Dow Jones - 44,828.53 (+0.77%) 

Nasdaq - 20,601.10 (+1.02)

S&P 500 - 6,279.35 (+0.83%) 

• Fireworks before the holiday. U.S. stocks climbed on Thursday, with the S&P 500 and Nasdaq Composite reaching new record highs, driven by a stronger-than-expected jobs report that boosted confidence in the economy’s resilience amid shifting trade policies and geopolitical challenges.
• A big trade agreement. President Donald Trump announced a U.S.-Vietnam trade agreement on Wednesday.
• Jobs data topped expectations. U.S. employers added 147,000 jobs in June despite President Donald Trump’s broad import tariffs, federal layoffs, and immigration restrictions, as the unemployment rate fell to 4.1%.
• A Fed July rate cut is now ‘completely off the table.’ The prospect of a rate cut at the Federal Reserve’s upcoming meeting has all but disappeared after a robust June jobs report eased concerns over a slowing U.S. economy. "You are not getting a July rate cut — that is now completely off the table,” Joe Brusuelas, chief economist at RSM, told Yahoo Finance.
• The July 9th deadline is upon us. A number of U.S. trade partners have missed the chance to strike agreements ahead of President Trump’s July 9 tariff deadline, setting the stage for a sharp increase in duties on their exports.
• Yields climbed. The 2-year yield climbing 9 basis points and the 10-year up 5 basis points. 
• The trade-weighted U.S. dollar also moved higher.
• Mortgage rates dropped for a 5th straight week.
• Meta got an upgrade. Needham analyst Laura Martin has taken a more optimistic stance on Meta Platforms but remains cautious, upgrading the stock from underperform to hold. 
• Microsoft and Nvidia are shining. Microsoft and Nvidia are nearing a rare milestone—each approaching a $4 trillion valuation, positioning them as Wall Street’s most elite duo.
• "Cryptoweek" is soon. The U.S. House of Representatives has officially named the week of July 14 as “Crypto Week,” signaling a major legislative effort to bring clarity to digital asset regulation, legitimize stablecoins, and protect financial privacy. During this pivotal week, lawmakers will debate three significant bills: the bipartisan CLARITY Act, the Anti-CBDC Surveillance State Act, and the Senate-approved GENIUS Act—highlighting a unified push to position.
• OPEC made a decision. An eight-nation subset of the OPEC+ alliance has agreed to raise oil production by a bigger-than-anticipated 548,000 barrels per day in August.
• Apple iPhone 17 reveal. A fresh leak indicates that the upcoming Apple iPhone 17 Pro Max, expected this September, will feature the largest battery capacity ever seen in an iPhone. 
• Solar stocks gained. In mid-morning trading on Thursday, First Solar (FSLR) a panel manufacturer, surged 8%, while Enphase Energy (ENPH), known for solar microinverters, rose 5%. The Invesco Solar ETF (TAN) climbed more than 3%.
• CrowdStrike shares jumped. The cybersecurity firm saw its shares jump about 4%. Wedbush Securities analyst Dan Ives raised his price target on the stock from $525 to $575, highlighting “increased momentum in the field around its cyber platform approach.” 
• Shares of Silicon Valley chip designers Synopsys (SNPS) and Cadence Design Systems (CDNS) rallied. The U.S. government lifted export restrictions on chip design software to China, according to industry announcements.
• Tesla rose. Shares climbed higher despite reporting a 14% year-over-year decline in quarterly vehicle deliveries—the company’s second consecutive quarterly drop. Tesla delivered 384,122 vehicles, falling short of Wall Street’s estimate of just over 390,000 and down from 443,956 a year earlier.
• Datadog jumped. The company announced it will join the S&P 500 next Wednesday, replacing Juniper Networks, which was recently acquired by Hewlett Packard Enterprise (HPE).
• General Motors and Ford rose. Gains happened despite U.S. auto sales falling to a seasonally adjusted annual rate of 15.3 million units in June, down from 15.7 million in May.

• Tesla (TSLA)
• Nvidia (NVDA)
• Meta Platforms (META)
• Microsoft (MSFT)
• Ford (F)

Biggest Gainers

• Bitmine Immersion Technologies (BMNR) - 130.77%
• Sunrun Inc. (RUN) - 16.80%
• Tripadvisor, Inc. (TRIP) - 16.74%
• Datadog, Inc. (DDOG) - 14.92%
• Symbotic, Inc. (SYM) - 13.53%

Biggest Losers

• Lennar Corp. (LEN) - 4.09%
• Enstar Group Limited (ESGRP) - 3.91%
• Robinhood Markets, Inc. (HOOD) - 3.65%
• Bunge Global SA (BG) - 3.62%
• Newegg Commerce Inc. (NEGG) - 3.55%

Weekly Notables

OPEC to Hike Oil Output

An eight-nation subset of the OPEC+ alliance has agreed to raise oil production by a bigger-than-anticipated 548,000 barrels per day in August.

This group includes major producers Russia and Saudi Arabia, alongside Algeria, Iraq, Kazakhstan, Kuwait, Oman, and the United Arab Emirates. They have been gradually rolling back voluntary production cuts totaling 2.2 million barrels per day, which are separate from the broader OPEC+ strategy.

Trump to Start Sending Letters to Trade Partners

A number of U.S. trade partners have missed the chance to strike agreements ahead of President Trump’s July 9 tariff deadline, setting the stage for a sharp increase in duties on their exports. Beginning Friday, the administration began notifying countries of the new tariff rates they’ll face, with the changes taking effect August 1, Trump told reporters. An initial group of 10 to 12 countries will be notified first, with more to follow in subsequent waves. “By the ninth they’ll be fully covered,” Trump said, according to Bloomberg. “They’ll range in value from maybe 60% or 70% tariffs to 10% and 20% tariffs.”

The Week Ahead

• Potential market moving catalysts this week: Monday (7/7): no reports. Tuesday (7/8): Consumer Credit. Wednesday (7/9): EIA Crude Oil Inventories, MBA Mortgage Applications Index, Wholesale Inventories. Thursday (7/10): Continuing Claims, EIA Natural Gas Inventories, Initial Claims. Friday (7/11): Treasury Budget.
• Earnings on deck this week: Monday (7/7): no reports. Tuesday (7/8): Immersion Corp. (IMMR), Kura Sushi USA Inc. (KRUS), Penguin Solutions (PENG), Aehr Test Systems (AEHR), Quantum Corp. (QMCO). Wednesday (7/9): AZZ Inc. (AZZ), Bassett Furniture Industries Inc. (BSET). Thursday (7/10): Delta Airlines Inc. (DAL), Conagra Brands Inc. (CAG), Simply Good Foods Co. (SMPL), Helen of Troy Ltd. (HELE), Levi Strauss & Co. (LEVI), Vista Energy SAB de CV (VIST), PriceSmart Inc. (PSMT), WD-40 Co. (WDFC). Friday (7/11): no reports.