TL;DR

Dow rallies as Trump delays EU tariffs; GameStop buys $500M Bitcoin; Dick’s, Macy’s report.

Highlights

• GameStop adds 4,710 Bitcoin (~$500M) to treasury; shares up 6% pre-market 1.
• Dick’s Sporting Goods beats Q1 estimates, comp sales +4.5%, reaffirms FY guidance; shares rise pre-market 13.
• Macy’s Q1 tops estimates but cuts FY EPS outlook on tariffs and cautious consumer spending 14.
• “TACO trade” in focus: Dow jumps 721 points after Trump delays EU tariffs to July 9 19.
• Japan’s 40-year bond auction sees weak demand; super-long JGB yields spike 3.
• RBNZ cuts rates for sixth straight meeting to 3.25%; NZD/USD bounces 4.
• China signals possible easing of rare earth export curbs for EU chip firms amid trade tensions 9.
• PBOC injects net 247B yuan as deposit rates fall below 1%; household savings surge 10.
• Shein pivots to Hong Kong IPO after London stalls, targets $50B valuation amid regulatory, trade headwinds 11.
• SpaceX Starship Flight 9 explodes after fuel leak; third consecutive failure 18.
• Anthropic CEO warns AI could cut half of entry-level white-collar jobs by 2030, raising US unemployment risk 20.

Commentary

US equity futures are firmer as risk appetite improves, with the Dow rallying sharply after President Trump postponed new EU tariffs to July 9 19. This “TACO trade” dynamic—where tariff threats are later delayed or softened—remains a key driver of short-term volatility, especially for sectors exposed to global trade. Retailers are in focus: Dick’s Sporting Goods delivered strong Q1 results and steady guidance 13, while Macy’s beat on Q1 but trimmed its full-year profit outlook due to tariffs and softer consumer sentiment 14, underscoring the uneven impact of trade policy and consumer caution.

In global rates, Japan’s weak 40-year bond auction and surging super-long JGB yields highlight persistent concerns about sovereign debt sustainability and could add upward pressure to global yields 3. The RBNZ’s sixth consecutive rate cut, while in line with expectations, reflects ongoing global monetary easing; the NZD ’s bounce suggests markets had priced in even more dovishness 4. In China, the PBOC’s liquidity injections and falling deposit rates are supporting the banking system, but elevated household savings signal continued weak domestic demand and deflationary risks—an ongoing headwind for global growth 10.

On the corporate front, GameStop ’s $500M Bitcoin purchase puts crypto adoption back in the spotlight, potentially fueling volatility in both meme stocks and digital assets 1. Shein’s pivot to a Hong Kong IPO, after regulatory setbacks in London and the US, highlights the challenges facing Chinese firms seeking Western capital amid tightening trade and compliance regimes 11. Meanwhile, China’s signal that it may ease rare earth export curbs for EU chip makers could help stabilize parts of the semiconductor supply chain 9, but US firms remain exposed to broader trade tensions.

In tech, Anthropic’s CEO warning that AI could eliminate half of entry-level white-collar jobs by 2030 is likely to intensify debate around labor markets and automation risk 20. SpaceX ’s third consecutive Starship failure is a setback for commercial space ambitions but does not appear to have broader market impact for now 18.

Traders should watch for further swings in equities tied to tariff headlines, retail earnings, and crypto exposure, as well as movements in global yields following Japan’s bond auction 319. Macro cross-currents—trade, monetary policy, and tech disruption—remain the dominant themes.