TLDR

MARKET RECAP → Markets on Thursday increased with fresh record highs being set. The growth was fueled by a new job report release creating optimism in the U.S. economy, despite recent geopolitics and rapid updates trade policy.

WALL STREET SOARS ON JOBS REPORT→ Strong payroll data from the Labor Department sent the Dow higher and pushed the S&P 500 to a new record as recession fears eased.

BAIDU SHARPENS ITS SEARCH → Baidu is now defaulting to AI-powered search using its Ernie model, taking aim at rivals like Alibaba and ByteDance. Despite leading China’s search market, it’s under pressure to evolve fast. Investors, however, remain unconvinced as its stock lags.

 Markets will be closed tomorrow in observance of July 4th. We will be back Monday July 7th with all the market updates.

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MARKETS

Market Snapshot

Today’s S&P 500 Heatmap

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POLL OF THE DAY

Finance

Wall Street Soars On Jobs Report

Dow Jumps 350 Points On Jobs Beat: A stronger-than-expected June labor report sent markets into overdrive. The S&P 500 notched yet another record, while the Nasdaq followed suit as investors embraced signs of economic resilience.

Labor Market Strength Calms Recession Fears: Payroll gains came in above estimates, quelling concerns about a slowdown and reinforcing optimism about a soft landing. Wage growth stayed moderate, giving the Fed room to maneuver.

Broad-Based Gains Across Sectors: Financials, tech, and consumer discretionary stocks led the charge as bond yields stabilized and investors rotated back into growth and cyclical plays.

Tech

Baidu Sharpens Its Search

AI upgrade is now the default: Baidu is embedding its Ernie large language model into its main search engine by default, marking a shift from its separate “AI search” tab. This gives users summarized answers with sources, similar to what Microsoft (MSFT) and Google (GOOG) are rolling out globally—except Baidu’s strategy is tailored to China’s unique internet ecosystem.

The search wars intensify: The move is a direct response to growing competition from Alibaba’s Quark and ByteDance’s Douyin, which are gaining ground among younger users. While Baidu still commands over 50% of China’s search market, CEO Robin Li isn’t taking that for granted, aiming to “redefine” the search experience through generative AI.

Wall Street isn’t impressed—yet: Baidu shares are down nearly 14% year to date despite its AI push, reflecting investor skepticism amid slow LLM adoption and macroeconomic headwinds in China. The company’s pivot toward AI mirrors global trends, but it remains to be seen whether it will translate into real market share or revenue gains.

BULL VS. BEAR

KEEP READING

U.S. lifts chip software curbs on China in sign of trade truce (CNBC)

Apple’s China iPhone sales grows for the first time in two years (CNBC)

Trump to speak with Putin after U.S. pauses some weapons shipments to Ukraine (CNBC)

The June jobs report showed a bigger-than-expected increase in employment. The Fed’s rate cuts are on hold for now (MarketWatch)

A Group of Young Cybercriminals Poses the ‘Most Imminent Threat’ of Cyberattacks Right Now (Wired)

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