1103 ET - The pace of layoffs cooled considerably in June, according to a recent job cuts report from Challenger, Gray & Christmas. U.S.-based employers announced 45,849 job cuts in June, down 53% from May. Technology once again led the decline, with 15,503 job cuts in June for a total of 139,156 in 2026. AI also led the reason for job cuts for the fourth month in a row. "AI is the dominant force as companies are restructuring around it, automating roles, and reallocating budgets toward new capabilities. The sector is being reshaped in real time," said Andy Challenger, chief revenue officer of the firm. (jessica.coacci@wsj.com)
1057 ET - Credit investors are better off buying quality high-yield credit rather than investment-grade credit, BlackRock global chief investment strategist Wei Li says at BlackRock's 2026 midyear outlook media roundtable. The quality of high-yield credit has improved over the years, she says. High-yield credit also has attractive yields, Li says. Investment-grade credit is expected to face increased supply as AI-linked companies issue more debt to finance their growth, making IG credit less appealing compared to HY credit, she says. (miriam.mukuru@wsj.com)
1055 ET - The Trump administration is not expected to renew the USMCA, but that doesn't mean the agreement is over. Not only do the existing terms of the deal last into the next decade, but the U.S. is likely using this decision as a way "to keep pressure" on Mexico and Canada, says Jim Wiesemeyer of Ag Bull. The automotive industry is at the center of the current dispute around the deal, but risk is there for other market segments like agriculture. "The pact's agricultural market access provisions are not the immediate target of the auto-content debate, but once the U.S. uses the review to reopen the broader agreement, farm issues can quickly become bargaining chips," Wiesemeyer says. (kirk.maltais@wsj.com)
1022 ET - Asking prices fell 2.5% year-over-year in June, Realtor.com says, the eighth consecutive month of decreases. Pending sales rose 3.7% year-over-year for the seventh straight month of growth. For the first time in 26 months, homes spent no more time on market than they did a year earlier, a further indication buyers are showing up as the market rebalances, Realtor.com says. The national median list price was $430,000 in June, flat from May, but down 2.5% from a year ago. (chris.wack@wsj.com)
1011 ET - The ICE U.S. dollar index is up 0.1% and the greenback is steady at 162.49 yen after hitting a 40-year high of 162.83 earlier. There is speculation among traders that Japanese authorities could take advantage of U.S. holiday-thinned trade on Friday to intervene against the yen's weakness. Japanese Finance Minister Satsuki Katayama on Tuesday renewed her pledge to address excessive yen volatility. "We will take appropriate action on currencies at any time as needed," Katayama said at a news conference. Japan's efforts to support the yen could have implications for U.S. government borrowing. If Japanese FX policies seek to keep more capital at home, it might lessen Japan's demand for U.S. Treasurys. (patrick.sheridan@wsj.com)
1004 ET - U.K. government bonds look appealing in comparison to other developed-market government bonds over the long term, BlackRock's head of portfolio research Vivek Paul says at BlackRock's 2026 midyear outlook media roundtable. Gilts already have a term premium priced in and they offer attractive yields relative to peers, he says. Gilts could experience near-term volatility due to political turbulence, but they look attractive over the long term, Paul says. (miriam.mukuru@wsj.com)
0952 ET - Bitcoin ETFs continued to shed money in yesterday's trading session, closing out the month of June and the second quarter of 2026 with a $222.6 million outflow from ETFs, according to data from Coinglass. Net outflows from bitcoin ETFs have been continuous for more than two weeks now, according to Coinglass data. Similar is true for ether ETFs, while solana and XRP ETFs have had a mixed showing — although the volume of these ETFs are only a fraction of what bitcoin ETFs reports. Cryptocurrencies are trading higher, with bitcoin up 0.3%, ethereum up 0.2%, XRP up 0.1%, and solana up 2.3%. (kirk.maltais@wsj.com)
0935 ET - President Trump's financial disclosure, which showed that he made over $1B off of cryptocurrency-based endeavors last year, is proof of crypto's entrance into mainstream finance, says Nigel Green of deVere Group in a note. "Digital assets are now firmly embedded in the global financial system," says Green. "Crypto businesses have become large enough and influential enough to rival traditional industries that have dominated major wealth creation for generations." Trump made much of his money through royalties from his Trump memecoin, as well as token sales by the Trump crypto venture World Liberty Financial, the WSJ reports. Major cryptocurrencies are inching higher this morning, with bitcoin up 0.2% to $58,763, ethereum up 0.1% to $1,575, and XRP up 0.1% to $1.04. (kirk.maltais@wsj.com)
0933 ET - Speculation is heightened that Japanese authorities could take advantage of U.S. holiday-thinned trade on Friday to intervene against the yen's weakness, Rabobank's Jane Foley says in a note. Indeed, it could be a bigger surprise if no action is taken, she says. Further interventions might look inevitable but they are unlikely to be sufficient on their own to change the market's negative views on the yen, she says. The yen's weakness partly reflects a stronger dollar but gains in Japanese stocks could be prompting foreign investors to increase their protection against the risk of the yen falling, she says. The dollar is steady at 162.49 yen after hitting a 40-year high of 162.83 earlier, LSEG data show. (renae.dyer@wsj.com)
0906 ET - The Bank of Japan would need to signal it's prepared to accelerate interest-rate rises for the yen to stage a decent recovery, Rabobank's Jane Foley says in a note. "Even though the BOJ has been tightening policy since 2024, the pace of rate hikes has been slow." Japan's strong Tankan report released Wednesday, rising real incomes and the U.S and Iran signing a memorandum of understanding to end of the war might encourage the BOJ to pick up the pace of rate increases, she says. The dollar rises 0.1% to 162.68 yen after reaching a 40-year high of 162.83 earlier, LSEG data show, and Rabobank expects it to reach 159 in three months.(renae.dyer@wsj.com)
0853 ET - Private employers added 98,000 jobs in June according to the latest ADP private payrolls report following a 122,000 gain in May. Economists polled by WSJ were expecting 110,000 in June. "The pace of hiring is telling a story of both supply and demand. We know it's taking people longer to find work, but there also are signs of labor supply constraints in certain industries," says Dr. Nela Richardson, Chief Economist of ADP in the report. June payroll numbers from the U.S. Labor department are due on Thursday and economists polled by WSJ expect 115,000 versus May's 172,000. The 10-year yield is 4.49% versus 4.42% Tuesday. The two-year yield is 4.19% compared to 4.14%. (patrick.sheridan@wsj.com)
0805 ET - Bitcoin remains under pressure after reaching a 21-month low overnight. Expectations that the Federal Reserve could raise interest rates are contributing to the cryptocurrency's weakness. Sentiment also isn't helped by news that crypto-hoarding company Strategy could sell bitcoin to raise more cash, Trade Nation's David Morrison says in a note. "This was something that company founder, Michael Saylor, said would never happen." Investors seem to be moving out of cryptocurrencies and piling into semiconductor stocks and anything related to AI, he says. Bitcoin drops 0.2% to $58,536, having dropped as low as $57,775 overnight, LSEG data show. (renae.dyer@wsj.com)