Public Markets 8-Hour Briefing
×Currency Markets
The US dollar traded in a tight range early Monday as uncertainty lingered after President Donald Trump's Supreme Court defeat on emergency tariffs. The euro faces potential headwinds as ECB President Christine Lagarde warned Trump's tariff moves risk upsetting the previously negotiated equilibrium between the EU and US. Treasury Secretary Steven Mnuchin got testy when asked if Trump would refund tariffs following the court ruling that struck down his emergency powers.
Equity Markets
Rolls-Royce plans a £1.5 billion ($2 stock buyback, according to Sky News, as the aerospace company capitalizes on its turnaround. JFrog shares fell after Stifel cut its price target to $52 following an AI-driven selloff, though the firm maintained a Buy rating. The S&P 500 "appears coiled for a significant move" soon according to technical analysts monitoring market momentum.
Bond Markets
Bond market momentum shifted bears' way as sell signals flashed across fixed income markets. The Supreme Court's decision against Trump's tariffs, combined with Federal Reserve rate hike threats and signs of labor-market resilience, forced a sentiment shift in bond trading. Option pros traded index versus index to play huge stock rotation as dispersion strategies became scarce.
Corporate Developments
Lifetouch, the school photography company owned by Apollo Global Management, found itself caught in the Epstein files frenzy as online sleuths sparked a boycott over its ownership. Loudoun County, Virginia, emerged as a giant data-center market thanks to a radio DJ-turned county executive director for economic development, earning the title "Godfather of Data Centers" for attracting big tech investments.
Trade Policy
The US told partners to honor tariff deals as Trump recalibrates following his Supreme Court defeat. Senior officials said the administration's assertive trade policy remains intact despite the setback. The EU insisted the US must honor a trade deal after the court blocked Trump's tariffs, with European officials emphasizing "a deal is a deal" as tariff uncertainty grows.