Five Stories Moving the Market

Five Stories Moving the Market:

President Trump is expected to sign an executive order in the coming days designed to help make private-market investments more available to U.S. retirement plans; the order would instruct the Labor Department and the Securities and Exchange Commission to provide guidance to employers and plan administrators on including investments like private assets in 401(k) plans – WSJ. (Why you should care – such a move would likely boost the shares of companies like BlackRock, Blackstone, and KKR, among others)

House Republican leaders’ plan to pass three industry-backed crypto regulatory measures appeared to be back on course after President Donald Trump said he had convinced holdout conservatives to move forward with the legislation – Bloomberg. (Why you should care – passage of the legislation will help to drive broader acceptance of crypto-related assets)

Apple said it would buy $500 million of rare-earth magnets from MP Materials, expanding its U.S. supply chain for a critical element of its devices; MP will supply Apple with magnets it produces in a Texas facility, using recycled materials processed at a site MP will build in California – WSJ. (Why you should care – such a move would help to move reliance for rare-earth materials away from China)

Google has agreed to secure as much as 3 gigawatts of U.S. hydropower in the world's largest corporate clean power pact for hydroelectricity, the company said, as Big Tech pursues the expansion of energy-hungry data centers - Reuters. (Why you should care – the announcement speaks to the growing data for AI infrastructure equipment made by companies like Nvidia, Arista Networks, and Cisco, among others)

U.S. President Donald Trump said he reached a deal with Indonesia that will tariff its goods at 19%, adding that the Southeast Asian nation agreed to erase all duties on U.S. imports and buy more than $19 billion of American products including 50 Boeing jets – Bloomberg. (Why you should care – the announced rate is lower than most of its regional peers and the 32% proposal from April)

Global Macro:

Nvidia's planned resumption of sales of its H20 AI chips to China is part of U.S. negotiations on rare earths, according to Commerce Secretary Howard Lutnick, and comes days after its CEO met President Donald Trump – Reuters. (Why you should care – the move signals a willingness by the White House to negotiate)

JPMorgan Chase Chief Executive Jamie Dimon sounded Wall Street’s clearest warning against the Trump administration’s attacks on Federal Reserve Chair Jerome Powell, describing the central bank’s independence as crucial; Dimon became the first leader of a major U.S. financial institution to publicly address the administration’s broadsides against the central-bank chief – WSJ. (Why you should care – removing the Fed chair ahead of his term’s expiration would likely erode confidence in the U.S. financial system)

U.S. Treasury Secretary Scott Bessent suggested that Federal Reserve Chair Jerome Powell should step down from the central bank’s board when his term as chair is up in May 2026; Powell’s term as a Fed governor doesn’t end until January 2028, leaving it possible for him to remain at the central bank – Reuters. (Why you should care – if Powell remained in his board spot, he could still have influence over monetary policy)

Inflation picked up in June, a potential sign that companies are starting to pass tariff costs on to consumers; the Labor Department said its consumer price index rose 2.7% in June from a year earlier, compared to May’s increase of 2.4% - WSJ. (Why you should care – the result will likely encourage Fed policymakers to leave interest rates on hold at the upcoming monetary policy meeting)

Several European countries said they’re willing to buy U.S. arms for Ukraine under a scheme announced by U.S. President Donald Trump, although arrangements still needed to be worked out; U.S. officials have suggested that European countries will be willing to give up some of their own stocks of weapons for Ukraine and then buy replacements from the United States – Reuters. (Why you should care – this could be another sign the two sides are moving closer to a framework trade agreement)

Economic Calendar:

Earnings – BAC, GS, MS, MTB, PNC

U.K. - CPI for June (2 a.m.)
U.K. - House Price Index for June (4:30 a.m.)
U.S. - MBA Mortgage Applications (7 a.m.)
Fed’s Barkin (Richmond) Speaks (8 a.m.)
U.S. - PPI for June (8:30 a.m.)
U.S. – Industrial, Manufacturing Production for June (9:15 a.m.)
Fed’s Barr (Board Member) Speaks (10 a.m.)
U.S. - Energy Information Administration Crude Oil Inventory Data (10:30 a.m.)
Fed’s Beige Book (2 p.m.)
Fed’s Williams (New York) Speaks (4:30 p.m.)