TLDR

MARKET RECAP → Markets moved higher on Wednesday as investors leaned back into growth assets while the Dow lagged. All eyes now turn to Thursday’s jobs report.

HIRING HITS REVERSE GEAR→ Private sector jobs fell by 33K in June, missing the 100K forecast. Wage growth softened too. If Friday’s government report confirms the slide, the Fed may have more reason to cut rates.

ETHEREUM’S TOKENIZATION FEVER → Ethereum jumped 7% amid a fresh wave of tokenization hype. Stocks like Coinbase (COIN) and Robinhood (HOOD) rallied as investors bet this blockchain use case is ready for prime time.

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MARKETS

Market Snapshot

Today’s S&P 500 Heatmap

Notable Earnings This Week

POLL OF THE DAY

Economy

Hiring Hits Reverse Gear

Private payrolls fell for the first time in over a year: The ADP report showed a loss of 33,000 private sector jobs in June, well below economists’ forecast of a 100,000 gain and marking the first drop since March 2023. May’s already-soft figure was revised down to just 29,000 jobs added, from an initial 37,000.

Wage growth continues to deflate: Job-stayers saw annual pay gains of 4.9%, the slowest pace in nearly three years. Job-changers pulled in 7.7% more, still elevated, but far off the peak levels that once stoked inflation concerns.

A flashing yellow for the Fed: ADP’s chief economist Nela Richardson said the report reflects “a steady slowdown in hiring and pay.” With job growth now negative, the Fed’s case for cutting rates could strengthen, if Friday’s official payrolls report echoes this labor market stall.

Crypto

Ethereum’s Tokenization Fever

Ether climbs as tokenization hype returns: Ethereum surged nearly 7% to $3,600, leading a broader crypto rally powered by renewed enthusiasm for tokenization (turning real-world assets like stocks and real estate into digital tokens). It's déjà vu for blockchain optimists betting on this tech to bring Wall Street onto the chain.

Crypto-adjacent stocks ride the wave: Companies linked to Ethereum or tokenized asset infrastructure jumped: Coinbase (COIN) gained 3.5% and Robinhood (HOOD) rose 2.2%. Even SoFi (SOFI) and Nvidia (NVDA) joined the rally, showing just how wide the net of crypto FOMO is cast.

Tokenization isn’t new but timing is: Wall Street firms like BlackRock and Citi have already dabbled in tokenized Treasurys, and Ethereum remains the go-to blockchain for experiments. But with recent ETF approvals and regulatory thawing, the market sees real momentum this time, fueling speculation that tokenized finance might finally escape the whiteboard phase.

BULL VS. BEAR

KEEP READING

Tesla reports 14% decline in vehicle deliveries, marking second straight year-over-year drop (CNBC)

House Republican infighting holds up key vote on Trump tax bill (CNBC)

Politics Trump says U.S. struck trade deal with Vietnam that imposes 20% tariff on its imports (CNBC)

As the Fourth of July approaches, here are 4 reasons why ‘American exceptionalism’ isn’t going away (MarketWatch)

Xbox Hit With Layoffs and Game Cancellations as Microsoft Cuts 9,000 Jobs (Wired)

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