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“Good news” = “bad news”?… 

After ADP’s piping-hot jobs report came in at double expectations (nearly 500K private-sector jobs added), the Dow and the S&P 500 had their worst day since May. A sizzlin’ labor market means the Fed may keep rates higher for longer to cool inflation, and traders upped their bets of a July hike. But then Friday’s official jobs report showed strong but cooling hiring (209K jobs added vs. 240K expected), and the market briefly ticked up. Now investors are waiting on Wednesday’s June consumer inflation data, crossing their fingers for some #goodnews.

• Threats: Meta launched Threads, a text-focused social network, in 100+ countries — and within two days it was downloaded 70M times. Some are already calling Threads a “Twitter killer” given Meta’s massive reach.

• Uturn: New US car sales surged by as much as 14% in the first half of this year. Cox Automotive predicts that car buying will cool in the second half, but still upped its sales estimate to 15M.

Retirees are investing more like young adults: instead of shifting more to bonds, nearly half of Vanguard‘s active 401(k) investors over age 55 held more than 70% stocks — up from just 38% in 2011.

TikTok is coming for Amazon‘s ecomm crown: its shopping feature is gaining popularity in Southeast Asia and is projected to hit $20B in gross merchandise value this year (up 4X from last).

• IOU: After SCOTUS struck down President Biden’s student loan forgiveness plan, retailers are bracing for a hit to discretionary spend. After three years of a pause on payments, loan collections are set to restart.

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