🔔 After The Opening Bell
Good morning. It’s Monday, June 30, and the media has been buzzing—Jerome Powell apparently lied, Zuckerberg’s hunting for OpenAI employees, and Trump’s “Big, Beautiful Bill” continues to progress through the US government. More on that below.
$META ( ▲ 0.61% ) and $GOOGL ( ▼ 1.29% ) were both up almost 2% pre-market, likely helped by Canada’s canceling of the digital services tax it was set to levy on the US.
It looks like long-term holders of Bitcoin are still selling on new buyers from Wall Street, keeping the price relatively stagnant at $106,865 (at time of writing).
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📰 Market Headlines
Stocks surged last week, with the S&P 500 and Nasdaq closing at all-time highs as optimism over Fed rate cuts and easing tariff fears fueled the rally.
The S&P 500 jumped 3.5%, the Nasdaq soared 4.1%, and the Dow added 3.8%.
Markets are pricing in a 93% chance of a Fed rate cut by September, up from 70% just a week ago.
Fed Chair Jerome Powell may have lied to Congress. During Senate testimony, Powell denied reports of luxury items in the Fed’s $2 billion HQ revamp—but internal planning documents confirm their existence. That’s a problem: he was under oath. At the same time, Trump is dialing up criticism of Powell and the media is chattering about a “shadow chair” scenario: Powell stays in place, but markets begin responding more to a potential successor.
Mark Zuckerberg didn’t end his headhunting spree with the hiring of Scale AI CEO Alexandr Wang—he continued his streak by recruiting 8 OpenAI researchers in just the past week. OpenAI CEO Sam Altman accused Meta of hooking his employees with $100 million signing bonuses, and OpenAI’s Chief Researcher had choice words about the poaching, stating he feels that something has been stolen from his home.
President Trump’s $4.5 trillion tax bill cleared a key Senate vote Saturday night. Meanwhile, Elon Musk continues to strongly oppose the bill—and he’s joined by NABTU (North America’s Building Trades Unions), which believes the bill will eliminate up to 1.75 million construction jobs.
😱 Fear and Greed Index
🧠 Make yourself heard
Should Powell Be Held Accountable?
🤖 AI/Future/Tech News
Tesla threw down the gauntlet in the robotaxi wars, launching a live, driverless pilot in Austin with modified Model Ys at $4.20 a ride.
President Trump's Reconciliation Tax Bill included a 10-year ban on state-level AI regulations.
🐦️ Twitter roundup
We’ve gone through and picked out some Twitter posts we think you’ll get value from.
See Sam Altman’s accusations of Meta’s poaching practices (2 min video).
The career accomplishments of the OpenAI researchers Meta just hired.
The data shows that not even Republicans are pleased with Trump’s new bill.
Sentiment around tech industry jobs seems to be dropping—or has it already tanked?
🪙 Crypto
The five-year legal battle between Ripple and the SEC ended after both parties agreed to drop their appeals.
Strategy co-founder Michael Saylor signaled the company's 11th consecutive week of Bitcoin purchases.
Crypto investors got battered by a flood of IRS letters as tax authorities intensified scrutiny of digital asset transactions and reporting compliance.
Your Edge Isn’t in Earnings Reports. It’s in the Data They’re not Reading.
Earnings reports are backward-looking.
If you want to stay ahead of the market, you need to watch what’s happening in real time—not what happened last quarter.
AltIndex tracks the stuff traditional investors ignore:
Reddit chatter
Web traffic growth
Job posting trends
Glassdoor sentiment
While others only comb through dense PDF reports, AltIndex users see what’s really happening beneath the surface.
Investors need more than just past performance—they need signals.
⚔️ Trade wars
Everyone loves seafood, apparently—seafood imports have escaped tariffs for another three months under Section 301 exclusions.
China and the US penciled in a framework agreement on trade that includes China delivering rare earth minerals to the United States.
🌍 International Markets
🇨🇦 Canada's economy contracted by 0.1% in April as manufacturing tumbled 1.9%, with the transportation equipment sector falling 3.7%.
🇫🇷 French inflation rose to 0.8% in June, ending a streak of declining inflation as service costs accelerated to 2.4%.
🇯🇵 The Bank of Japan maintained its policy rate at 0.50% and halved government bond sales to ¥200 billion monthly.
🇵🇭 The Philippines downgraded its 2025 GDP growth target to 5.5-6.5% as workers flocked to virtual assistant roles.
🎤 What you said last time
🚚 Market movers
Novo Nordisk abruptly ended its partnership with telehealth upstart Hims & Hers, accusing the company of "deceptive marketing".
Comcast rolled out a new pricing structure for Xfinity Internet after losing 199,000 broadband subscribers in Q1.
Lululemon cut 150 jobs at its Vancouver headquarters after a 20% stock drop and slowing sales.
Adidas eliminated approximately 500 positions, primarily at its headquarters, as confirmed by CEO Bjorn Gulden in March.
📢 We want to hear from you
We love hearing from you, and we deeply appreciate your feedback.
⭐️ What did you think of today's edition?
📺 What to watch today
That’s all for today. Did I miss anything? Smash the reply button to let me know.
Cheers,
Brandon with Stefan & Wyatt
