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Hot data puts JPMorgan off Treasuries, Apple approaches a $3 trillion valuation, and Nike’s outlook fails to impress. — Liza TetleyRobust US [View in browser]( [Bloomberg]( Hot data puts JPMorgan off Treasuries, Apple approaches a $3 trillion valuation, and Nike’s outlook fails to impress. — [Liza Tetley]( JPMorgan pivot Robust US growth and labor data Thursday has prompted [JPMorgan to ditch its bullish view on Treasuries.]( The bank’s strategists are unwinding their long position in five year notes, saying they can “no longer justify” their long duration view. “Treasuries have outperformed their underlying drivers, and valuations remain rich,” the strategists said. Investor “positioning is long, indicating there could be risks of long liquidation in the coming days.” The selloff in Treasuries extended Friday. Apple valuation [Apple is on the brink of hitting a market value of $3 trillion in what would be a first for any company globally](. Its shares rose as much as 0.6% in premarket trading Friday, to $190.80 per share, which would bring its year-to-date gain to 46% amid the big tech rally. Apple is also viewed as a safe haven given its durable revenue streams and massive user base, strengthened by its recent quarterly results. The company briefly rose above the $3 trillion level in early 2022, but failed to close above it. Nike slips It’s a less positive picture for sportswear maker Nike, whose shares fell in premarket trading after the [retailer’s outlook for the full year failed to impress](. The results also showed Nike is still working to sell off its high stockpiles of merchandise that have eroded profitability. “Nike is a solid brand,” said Neil Saunders, an analyst at GlobalData Retail. But “it isn’t on the front foot either, and has to accept that the year ahead will be one of resetting, retrenching, and reformulating the way it does business.” Tech gains It’s a similar picture to yesterday morning. Stock futures are pointing higher, with contracts on the tech-heavy Nasdaq up 0.4% as of 5:14 a.m. in New York as big tech rises, while S&P 500 futures gain around 0.2%. Treasury yields are ticking higher across the curve, while a measure of the dollar strengthens slightly. Gold prices are sliding, while oil is climbing and set for a weekly gain. Iron ore is also set to close out the week on a high. Coming up… We will get May Personal Income and PCE Deflator data at 8:30 a.m. today, followed by June MNI Chicago PMI at 9:45 a.m. and June Michigan Consumer Sentiment at 10 a.m. Lastly, we’ll get the Baker Hughes US Rig Count at 1 p.m. Earnings today include Constellation Brands. Will inflation make you poorer this year? Is the higher cost of living eating up whatever gains you expect to see from your savings or investments? Are you putting your savings in safe or risky assets? Share your views in the latest MLIV Pulse [survey](. What we’ve been reading Here’s what caught our eye over the past 24 hours: - Allianz says bond manager [Pimco is struggling to attract new money]( - [French inflation eases]( to the lowest level in over a year - [UK house prices fall the most since 2009,Â](fueling concern of a downturn - Chipmaker [ASML is hit with new Dutch China curbs]( on exports - British [water companies have an inflation-linked debt](problem - [Euro-area core inflation re-accelerated in June]( in setback for ECB - [Cambodian Prime Minister has Facebook account deleted](bbg://news/stories/RX27DPTP3SHS) after Meta spat And finally, here’s what Katie’s interested in this morning... If you had an entire 90 minutes with four of the world’s most powerful central bankers, it’s probably a safe bet that artificial intelligence would come up at least once. Towards the end of a star-studded panel with the heads of the Federal Reserve, the European Central Bank, the Bank of England and the Bank of Japan — the main event in Sintra, Portugal this year — we heard Jerome Powell’s thoughts on this year’s biggest buzzwords. Jerome Powell on June 28. Photographer: Horacio Villalobos/Corbis News “On AI, we’re doing what everyone else is doing. We’re trying to get smart about it and it obviously has huge possibilities. Technologies tend to propagate through the economy fairly slowly and this may be the exception, maybe not,” Powell said Wednesday. “It’s something that we’re spending a lot of time on. It’s way too early for conclusions.” It’s easy to brush off that comment as lip service — it’s on our radar, too soon to tell — but it raises an interesting question: how does a central bank go about factoring an emerging technology with potentially enormous labor-force implications into their economic models? According to someone who’s been in the room, it’s not a black-and-white answer. “Even if AI becomes a big deal, it’s not at all clear whether or not the net effect would be to push up or push down neutral policy rates. So I think the Fed is to be commended by trying to get ahead of this,” former Fed vice chair Richard Clarida, now a global economic advisor at Pacific Investment Management Co., told Matt Miller and I on Bloomberg Television. “I would imagine they’re looking at both sides of the AI coin if you will — the potential for disinflation in terms of labor cost reductions but faster growth and I think they’ll probably be looking at both those dimensions.” AI aside, the message from Powell and peers in Sintra was extremely clear: the inflation fight is far from over. Read more in this week’s [Weekly Fix](. Follow Us Like getting this newsletter? [Subscribe to Bloomberg.com]( for unlimited access to trusted, data-driven journalism and subscriber-only insights. 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