WEEKLY MARKET OUTLOOK

CALENDAR

1. June S&P Global Services PMI data - Monday
2. ADP Employment Change data - Tuesday
3. Fed Meeting Minutes - Wednesday
4. Initial Jobless Claims data - Thursday
5. June Existing Home Sales data - Thursday
6. IEA Monthly Report - Friday

MAIN EVENTS

• Bitcoin is trading at $63,000 down 1.5% from 64,000 top. As investors monitor renewed momentum for the CLARITY Act, with Polymarket odds of passage surpassing 50% following key endorsements from U.S. law enforcement organizations. The bill, backed by over 200 crypto firms including Coinbase, Ripple, and Kraken, is seen as a landmark effort to establish a comprehensive regulatory framework for digital assets.

• Crude Oil edged lower to $68.69 (-0.13%) after OPEC+ agreed to boost production by 188,000 barrels per day in August, continuing its monthslong effort to step up global supply. Prices have fallen sharply from a war-driven high of ~$118/barrel as the Strait of Hormuz reopens and Gulf producers ramp up shipments, raising oversupply concerns flagged by the International Energy Agency.

• EUR/USD is at $1.14, down a marginal 0.08%, as the U.S. dollar steadied near a 2-week low with investors scaling back expectations of a Federal Reserve rate hike this year. Analysts remain neutral on the dollar's near-term direction, while the Japanese yen hovers near a 40-year low, keeping currency markets on edge.

• SpaceX is slated to join the Nasdaq 100 index before the opening bell on Tuesday, marking a major milestone for Elon Musk's space and AI company. The addition coincides with the start of Q2 earnings season, with PepsiCo and Delta Airlines among the first to report, offering early insight into how consumers have fared amid ongoing economic uncertainty and volatile oil prices.