🪙 $SPY S&P 500 & Nasdaq hit record highs again today, US labor resilience fueling risk-on sentiment—but bond yields held firm near 10‑yr highs.
This is just completely crazy
"Under the new amendment to the One Big Beautiful Bill, gamblers will only be allowed to deduct up to 90% of their losses against their winnings starting in 2026. This means that even if a gambler breaks even, they will still owe taxes on 10% of their winnings. This change could lead to scenarios where gamblers face tax liabilities that match or even exceed their net income from gambling activities"
🇺🇸 Bond market watchers: despite ADP’s miss, consensus remains steady—no fireworks—but Trump is ratcheting up pressure on Fed Chair Powell ahead of payroll release.
🔄 Ether up 0.55% over the last 24 hrs, holding firm above $2.58K. Crypto traders see the solid labor data fueling equity and digital asset gains—even as Fed hikes fade.
📈 U.S. June jobs report: +147K new payrolls, unemployment at 4.1%. Equity markets surged to fresh records—but Fed rate cuts now look unlikely. Dollar strengthens, Treasuries tighten.
🏦 UK Gilts & the pound steadied after PM Starmer publicly backed Chancellor Rachel Reeves. Boost for FTSE 100 banks and retailers, while services PMI hits 10‑month high—a tentative sigh of relief for U.K. markets.
The Fed is cooling but the economy’s heating.
Why markets are ignoring warnings—and what that means for your portfolio.
📬 Read more in today's Open Terms.
#markets#federalreserve