Tech analyst and AI bull Dan Ives is leaving Wedbush Securities, not to become a full-time fashion designer (unfortunately), but to launch a “modern merchant bank,” combining proprietary research, strategic advisory, capital raising, and investing across technology, energy, and financials.

In last Thursday’s June jobs report, US job growth fell well below analysts’ estimates, but the unemployment rate unexpectedly dipped. Stocks got an initial bump from this print, but a selloff in chip stocks dragged the Nasdaq 100 lower, while the S&P 500 closed flat on Thursday. Both indexes posted weekly gains, while the Russell 2000 logged both a daily and weekly loss.