|  | Nasdaq | 19,630.98 | |
| | S&P | 6,025.17 | |
| | Dow | 42,581.78 | |
|  | 10-Year | 4.320% | |
| | Bitcoin | $103,728.31 | |
| | Tesla | $348.68 | |
| | Data is provided by |  |
*Stock data as of market close, cryptocurrency data as of 6:00pm ET. Here's what these numbers mean. | - Markets: Stocks climbed yesterday as oil prices fell, with investors reacting positively to what appeared to be limited retaliation from Iran in response to the US bombing its nuclear facilities over the weekend. Meanwhile, Tesla had its biggest jump in two months following the successful, albeit limited, rollout of its robotaxi service in Austin.
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PERSONAL FINANCE The decision to buy that $600 collectible Labubu doll with a Buy Now, Pay Later (BNPL) loan might soon impact your creditworthiness. The company that assigns credit scores, FICO, said yesterday that starting in the fall, it'll incorporate BNPL borrowing into its scoring formula. The loans that allow customers to break up purchases into four installments have become increasingly popular, particularly among young shoppers—but unlike credit card borrowing, they have had no bearing on credit scores. FICO's move comes after BNPL provider Affirm recently began reporting its loans to credit agencies Experian and TransUnion. A mixed bag for borrowers FICO finally taking note of BNPL borrowing could be a blessing for some shoppers and a credit score-busting curse for others: - FICO says that it could be a boon to people who have been diligent in paying BNPL loans, especially those who have limited credit history otherwise.
- At the same time, it could harm the credit scores of borrowers with missed BNPL payments.
Phantom debt BNPL becoming a FICO score component addresses a longtime credit score blind spot. The rise of BNPL has made some industry observers concerned that Americans are becoming over reliant on these one-click loans amid economic hardship, while lenders don't have the full picture of borrowers' debt and whether they are making timely payments. The total amount of BNPL loans issued is projected to rise to $108 billion this year, up from $94 billion in 2024, per Emarketer. Meanwhile, BNPL defaults are also on the rise. Last month, BNPL lender Klarna reported that its losses from defaulted loans rose from .51% to .54% as a share of total lending. Looking ahead…it could take years for BNPL history to become fully visible to all lenders, as it will only be incorporated into FICO's two newest credit scoring products. Many lenders still rely on the older scoring system FICO created in 2009.—SK | | |
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WORLD  Trump says Iran and Israel have agreed to a ceasefire. President Trump posted to social media yesterday that the two countries had agreed to "a Complete and Total CEASEFIRE" that would end their "12 day war" to be phased in over 24 hours. The announcement came hours after Iran launched missiles at an American base in Qatar in retaliation for the US bombing its nuclear sites, while still signaling a willingness to de-escalate the conflict. Iran gave the US advance notice of the strike, which Trump said in an earlier social media post "made it possible for no lives to be lost and nobody to be injured," as the missiles were intercepted.
 Compass sues Zillow over listing rules. The largest residential real estate brokerage in the US slapped the website you use to fantasize about what your life would be like if you bought a fixer-upper by the beach with an antitrust lawsuit over Zillow's recently implemented rules banning listings that have been publicly marketed for more than 24 hours before being put on the site. Compass, which has been touting its own Private Exclusives marketing channel that includes listings only available to its agents (and their buyers), claims Zillow's new policy was retaliatory, and that the site is trying to maintain a monopoly on digital home listings. Zillow called the suit "unfounded" and said listings should be available to all.
 NY plans to build the first new US nuclear power plant in 15 years. New York Gov. Kathy Hochul said yesterday that she directed the state's public utility to develop and construct an advanced nuclear power plant Upstate that can produce at least 1 gigawatt of energy, which is enough to power ~1 million homes. The announcement comes after President Trump introduced new rules in May aimed at speeding up the development of nuclear power projects by reducing the time it takes to get permits. Only five new commercial nuclear reactors have come online in the US since 1991, per the Wall Street Journal, but interest in nuclear power has grown as a means to produce more power with lower emissions, especially as tech companies seek to fuel massive data centers to undergird their AI tech.—AR
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HEALTH One of the biggest team-ups in telehealth just ended faster than Kim Kardashian's marriage to Kris Humphries, and on equally bad terms. Novo Nordisk announced yesterday that it'll stop offering Wegovy through Hims & Hers—less than two months into their partnership—claiming that the direct-to-consumer pharmacy is unlawfully selling knockoff weight loss drugs. Rewind: When the FDA declared that the Ozempic/Wegovy shortage was over in February, it gave pharmacies (including Hims & Hers) until May 22 to stop selling "compounded," aka copycat, versions of the patented, FDA-approved drugs. The agency only allows this practice when national supplies are dwindling, or for medically necessary personalizations (e.g., drug allergies). Crashout: Novo Nordisk said Hims & Hers kept selling compounded, non-FDA-approved versions of Wegovy anyway under the "false guise" of personalization, which the company claims also amounts to "deceptive marketing" that risks patient safety. In response, Hims & Hers CEO Andrew Dudum accused Novo of "misleading the public" and making "anticompetitive demands," in a post on X. He also said Hims & Hers would keep dreaming offering Wegovy. Zoom out: Hims & Hers's stock plunged nearly 35% yesterday. This is also a bummer for Novo Nordisk, whose stock dipped more than 5% yesterday. The drugmaker has been trying to boost direct-to-consumer sales to better compete with Eli Lilly, which makes the weight loss injectable Mounjaro. Novo said it plans to keep offering Wegovy through other telehealth companies.—ML | | |
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Together With Marsh McLennan Agency Disaster-proofing your business. No one can account for everything that will happen to your company, but Marsh McLennan Agency can handle a lot of what's thrown your way. Check out their insurance offerings for healthcare, disaster preparedness, and cybersecurity. Learn more here. |
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WORK If you're not hearing back after applying for a job, it might not be because you accidentally attached a jpeg of Star Wars fan art instead of your resume. The problem could be AI. Whether it's helping overwhelmed employers weed out candidates or tailoring job seekers' resumes to every possible job description, AI is becoming both more integral to the hiring process and a bigger nuisance than writing a cover letter (by yourself). Volume up: Per the New York Times, the number of job applications submitted via LinkedIn increased 45% in the last year to an average of 11,000 applications per minute—largely due to AI. Candidates are using ChatGPT to insert job posting keywords into their resumes and getting AI agents to apply on their behalf, creating an "applicant tsunami," a former recruiter told the NYT. Screen test: Companies are fighting AI with AI, using interviews administered by artificial intelligence to prove a human is on the other end of the application. Data from DemandSage estimates that 99% of Fortune 500 companies use AI in the recruitment process. However…there could be bias in the bots. A lawsuit claiming Workday's AI algorithm discriminated based on age is being allowed to proceed as a collective action, and could potentially include millions of disappointed job seekers.—DL | | |
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STAT If you want to photograph the universe comprehensively, you're going to need a really big camera. Enter the Vera C. Rubin Observatory, a joint venture between the National Science Foundation and the Department of Energy perched atop a mountain in Chile that just released the first images taken using the largest digital camera ever to capture cosmic phenomena at an unprecedented scale. After ~10 test hours, the camera had already gotten pictures of millions of galaxies and Milky Way stars, as well as thousands of asteroids. The pic above is a composite of 678 images taken over seven hours of the Trifid Nebula and the Lagoon Nebula, which are located several thousand light-years away from Earth. - Over the next decade, the observatory plans to photograph the whole southern sky.
- It'll capture that view in its entirety every three to four nights, taking high-definition photos every 30 seconds. Each image will include an area the size of 45 full moons, and each of these areas will be photographed as many as 1,000 times, per the Wall Street Journal.
The goal isn't simply to put your most aesthetic friend's Insta to shame—the observatory is hoping its images can shed light on some of the universe's biggest mysteries, including dark matter and dark energy.—AR |
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Together With Vuori Put on your Sunday best. Slip into the Vuori Sunday Collection, made from soft, stretchy performance fabric. Take the Sunday Performance Short 8″, for example, with its four-way stretch knit, moisture-wicking, and many zip pockets. Comfort is king, kings: Shop the full collection here. |
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NEWS - A record-breaking heatwave is set to continue across the US, with temperatures reaching three digits (and that's before you look at the dreaded "feels like" temp). It's put millions of people under heat advisories or warnings.
- The Supreme Court ruled that the Trump administration may resume deporting some migrants to countries that are not where they are from without giving them advanced notice or a chance to fight it, at least while a legal challenge to the practice plays out in the courts.
- A federal judge ordered the release of Kilmar Abrego Garcia—whose mistaken deportation to El Salvador has been a flashpoint in immigration debates—while he awaits trial on human smuggling charges. But the judge noted that ICE was likely to detain him and potentially deport him, and the government has already filed an appeal of the judge's order.
- Federal Reserve Chair Jerome Powell is scheduled to testify before Congress today amid tension with the president over the Fed not lowering interest rates.
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PLAY Brew Mini: Completing today's Mini while drinking a cool drink is the best way to beat the heat. Check it out here. Mayoral trivia With the NYC mayoral primary on tap today, here's trivia about American mayors. We'll give you the initials of a mayor's name, the city they led, and the years they were in office…and you have to identify the person. - B.S. Burlington, VT (1981–1989)
- J.S. Cincinnati, OH (1977–1978)
- M.B. Washington, DC (2015–present)
- F.L.G. New York, NY (1934–1946)
- C.E. Carmel-by-the-Sea, CA (1986–1988)
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ANSWER - Bernie Sanders
- Jerry Springer (yes, really)
- Muriel Bowser
- Fiorello La Guardia
- Clint Eastwood
Word of the Day Today's Word of the Day is: boon, meaning "a benefit." Thanks to Jessica from San Francisco for the helpful suggestion. Submit another Word of the Day here. |
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✢ A Note From Elf Labs Disclaimer: This is a paid advertisement for Elf Labs' Regulation CF offering. Please read the offering circular at elflabs.com. |
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