📈 'Grow a spine'

Good morning.

The Fast Five → Powell to face critics in Congress, team Biden tries to beat back the Democratic doubters, S&P notches longest winning streak since Jan., Paramount agrees to Skydance deal, and Nvidia dethrones Tesla as single-stock ETF king…

Calendar: (all times ET)

• Today: Jerome Powell testimony to Senate, 10 AM

• WED, 7/10: Jerome Powell testimony to House, 10 AM

• THU, 7/11: Initial jobless claims, 8:30 AM

  • Consumer price index (CPI), 8:30 AM

• FRI, 7/12: Producer price index (PPI), 8:30 AM

  • Consumer sentiment, 10:00 AM

Your 5-minute briefing for Tuesday, July 9:

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BEFORE THE OPEN

PRE-MARKET

MARKETS

• US stock indexes continued to push ATHs as investors await inflation data, J Pow's testimony, and crucial Q3 earnings

• Oil settled to a one-week low on demand worries from Hurricane Beryl

• France-Germany 10Y spread is at 65 bps, slightly lower than the 85 bps twelve-year high from June

• Euro hit a multi-week high versus the dollar

EARNINGS

• What we're watching this week:

  • Thursday: Delta, PepsiCo

  • Friday: JPMorgan, Wells Fargo, Citigroup

• Full calendar here

NEWS BRIEFING

‘Grow a Spine’: Team Biden Tries to Beat Back the Democratic Doubters

Powell to Face Fed Critics in Congress on High Rates, Bank Rules

• S&P 500 notches longest winning streak since January (link)

• Job growth continues to exceed expectations (link)

• Inflation outrage: Walmart, Chipotle and others feel heat from customers (link)

• Oil falls as Hurricane Beryl's risk to Texas operations lessens (link)

• Paramount agrees to Skydance deal, ending Redstone era (link)

• Microsoft orders China staff to use iPhones for work (link)

• Nvidia dethrones Tesla as single-stock ETF king with 400% rally (link)

• Tesla and a shareholder clashed in court over a $7 billion legal fee request related to Elon Musk's pay package lawsuit (link)

• Apple removed several VPN apps from its App Store in Russia at the government's request (link)

• Samsung workers in South Korea began a 3-day strike for better pay (link)

• OpenText cut 1,200 jobs and added 800 as part of an optimization plan (link)

• Newrez axed 265 jobs in Colorado and Arizona, its third round this year (link)

CRYPTO

• Crypto trading firm Auros launched a $50 million VC arm to invest in early-stage crypto startups (link)

• VanEck and others filed amended registration statements for spot Ethereum ETFs as the SEC deadline approaches (link)

• Bitcoin plummeted as Germany sold off hundreds of millions worth of seized BTC, still holding around $1.9 billion (link)

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