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   Daily 2026-06-30
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   Plus, Japan’s yen is in the doldrums | Your Daily Brief is ready |
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               3:15 read time
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                     WHAT'S GOING ON
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                       All metrics are as of the latest market close.
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                         <td class="s21">
                          S&amp;P 500
                         </td>
                         <td style="font-size:12px;color:#16B166;font-weight:500;font-family:Trispace,monospace;width:30%;vertical-align:baseline;padding:10px 0 0 0">
                          0.75% ▲
                         </td>
                         <td class="s22">
                          7,496
                         </td>
                        </tr>
                        <tr>
                         <td class="s21">
                          GOLD
                         </td>
                         <td class="s23">
                          0.16% ▼
                         </td>
                         <td class="s22">
                          $4,033
                         </td>
                        </tr>
                        <tr>
                         <td class="s21">
                          BITCOIN*
                         </td>
                         <td class="s23">
                          2.52% ▼
                         </td>
                         <td class="s22">
                          $58,634
                         </td>
                        </tr>
                        <tr>
                         <td colspan="3" style="font-size:10px;font-family:Trispace,monospace;color:#7F879C;padding:0">
                          *24-hour change
                         </td>
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                     <td align="left" style="font-size:0px;padding:10px 25px;padding-top:0;padding-right:0;padding-bottom:0;padding-left:0;word-break:break-word;">
                      <div style="font-family:Inter,sans-serif;font-size:1px;line-height:1.5;text-align:left;color:#000000;">
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                          FTSE 100
                         </td>
                         <td style="font-size:12px;color:#16B166;font-weight:500;font-family:Trispace,monospace;width:30%;vertical-align:baseline;padding:10px 0 0 0">
                          0.26% ▲
                         </td>
                         <td class="s22">
                          10,511
                         </td>
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                         <td class="s21">
                          BRENT OIL
                         </td>
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                          0.65% ▼
                         </td>
                         <td class="s22">
                          $73.43
                         </td>
                        </tr>
                        <tr>
                         <td class="s21">
                          US BONDS*
                         </td>
                         <td class="s23">
                          0.06% ▲
                         </td>
                         <td class="s22">
                          4.44%
                         </td>
                        </tr>
                        <tr>
                         <td colspan="3" style="font-size:10px;font-family:Trispace,monospace;color:#7F879C;padding:0">
                          *10-year government yield
                         </td>
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                 <div style="font-family:Inter,sans-serif;font-size:14px;font-weight:700;line-height:1.5;text-align:left;color:#181c25;">
                  WALL STREET FEAR GAUGE INDEX 
(
                  <a style="font-weight:400;font-family:Trispace,monospace">
                   VIX
                  </a>
                  )
                 </div>
                </td>
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                     <img alt="Wall Street Fear Gauge Index" class="s11" height="auto" src="https://inboxflows.com/_/image/https%253A%252F%252Ffinimize-img.imgix.net%252Fhttps%253A%252F%252Fimages.bannerbear.com%252Fdirect%252F7Q4rjJzQn7vZo8qPOx%252Frequests%252F000%252F151%252F300%252F676%252FjMDOvP3KezRL4DDGQlqoyk8AW%252F54b7e1326982ede66198a1050554d889b2f7358d.png%253Fauto%253Dformat%2526fit%253Dclip%2526h%253DNone%2526ixlib%253Dpython-3.1.2%2526w%253D1200%2526s%253Dfa21983049564b8eb7dc5d79940a0b46/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZmaW5pbWl6ZS1pbSIsInRpbWUiOjE3ODI4NTY5MzUuNzY2MTk1fQ:1wegX1:Te6wjhT7T4kgzksub6ovwROXfcf3ixD7ar-XIbkAISY" width="536"/>
                    </td>
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                     <td align="left" style="font-size:0px;padding:0;padding-right:0;padding-bottom:0;padding-left:0;word-break:break-word;">
                      <div class="s28">
                       <p data-block-key="10zqs">
                        7️⃣ The shine’s rubbing off the Magnificent Seven
                       </p>
                       <p data-block-key="2j16r">
                        <b>
                         🧠 FOR PRO MEMBERS:
                        </b>
                        Thinking fast and slow – as an investor
                       </p>
                       <p data-block-key="aktn3">
                        🇯🇵 Japan’s yen fell to a 40-year low
                       </p>
                       <p data-block-key="bvg40">
                        <b>
                         👇 Keep reading to find out more
                        </b>
                       </p>
                      </div>
                     </td>
                    </tr>
                   </tbody>
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                 </td>
                </tr>
               </tbody>
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                   <mj-raw>
                    <span class="s17">
                     👀
                    </span>
                    <span class="s18">
                     Today's headlines
                    </span>
                   </mj-raw>
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                  <div class="s30">
                   <mj-raw>
                    <span class="s31">
                     June Gloom
                    </span>
                   </mj-raw>
                  </div>
                 </td>
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                  <table border="0" cellpadding="0" cellspacing="0" class="s9" role="presentation">
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                      <a target="_blank">
                       <img alt="June Gloom" class="s11" height="auto" src="https://inboxflows.com/_/image/https%253A%252F%252Ffinimize-img.imgix.net%252Fhttps%253A%252F%252Fchivas-assets.s3-eu-west-1.amazonaws.com%252Fstatic%252Fimages%252FEditorial-300626-AIRotation-2.original.jpg%253Fauto%253Dformat%2526fit%253Dcrop%2526h%253D600%2526ixlib%253Dpython-3.1.2%2526w%253D1200%2526s%253D707207983904b06ff47dcd0dcb33b94e/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZmaW5pbWl6ZS1pbSIsInRpbWUiOjE3ODI4NTY5MzUuNzY2NDM4Mn0:1wegX1:7ADifqxVipwXew3PzM6oSIG8IYbaqsSGnHr4D2b1Urg" width="568"/>
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                 <td align="left" class="s5">
                  <div class="s28">
                   <p data-block-key="mkmwr">
                    <b>
                     What’s going on here?
                    </b>
                   </p>
                   <p data-block-key="6g06b">
                    The Magnificent Seven group of tech stocks just had its worst month in over a year, falling 10% and wiping off
                    <i>
                     $2.3 trillion
                    </i>
                    in market value.
                   </p>
                   <p data-block-key="76cjf">
                    <b>
                     What does this mean?
                    </b>
                   </p>
                   <p data-block-key="5bos9">
                    Investors have been worried about tech giants’ AI spending for some time now – you know, the hundreds of billions of
dollars that they’ve been pouring into chips and data centers. Well, that’s showing up in stock prices:
                    <b>
                     Microsoft
                    </b>
                    ,
                    <b>
                     Nvidia
                    </b>
                    ,
                    <b>
                     Apple
                    </b>
                    ,
                    <b>
                     Amazon
                    </b>
                    ,
                    <b>
                     Meta
                    </b>
                    ,
                    <b>
                     Alphabet
                    </b>
                    , and
                    <b>
                     Tesla
                    </b>
                    all saw theirs slide in June. Sick of waiting around for meaningful profit, investors let their eyes (and wallets) wander from spenders to spend
                    <i>
                     ees
                    </i>
                    …
                   </p>
                   <p data-block-key="1n3g0">
                    🔺 The Philadelphia Semiconductor Index, which tracks US chipmakers, has soared 82% this quarter
alone. Makes sense: chip companies are directly benefiting from all that spending. And with demand still outstripping supply, prices – and profits – have reaped the rewards.
                   </p>
                   <p data-block-key="3php">
                    <b>
                     Why should I care?
                    </b>
                   </p>
                   <p data-block-key="1bgld">
                    <b>
                     <i>
                      For markets:
                     </i>
                    </b>
                    <i>
                     Today's winners rely on tomorrow's spending.
                    </i>
                   </p>
                   <p data-block-key="4q9le">
                    Memory chip makers have been leading the charge this year.
                    <b>
                     Sandisk
                    </b>
                    has surged
                    <i>
                     sevenfold
                    </i>
                    , while
                    <b>
                     Micron
                    </b>
                    ,
                    <b>
                     Intel
                    </b>
                    ,
                    <b>
                     Western Digital
                    </b>
                    , and
                    <b>
                     Seagate
                    </b>
                    have all more than tripled. But, of course, that momentum will only last if Big Tech keeps spending.
                   </p>
                   <p data-block-key="4g01g">
                    ⚠️ The Bank for International Settlements warned last week that the AI race may have already been overinvested in. And if spending has, indeed, happened too quickly, that means the boom is more likely to come to an abrupt end – potentially soon, too.
                   </p>
                   <p data-block-key="a3dq7">
                    <b>
                     <i>
                      The bigger
picture:
                     </i>
                    </b>
                    <i>
                     Out with the old, in with the new.
                    </i>
                   </p>
                   <p data-block-key="bjd88">
                    It used to be that where the Magnificent Seven went, the US stock market followed. But now, the group has less of a pull. See, investors aren’t only buying chipmakers: they’re also “rotating” into banks and industrial firms as they turn away from tech.
                   </p>
                   <p data-block-key="c4414">
                    ▶ If things keep going in that direction, the rally could look more sustainable: it’s less risky for the success of the market to
rely on just a handful of tech stocks, after all.
                   </p>
                  </div>
                 </td>
                </tr>
                <tr>
                 <td align="left" class="s5">
                  <div style="font-family:Inter,sans-serif;font-size:14px;font-weight:bold;line-height:1.5;text-align:left;color:#000000;">
                   You might also like ⇢
                   <a>
                    The AI Boom’s Next Winners Might Not Be The Ones Goldman Thinks, Actually
                   </a>
                  </div>
                 </td>
                </tr>
               </tbody>
              </table>
             </div>
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                   <p data-block-key="pr7ai">
                    The key to a
                    <a>
                     successful portfolio
                    </a>
                    might be in making perfectly informed, cool, calculated decisions. The
problem is, investors are human beings, prone to abandon rational thinking and opt for emotional conclusions instead.
                   </p>
                   <p data-block-key="7j0qk">
                    Nobel laureate
                    <a>
                     Daniel Kahneman understood this
                    </a>
                    better than anyone: a founder of behavioral economics, he could clock every one of your
biases and decision-making flubs, before you even made them.
                   </p>
                   <p data-block-key="brtl7">
                    Kahneman died in 2024, but his insights will always be relevant. In honor of his genius, let’s take a look at the wisdom he left behind – and how you can use it to become a far
                    <a>
                     smarter investor
                    </a>
                    .
                   </p>
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                      Read or listen to the Insight here
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                  <div class="s30">
                   <mj-raw>
                    <span class="s31">
                     Yen And Tonic
                    </span>
                   </mj-raw>
                  </div>
                 </td>
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                 <td align="center" class="s5">
                  <table border="0" cellpadding="0" cellspacing="0" class="s9" role="presentation">
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                  <div class="s28">
                   <p data-block-key="jjtfd">
                    <b>
                     What’s going on here?
                    </b>
                   </p>
                   <p data-block-key="8f2df">
                    The Japanese yen just slumped to its lowest level in 40 years, despite historic attempts to revive it.
                   </p>
                   <p data-block-key="887ea">
                    <b>
                     What does this mean?
                    </b>
                   </p>
                   <p data-block-key="5gff5">
                    Back in April, Japanese authorities spent a record $72.5 billion buying yen, in an effort to push the currency higher. It worked, but not for long: the yen just dropped
to 162 versus the dollar, its weakest level since
                    <i>
                     1986
                    </i>
                    .
                   </p>
                   <p data-block-key="7ld0">
                    ▶ So the pressure’s now on the Japanese government to step in again – and with more than $1 trillion in foreign-exchange reserves, it certainly could. But the question is whether it should…
                   </p>
                   <p data-block-key="ek1e9">
                    <b>
                     Why should I care?
                    </b>
                   </p>
                   <p data-block-key="37ilc">
                    <b>
                     <i>
                      Zooming in:
                     </i>
                    </b>
                    <i>
                     Governments can buy currencies, but not confidence.
                    </i>
                   </p>
                   <p data-block-key="2d2eh">
                    The yen’s weakness is
largely down to the wide gap between American and Japanese interest rates. Even though the Bank of Japan
                    <a>
                     raised
                    </a>
                    rates to their highest level since 1995 in June, they’re still only at 1% – way below the US at 3.5% to 3.75%.
                   </p>
                   <p data-block-key="8mb16">
                    ▶ That means global investors can borrow
yen cheaply, and park that cash in higher-yielding investments abroad. And that pushes the currency down, as folks sell it to buy into those opportunities outside of Japan.
                   </p>
                   <p data-block-key="2oe3b">
                    ▶ So the country’s stuck between a rock and a hard place. It
                    <i>
                     could
                    </i>
                    buy more yen or hike interest rates. But the former just buys time and doesn’t fix the actual problem, while the latter risks knocking back an economy recovering from decades of sluggish growth.
                   </p>
                   <p data-block-key="60usp">
                    <b>
                     <i>
                      Zooming
out:
                     </i>
                    </b>
                    <i>
                     A weak currency creates winners and losers.
                    </i>
                   </p>
                   <p data-block-key="4qfo4">
                    A weaker yen isn’t bad for everyone. Japan’s carmakers could get a $5.8 billion profit boost this year, since their overseas earnings are worth more once converted back into yen.
                   </p>
                   <p data-block-key="em5q2">
                    ⚠️ But households and import-heavy businesses are paying more for fuel, food, and raw materials. That’s why a falling currency can push stocks higher even as consumers feel worse off – and why
exchange rates rarely hit every part of an economy equally.
                   </p>
                  </div>
                 </td>
                </tr>
                <tr>
                 <td align="left" class="s5">
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<![endif]-->
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              <table border="0" cellpadding="0" cellspacing="0" class="s4" role="presentation" width="100%">
               <tbody>
                <tr>
                 <td align="left" class="s15">
                  <div class="s16">
                   <mj-raw>
                    <span class="s17">
                     ✨
                    </span>
                    <span class="s18">
                     ​​​​​​​​​​​​​​​​​​​​​​​​​Sarah's Digest
                    </span>
                   </mj-raw>
                  </div>
                 </td>
                </tr>
               </tbody>
              </table>
             </div>
             <!--[if mso | IE]>
</td></tr></table>
<![endif]-->
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        <!--[if mso | IE]>
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</td></tr><tr><td class="" width="600px">
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             <!--[if mso | IE]>
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                  <div style="font-family:Trispace,monospace;font-size:12px;line-height:1.5;text-align:left;color:#5E6984;">
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                 <td align="left" class="s33">
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                   <a>
                    US Job Openings Ticked Up, But Hiring Stayed Soft
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                 </td>
                </tr>
                <tr>
                 <td align="left" class="s5">
                  <div class="s34">
                   May’s JOLTS report showed 7.594 million openings and 5.170 million hires, keeping the labor market in a holding pattern as traders watch the Fed’s next move.
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                 </td>
                </tr>
                <tr>
                 <td align="left" class="s33">
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                   🏆
                   <a>
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                 </td>
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                <tr>
                 <td align="left" class="s5">
                  <div class="s34">
                   Traders are pricing in three Fed hikes this year, and a stronger US dollar is making bullion less attractive.
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                </tr>
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                 <td align="left" class="s33">
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                   The Open Standard consortium says its Open USD stablecoin will be free to mint and redeem, with reserve earnings shared across partners.
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                 <td align="left" class="s33">
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                   Traders focused on possible US-Iran talks in Doha and fresh supply signs, even as the ceasefire uncertainty lingered.
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        <!--[if mso | IE]>
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</td></tr></table>
<![endif]-->
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</td></tr></table>
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                  <div class="s16">
                   <mj-raw>
                    <span class="s17">
                     🖋️
                    </span>
                    <span class="s18">
                     Quote of the day
                    </span>
                   </mj-raw>
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                 </td>
                </tr>
               </tbody>
              </table>
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             <!--[if mso | IE]>
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<![endif]-->
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        <!--[if mso | IE]>
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<![endif]-->
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             <!--[if mso | IE]>
<table role="presentation" border="0" cellpadding="0" cellspacing="0"><tr><td class="" style="vertical-align:top;width:568px;">
<![endif]-->
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               <tbody>
                <tr>
                 <td align="left" class="s5">
                  <div class="s28">
                   <strong>
                    "Withholding feedback is choosing comfort over growth. Staying silent deprives people of the opportunity to learn. If you're worried about hurting their feelings, it's a sign that you haven't earned their trust."
                   </strong>
                   – Adam Grant (an American organizational psychologist)
                  </div>
                 </td>
                </tr>
               </tbody>
              </table>
             </div>
             <!--[if mso | IE]>
</td></tr></table>
<![endif]-->
            </td>
           </tr>
          </tbody>
         </table>
        </div>
        <!--[if mso | IE]>
</td></tr></table>
</td></tr></table>
<![endif]-->
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<![endif]-->
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        <!--[if mso | IE]>
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<![endif]-->
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          <tbody>
           <tr>
            <td class="s14">
             <!--[if mso | IE]>
<table role="presentation" border="0" cellpadding="0" cellspacing="0"><tr><td class="" style="vertical-align:top;width:568px;">
<![endif]-->
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              <table border="0" cellpadding="0" cellspacing="0" class="s4" role="presentation" width="100%">
               <tbody>
                <tr>
                 <td align="left" class="s29">
                  <div class="s16">
                   <mj-raw>
                    <span class="s17">
                     🎯
                    </span>
                    <span class="s18">
                     On Our Radar
                    </span>
                   </mj-raw>
                  </div>
                 </td>
                </tr>
               </tbody>
              </table>
             </div>
             <!--[if mso | IE]>
</td></tr></table>
<![endif]-->
            </td>
           </tr>
          </tbody>
         </table>
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        <!--[if mso | IE]>
</td></tr></table>
</td></tr><tr><td class="" width="600px">
<table align="center" border="0" cellpadding="0" cellspacing="0" class="" role="presentation" style="width:568px;" width="568"><tr><td style="line-height:0px;font-size:0px;mso-line-height-rule:exactly;">
<![endif]-->
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          <tbody>
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             <!--[if mso | IE]>
<table role="presentation" border="0" cellpadding="0" cellspacing="0"><tr><td class="" style="vertical-align:top;width:568px;">
<![endif]-->
             <div class="mj-column-per-100 mj-outlook-group-fix s6">
              <table border="0" cellpadding="0" cellspacing="0" role="presentation" width="100%">
               <tbody>
                <tr>
                 <td class="s19">
                  <table border="0" cellpadding="0" cellspacing="0" role="presentation" style="" width="100%">
                   <tbody>
                    <tr>
                     <td align="left" style="font-size:0px;padding:0;padding-right:0;padding-bottom:0;padding-left:0;word-break:break-word;">
                      <div class="s28">
                       <p data-block-key="aaghi">
                        <b>
                         David and Goliath.
                        </b>
                        Erin Brockovich takes on
                        <a>
                         AI data
centers
                        </a>
                        .
                       </p>
                       <p data-block-key="49gt6">
                        <b>
                         You can bet on it.
                        </b>
                        Gambling disorders are on the rise in America as
                        <a>
                         legalized sports betting
                        </a>
                        grows.
                       </p>
                       <p data-block-key="138uc">
                        <b>
                         Leave a message at the beep.
                        </b>
                        The
                        <a>
                         new wedding guestbook
                        </a>
                        .
                       </p>
                      </div>
                     </td>
                    </tr>
                   </tbody>
                  </table>
                 </td>
                </tr>
               </tbody>
              </table>
             </div>
             <!--[if mso | IE]>
</td></tr></table>
<![endif]-->
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          </tbody>
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        <!--[if mso | IE]>
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</td></tr></table>
<![endif]-->
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      </tr>
     </tbody>
    </table>
   </div>
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<table align="center" border="0" cellpadding="0" cellspacing="0" class="" role="presentation" style="width:600px;" width="600"><tr><td style="line-height:0px;font-size:0px;mso-line-height-rule:exactly;">
<![endif]-->
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        <!--[if mso | IE]>
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          <tbody>
           <tr>
            <td align="left" class="s5">
             <div class="s28">
              Stay classy, Sarah 😉 This issue of the Daily Brief was curated by
              <a class="s35">
               Reda
              </a>
              ,
              <a class="s35">
               Russell
              </a>
              ,
and
              <a class="s35">
               Linda
              </a>
              . Got an idea? A question?
              <a>
               Get in touch
              </a>
              .
             </div>
            </td>
           </tr>
          </tbody>
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        <!--[if mso | IE]>
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<![endif]-->
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<![endif]-->
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       <td style="direction:ltr;font-size:0px;padding:0 16px;text-align:center;">
        <!--[if mso | IE]>
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          <tbody>
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             <!--[if mso | IE]>
<table role="presentation" border="0" cellpadding="0" cellspacing="0"><tr><td class="" style="vertical-align:top;width:568px;">
<![endif]-->
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              <table border="0" cellpadding="0" cellspacing="0" class="s4" role="presentation" width="100%">
               <tbody>
                <tr>
                 <td align="left" class="s29">
                  <div class="s16">
                   <mj-raw>
                    <span class="s17">
                     💌
                    </span>
                    <span class="s18">
                     THAT WAS GREAT FOR US... HOW WAS IT FOR YOU?
                    </span>
                   </mj-raw>
                  </div>
                 </td>
                </tr>
               </tbody>
              </table>
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             <!--[if mso | IE]>
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        <!--[if mso | IE]>
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<![endif]-->
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            <td align="center" class="s36">
             <table border="0" cellpadding="0" cellspacing="0" class="s37" role="presentation">
              <tbody>
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                 <a class="s39" target="_blank">
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                   🔥
                  </span>
                  Hot stuff
                 </a>
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                   👍
                  </span>
                  Just alright
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