Nike’s famous slogan “Just Do It” was inspired by the final words of a convicted murderer.
Advertising executive Dan Wieden borrowed the phrase from Gary Gilmore, whose last words before execution were “Let’s do it.” Wieden reworked it slightly, giving Nike one of the most iconic taglines in history.
It’s a powerful reminder of how inspiration can come from the most unexpected—and even unsettling—places.
Market Wrap
Trade Optimism Meets Economic Ambiguity
Trump Vietnam trade deal announced:
President Trump unveiled an agreement with Vietnam that sets a 20% tariff on Vietnamese exports and 0% tariffs on U.S. goods entering Vietnam, also imposing 40% tariffs on transshipped items. Markets responded positively—shares of Nike and other apparel names climbed—on hopes that trade tensions could ease slightly.
U.S.–India trade pact talks advancing:
Negotiations between the U.S. and India are reportedly accelerating to strike a tariff-cutting deal ahead of Trump’s July 9 tariff deadline. This could potentially open significant new export channels for American agricultural, medical, energy, and auto sectors.
‘One Big Beautiful Bill’ tax-and-spending package moves through Congress:
The Senate narrowly passed Trump’s sweeping tax cuts and spending bill on July 1, and the House began debating it July 2. The bill would add an estimated $3.3–$3.4 trillion to the national debt over a decade, likely affecting Treasury yields and investor sentiment.
Payroll Employment Declines:
ADP reported a surprising drop of 33,000 private-sector jobs in June, a significant miss vs. forecasts of +103,000. This unexpected contraction heightened investor concerns over the labour market's stability.
Job Openings at Record High:
The June JOLTS report showed 7.769 million job openings, exceeding forecasts of 7.32 million and marking the highest level since November 2024. This divergence—soft payrolls but strong openings—paints a mixed labour market picture, suggesting both caution among employers and persistent hiring demand.
Powell doesn’t rule out a July rate cut:
At a central banking conference in Sintra, Portugal, Fed Chair Jerome Powell responded “can’t say” when asked if July is off the table for a rate cut. This uncertainty boosted market expectations of a cut around the July 29–30 meeting, with probabilities rising to roughly 25%.
Apple Inc. shares rose ~2% following a Jefferies upgrade to ‘Hold’ from ‘Underperform’ and a higher price target, with the firm noting that the upcoming fiscal Q3 results could help stabilize the stock amid a YTD decline.
Tesla Inc. shares surged ~5% as the company reported a 13.5% drop in Q2 deliveries—its steepest year-over-year decline ever—but still basically in line with expectations, reassuring investors about demand resilience despite the drop.
Intel Corp. shares fell ~4% after reports emerged that the company is considering dropping its advanced 18A chipmaking process for external clients, a pivot seen as a financial write‑off risk and a hit to its foundry ambitions.
Constellation Brands Inc. shares rose ~4.5% despite missing earnings—investors took comfort in its decision to hold full‑year outlook steady, even amid soft beer demand due to broader consumer caution.
Centene Corp. shares plunged over 40% after the insurer pulled its full‑year earnings guidance, citing weaker-than-expected enrollment in Medicare Marketplace plans and a riskier-than-anticipated customer mix.
Greenbrier Companies Inc. shares jumped ~21% on strong Q3 earnings and raised full-year guidance, driven by robust demand in railroad-equipment shipments.
Verint Systems Inc. shares surged ~15% after Bloomberg reported that private equity firm Thoma Bravo is in talks to acquire the call-center-software provider.
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