🚀 Canada removed Digital Services Tax; US expects others to follow

Market Overview
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Year To Date Performances:

1. Canada’s decision to scrap its digital services tax just before it took effect has prompted the White House to signal a broader push against similar levies globally. President Trump had threatened to end all trade talks with Canada over the tax, but negotiations resumed once Ottawa backed down. Now, National Economic Council Director Kevin Hassett says the U.S. expects other countries to follow suit as part of broader trade deals, warning that future DSTs will face retaliation. With major tariffs set to kick in July 8 and 9, the administration is preparing a flurry of trade decisions following the passage of Trump’s latest megabill.

2. Oracle stock surged to an all-time high after a new SEC filing revealed a massive cloud deal expected to generate over $30 billion in annual revenue starting in fiscal 2028. CEO Safra Catz is slated to formally announce the agreement, which boosts Oracle’s long-term growth outlook but won’t affect its near-term 2026 guidance. The stock has already climbed more than 33% this year, driven by booming demand for cloud services and AI infrastructure. Oracle’s recent AI ventures—including partnerships with OpenAI, SoftBank, IBM, and expansion in the UAE—are positioning it as a heavyweight in the AI arms race.

3. Robinhood stock hit a record high Monday, jumping 10% after unveiling tokenized shares of OpenAI and SpaceX for European users—marking its first move into tokenizing private companies. Enabled by looser EU investor rules, the tokens allow everyday Europeans to buy fractional exposure to previously exclusive firms. Robinhood is also giving away €5 worth of each token to new EU users by July 7. While U.S. users remain locked out due to regulatory constraints, Robinhood is relaunching crypto staking for Ethereum and Solana stateside, reviving features previously blocked by the SEC.

   Headlines

   1. Home Depot is purchasing building products distributor GMS for $4.3B.

   2. Raising Canes has surpased KFC to become the #3 chicken chain in the United States.

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