The US stock market’s fate is no longer intertwined with Japan’s currency

One of the most unsettling dynamics in markets lately has been the tight connection between the movements of the Japanese yen and the US stock market.

Correlated markets where lots of assets are trading in lockstep are generally concerning (with some exceptions), because it suggests that investors are doing the same thing: selling popular and or leveraged positions.

The good news is that seems to be changing on Tuesday. S&P 500 equity futures are up about 1.5% while the US dollar is down 0.3% versus the Japanese yen, and the two have trended in different directions since early this morning.

The breakdown in this cross-asset correlation is an encouraging sign that positioning has reset and cleared up following last week’s volatility shock, and a little more normality and nuanced trading has returned to markets.

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Credit markets have a “debt” problem, not a “risk” problem

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Meet the newly public, Bezos-backed company that’s recreating the sun and stars

General Fusion CEO Greg Twinney spoke with Sherwood News from the Nasdaq during the stock’s first day of trading.

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SpaceX gets a wave of bullish ratings from Wall Street analysts

SpaceX received more than a dozen positive analyst calls on Tuesday — including from major Wall Street banks — as they initiate coverage on Elon Musk’s space and AI company.

SpaceX went public on June 12 at a $2.2 trillion valuation, the largest debut in history. While the company hasn’t yet posted a profit, it seems to have convinced Wall Street that it will get there and grow its valuation on the way.

Of the at least 17 analysts that gave a rating on Tuesday, all but one gave it a “buy” or “outperform” rating. MoffettNathanson was "neutral."

The ratings come as SpaceX joined the Nasdaq 100 index, a benchmark tech-heavy basket of companies that underpins millions of portfolios. The inclusion adds built-in demand for the stock from index funds and ETFs.

Still, SpaceX fell more than 5% on Tuesday amid a broader sell-off, and is currently effectively flat from its opening price of $150 a share.

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US job growth falls far short of estimates in June; unemployment rate unexpectedly dips to 4.2%

Job growth was 57,000. Analysts foresaw job growth of 113,000; prediction markets were more optimistic, looking for job growth above 125,000 but below 150,000.

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Meta surges on report it’s starting a cloud business to sell excess AI compute

The story of the hyperscalers in 2026 has largely been “the beatings will continue until the cash flow outlook improves;” this could help change the story for Meta. Or not.

Meta CEO Mark Zuckerberg visits U.S. Capitol for Senate meetings

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