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)
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)
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)
0904 ET - Oil futures are lower as the market removes some more risk premium with the U.S. and Iran continuing to pursue a deal and tankers moving through the Strait of Hormuz. "Physical market weakness, Brent's contango structure, rising exports from Iran and record Russian shipments point to improving global supplies," analysts at Kotak Neo say in a note. "Improving supply flows and expectations of a sizeable global surplus remain the dominant bearish drivers, while any disruption to Hormuz traffic or breakdown in diplomatic negotiations could quickly revive geopolitical risk premium and support crude prices." WTI is off 1.1% at $68.74 a barrel, and Brent is down 1.5% at $71.84 with the September contract moving to the front of the curve.(anthony.harrup@wsj.com)
0901 ET - General Mills' pet food segment is flourishing, even though consumers are spending less on food for themselves. During F4Q, the company's North American pet segment sales increased 4%, driven by a double-digit percentage increase in cat food and low-single-digit percentage increase in dog food. Meanwhile, sales in the retail segment, which includes General Mills' cereals, fell 4%. The company described the current consumer backdrop as "challenging," but plans to invest more in "pet humanization" in the year ahead, as shoppers are still willing to spend on their furry companions. General Mills is up 4% premarket. (katherine.hamilton@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)
0449 ET - Nike's emphasis on its sports business is showing early signs of paying off, though performance in China remains a drag on the company, Jefferies analysts write. The sportswear group's fiscal fourth-quarter results were better than feared, the analysts say. A renewed emphasis on sporting goods under Chief Executive Elliott Hill's "sport offense" was validated by a return to growth in Nike wholesale, the analysts say. However, weakness in direct sales through Nike stores and the company's app, as well as weakness in China, are the main challenges Nike faces. Shares fall 3.3% premarket, while European sports retailers also fall following the earnings. Adidas shares are down 1.3%, while Puma and JD Sports' London-listing drop 1.5% and 1.4%, respectively. (josephmichael.stonor@wsj.com)
0420 ET - Galderma could still raise guidance and beat expectations when it reports first-half results despite the U.S. Food and Drug Administration's decision not to approve its Relfydess injection, Jefferies analysts say in a research note. The decision has a minor effect on the Swiss skincare specialist's prospects, even if it drives near-term stock weakness, the analysts say. This poses no risk to the company's full-year guidance, and continuing strength in its dermatological skincare business means there is still room for an upgrade to top-line expectations, the analysts add. Shares in Galderma fall 5.6%. (adria.calatayud@wsj.com)
0420 ET - Galderma's failure to secure U.S. approval for its Relfydess product, a rival to AbbVie's Botox, doesn't shift the competitive landscape as rivals might face similar hurdles, Jefferies analysts say in a research note. The U.S. Food and Drug Administration's decision illustrates the challenges of producing neurotoxins like Relfydess, which are highly complex biologic drugs produced via fermentation and sensitive to subtle product variation, the analysts say. Daxxify--which competes with Relfydess and Botox in this market--also received multiple FDA rejection letters, they add. The decision doesn't reduce the likelihood that Relfydess will get U.S. approval, according to Jefferies. Shares in Galderma fall 5.3%. (adria.calatayud@wsj.com)
0244 ET - Galderma was hit by another U.S. Food and Drug Administration rejection for its Relfydess product and a U.S. launch this year no longer seems likely, Vontobel's Stefan Schneider says in a research note. The exact timing of the potential launch remains unknown as the Swiss skincare specialist awaits feedback from the FDA on a site visit, the analyst says. This is the second time Galderma is unsuccessful in an application for Relfydess, which was already declined by the FDA in 2023, the analyst adds. Vontobel removed U.S. expectations for Relfydess from its Galderma estimates after the first rejection, so the company's investment case remains intact, he says.(adria.calatayud@wsj.com)