See what’s driving market performance around the world in today’s Morning Lineup. Bespoke’s Morning Lineup is the best way to start your trading day. Read it now by starting a two-week trial to Bespoke Premium.  CLICK HERE to learn more and start your trial.

“Never do things others can do and will do, if there are things others cannot do or will not do.” – Amelia Earhart

Below is a snippet of commentary from today’s Morning Lineup. Start a two-week trial to Bespoke Premium to view the full report.  

To view yesterday’s CNBC interview from Closing Bell Overtime, click the image below.

US futures are little changed this morning as the S&P 500 looks to erase Tuesday’s modest losses. The major issue of the day will continue to be the Big Beautiful Bill and whether the House can pass the Senate’s version. A vote on that will be held either today or tomorrow, depending on when members can return to DC for the vote. Even when representatives return, passing the bill will be no easy task, as the slim Republican majority means Speaker Johnson can only afford a few no votes from his caucus. Betting against Johnson, however, hasn’t been a profitable strategy so far this year.

Overnight in Asia, equities were mixed with Japan falling just over 0.5% while Hong Kong rallied by a similar magnitude. The weakness in Japan stemmed from comments by President Trump, who expressed doubt that a deal with Japan would be reached by July 9th, in which case he could increase tariffs on the country to 35%.

The tone in Europe has been much more positive, with the STOXX 600 trading up about 0.5%. Unemployment in Europe ticked up to 6.3% which was higher than the 6.2% forecast, while Italy saw its jobless rate surge from 6.1% to 6.5%. That weakness should help to keep the ECB biased towards more easing.

In the US this morning, employment is also at the fore following this morning’s release of the ADP Employment report, which showed a 35K decline in payrolls in June, which was the first decline in over two years and well below the consensus forecast for growth of 95K. The ADP report has been consistently weaker than government data in recent months, and we’ll get the June Non-Farm Payrolls report tomorrow morning, but for now, this weakness lends to concerns over economic growth against a backdrop of uncertainty related to trade. With this report, you can practically hear President Trump’s fingers tapping out the next Truth Social post to Fed Chair Powell.

As we highlighted in the Chart of the Day, yesterday’s trading was all about rotation, where the best-performing areas of the market in Q2 lagged while the Q2 laggards outperformed. Another example of the rotation was in sector performance. The scatter chart below compares the performance of S&P 500 sectors during Q1 (x-axis) versus on 7/1 (y-axis).  Here, you can see the rotation from the Q2 haves to the Q2 have-nots.  The five worst-performing sectors of Q2 were the five best performers yesterday. Technology and Communication Services, easily the best-performing sectors of Q2, were the only two sectors to trade lower yesterday.  As Andy Warhol once said, everyone gets their 15 minutes of fame, and yesterday it was the Q2 laggards’ chance to grab the spotlight.

See what’s driving market performance around the world in today’s Morning Lineup. Bespoke’s Morning Lineup is the best way to start your trading day. Read it now by starting a two-week trial to Bespoke Premium.  CLICK HERE to learn more and start your trial.

“Every story needs an element of suspense – or it’s lousy.” – Sydney Pollack

Below is a snippet of commentary from today’s Morning Lineup. Start a two-week trial to Bespoke Premium to view the full report.  

It’s a new month, a new quarter, and a new half this morning, and while investors would certainly be happy with a repeat in terms of the returns during the half, they would prefer to do without the volatility. This morning, futures are drifting moderately lower after two straight days of record closing highs. The quarter is also getting off to an active start with the June ISM Manufacturing report at 10:00 AM, along with the May reports on Construction Spending and JOLTS.

While these reports will likely impact the market upon their release, so far this morning, there aren’t many headlines driving the market in either direction. While futures are lower, the magnitude of the losses has been pretty modest so far. In Washington, the Senate is still trying to pass the GOP Reconciliation Bill. That ongoing process has led to a resurgence in the war of words between Elon Musk, who hates the bill and is threatening to primary conservatives who vote for it, and President Trump, who responded with comments that Elon owes all his success to government subsidies and said DOGE should look into them.

Besides another flare-up in the spat between President Trump and Elon Musk, Tesla (TSLA) has been in the news this week as the company marked the 15th anniversary of its IPO on Sunday. Based on its performance this year, the stock hasn’t exactly been celebrating the milestone. While well off its April lows, it’s still down over 20% on the year, and this morning, it’s on pace to open down by another 5% after the President ‘truthed’ that DOGE should look into all the subsidies that Musk’s various companies receive. If these pre-market losses hold, it will also put the stock below both its 50 and 200-day moving averages, just as it experiences a ‘golden cross’ where the 50-day moving average (DMA) crosses up through the 200-DMA as both are rising.

Even with its 20%+ decline YTD, TSLA still ranks as the third best performing stock out of the current Russell 1000 members with an eye-popping gain of 19,849% since its IPO. The only two stocks that have performed better are Nvidia (NVDA), which has tripled TSLA’s gain, and Axon Enterprise (AXON), which is up just under 22,000%. Trailing behind TSLA, Broadcom (AVGO), and Texas Pacific Land (TPL) round out the top five stocks that have all rallied more than 10,000%. That’s a 100-bagger!

While the last 15 years have been great for TSLA, the road for traditional auto OEMs hasn’t been much bumpier. While the S&P 500 has rallied nearly sevenfold over the last 15 years, Ford (F) and General Motors (GM) have essentially gone nowhere.