Happy Thursday! After years of steady growth, the U.S. labor market just took an unexpected turn that has Wall Street on edge. Read on to see how the last time this happened, it didn’t end well.

Also, in a market where tech giants are rarely considered "cheap," one Magnificent 7 heavyweight is quietly trading at a valuation that hasn’t been seen in years.

Plus, if you’re looking for a smart way to tap into the booming silver market, check out today’s sponsor.

Note: The U.S. stock market will be closed on Friday in observance of Independence Day. As a result, there will be no edition of the newsletter tomorrow. We’ll be back with more market insights and news on Monday.

In Today's Edition

• MARKET RECAP

• FIVE ZINGERS

• MARKET HISTORY

• ONE FOR THE ROAD

Labor Market Flashes Red Signal — And The Last Time This Happened It Didn't End Well

For the first time in more than two years, the U.S. labor market just flashed a warning sign that economists and investors can’t ignore.

Private-sector payrolls unexpectedly contracted in June (-33,000), compared to estimates of an increase of 95,000. This downward trend is raising eyebrows on Wall Street after the previous month's totals were revised down to just 29,000.

What’s more unsettling? The last time this happened in the labor market, it foreshadowed a string of bank failures and a wave of market volatility. While the headline numbers are concerning, the details are even more revealing in that something deeper may be brewing beneath the surface.

Is this the first real crack in the economy, or just noise ahead of more clarity? The next jobs report could tip the scales.

Silver has surged to its highest price in over 13 years, driven by more than just market momentum. Structural forces – rising industrial demand, constrained supply, geopolitical hedging and a widening valuation gap with gold – are converging to redefine silver’s role in global finance.

Unlike gold, silver serves as both a store of value and a critical material for high-growth sectors like solar, semiconductors and AI infrastructure. With a persistent supply deficit and central banks eyeing diversification, silver’s repricing may be just beginning. For investors seeking targeted exposure, the Sprott Silver Miners & Physical Silver ETF (NASDAQ: SLVR) offers a disciplined way to engage. To learn more information about SLVR and the silver market, click here.

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Yesterday: U.S. stocks ended mostly higher on Wednesday, with the S&P 500 and the Nasdaq setting new all-time highs, as easing trade tensions were lifted by a trade agreement between the U.S. and Vietnam. The agreement with Vietnam includes a 20% tariff on most imports and a 40% rate on goods deemed transshipped through the country. On the economic front, the ADP report showed private payrolls fell by 33,000 in June, the first monthly decline since 2023, pointing to cooling labor-market conditions ahead of Friday’s key nonfarm payrolls report. Treasury yields moved higher, with the 10-year yield climbing to 4.3%, as investors monitored ongoing trade negotiations with Canada, the EU, and Japan ahead of the July 9 tariff deadline.

On Our Radar: Analysts will be watching several reports, including factory orders and ISM services, as well as a speech from Atlanta Fed President Raphael Bostic. On the earnings front, there are no earning reports scheduled for today.

Token Smackdown: OpenAI just called out Robinhood over so-called “OpenAI tokens,” denying any partnership and warning investors to beware — while Elon Musk piled on, branding the equity “fake.” Read on for all the details.

Top Dog: Datadog just fetched itself a spot in the S&P 500, replacing Juniper Networks. Discover why investors are wagging their tails as shares soared after the announcement and why this company might just be the top dog.

Outlook: JPMorgan just released its midyear outlook with gold, stocks and the dollar in the crosshairs. Should investors expect a glow-up, a dollar dip or a market shake-up by the end of the year? Read on to find out.

Puts on Aisle 1: Investors are sounding the alarm with bearish options bets on Costco, signaling turbulence ahead for the retail giant. Discover what Wall Street sees and how you can take advantage.

Charged Up: Shares of Tesla climbed higher despite a continued decline in sales. Read on to see why Wall Street is still bullish on the Q2 delivery report, and what it means for the company going forward.

While you're juggling multiple apps and missing opportunities, smart traders are using one integrated platform. Get filtered news, smart alerts and our exclusive stories 5-15 minutes before other sources. Get Everything In One Place (60% Off).

On This Day In 1884…

Dow Jones and Company began publishing the average closing price of stocks, creating the world's first stock index. Led by Charles Henry Dow, the index initially tracked 11 stocks — nine railroads and two delivery companies — reflecting the heavy transportation era of that time. This pioneering index, now known as the Dow Jones Transportation Average, established the foundation for modern market analysis and investor decision-making. Just eight months later, the Dow expanded to 12 stocks, with 10 being railroads, marking the birth of systematic stock market tracking that is now used worldwide.

QUOTE OF THE DAY

“I believe the very best money is made at the market turns. Everyone says you get killed trying to pick tops and bottoms and you make all your money by playing the trend in the middle. Well, for twelve years I have been missing the meat in the middle but I have made a lot of money at tops and bottoms.”

— Bruce Kovner

This Magnificent 7 Stock Is Absurdly Cheap — It Probably Won't Stay That Way For Long

In a market where megacap tech names are rarely considered "cheap," one Magnificent 7 heavyweight is quietly trading at a valuation that hasn’t been seen in years.

In fact, this company is currently sitting at a price-to-earnings ratio far below its historical norm — territory that’s previously marked the start of some remarkable rallies. While the broader market buzzes with AI and rate-cut speculation, this name could be one of the market’s most overlooked opportunities.

Historically, when this tech giant has dipped to similar P/E levels, patient investors have seen substantial upside over the following years. While the short-term outlook may be less thrilling, the long-term data tells a different story entirely. This setup doesn’t come along often, and when it has, those who noticed early were handsomely rewarded.

Could this be another one of those moments? Read on and find out.

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