—— Bomb Threats Trigger Flight Delays at Six Major Canadian Airports; US Job Growth Beats Expectations; Ackman Urges Cuomo to Exit NYC Mayoral Race; US Services Sector Barely Expands in June; Citadel and Millennium Trail Smaller Rivals; Trump Secures $3.4 Trillion Fiscal Overhaul
1. Bomb Threats Trigger Flight Delays at Six Major Canadian Airports
Several major Canadian airports experienced flight delays Thursday morning after receiving bomb threats, according to NAV CANADA, the nation’s air traffic authority.
“Early this morning, NAV CANADA was made aware of bomb threats affecting facilities in Ottawa, Montreal, Edmonton, Winnipeg, Calgary and Vancouver,” the agency said on social media. “Employees at impacted locations are safe, and a temporary ground stop has been implemented at the affected airports.”
Ottawa Police confirmed they are investigating a “security incident” at the city’s airport. The airport website showed multiple departures delayed by over an hour.
A spokesperson for Montreal-Trudeau International Airport said the situation there had been resolved: “There was a slight impact on the flight schedule in the morning, but at this time, the incident is over and operations have returned to normal,” said Eric Forest.
Source: Bloomberg – Bomb Threats Disrupt Flights at Six Major Canadian Airports
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2. US Job Growth Beats Expectations
US stock futures rose on Thursday after better-than-expected job growth data reassured investors about the strength of the US economy.
S&P 500 futures climbed 0.2% as of 8:38 a.m. in New York, while Nasdaq 100 futures advanced 0.3%. The Cboe Volatility Index (VIX) dropped to 16.4.
According to the Bureau of Labor Statistics, payrolls increased by 147,000 in June, alongside slight upward revisions to figures from the prior two months. The unemployment rate declined to 4.1%, down from 4.2% in May.
“This is good news for the economy, but bad news for those hoping for a rate cut in July,” said Matt Maley, chief market strategist at Miller Tabak + Co. “It’s not surprising that futures aren’t rallying more strongly.”
Meanwhile, the US House of Representatives is expected to pass President Donald Trump’s tax and spending package on Thursday, ahead of the July 4 deadline.
Bloomberg Economics noted that the recently announced US-Vietnam trade deal — which includes a 40% tariff on transshipped goods — could provoke retaliation from China.
The S&P 500 has closed at record highs in three of the past four sessions, supported by optimism over trade developments.
Source: Bloomberg – US Stock Futures Widen Rally as Payroll Growth Beats Forecast
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3. Ackman Urges Cuomo to Exit NYC Mayoral Race
Billionaire investor Bill Ackman has urged former New York Governor Andrew Cuomo to exit the city’s mayoral race, throwing his support behind incumbent Eric Adams to face off against democratic socialist Zohran Mamdani in the November election.
Ackman posted on X that after meeting with both Adams and Cuomo this week, he concluded that Adams is “ready to go to battle,” while Cuomo “is not up for the fight.”
“New York City residents’ top concerns are public safety, affordability, quality of life and the local economy,” said Ackman, who previously donated to Cuomo. He praised Adams for having “impressive accomplishments” in those areas.
A former Democrat now backing President Donald Trump, Ackman described Adams as “blazing with enormous energy and clarity,” in contrast to Cuomo’s “subdued energy.”
Source: Bloomberg – Bill Ackman Backs Adams in NYC Mayor’s Race
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4. US Services Sector Barely Expands in June
US service providers eked out a slight expansion in June, driven by a modest rebound in business activity and new orders, even as employment showed the biggest contraction in three months.
The Institute for Supply Management’s services index rose to 50.8 from 49.8 in May, returning to expansion territory and matching economists’ expectations in a Bloomberg survey. The May reading had marked the first contraction in nearly a year.
Business activity resumed growth after stalling in May, and new orders improved moderately. However, the employment component showed a sharp decline, signaling growing labor market challenges in the sector.
“June’s PMI level is a welcome return to expansion, although slow growth and economic uncertainty were frequently referenced by respondents,” said Steve Miller, chair of the ISM Services Business Survey Committee.
Ten service industries reported growth in June, including transportation and warehousing, utilities, and recreation. Six sectors contracted, led by agriculture and construction.
Source: Bloomberg – US Service Providers Expand at Modest Pace as Employment Slows
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5. Citadel and Millennium Trail Smaller Rivals
Citadel and Millennium, two titans of the hedge fund world, are being outperformed by smaller rivals in 2025, as Donald Trump’s trade war fuels market volatility that’s challenging the traditional leaders.
Ken Griffin’s Citadel posted a 2.5% gain in its flagship Wellington fund during the first half of 2025, while Izzy Englander’s Millennium returned 2.2%, according to sources familiar with the performance data. In contrast, Balyasny and ExodusPoint — smaller multi-manager funds — delivered stronger gains of 7.3% and 9.3%, respectively.
Citadel and Millennium oversee roughly $66 billion and $75 billion in assets, respectively, and are the dominant players in the multi-manager hedge fund space. These firms operate networks of trading teams, known as pods, that pursue diverse investment strategies and rely on borrowed funds to enhance returns. Their appeal lies in strict risk management and stable performance, which attracts large institutional investors.
Despite their dominance, Citadel and Millennium were outshone by Balyasny (with $25 billion AUM) and ExodusPoint ($11 billion), underscoring the potential edge smaller, more nimble funds may hold during volatile periods.
The company made record investments of €332 million in 2024 — nearly double the amount from 2023 — including refurbishments of its Madison Avenue store in New York and the Emporio Armani store in Milan.
Source: Financial Times – Citadel and Millennium outshone by smaller hedge fund rivals after trade war turmoil
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6. Trump Secures $3.4 Trillion Fiscal Overhaul
President Donald Trump secured a major domestic policy victory as the House passed a $3.4 trillion fiscal package that slashes taxes, cuts social safety-net spending, and rolls back much of Joe Biden’s clean-energy agenda. The vote passed narrowly at 218-214, with only two Republicans siding with Democrats in opposition.
The legislation, which cleared the Senate earlier in the week with Vice President JD Vance breaking a tie, now heads to Trump’s desk. The president is set to sign it at a 5 pm ceremony on Friday, according to Press Secretary Karoline Leavitt.
Trump leaned heavily on his influence within the Republican party to secure passage — threatening primary challengers, holding lobbying sessions at the White House, and pressing lawmakers during social outings. He faced pushback from both fiscal hawks concerned about adding to the national debt and moderates wary of sharp Medicaid cuts.
The bill represents a sweeping reversal of Biden-era priorities and sets a new course for U.S. fiscal and energy policy ahead of the 2026 election cycle.
Source: Bloomberg – Trump Wins Broad Economic Policy Shift as House Passes Tax Bill
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7. Tesla Rolls Out Robotaxi Service, Shares Jump Nearly 9%
Tesla Inc. shares rose sharply after the company launched its long-awaited driverless taxi service, marking a quiet but meaningful step toward what Elon Musk envisions as a transformative business model.
The first robotaxi rides began Sunday in a limited area of Tesla’s hometown, Austin, Texas. Each vehicle had a company employee in the front passenger seat to monitor for safety. Tesla selected a group of loyal retail investors and social-media influencers to test the service and live-stream their experiences.
In one video, Herbert Ong, who runs a Tesla fan account, praised the car’s acceleration and parking capabilities. Another user, @BLKMDL3, said his ride was smoother than with a human driver. Sawyer Merritt, a well-known Tesla-focused investor, called the experience “awesome.”
Tesla opted for an unusually low-key rollout with no formal launch event, relying on word of mouth and media buzz instead. This contrasted sharply with past unveilings like the 2022 “Cyber Rodeo” or last year’s invite-only prototype event in Hollywood.
While Musk has warned that autonomy may not significantly impact Tesla’s financials until at least next year, the debut of the service boosted investor optimism.
Tesla shares jumped as much as 11% on Monday—the biggest intraday gain since April 9—before settling at an 8.7% rise by early afternoon.
Source: Bloomberg – Tesla Shares Jump Most in Two Months on Robotaxi Rollout
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