Big-Techās PerformanceMacro Headlines This Week:āThe Great and Beautifulā bill passes; conflicting employment data; U.S.-Vietnam tariff deal reached, but July 9 deadline looms?The "Great and Beautiful" Bill, championed by Trump, passed the Senate in a 50-50 tie (with Vance casting the decisive vote). The House also approved it on July 3, and it's expected to be signed into law on July 4. While markets fear it may worsen the fiscal deficit, it could provide a short-term economic boost ā potentially just the beginning. In response, Elon Musk once again lashed out, threatening to form a new political force to oppose it.Employment Data Clash:June ADP report showed a drop of 33,000 jobs (vs. forecast of +98,000), pushing the probability of a July rate cut to over 27%.However, the next day, the
Apple Rocket š Buckle it Up! Joining the Mag 7 Rally?
Apple is reportedly considering adopting AI technologies from Anthropic or OpenAI to develop a new version of Siri. This could mean putting its in-house AI models on hold, in an effort to reverse its lag in the artificial intelligence space. Apple has risen for two consecutive days, breaking above the 50-day moving average. Does this signal an upcoming breakout? Year-to-date, Apple ranks second to last among the Magnificent 7. As the market continues to hit new highs, is it time for Apple to play catch-up?
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