US Market Close Summary: Tech rebounds into H2; JOLTS confirm labor market solidity

Summary US equity market looked to finish off quarter and month on an up note.

Tech did a good portion of the heavy lifting, unwinding some the mega-cap weakness/rotations seen into quarter's end.

May JOLTS jobs data jumped up towards 7.6M openings, pushing up Treasury yields marginally.

EU CPI readings were broadly cooler than expected, but came alongside generally robust retails sales and consumer data.

The USD/JPY Yen broke above 162 for the first time in 40-years.

US - (US) Trump administration said to be drafting a ban on imports of foreign energy inverters, the equipment that connects solar projects and batteries to the grid - press - (CA) CANADA APR GDP M/M: 0.5% V 0.4%E; Y/Y: 1.1% V 0.9%E - (US) APR S&P COTALITY HOUSE PRICE INDEX (20-CITY) M/M: -0.04% V -0.10%E; Y/Y: 1.14% V 0.90%E - (US) APR FHFA HOUSE PRICE INDEX M/M: -0.1% V 0.2%E - (CL) Chile May Retail Sales Y/Y: 4.8% v 5.5%e - (CL) Chile May Unemployment Rate: 9.4% v 9.2%e - (US) JUN CHICAGO PURCHASE MANAGERS INDEX (PMI): 56.7 V 55.1E - (US) JUN CONSUMER CONFIDENCE: 91.2 V 94.4E - (US) MAY JOLTS JOB OPENINGS: 7.594M V 7.300ME - (US) US Supreme Court rules against Trump's order to limit birthright citizenship; Vote was 6-3 - (US) Fed's Hammack (voter): Inflation is still too high, Fed may need to consider rate hikes to bring inflation to target; Seeing no tension in the dual mandate right now - CNBC interview -(US) Pres.

Trump: Disappointed in Supreme Court Birthright Citizenship ruling; Says can easily make it up in Congress through legislation, no Constitutional amendment is needed Europe and Asia - (JP) Japan Econ Min Kiuchi: Hope BOJ works closely with govt to durably achieve the target [**Note: comments follow recent press speculation that Japan govt apply pressure for BOJ slow its tightening pace] - (PT) Portugal Jun Preliminary CPI M/M: 0.1% v 0.2% prior; Y/Y: 3.2% v 3.3% prior - (IN) India Central Bank (RBI) Financial Stability Report for Jun: global financial stability risks remain elevated - (DE) Germany reportedly demanding €400B cut to EU Commission's proposed 2028-34 budget of €2.0T - press (20% reduction) - (IL) Israel Fin Min said to call for a sharp Base rate cut at the upcoming BOI policy decisio - (IR) Iran official: Serious challenges remain in US implementation of MOU; IAEA access to damaged nuclear sites remains blocked -(DE) GERMANY JUN PRELIMINARY CPI M/M: -0.3% V 0.0%E; Y/Y: 2.3% V 2.6%E -(UK) Bank of England (BOE) Gov Baily: Frustrated not back at inflation target and could still rise later this year - CNBC -(EU) ECB's Rehn (Finland): Sees plenty of geopolitical uncertainty going forward; It's important not to commit to a predetermined rate path; Doesn't see major second-round effects materializing -(UK) BOE considers implementing an AI "kill switch" to prevent trading bots from causing a potential financial meltdown, worries that new technologies could amplify volatility in stressed financial markets - Telegraph -(EU) ECB’s Dolenc (acting Slovenia member): If current oil prices hold, the ECB may be able to wait until Sept to decide if more policy steps are needed -(EU) Reportedly ECB's decision's on minimum reserve requirement is expected later this autumn - press -(CO) Colombia Central Bank raises Overnight Lending Rate by 75bps to 12%; more than the 50 bps expected; Inflation is on upward trend Corporate Headlines -AVAV Q4 $1.84 v $1.53e, Rev $641.6M v $563Me -CNXC Q2 $2.63 v $2.70 y/y, Rev $2.46B v $2.42B y/y; Cuts outlook -UNCY FDA issues complete response letter for OLC NDA resubmission due to third-party manufacturing deficiencies; in active discussions with FDA on label and packaging -LCII to combine with Patrick Industries in all-stock merger, forming a premier component solutions provider for the outdoor enthusiast, housing and transportation markets; Patrick holders to own ~52% of combined company -APD will not proceed with Louisiana Clean Energy Complex; FY26 Q3 pre-tax charge not expected to exceed $2.9B -ALGN EU opens antitrust probe into Align Technology over suspected tying of its iTero intra-oral scanners to Invisalign clear aligners in the EEA - press -P rportedly Jana Partners builds stake, beginning in Q1; Size of investment unknown; Jana requested confidential treatment from the SEC - press After Hours Movers - BE +13%; expands power deal with Brookfield AI Infrastructure - STZ +3%; earnings beat and affirms - NKE -2%; earnings beat; China revenue down 13% - PRGS -3%; earnings beat and slight raise