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Today's Brief: US markets are closed today for Independence Day, but Thursday didn't take a day off. Moderna surged 10.15% after FDA advisors voted 16-to-0 in support of its mRNA flu vaccine. Rivian raised its full-year delivery guidance by 50% and jumped 8.44%. Semiconductor equipment stocks got demolished — SanDisk down 14%, Teradyne down 14%, KLA down 12%. The June jobs report came in at 57,000, less than half the forecast, yet the Dow hit an all-time high of 52,900. Palantir got an upgrade to Buy. Markets reopen Monday. Here's what moved. |
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| YOUR HEALTH |
MRNA · +10.15% |
FDA Advisors Just Voted 16-to-0 for Moderna's mRNA Flu Vaccine. Here's What That Really Means. Moderna (MRNA) surged 10.15% Thursday after FDA advisors voted unanimously — 16 to 0 — to support its mRNA-based flu vaccine. Healthcare was the top-performing S&P 500 sector on the day, gaining 2.70%. For Moderna, this is bigger than flu: a unanimous advisory panel endorsement is rare, and it validates the mRNA platform for disease areas well beyond COVID-19.
The other side: Moderna still loses money. The company posted a net loss in Q1 2026 and burns through cash at a pace that makes profitability years away. FDA advisory votes are not approvals. Watch the formal approval timeline and Moderna's quarterly cash burn. Read the full story. |
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| YOUR PORTFOLIO |
RIVN · +8.44% |
Rivian Raised Its 2026 Delivery Guidance to 70,000 Vehicles. Is the Turnaround Actually Real? Rivian (RIVN) jumped 8.44% to $18.63 after reporting Q2 deliveries above expectations and raising its full-year 2026 guidance to 65,000–70,000 vehicles — up from the prior range of 46,000–51,000. That's a 50% increase in guidance mid-year. The R2 platform launch is the next major catalyst, targeting a significantly lower price point and a mass-market audience.
The other side: Rivian still loses money on every vehicle it makes. Gross margins remain negative. The company needs 100,000+ annual vehicles to approach profitability. Higher guidance means nothing if the unit economics don't improve. Read the full story. |
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| YOUR PORTFOLIO |
The Oxford Club |
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| YOUR TECHNOLOGY |
SNDK · -14.25% |
SanDisk -14%. Teradyne -14%. KLA -12%. The AI Chip Divide Is Crushing Semiconductor Equipment. Semiconductor equipment stocks collapsed Thursday while AI names held steady. SanDisk (SNDK) fell 14.25%, Teradyne (TER) dropped 13.67%, KLA Corp (KLAC) lost 11.61%, and Lam Research (LRCX) shed 10.16%. The Nasdaq fell 0.8%. The pattern is clear: companies that make AI chips are doing fine. Companies that sell the equipment to make all chips are not.
The distinction matters: KLA, Teradyne, and Lam make the machines used to build ALL chips — NAND, DRAM, and logic. When memory capex slows or chipmakers defer capacity, equipment companies feel it first. This is a sector rotation, not a collapse of semiconductor demand. Read the full story. |
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| YOUR ECONOMY |
DOW · 52,900 |
June Jobs: 57,000 Payrolls vs. 115,000 Forecast. So Why Did the Dow Hit an All-Time High? The June jobs report came in at 57,000 new nonfarm payrolls — less than half the 115,000 forecast. Unemployment slipped to 4.2% from 4.3%. Yet the Dow Jones Industrial Average closed at an all-time high of 52,900.07. The logic: bad jobs news is good news for markets right now. Markets now price a 78% probability of a September Fed rate cut, up sharply from the day before.
The counterargument: A 57K print is genuinely weak. If job creation stays below 100K for two consecutive months, recession risk becomes a real conversation — not just a Fed repricing story. The market is pricing in the cure before confirming the disease. Read the full story. |
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| YOUR PORTFOLIO |
PLTR · +3.7% |
Wall Street Is Finally Figuring Out What Palantir Does. D.A. Davidson Just Upgraded It to Buy. D.A. Davidson upgraded Palantir (PLTR) to Buy from Neutral Thursday, sending shares up 3.7%. The thesis: Palantir's AI Platform (AIP) creates a durable competitive moat in AI orchestration that Wall Street has consistently underpriced. Commercial revenue grew 71% year-over-year in the most recent quarter. Davidson's price target: $38.
The concern: At current valuations, PLTR is priced for years of flawless execution. If enterprise AI adoption decelerates or a credible competitor builds an orchestration layer, the premium compresses fast. Watch for large new commercial contract wins as proof of the thesis. Read the full story. |
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| YOUR PORTFOLIO |
Money Morning |
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OFF THE BRIEF
Markets reopen Monday. US equity markets resume normal trading July 7. Q2 earnings season kicks off July 11 with JPMorgan, Wells Fargo, and Citigroup. Analysts project 23.1% S&P 500 earnings growth year-over-year. |
Apple +4% on chip sourcing report. AAPL shares jumped Thursday after reports that Apple is negotiating component supplies from Chinese chipmakers to address a global semiconductor shortage. No official confirmation yet. |
Healthcare leads all sectors Thursday. The S&P 500 healthcare sector gained 2.70% — the top performer on the day. Vertex Pharmaceuticals (VRTX) hit a 52-week high, up 6.02%. |
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