Markets: U.S. stocks finished Thursday's shortened session mixed ahead of the Independence Day holiday. The Dow Jones closed at another record high after a weaker-than-expected June jobs report fueled hopes of future interest rate cuts, while the S&P 500 edged lower and the Nasdaq declined as renewed selling in semiconductor stocks pressured the broader technology sector.
Defense: Quantum Systems secured $1.2 billion in fresh funding at an $8 billion valuation, highlighting surging investor appetite for autonomous defense technology. The capital will be used to expand manufacturing, strengthen supply chains, and accelerate the deployment of AI-powered military systems worldwide.
Artificial Intelligence: Microsoft is investing $2.5 billion and reallocating approximately 6,000 employees into a new AI implementation division that will work directly with enterprise customers to accelerate the adoption of generative AI across businesses.
OpenAI: OpenAI has reportedly discussed giving the U.S. government a 5% equity stake as part of broader efforts to strengthen regulatory relationships while allowing the public to share in the long-term economic benefits of artificial intelligence.
Jobs Report: June's labor market disappointed expectations as nonfarm payrolls increased by just 57,000 jobs, well below forecasts of more than 100,000. The unemployment rate dipped to 4.2%, although the decline was largely driven by a shrinking labor force.
Economic Data: The June ISM Manufacturing PMI came in at 53.3, slightly below expectations and May's reading of 54.0. Despite the modest slowdown, the index remains above 50, signaling continued expansion in the manufacturing sector.
Global Markets: Asian markets were mostly lower, led by an almost 8% decline in South Korea's KOSPI as semiconductor stocks came under renewed pressure. European markets moved higher after eurozone unemployment fell to a record-low 6.2%.
Bond Market: Treasury yields were mixed, with shorter-term yields moving lower as investors reduced expectations for additional Federal Reserve tightening, while longer-term yields remained relatively stable.
Housing: Mortgage rates remained near 6.5% for the seventh consecutive week. Freddie Mac reported the average 30-year fixed mortgage rate fell six basis points to 6.43%.
Market Performance: U.S. equities continue to post an impressive start to 2026, with the S&P 500 gaining 10.2% including dividends during the first half of the year—the third time in four years the benchmark has returned more than 10% over that period.
Big Movers: Meta surged nearly 9% following a Bloomberg report earlier in the week, while Nebius and CoreWeave experienced sharp declines before stabilizing during Thursday's session.
Rivian: Rivian shares advanced after the EV maker raised its 2026 vehicle delivery outlook, citing stronger-than-expected demand. The company is scheduled to report second-quarter earnings on July 30.
Robinhood: Robinhood shares climbed after the company unveiled several new products and initiatives during its first investor event held in the United Kingdom.
Semiconductors: Chip stocks extended their recent pullback as investors continued taking profits after a powerful second-quarter rally. Sandisk, Micron, Applied Materials, Lam Research, Intel, and Marvell all traded lower, while the PHLX Semiconductor Index has now fallen 6.7% after nearly doubling during the second quarter.
Energy: Oil prices continued to weaken, with WTI crude hovering near its lowest level since early March. Crude has fallen roughly 20% over the past two weeks, with prices slipping toward $67 per barrel.
Interest Rates: According to CME data, traders are currently assigning roughly a 75% probability that interest rates will finish the year above current levels.
Alphabet: Alphabet shares slipped after a European court upheld a €4.1 billion antitrust fine tied to the company's Android business.
Defense Contracts: AeroVironment moved higher after announcing it had secured a new $500 million contract from the U.S. Army.
Tesla: Tesla shares declined despite reporting strong second-quarter vehicle deliveries, as investors remained cautious following another quarter of recovering—but still closely watched—sales trends.
Jersey Mike’s Files for IPO, Targets NYSE Listing Under “JMKE”
Jersey Mike’s Subs is officially heading to the public markets after filing Thursday for an initial public offering on the New York Stock Exchange under the ticker “JMKE.” The filing highlights a period of strong growth for the sandwich chain, with same-store sales rising 50% between 2020 and 2025. In 2025, systemwide sales reached $4.3 billion, up about 13% from $3.7 billion in 2024, while same-store sales increased 3% last year—extending nearly two decades of consistent positive comps for locations open at least a year.
Ford Q2 Sales Slide 10% on EV Weakness and F-Series Supply Hit
Ford (F) reported a 10.3% drop in second-quarter U.S. sales, driven by a sharp decline in EV demand and ongoing supply disruptions impacting its F-Series pickup trucks. The automaker said all-electric vehicle sales fell 40.7% year over year, while F-Series sales declined 11% as production recovered from earlier aluminum supply shortages tied to supplier disruptions. Despite the weakness, Ford said the F-Series remained the top-selling truck in the U.S.
Earnings Spotlight: PepsiCo (PEP)
PepsiCo is scheduled to report its Q2 2026 earnings before the market opens on Thursday, July 9, 2026. Analysts project quarterly revenue of $23.97 billion and an Earnings Per Share (EPS) of $2.19.
What to Watch Ahead
Attention now turns to today’s official jobs report, where consensus expects roughly 100,000 new jobs (including government hiring), consistent with an unemployment rate holding near 4.3%.
July 6: ISM June Services PMI®. July 7: No major earnings or data expected. July 8: FOMC minutes and earnings from Levi Strauss (LEVI). July 9: June existing home sales and earnings from PepsiCo (PEP).
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