures point to a firmer cash open as traders return from the long weekend, but the bigger question is whether investors continue to rotate out of the crowded AI trade and into the broader market.  As of 8:00am ET, S&P futures rise 0.4%, while Nasdaq 100 contract rise 1.1% as most Mag 7 names are in the green.  In premarket trading, chip/memory stocks rebound from last week’s rout which follows the an 18% plunge in the GS High Beta Momentum (GSPRHIMO) basket over the last two sessions, on track for 2nd worst month in >15 years. This follows an APAC session on Monday which took a more downbeat view of the tech sector; South Korea’s Kospi index fell, having gained as much as 3% earlier. Memory chipmaker Samsung Electronics’s preliminary earnings Tuesday will provide further clues on demand for AI infrastructure and the durability of the sector’s growth narrative. The MSCI APAC index fell as much as 0.7% before returning to the unchanged mark. The Stoxx 600 has just slipped into negative territory, down 0.1%, after hitting another record high earlier in the session. The Bloomberg Dollar Spot Index is up 0.2% with the greenback firmer versus most G10 peers. Gains are most pronounced against the yen with USD/JPY venturing as high as 162.31 but still below last week’s multi-decade peak at 162.84. Treasuries are seeing a modest bid with the 10-year yield down 2 basis points at 4.46%. Oil prices fell as flows through the Strait of Hormuz persisted and OPEC+ signaled higher supplies, with Brent trading about 0.4% lower at $71.82 a barrel. Precious metals are on the back foot with spot gold and silver posting respective losses of 0.8% and 0.7%. Bitcoin is down 0.1%. Today’s US economic data calendar includes June final S&P Global US services PMI (9:45am) and June ISM services (10am). Fed speaker slate includes Waller at 11am

In premarket trading, Mag 7 names are mostly higher (Meta +1.4%, Tesla +1.3%, Amazon +0.7%, Alphabet +0.5%, Nvidia +0.3%, Microsoft is unchanged, Apple -0.6%). Chipmakers and other AI-related firms rise ahead of Samsung’s June quarter earnings and updates to SK Hynix Inc.’s massive ADR listing.

Alibaba ADRs (BABA) inch about 1% higher after a federal judge ordered the Pentagon to give the company a reprieve from a law that caused all of its lobbyists to drop it as a client.
Datadog (DDOG) falls 2.4% after Bernstein downgraded the software company to market perform, citing caution about the company’s earnings prospects.
JB Hunt (JBHT) slips 1% after Morgan Stanley cut the recommendation on the freight carrier to underweight, saying the stock’s valuation is “unjustifiable” after a rally.
Kosmos Energy (KOS) rises 4% after the firm provided updated guidance with second-quarter production at its Jubilee oil field in Ghana reaching about 72,000 barrels of oil per day.
Opus Genetics (IRD) rises 2% after saying it reached alignment with the FDA on the design of its Phase 3 trial evaluating OPGx-LCA5 for LCA5-associated inherited retinal disease.
Seer (SEER) climbs 33% after CEO Omid Farokhzad offered to buy the a biotechnology company.
Zim Integrated’s US shares (ZIM) are down 6% after Ynet reported Sunday that Prime Minister Benjamin Netanyahu said a proposed sale was “not on the agenda,” without clarifying how it got the information.
This week presents key tests for tech leadership. SpaceX joins the Nasdaq 100 on Tuesday, likely prompting index-related repositioning. That same day, Samsung’s preliminary earnings are due. Then on Friday comes SK Hynix’s Nasdaq listing, which could be the biggest-ever first-time share sale by a foreign company. 

The events will take on added significance in a week that features a thin data calendar, while the US earnings season is yet to kick into gear. Global stocks have gone through a stretch of uneven trading as investors question whether the past quarter’s AI-driven rally has run too far and whether vast capital outlays are guaranteed to produce strong returns.

The macro calendar picks up on Wednesday with minutes from the Fed’s June meeting. They take on added significance after Warsh shortened the policy statement and declined to contribute to rate forecasts. Bloomberg Economics’ Andrew Sacher expects the account to reinforce the commitee’s focus on above-target inflation and its preference to preserve the option of further tightening. Further detail about Fed-think will likely guide equity positioning into the upcoming earnings season. BNY strategist Geoffrey Yu says the question is whether the Fed can stay patient without seeing inflation risks reemerge. 

Separately, SpaceX is due to join the Nasdaq 100 on Tuesday, an inclusion that may trigger some index-related repositioning.

“Speculative positioning in semiconductors and other hot technology themes is likely to continue being reduced,” said Roberto Scholtes, head of strategy at Singular Bank. “The key question will be whether this triggers a rotation into lagging sectors or a broader correction.”

Morgan Stanley’s Michael Wilson thinks the market broadening story continues to gain momentum as chips underperform; he believes US stocks will struggle to reach new highs as investors rotate out of some of this year’s biggest tech trades. Wilson says momentum is fading in semiconductor stocks as investors shift toward laggards, including AI hyperscalers.  The steep fall in oil has helped to stabilize rates, which is another driver of the rotation to lagging areas of the market, he adds. He favors AI hyperscalers, consumer discretionary goods, transports, and biotech.

For Kokou Agbo-Bloua, global head of research at Societe Generale Corporate and Investment Banking, the market is increasingly learning to live with short-term volatility. “I wonder whether the market is becoming a bit more anti-fragile, in the sense of adapting the news flow and seeing through the noise and focusing on the fundamentals, especially with the whole AI boom and the ecosystem around it,” he said.

In a week with few major data releases, the key variable for Treasuries would be oil prices, said Francisco Simon, European head of strategy at Santander Asset Management. “Specifically, whether the recent downward trend remains in place and whether the newsflow around energy markets continues to stabilize,” Simon said. “Central bank communication could also move markets, although in the absence of significant new developments we would not expect a major shift in tone.”

Defense is also back on traders’ radar ahead of the two-day NATO summit starting in Turkey tomorrow. Trump meets Ukraine’s Zelenskyy there on Wednesday.

European shares slip following Friday’s record close. Stoxx 600 falls 0.2% to 651.15 as investors digest a slate of M&A news, with EasyJet jumping after agreeing to a takeover offer from Castlelake. ITV rose after agreeing to sell an arm to Sky, while Thales has said it wants to buy Exail. Media stocks are outperforming, followed by autos. Utilities and construction sectors are the biggest laggards. Here are some of the biggest movers on Monday:

EasyJet shares jump as much as 11% after the budget airline accepted a takeover offer from US private equity firm Castlelake at 690p a share.
Carlsberg shares gain as much as 3.7% after the Danish brewer and Sapporo agreed to form a strategic joint venture.
DWS and Amundi shares rise to record highs after Morgan Stanley and Citi raise their price targets on the asset management firms.
Schott Pharma jumps as much as 11% after Deutsche Bank upgraded the stock to buy from hold, citing accelerating growth for the German pharma packaging company in 3Q and 4Q, accompanied by improving margins.
Nemetschek shares rise as much as 5.7% after Deutsche Bank resumed coverage of the software company with a buy recommendation.
ITV shares rise as much as 2.4% after the company agreed to sell its Media and Entertainment arm to Sky.
JCDecaux shares rise as much as 3.8% as Oddo BHF (outperform) says it expects the outdoor advertising company’s second-quarter results to turn out better than expected due to the end of the conflict in the Middle East.
OC Oerlikon gains as much as 9.5% as Oddo BHF upgrades the Swiss industrial technology company to outperform from neutral on increased estimates for FY26 that exceed the company’s own guidance.
Exail shares rise as much as 4.2% after Thales said it intends to make a tender offer for the French maker of mine-destroying sea drones following its agreement to buy the Gorgé family’s 35.51% stake.
BE Semiconductor shares slip as much as 7.7% on Monday after South Korea news outlet ZDNet reported that chipmakers may further delay the full adoption of an advanced chip packaging technology.
Close Brothers Group declined as much as 9.3%, after JPMorgan downgraded to sector perform from outperform, saying that the UK motor finance issue has become increasingly uncertain.
Stocks in Asia fluctuated, with Samsung Electronics to come under scrutiny when the chipmaker releases earnings on Tuesday after a 165% year-to-date rally. The report will be followed days later by SK Hynix Inc.’s $28 billion US listing.  The MSCI Asia Pacific Index swung between narrow gains and losses. South Korea’s Kospi index fell, having gained as much as 3% earlier. Memory chipmaker Samsung Electronics Co.’s preliminary earnings Tuesday will provide further clues on demand for AI infrastructure and the durability of the sector’s growth narrative. “The market is in a holding pattern ahead of Samsung’s preliminary results, which is the centerpiece of what’s shaping up to be a semiconductor super week,” said Dilin Wu, a strategist at Pepperstone Group. If the results disappoint, “the conversation shifts to whether this is a cyclical pause or the beginning of something more structural.”  Bucking the trend, Chinese stocks listed in Hong Kong rose for a third day, up more than 1%. Tencent Holdings was the top contributor, after JPMorgan said it expects its stock to rebound thanks to its AI agent launch in Weixin. Japan’s Topix index rose to another all-time high, supported by defense stocks on signs of government policy tailwinds.  In South Korea, the government is looking at creating an investment fund using excess tax revenue from the semiconductor industry to finance long-term economic growth, according to a senior official. Investors are also turning their attention to SK Hynix Inc.’s listing of $29 billion American depositary receipts later this week. Here Are the Most Notable Movers

Tencent shares rise after JPMorgan said it expects the company’s stock price to rebound thanks to its AI agent launch in Weixin. Chinese brokerage stocks rise on earnings optimism.
Shares of Sanrio, owner of the Hello Kitty brand, climbed 6.2% after an analyst report touted an increase in social media followers of its intellectual property.
Shares of Kanzhun rise as much as 4.8% after JPMorgan initiates coverage on its H-share with an overweight rating, saying AI will be a major driver in increasing the online recruitment company’s long-term average revenue per use.
Shenzhen Xunce Technology shares rise as much as 15% in Hong Kong after the company said it entered into a MOU on strategic cooperation with Gechuang Dongzhi (Shenzhen) Technology to expand data tokenization capabilities into industrial smart manufacturing.
Shanghai Biren Technology shares fall as much as 9.9% to the lowest since May 19 after the company raised HK$7.07 billion ($901 million) in gross proceeds by placing 153 million new H shares at HK$46.20 each.
In FX, the Bloomberg Dollar Spot Index is up 0.2% with the greenback firmer versus most G10 peers. Gains are most pronounced against the yen with USD/JPY venturing as high as 162.31 but still below last week’s multi-decade peak at 162.84. The yen lost ground against all major currencies as traders tested the resolve of Japanese authorities to intervene. Goldman Sachs joined the growing ranks of investors and strategists who are increasingly bearish on the yen, which is already trading around its lowest levels since 1986. The Wall Street bank revised its 12-month forecast to 165 from 155, reflecting fiscal pressures in Japan, higher-for-longer Treasury yields and only gradual rate hikes from the Bank of Japan, strategist Karen Reichgott Fishman noted.  

In rates, treasuries are seeing a modest bid with the 10-year yield down 2 basis points at 4.46%. Treasury futures hold small gains accumulated during Asia session and London morning, led by front-end and belly tenors as oil prices remain near three-month lows and stock futures advance. US intermediate yields are 3bp-4bp richer on the day, steepening 5s30s spread by 2.5bp; 10-year, around 2bp richer near 4.46%, outperforms bunds and gilts in the sector by 2bp and 2.5bp respectively. IG dollar issuance slate includes a few names already. Dealer forecasts for this month are around $100 billion, with around $25 billion lined up for this week. This week’s Treasury auctions start Tuesday with $58 billion 3-year new issue, followed by $39 billion 10-year and $22 billion 30-year reopenings Wednesday and Thursday. US session includes June ISM services gauge and scheduled remarks by Federal Reserve Governor Christopher Waller. 

In commodities, WTI oil is holding below $69 a barrel after seven OPEC+ members agreed on Sunday to increase their collective production quotas by a modest 188,000 barrels a day for next month, adding to the prospect of more supply eventually hitting the market if a US-Iran peace pact can stick. Shipping through a US-protected corridor in the Strait of Hormuz showed signs of recovery. Precious metals are on the back foot with spot gold and silver posting respective losses of 0.8% and 0.7%. Bitcoin slides back under $62000 on news Michael Saylor’s Strategy sold 3,588 in the past week.   

US economic data calendar includes June final S&P Global US services PMI (9:45am) and June ISM services (10am). Fed speaker slate includes Waller at 11am. Bloomberg Economics expects the ISM services index to have remained in expansionary territory, but to have softened after jumping to 54.5 in May. A modest decline in orders growth likely led to a deceleration in production activity.

Market Snapshot

Top Overnight News

Shipping along a US-protected corridor near Oman in the Strait of Hormuz recovered after some vessels earlier performed unexplained U-turns and detours. OPEC+ backed another modest rise in quotas for next month. BBG
Ukraine is striking Russian energy infrastructure at an unprecedented rate, according to an FT data analysis showing that Kyiv’s intensified drone campaign is spurring Russia’s worst fuel crisis in decades. FT
Ukraine’s capital Kyiv came under a deadly Russian attack early Monday morning, on the eve of a critical NATO summit in Turkey that US President Donald Trump plans to attend. CNN
World powers are pouring billions into AI, drones, hypersonic missiles and space technologies in a race to dominate the battlefields of the future. BBG
A year ago, the message from many business leaders was that AI was going to wipe out jobs. For the past month or so, tech CEOs have been striking a more optimistic tone. WSJ
South Korea is looking at creating an investment fund using excess tax revenue from its chip industry to finance long-term economic growth. BBG
Chinese tech giants including Alibaba, ByteDance and Tencent have all announced plans to disable AI persona features as Beijing tightens its regulatory framework on the rapidly advancing AI industry. Nikkei
The yen should be about 20% stronger at around 130 per dollar, former Japan currency chief Tatsuo Yamasaki said. BBG
Large investors are committing billions of dollars to private credit funds as big institutions seek to profit from an exodus of smaller retail clients. North American direct lending funds that seek to attract institutional clients raised at least $16bn in the second quarter. FT
Goldman Sachs sees USD/JPY at 165.00 in a year’s time, raising its forecast from 155.00, citing Japan’s interest rate differentials with the US
A more detailed look at global markets courtesy of Newsquawk

Asia-Pac stocks initially started the session with broad gains but reversed as the session continued, with a busy week ahead, which includes Samsung Electronics’ Q2 earnings and SK Hynix’s US listing. ASX 200 managed to limit its downside, and only posted modest losses, as upside in Energy and Health Care broadly offset the downside seen in Consumer Staples and Mining names. Further on the mining topic, Genesis Minerals made a AUD 5.6bln bid for Vault Minerals, hijacking a deal previously made with Regis Resources. Nikkei 225 was softer as it continued to pull back from its ATH of 72,832. Kioxia was one of the big underperformers, after the Co. began shipping sample next-gen semiconductor products. KOSPI was under significant pressure, despite initially printing gains of as much as 2.9%, with Samsung set to report Q2 figures on Tuesday; operating profit expected to print at KRW 86tln. However, a miss would be detrimental to tech valuations, since doubts have crept in over the scale and durability of AI demand and capex. Shanghai Comp. traded either side of the unchanged mark while the Hang Seng posted decent gains. Alibaba found some comfort after a US federal judge ordered the Pentagon to give the Co. a reprieve from a lobbying ban tied to the Pentagon’s curbs on Chinese companies.

Top Asian News

Apple (AAPL) supplier Luxshare (002475 CH) reportedly plans pricing its Hong Kong listing at the top end, Bloomberg reported.
SK Hynix (000660 KS) is to raise KRW 43tln in ADR listing.
Meituan’s (3690 HK) LongCat-2.0 has been officially open-sourced, and domestic chip manufacturers are collectively adapting to it, Chinese press reported.
Honda’s (7267 JT) China unit reported June vehicles sales of 32.5k units, -44.5% Y/Y.
European bourses (STOXX 600 -0.2%) have traded on either side of the unchanged mark throughout the morning, with a lack of pertinent catalysts driving the action. European sectors are mixed but with a positive bias. Leading the table is Media, helped by ITV (+1%), Travel and Leisure is helped by easyJet (+10%), while European tech underperforms after modest losses in APAC (ASML -1.5%, STMicroelectronics -1.5%). For easyJet, the co. agreed in principle to Castlelake’s fifth takeover bid, at GBP 6.90/shr in cash. Stateside, futures play catch-up after US stocks were closed on Friday for US Independence Day. NQ +1% outperforms after broad tech gains on Friday, ES +0.4%, and RTY +0.2% also green.

Top European News

UK Defence Minister Jarvis told POLITICO he wants Burnham’s administration to lay out the full pathway to spending 3.5% of GDP on defense at the next spending review, due spring 2027.
France is said to have softened its stance of possible sale of SAMP/T air defence system (HO FP) to Turkey, according to sources.
CVC’s (CVC NA) sale of marina group D-Marin is said to be valued at EUR 1-1.5bln, FT reported, citing sources
FX

Lack of macro catalysts with geopolitical news light as US-Iran negotiations pause for the former Supreme Leader’s funeral processions. The Buck today is seemingly attracting carry demand as we near summer trade, where ING notes G7 FX volatility is close to the lower end of long-term ranges. DXY currently trades near highs, within a 100.82 to 101.13 range.
JPY is the clear underperformer, as it attempts to return to recent lows against most peers. Specifically, USD/JPY +0.5% on the day as the Buck outperforms against low yielders and after unconvincing potential intervention over the past week. USD/JPY sees its first resistance at 162.50 to the upside; thereafter, the next significant level is the 1st July high of 162.84.
Antipodeans are mixed, Aussie outperforms as it attracts carry demand as mentioned above, while Kiwi is one of the G10 laggards as hawkish bets unwind ahead of the RBNZ policy announcement on Wednesday. Ahead of the meeting, the NZIER Shadow Board recommended that the RBNZ hold the OCR at 2.25%, against the market consensus of a 25bp hike to 2.50%. AUD/NZD +0.4% and approaches 1.2200.
South Korean Finance Minister said the BoK is to closely monitor the impact and movements of KRW’s 24-hour trade.
Fixed Income

Global fixed benchmarks are mildly firmer this morning, taking leads from lower energy prices. Price action has been fairly lacklustre this morning, with the European session ultimately seeing sideways action.
USTs (+4 ticks) are firmer this morning and hold within a 109-17 to 109-24 range; currently holding towards the upper end of the day’s range. US-specific newsflow has been lacking this morning, but will likely pick up in the form of US Final PMIs and then the more closely watched ISM Services thereafter. On that front, the headline is expected to pare to 54.0 (prev. 54.5), prices paid at 69.0 (prev. 71.3), and new orders at 57.0 (prev. 57.3).
Bunds (+8 ticks) and Gilts (+5 ticks) both trade with mild gains, but with action ultimately non-committal. Both benchmarks are off their best levels and trading towards the mid-point of their respective 126.59-126.82 and 88.81-89.12 ranges.
For Europe specifically, the EZ Sentix Investor Confidence topped expectations (-3.1 vs exp. -14.5), though not all too surprising given the recently signed US-Iran MoU. Sentix stated that “The slump in sentiment caused by the Iran conflict is slowly being overcome. The German government’s latest reform efforts are having an impact”. On the data front, EZ PPI Y/Y printed a touch above the expected, as did Retail Sales – no move was seen on the data.
BoJ announces its outright bond purchase operation in-line with its plan. Offers to buy JPY 100bln of
Commodities

WTI Aug and Brent Sep futures are ultimately on a softer footing following choppy APAC and European morning trade. Macro catalysts remain quiet, further compounded by a temporary lull in geopolitical headlines, driving a steady unwinding of the war premium that supported prices throughout H1 2026. WTI resides towards the lower end of a USD 67.82-69.21/bbl range, while Brent sits at the bottom end of a USD 71.02-72.45/bbl parameter.
Elsewhere, metals are mixed with precious metals softer after last week seeing its first weekly gain since May, supported by fading Fed rate hike expectations following the soft US jobs data, and lower energy prices. Meanwhile, overnight, it was reported that Hong Kong’s pension fund will be able to invest in more gold ETFs as part of the government’s push to make the city a gold trading hub, SCMP reports, citing sources. SCMP earlier reported that Hong Kong is to reportedly launch a gold clearing and settlement system.
Price action this morning saw the yellow metal find resistance around the USD 4,200/oz mark, currently residing in a USD 4,144-4,202/oz range, with US traders set to return from their long weekend, and with ISM Services PMI ahead.
In terms of base metals, copper futures are rising for a third consecutive session in a USD 13,361.53- 13,464.00/t range, whilst aluminium extends a rebound from a four-month low, supported by fading Fed rate hike bets after Fed Chair Warsh last week said price risks were easing.
Goldman Sachs lowered its LME aluminium price forecast to USD 2,950/t for Q4 2026 and lowered its 2027 average forecast to USD 2,700/t. Goldman Sachs cuts its 2026 aluminium supply deficit forecast to 100k tonnes and raises its 2027 supply surplus forecast to about 1.5mln.
Infrastructure has reportedly been damaged in the region of Russia’s Ust-Luga and Vysotsk oil ports after a drone attack.
UK ministers are reconsidering a ban on crop-based biofuels for aviation following a lobbying tour of the US Corn Belt by government officials, the FT reported.
A power outage has been reported at Marathon Petroleum’s (MPC) Detroit refinery, causing controlled gas burning, according to local media.
Hong Kong’s pension fund will be able to invest in more gold ETFs as part of the government’s push to the city into a gold trading hub, SCMP reported citing sources.
South Korean prosecutors say refiners colluded to hike prices despite ample oil reserves, Yonhap reported.
A fleet of 10 Japan-related ships have reportedly left the Strait of Hormuz, shipping data shows.
Israel’s energy minister said Israel is launching a new competitive process to search for more natural gas in the country’s economic waters.
Central Banks

New Zealand NZIER Shadow Board recommends that the RBNZ holds the OCR at 2.25%.
PBoC injected CNY 7bln via 7-day reverse repos with rate maintained at 1.40%.
PBoC set USD/CNY mid-point at 6.8066 vs exp. 6.7850 (prev. 6.8047).
Swiss Total Sight Deposits (w/e Jul 3) 479.2bln (prev. 474.4bln W/W), Domestic 440.9bln (prev. 440.6bln W/W).
Geopolitics: Ukraine

Ukraine’s military said it has struck its oil refineries in Russia’s Yaroslavl and Leningrad regions.
EU’s von der Leyen said EU is working to seal the 21st Russian sanctions package in the next days.
Infrastructure has reportedly been damaged in the region of Russia’s Ust-Luga and Vysotsk oil ports after a drone attack.
Russian Defense Ministry said 519 Ukrainian drones were shot down over the regions overnight.
A Ukrainian official said the death toll in Kyiv has risen to 9 after the recent Russian attacks.
US President Trump is to meet with Ukrainian President Zelensky at the NATO summit in Ankara, Turkey.
Kyiv Mayor said the city is under a Russian missile attack with one residence badly damaged.
A Russian official said the Ukrainian attack cuts the electricity to Sevastopol in Crimea, AFP reported.
Several Russian ballistic missiles have struck Kyiv, with explosions being heard, according to an FT reporter.
Geopolitics: Iran

Islamabad is the more likely option for the next round of US-Iran technical talks, with July 11th expected to be the date, sources tell Pakistani newspaper Dawn, according to Fox. Negotiations are expected to focus on Iran’s nuclear programme, frozen Iranian assets, the Strait of Hormuz and the Lebanon ceasefire.
Israeli Defence Minister Katz said any Iranian leader who tries again to promote plans to destroy Israel will be thwarted; Israel is prepared to defend itself again, with its own forces, at any time and against every threat.
Iranian Parliament Speaker Ghalibaf said a ceasefire in Gaza will be part of the second phase of the agreement with the US.
Iranian Parliamentary Speaker Ghalibaf said the US memorandum is ‘difficult but possible’ to enforce, Al Jazeera reported.
The Israeli occupation army carries out a bombing operation in the town of Houla in southern Lebanon.
Israeli Army Chief of Staff Zamir said that the Israeli army will continue its operations to eliminate threats from Lebanese soil.
Israeli airstrikes hit multiple towns in southern Lebanon.
US Event Calendar

9:45 am: United States Jun F S&P Global US Services PMI, est. 51.3, prior 51.3
9:45 am: United States Jun F S&P Global US Composite PMI, est. 52.2, prior 52.2
10:00 am: United States Jun ISM Services Index, est. 54, prior 54.5
11:00 am: United States Fed’s Waller, ECB’s Schnabel, Wunsch, Riksbank’s Seim in Rome
DB’s Jim Reid concludes the overnight wrap

I hope your weekend was good. Mine was certainly a big WOW! 8.5 months after back fusion surgery I won both the scratch and handicap 2-day over 50s club championship. I shot 72 and 71 (one over gross). It took Tiger Woods two years after the same fusion surgery to win The Masters so I’m seeing this as a greater achievement. My twins were very impressed with the two huge cups I brought home and have earmarked winning the same event. They qualify in 2068! I wonder if England will have won the football World Cup again by then. I did get up to watch the second half which has just finished as I type this. A crazy win against Mexico. To all the readers in Norway, see you on Saturday!

Moving on, the week after payrolls is usually a quieter affair but there’s plenty of global events even if the US calendar is light. In terms of the main highlights, given the current focus on monetary policy the FOMC minutes (Wednesday) and the ECB’s June meeting account (Thursday) will be carefully watched, especially the former given it was the first of the new Warsh regime. Speeches from Fed Governors Waller (Monday), Williams and Logan (Thursday) will provide a more “live” update to the committees’ thinking. Elsewhere, China inflation data (Thursday) and a run of German activity indicators including factory orders (today), industrial production (tomorrow) and trade (Thursday) are worth tracking. German reforms in recent weeks have offered some renewed optimism that we will finally see the benefits of the huge fiscal spending and reform agenda after scepticism had been building. Geopolitically, the NATO summit (Tuesday–Wednesday) will also be in focus, with Mr Trump in attendance, and could generate plenty of headlines.

In terms of other data and events, today sees ISM services (Monday) which follows the recent weakness in manufacturing, where our economists expect a modest improvement. Most of the other data in the US is second tier but includes existing home sales on Thursday. Outside of the US, the BoE’s financial stability report (tomorrow) will be interesting, while inflation prints from Sweden (Wednesday) and Denmark and Norway (Friday) deserve a glance. In Japan, the data flow includes labour cash earnings and household spending (tomorrow), the Economy Watchers survey (Wednesday) and PPI (Friday). Elsewhere, we will see the RBNZ policy decision (Wednesday), where our economists expect a rate hike, and Canada’s labour market report (Friday).

In Asia, it’s all eyes on the KOSPI at the moment after a pretty wild time of late. After being up 3% early in the session, it’s now -1.86% as I type with the Nikkei -1.18% lower. The Shanghai Comp is -0.35% with the ASX -0.22%. However, the Hang Seng is +1.16%. S&P (+0.23%) and Nasdaq (+0.76%) futures are up but are roughly around Friday’s levels when the US was on holiday.

Recapping last week now and markets saw a decent risk-on move, with the S&P 500 posting its best weekly performance since early May, with a +1.76% advance. That came amidst several dovish headlines, which meant investors priced out the chance of an imminent rate cut. For instance, Fed Chair Warsh said that inflation risks had come down at the Sintra Forum on Wednesday. And then on Thursday, the US jobs report showed payrolls up +57k, which was weaker than expected (even if unemployment was a tenth lower than expected). So collectively, that meant market pricing for a July hike fell from a 30% chance to 22% over the course of the week. And that dovish repricing was clear further out the curve, as the amount of hikes priced by the December meeting also came down slightly from 32bps to 30bps.   

Over in Europe there was a similar trend, with the STOXX 600 up +2.66% (+0.68% Friday) to a new record. That came as markets grew more doubtful about another ECB rate hike this year, with the latest flash CPI print also surprising on the downside. It showed headline inflation falling more than expected to +2.8% in June, and core CPI also falling to +2.4%. So markets also priced out the chance of another ECB rate hike by December, which fell from a 96% to an 83% chance over the week.  

But even though equities did quite well on the whole, there were still clear pockets of weakness, most notably in the chip sector. Indeed, the Philly semiconductor index fell -4.37%, losing ground for a second week running. Interestingly as well, the dovish repricing failed to prevent a move up in longer-dated yields, with the 10yr Treasury yield up +11.5bps last week to 4.48%, whilst the 10yr German yield rose +8.4bps to 2.93%.  

Finally, oil prices were comparatively steady last week, and Brent crude saw little movement with a +0.18% gain (+0.45% Friday), leaving it at $72.12/bbl. Otherwise, credit spreads tightened across the board, with US IG (-1bps) and HY (-15bps) spreads both coming down. It was a similar story in Europe too, where Euro IG (-1bps) and HY (-2bps) spreads also tightened.

Tyler Durden
Mon, 07/06/2026 – 08:28

Those little white robots that once rolled across college sidewalks with lattes, fries and late-night snacks are getting a new assignment. Starship Technologies recently announced that it will wind down its U.S. university campus operations and redeploy more than 1,200 robots toward grocery chains and hot food delivery in cities across the United States and Europe.If you have ever watched one of these robots patiently wait at a crosswalk like a polite cooler on wheels, you know why students got attached. They became part campus convenience, part mascot. Now, the company is moving from a controlled campus setting into a much tougher public test.CHINA’S ROBOT-RUN HOTEL OPENS TO PUBLIC IN 2027That raises the bigger question: will these cute campus robots be just as welcome when they start sharing crowded city sidewalks with you?Sign up for my FREE CyberGuy ReportStarship says the decision comes down to focus. The company says its grocery delivery operations are on a 10x growth trajectory over the next two years, driven by demand from major retailers in the United States and Europe.In Finland, Starship says its robots already complete roughly one in five grocery deliveries. That gives the company a real-world model it wants to repeat elsewhere. To support that expansion, more than 1,200 robots from U.S. campus fleets will be moved into grocery delivery. For Starship, that is a major pivot. Campuses helped the company build its brand in the U.S. They also gave the robots a place to learn.Starship made a big U.S. splash at George Mason University in 2019, when the school became the first U.S. university to offer autonomous robot deliveries from Starship. From there, the robots spread to dozens of campuses. That made sense. College students are often hungry at odd hours. Many live without a full kitchen. They also tend to be open to new tech, especially when it brings food to the dorm without small talk.During the pandemic, contactless delivery became even more appealing. A robot that could roll up with lunch while limiting person-to-person contact suddenly felt useful in a very different way.Starship says it has worked with its university campuses and industry partners to keep service running through the 2026–2027 back-to-school season, with transition plans in place to reduce disruption. So, this does not appear to be an instant shutdown where every campus robot disappears at once. Instead, the company is moving away from the university model while preparing its fleet for a bigger push into grocery and restaurant delivery.For students who loved the bots, it may still feel like the end of an era. For Starship, though, it is a move toward the market where the company believes the economics are stronger. Starship CEO and co-founder Ahti Heinla says the company’s robots can deliver groceries at a cost $3-$4 lower per delivery than traditional courier fulfillment. That is the kind of claim that gets the attention of retailers trying to make last-mile delivery less expensive.ZOOX ROBOTAXI REDESIGN BRINGS BIG RIDER UPGRADESThe next phase could get messy. Delivery robots have to share sidewalks with people who are walking, pushing strollers, using wheelchairs, carrying groceries or trying to catch a bus. That means every design choice matters. A robot that blocks a curb ramp can create a real problem. A robot that pauses in the wrong spot can turn from cute to irritating fast. If one reverses unexpectedly or gets stuck near a crosswalk, the novelty wears off even faster.There have already been warning signs. Reports have described delivery robots bumping into people, getting stuck in odd places and raising accessibility concerns. Chicago has also seen local pushback and safety concerns around sidewalk delivery robots, which shows Starship still has work to do if it wants city residents to embrace them. That is the challenge Starship now faces. The same robot that felt charming on a campus may feel like clutter on a narrow sidewalk.Grocery delivery is a different business from campus food delivery. A college order might be a sandwich, a soda or a late-night snack. A grocery run can involve heavier items, more frequent routes and customers who expect reliability every time. If Starship can make that work, the payoff could be huge. Grocery stores want cheaper local delivery. Customers want speed without sky-high fees. Cities want fewer cars clogging short delivery routes.Starship says the global food delivery market is now worth $650 billion and needs delivery systems with higher autonomy levels. The company also says it has completed more than 10 million deliveries, which gives it a sizable head start in the sidewalk robot category.However, the public will need convincing. People may welcome a robot bringing milk and eggs on a rainy night. They may also get annoyed if that same robot blocks a sidewalk during the morning rush. That will all decide whether sidewalk robots become normal or face more local limits.Starship was founded in Tallinn, Estonia, in 2014 by Ahti Heinla and Janus Friis. Estonia remains home to the company’s core engineering and AI development team. That is important because this shift is not only about where the robots operate.Starship’s move shows where the delivery robot business is headed. College campuses helped make the robots likable. Grocery delivery may determine whether they become profitable. Still, the sidewalks belong to the public. That means companies need more than clever machines. They need trust, clear rules and designs that respect people who move through cities in different ways.A delivery robot should never make a sidewalk harder to use for someone with a cane, stroller or wheelchair. It should not turn public space into an obstacle course. If companies want these robots to feel normal, they need to prove they can operate without making daily life more frustrating.ARE HUMANOID ROBOTS NOW COMING FOR RETAIL JOBS?You may start seeing more delivery robots near grocery stores, restaurants and apartment-heavy neighborhoods. If that happens, pay attention to how they behave in your area. Look for whether they yield to pedestrians, avoid curb ramps and handle crowded sidewalks well. Also, check whether your city has rules for personal delivery devices. Some places allow pilot programs, while others limit where these robots can operate.If a robot causes a problem, document it safely. Take a photo or video, note the location and report it to your city or the delivery company. That is important because local officials need real examples, not vague frustration, when they decide what rules should apply. There is also a privacy angle. These robots use sensors and cameras to navigate. Companies may say the data supports safe operation, but you still deserve clear answers about what gets collected, how long it is kept and whether law enforcement can request it.Your phone holds your email, passwords, photos, banking apps and personal data. In this free CyberGuy Live replay, Kurt the CyberGuy walks you step by step through simple phone security fixes you can do at your own pace. You’ll learn how to improve your privacy settings, spot the latest phone scams, use trusted security tools and walk away with a simple checklist to stay protected. Watch the replay and get our checklist here: CyberGuyLive.comStarship’s campus exit feels like the end of a quirky era, especially for students who got used to seeing the little robots rolling around campus. But this shift also tells us something bigger about where autonomous delivery is going. The next battle will happen on city sidewalks, not college campuses. If these robots save money and reduce short car trips, they could become very useful. But if they crowd walkways or create safety headaches, people will push back hard. To me, the real test is pretty clear. Robot delivery needs to work for everyone on the sidewalk, including people who never ordered anything.Would you be ok with a delivery robot on your block, or would you rather keep your sidewalks robot-free? Let us know by writing to us at CyberGuy.com.Sign up for my FREE CyberGuy ReportCopyright 2026 CyberGuy.com. All rights reserved.

Archaeologists recently unveiled rare written evidence of Christianity’s rise over a Roman mystery religion. They found an ancient inscription, written in the same language that was spoken by Jesus Christ.The engraving was found at an underground Mithras temple at Zerzevan Castle, a Turkish fortification roughly 40 miles north of the Syrian border. The inscription back 1,700 years and was written in Aramaic, which was widely spoken across the ancient Near East, including by Jesus Christ.ARCHAEOLOGISTS UNEARTH ANCIENT TREASURE CACHE AT BIBLICAL CITY CONNECTED TO GENESISThe temple was dedicated to Mithras, a deity worshiped by followers of a “mystery cult” associated with light and cosmic order.During the second and third centuries A.D., Mithraism was widespread throughout the Roman Empire — and the Zerzevan underground sanctuary is regarded as one of its best-preserved temples.The inscription is located at the entrance of the temple, along with a depiction of a cross. Its meaning had eluded researchers since it was discovered in 2017.The engraving is the first known Aramaic inscription documenting the closure of a Mithras temple, Mardin Artuklu University professor Mehmet Sait Toprak told Turkish state news outlet Anadolu Agency (AA), which first reported the discovery.TEST YOURSELF WITH OUR LATEST LIFESTYLE QUIZToprak analyzed the inscription’s language and letter forms to determine its meaning.Comparing it with Old Syriac and Aramaic inscriptions from the second and third centuries A.D., he concluded the inscription dates to the third or fourth century A.D.The inscription mentions both Mithras and Jesus Christ — symbolizing the shift from one faith to the other, according to Toprak.The professor told AA the engraving also contains references to the Holy Cross.CLICK HERE TO SIGN UP FOR OUR LIFESTYLE NEWSLETTER”This is an extremely important archaeological discovery,” Toprak told the outlet.Excavation director Aytaç Coşkun told AA that earlier coin discoveries had suggested the temple was abandoned in the third or fourth century, but the newly deciphered inscription provides new direct evidence that it was closed and symbolically sealed by Christians.He added that, once fourth-century Roman emperors embraced Christianity, Mithraism was seen as a rival religion.CLICK HERE FOR MORE LIFESTYLE STORIESThe latest discovery is one of many early Christian finds resurfacing in Asia Minor.Last summer, archaeologists excavating the ancient city of Olympus uncovered the remains of a fifth-century Christian church, bearing an inscription hidden for more than 1,000 years.The same year, archaeologists excavating Kaunos found the remains of a Roman hospital that was later transformed into a Christian sanctuary.

A surfacing whale struck a New Jersey fire department boat Friday, forcing firefighters to abandon the vessel as it returned from a July 4 marine security assignment in New York Harbor, officials said.The Carteret Fire Department said Marine Unit 2 was returning to Carteret waters around 4:30 p.m. Friday after assisting with a regional special operations marine security detail in the New York/New Jersey Port area when a whale breached beneath the vessel’s stern near the mouth of Raritan Bay.The department said the whale strike caused catastrophic damage to the boat, which immediately began taking on water, giving firefighters only seconds to abandon the vessel.PILOT DECLARES MAYDAY BEFORE SEAPLANE COMES DOWN IN NEW YORK CITY’S EAST RIVERAll firefighters aboard escaped without injury, according to the department.Officials said a nearby recreational jet ski operator and another boater immediately came to the firefighters’ aid before members of the Perth Amboy Fire Department’s marine unit arrived and helped rescue the crew from the water.A nearby recreational vessel reported seeing multiple whales breaching before and after the collision, the Carteret Fire Department said.THREE DEAD, 7 RESCUED IN BOATING TRAGEDY AS SEVERE HOLIDAY WEEKEND STORM RAVAGES WISCONSIN TOURIST HOT SPOTThe circumstances surrounding the incident remain under review, and officials said additional information will be released as it becomes available.Mayor Dan Reiman described the incident as a “harrowing experience” in a public statement, saying the surfacing whale struck the vessel beneath its stern and caused catastrophic damage.”While the Carteret Fire Department Marine Unit regularly trains to rescue civilians from the water and respond to marine emergencies, fires, and vehicle incidents, an event of this nature is something no one anticipates,” the fire department said. “Understandably, it has left those involved shaken, but we are incredibly thankful that everyone returned home safely to their families.”The department used the incident to remind boaters, jet ski operators and kayakers to wear properly fitted life jackets, noting that every firefighter aboard was wearing one when the boat was damaged.Officials have not identified the species of whale involved. It was not clear whether the animal was injured.

Trump Shares Image Of $100 Bill Featuring His Signature

President Donald Trump posted a photo of a $100 bill bearing his signature on Truth Social on July 3, presenting the first paper currency to be signed by a living president.

Trump didn’t add a comment to the post, but the Treasury Department chimed in.

“Under President Trump’s leadership, we are on a path toward unprecedented economic growth, lasting dollar dominance, and fiscal strength and stability,” Treasury Secretary Scott Bessent posted on X on July 4.

“There is no more powerful way to recognize the historic achievements of our great country and President Donald J. Trump than U.S dollar bills bearing his signature, and it is only appropriate that this historic currency be issued at the Semiquincentennial.”

Under President Trump’s leadership, we are on a path toward unprecedented economic growth, lasting dollar dominance, and fiscal strength and stability. There is no more powerful way to recognize the historic achievements of our great country and President Donald J. Trump than U.S… pic.twitter.com/4dvhML2f7h
— Treasury Secretary Scott Bessent (@SecScottBessent) July 4, 2026
As Tom Gantert reports for The Epoch Times, the Treasury announced in March that Trump’s signature would appear on future U.S. paper currency alongside that of the secretary of the Treasury in recognition of the nation’s 250th anniversary, marking the first time a sitting president’s signature has appeared on U.S. banknotes.

U.S. Treasurer Brandon Beach said in March the updated currency will commemorate both the nation’s 250th anniversary and Trump’s economic legacy.

“As the 250th anniversary of our great nation approaches, American currency will continue to stand as a symbol of prosperity, strength, and the unshakable spirit of the American people under President Trump’s leadership,” Beach said in March.

“The President’s mark on history as the architect of America’s Golden Age economic revival is undeniable. Printing his signature on the American currency is not only appropriate, but also well deserved.”

In April, Sens. Elizabeth Warren (D-Mass.) and Jeff Merkley (D-Ore.) questioned the Treasury Department’s decision to put Trump’s signature on U.S. paper currency, calling it a political gesture that does nothing to address the nation’s economic challenges.

In a letter to Bessent, the senators questioned the rationale for the change, asked whether Trump personally directed the decision and requested details about the cost to taxpayers.

They argued Treasury should instead focus on issues such as inflation, housing costs, and other financial pressures facing Americans.

Meanwhile, the Commission of Fine Arts approved designs for a 24-karat commemorative gold coin featuring Trump as part of its March meeting, according to commission materials.

An image of that proposed coin depicts Trump in a suit leaning forward over a table with both hands resting on its edge, his expression unsmiling.

The coin is not listed on the U.S. Mint’s product schedule release for 2026.

Tyler Durden
Mon, 07/06/2026 – 07:45

Mainstream media and media pundits accused President Donald Trump of ruining America 250 and July 4 celebrations over the last week, even prior to nationwide celebrations.A direct example came on Friday when The New York Times opinion writer Robin Givhan wrote her op-ed titled “Trump Ruined the Fourth of July for Me.””But this year, I can barely tolerate the sight of red, white and blue,” Givhan wrote. “When combined into a maximalist display of nationalist cheerleading, the colors make my heart ache. The flags on federal buildings are grand, but they hang alongside banners featuring President Trump’s scowling face.” BILL MAHER TELLS LIBERALS TO STOP ‘PARTISAN SULKING’ AND JOIN AMERICA 250 PARTYThe negative sentiment against Trump was also present in an article from The Atlantic on Wednesday. Staff writer Anne Applebaum described how Trump “inevitably” had “destroyed the nation’s 250th-anniversary celebrations” based on his partisan stance.”This year is different, because the White House is inhabited by people who don’t believe in the ‘abstractions’ that we usually celebrate on the Fourth of July,” Applebaum wrote. “And this affects the rest of us, whether we want it to or not. Congress’s celebration, planned for a decade, has been usurped by the president’s celebration, funded by private donors and featuring a political speech by himself. Other institutions in and around Washington postponed or reduced their 250th celebrations, so as not to get in the way of the president. Many people who might have participated will not attend, pay attention, or care.”Though less critical, The Washington Post reporters Natalie Allison and Cleve R. Wootson Jr. made similar comments in their piece on Saturday, claiming that Trump had made himself “central” to the America 250 celebration.HOLLYWOOD CELEBRITIES CRASH AMERICA’S 250TH BIRTHDAY WITH A GRIM HOLIDAY WARNING ABOUT TRUMP”As he has throughout the anniversary celebration, Trump cast himself as central to the story he wants the country to tell about itself: that America was diminished before him, revived by him and is now celebrating its founding through his restoration — a promised ‘Golden Age.’ At Mount Rushmore on Friday night, he told the crowd that he ‘saved, almost single-handedly,’ the Second Amendment and that he was going to ‘give our country its identity back,'” they wrote.Former NBC host Chuck Todd was more livid at Trump’s role in the America 250 celebrations during his show on Saturday. Todd went as far as to claim that Trump not only ruined July 4 celebrations but the image of America itself.”Trump’s doing all of us a favor by selfishly trying to steal this anniversary from us. We now see who he really is. So no, it’s not the celebration we deserve. It’s not the one we could have had. But we get a mirror, and the mirror is telling us something. The country is a lot bigger than Donald Trump. It is bigger than any president, and it’s obviously bigger than any political party. And there’s no one definition of patriotism,” Todd said.MS NOW GUEST ADMITS ‘GREAT TREPIDATION’ ABOUT CELEBRATING AMERICA’S 250TH, CLAIMS COUNTRY IS BEING DESTROYEDHe continued, “But it still needs leaders who understand that it still needs citizens who insist on it. And it still needs people willing to say that the national story belongs to all of us, not just whoever happens to hold power at any one moment. America at 250 may be a lost opportunity. Donald Trump has absolutely sullied the brand of America. But America 275 does not have to be.”Todd also said he felt angry and “betrayed as an American,” and that Trump “cheapened” the country.”This is why I’m so p—– off. Not because I love the country less, but because I love the idea of America enough to resent seeing it cheapened by this man. America deserved better at 250. Some day, I believe it will get better. But it’s in your hands,” Todd said.Fox News Digital reached out to the White House for comment.Trump celebrated America’s 250th birthday with a 28-minute speech at Mount Rushmore followed by a 23-minute fireworks display.”The American dream still lives, and the American flag still flies more proudly than ever before over the people who will not quit,” Trump said. “The nation that will not fail, the country that will not fall no matter how hard the enemy tries, we cannot be beaten.”

Russia targeted Kyiv with hundreds of drones and missile for the second night in under a week killing more than a dozen people and injuring at least 46.