Market update for Thursday July 3, 2026 Check out the Public app for incredible investing tools and to support the show (LINK) Follow us on Instagram (@TheRundownDaily) for bonus content and instant reactions. In today’s episode, Zaid covers: What a WEAK June jobs report could mean for the Fed Why Apple is looking to buy memory chips from blacklisted Chinese companies Sam Altman&#x27;s pitch to hand the U.S. government a 5% stake in OpenAI Palantir rallying on its Nvidia partnership and a fresh analyst upgrade Bending Spoons cools after its big IPO debut Why this year’s Fourth of July barbecue is getting hit hard by inflation, especially beef prices

OpenAI Proposes 5% Government Stake, Apple Turns to Blacklisted Chinese Chips

The Rundown

# Full Transcript

**Podcast:** The Rundown

## Transcript

[SPEAKER_A] public.com presents The Rundown, your daily market update in 10 minutes. My name is Zaid Admani, and today is Thursday, July 2nd. In today's episode, we'll break down the weak June jobs report and what it could mean for the Fed. We'll also tell you why Apple wants to buy memory chips from blacklisted Chinese companies and why Sam Altman wants to hand the U.S. government a 5% stake in OpenAI. Then stick around to the end of the show to find out how much more your Fourth of July cookout is going to cost you this year. We got a great show for you today. Let's go. The stock market kicked off the third quarter with a weird mixed session of trading on Wednesday. The S&P 500 fell 0.2%, while the NASDAQ dropped by 0.7%. Now here's the thing, the majority of the stocks in the S&P actually went up yesterday, but the index still finished in the red because chip stocks dragged things down. The semiconductor ETF fell more than 6% on Wednesday, and the catalyst for this wipeout was the news that Meta is planning to build their cloud business to sell off excess AI computing capacity. And this news sent shockwaves through the market because of what it signals about AI. Meta, as you guys know, is one of the biggest buyers of AI infrastructure out there. They're spending hundreds of billions of dollars building AI data centers. So if Meta, of all companies, suddenly has more compute than it needs, maybe it means the supply of AI computing power is finally catching up to demand. And if that's true, the narrative about compute being supply constrained and endless demand that's been powering this chip stock rally recently starts to look shaky. So I think that's why the whole sector sold off yesterday, especially neo clouds like CoreWeave and Nebbius, which were down double digits. Now, the other thing the market's going to be watching closely is what the Fed decides to do with interest rates. And we just got some data this morning that could impact the Fed's decision. The June jobs report came out this morning and the numbers were weaker than expected. The U.S. The U.S. economy added just 57,000 jobs in June. Wall Street was expecting around 115,000 jobs to be added. And to make matters worse, the jobs data for April and May combined were revised lower by 74,000. So this was a disappointing jobs report. But what's funny, though, is that this might be a case where bad news is good news for the market because a weaker labor market means the Fed has less reason to hike interest rates. The next Fed meeting isn't until July 29th, so we have some time between now and then. We'll see how things shake out in the markets over the next few weeks. Now, remember, the stock market is closed tomorrow for the Fourth of July, so no show from us and no deep dive as well. But we'll be back here on Monday getting ready for earnings season and everything else happening in the market. So if you're new here, definitel...

OpenAI Proposes 5% Government Stake, Apple Turns to Blacklisted Chinese Chips

Transcript

Built for investment professionals

Every day you wait, your competitors are finding
edge in conversations you're not hearing.

OpenAI Proposes 5% Government Stake, Apple Turns to Blacklisted Chinese Chips

Transcript

Built for investment professionals

Every day you wait, your competitors are findingedge in conversations you're not hearing.

Every day you wait, your competitors are finding
edge in conversations you're not hearing.