Good morning, you're tuned to Markets Desk, and here's what's moving the needle right now.
May's jobs report landed hot, and the Fed's path just got longer. Strong payroll numbers have effectively pushed rate cut expectations further into the future, leaving Chair Kevin Warsh to navigate a labor market that simply refuses to cool. Bonds sold off on the news, and equity bulls had to recalibrate.
That macro pressure is exactly the kind of environment that punishes speculative names, and Joby Aviation felt it sharply today. The air taxi company saw its shares fall hard as investors trimmed exposure to high-risk, pre-revenue growth plays. When rate cut hopes fade, the discount rate rises, and long-duration bets like Joby are typically the first to get repriced.
Meanwhile, the most unusual policy story of the year keeps getting stranger. President Trump signaled Friday that the federal government could take direct equity stakes in artificial intelligence companies like OpenAI and Anthropic, echoing language that Bernie Sanders used just days prior. Analysts already have AI investment approaching two percent of U S GDP this year, nearing defense spending levels, so the scale of what's at stake in Washington's next move here cannot be overstated.
That's the tape. Markets Desk, signing off the floor.
