1033 ET - The Supreme Court has rejected President Trump's attempt to fire Federal Reserve board member Lisa Cook. The decision preserves her position and is widely seen as reinforcing the Federal Reserve's independence. In a 5-4 decision, the Court upheld the lower courts' rulings that Cook could continue serving at the central bank as her legal case challenging the termination moves forward. "The Government has not shown that it is likely to prevail on the legal arguments advanced in its stay application," the Court said. Cook launched her legal battle on Aug. 28 after Trump attempted to remove her from the Fed amid allegations she made false claims on mortgage documents in 2021 that may have secured her more favorable loan terms. (patrick.sheridan@wsj.com)
0957 ET - House hunters were still heading south last quarter, with Orlando, Fla., as the most popular destination. Redfin says that roughly one in five--19.1%--U.S. house hunters looked to move from one part of the country to another in 1Q. That's up slightly from 18.9% a year earlier. Housing costs are near record highs because mortgage rates and sale prices remain high, and inflation is pushing up everyday expenses. That's motivating people to move to more affordable areas. The typical Orlando home costs just over $400,000, roughly half the cost of the typical home in New York. Orlando was followed by three other Florida metros: North Port, Miami and Cape Coral. Half of the most popular destinations are in Florida, and all are relatively affordable, especially compared to the places people are most commonly leaving. (chris.wack@wsj.com)
0938 ET - June payrolls are likely to remain robust, but there are downside risks, Bank of America economists write. They expect Thursday's report to show 110,000 jobs added, a slowdown from May's 172,000, but still a healthy pace. BofA forecasts the unemployment rate steady at 4.3%. The economists warn that "May's surge in leisure [and] hospitality may have been driven by the World Cup or Memorial Day timing, and if it was the latter, June could see payback." A strong report "would likely move markets closer to our call for three hikes," this year, the economists say. WSJ consensus calls for a 118,000 growth in June payrolls. (paulo.trevisani@wsj.com; @ptrevisani)
0858 ET - Oil futures are higher but appear steady as the U.S. and Iran plan to resume talks after exchanging strikes over the weekend. The market is trying to clear crude that was trapped behind the Strait of Hormuz, "hitting the global market just as we had covered crude needs with other sources (e.g. SPR)," Neil Crosby of Sparta Commodities says in a note. But "it is still fairly obvious to us that until more vessels sustainably head into the Strait than come out of it, we won't get anywhere near a normal Arabian Gulf supply chain," he adds. WTI is up 0.9% at $69.88 a barrel and most active Brent gains 0.7% to $73.10.(anthony.harrup@wsj.com)
0840 ET - Demand for U.S. government debt weakens and Treasury yields rise, as U.S. and Iran agree to halt fighting while negotiating a deal to fully restore shipping through the Strait of Hormuz. Oil prices edge higher but remain around pre-war levels. Economists surveyed by WSJ expect June job creation to slow to 118,000 from May's 172,000. Payrolls are due Thursday as the week is shortened by Friday's Independence Day holiday. The WSJ Dollar Index falls slightly. The 10-year Treasury yield is at 4.390%, up from 4.372% Friday. The two-year rises to 4.119% from 4.087%. (paulo.trevisani@wsj.com; @ptrevisani)
0714 ET - Roche Holding's new gene-sequencing platform will be a growth driver for the Swiss group's diagnostics division in coming years, which in turn should help the hit from drug-patent losses in its pharma business next decade, Bernstein analysts say. The gene-sequencing platform, alongside new mass-spectrometry and glucose-monitoring products- mean Roche's diagnostics business is at its most important inflection point in 25 years, the analysts say in a research note. The three new technologies should significantly increase Roche's presence in the profitable U.S. market, and help it deliver annual sales growth of 9% over the 2025-35 period, according to Bernstein. Shares rise 0.1%. (adria.calatayud@wsj.com)