|  | Nasdaq | 20,273.46 | |
| | S&P | 6,173.07 | |
| | Dow | 43,819.27 | |
|  | 10-Year | 4.283% | |
| | Bitcoin | $107,502.98 | |
| | Dollar General | $114.45 | |
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*Stock data as of market close, cryptocurrency data as of 2:00pm ET. Here's what these numbers mean. | - Markets: Few could have predicted this, but the S&P 500 enters the (short) trading week at a record high, having staged the unlikeliest of comebacks after plummeting 19% from its previous peak in February to a low in April. Adding to the good vibes: The rally hasn't just been fueled by a few big tech names. For instance, Dollar General is the S&P's best-performing stock since February's high, rising around 50%.
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GOVERNMENT Employees across the US are sprinting to wrap up projects ahead of July Fourth on Friday, and that includes the Senate, which narrowly voted to begin debating the GOP's gigantic tax cut bill that President Trump demanded be passed before the holiday break. The Senate's 940-page "One Big Beautiful Bill Act" largely mirrors the House's version, stuffed with an Utz Pub Mix of Republican priorities. The centerpiece is $4.5 trillion worth of tax cuts that extend Trump's cuts from 2017 and tack on new ones, including deductions for taxes on tips and overtime. Among other measures, the bill would also ramp up spending for defense and immigration enforcement, scale back Medicaid, and wind down tax credits for EVs and other renewable energy projects more quickly than the House version. Musk called that "utterly insane and destructive" In a series of X posts on Saturday, Tesla CEO and top Trump campaign donor Elon Musk ripped into the bill as giving "handouts to industries of the past while severely damaging the industries of the future." The Senate's bill would strip tax incentives for wind and solar projects that aren't "placed in service" by the end of 2027—and adds a tax that would burden new developments. It would also eliminate the $7,500 consumer tax credit for EVs by Sept. 30, an earlier deadline than the House version. Trump has called green energy tax credits "a giant SCAM" and said the money should be redirected to other uses. Energy Secretary Chris Wright recently labeled technologies such as wind and solar a "parasite on the [power] grid, because you just make the other sources turn up and down as you come and go." Musk and other renewable energy advocates say that cutting off tax credits for solar and wind development would raise electricity prices, cede energy dominance to China, and hamstring the US' electrical grid at a time when AI data centers are supercharging demand for power. The construction industry is also concerned about significant job losses: North America's Building Trades Unions said the bill "stands to be the biggest job-killing bill" in US history, "equivalent of terminating more than 1,000 Keystone XL pipeline projects." Looking ahead…a final vote on the Senate bill to send it back to the House is being teed up for today. The vote is expected to be tight, with several GOP senators expressing reservations about its steep cost. Yesterday, the nonpartisan Congressional Budget Office projected that the bill in its current form would add at least $3.3 trillion to federal deficits over a decade.—NF | | |
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WORLD  Zuckerberg poaches more key talent from OpenAI. Meta has hired four leading AI researchers away from OpenAI, The Information reported, as CEO Mark Zuckerberg has gone full recruiting beast mode to lure top AI talent from rivals with astronomical pay packages. At an all-hands meeting on Thursday, Meta execs denied they were dangling $100 million bonuses to OpenAI employees, as Sam Altman had claimed to much fanfare. Instead, they said Altman was getting frustrated with Meta because, "We are succeeding at getting talent from OpenAI." Even before the latest coup, Meta reportedly snagged three OpenAI researchers last week and has brought on two other power brokers in the industry, Daniel Gross and Nat Friedman.
 President Trump says he's found a buyer for TikTok. Trump told Fox News on Sunday that he's found a "group of very wealthy people" who want to buy the video-sharing app's US operations. Congress passed a law last year forcing TikTok's sale, citing security concerns about the app's China-based parent company, ByteDance. Congress set a January deadline, but that date has been repeatedly postponed by Trump and is now penciled in for September 17. The Chinese government would need to approve the deal, and though it previously pledged to block a sale, Trump says he's confident Beijing will come around.
 A new Google app uses AI to let you virtually try on clothes. The experimental app, called Doppl, allows you to upload a photo of yourself along with pictures of any outfits you want to take for a test drive. The app will then show you an image of your AI doppelgänger wearing the clothes, with the option to generate a short video of you styling it. There are a few kinks to work out: According to The Verge, if you upload a mirror selfie, the app has a tendency to make your digital lookalike much thinner. It may also generate new AI feet for your body. Either way, one thing is clear: Movie makeover montages may never be the same again.
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STAT Jeff Bezos and Lauren Sánchez's three-day wedding extravaganza in Venice cost about $55 million, but it's estimated to have boosted the city's economy by more than $1.1 billion, according to Italy's tourism minister. Between hotel stays, shopping sprees, and fine dining, the wedding's A-List guests poured big bucks into the city of water and showcased its value as a tourism destination. For comparison, here's the economic impact other events had on the US economy: - 2024 Super Bowl in Las Vegas: $1 billion
- Beyoncé's "Renaissance" tour: $4.5 billion
- Taylor Swift's "Eras" tour: $5–$10 billion
Still, many Venetians pushed back on Bezos's fête, pointing to the wedding as a symbol of extreme income inequality.—BC |
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CALENDAR July Fourth means peak summer: On Friday, Americans will declare their independence from work by celebrating July Fourth with firework displays, parades, road trips, hot dogs, and watching Joey Chestnut eat hot dogs. AAA expects a record 72.2 million people will travel within the country for the holiday, the vast majority of them (61.6 million) by car. If you're concerned about getting stuck in traffic, that's certainly justified, but try to avoid hitting the road on July 2 and July 6, which will be the busiest driving days, according to transportation data provider Inrix. At least gas prices are at their lowest levels in four years. Jobs report highlights the economic calendar: Typically, jobs reports arrive on the first Friday of each month, but because this Friday is July Fourth and the markets are closed, the release is being pushed up to Thursday morning. No matter the unusual timing, the report is going to be crucial for shaping the Fed's thinking around the timing of interest rate cuts. US companies are expected to have added 116,000 jobs last month, which would add fresh evidence to a gradual slowdown in the labor market (in May, 139,000 jobs were added). The unemployment rate is also projected to tick up to 4.3% from 4.2%. Wimbledon, Tour de France begin: No offense to baseball, but with the NHL and NBA playoffs wrapped up, the best sports action is happening overseas. The poshest major tournament on the tennis calendar, Wimbledon, starts today in London (and without human line judges for the first time). On the women's side, American Coco Gauff will attempt to win a second consecutive Grand Slam following her French Open title earlier this month. In the men's draw, elder statesman Novak Djokovic will try to muster enough stamina in those 38-year-old legs to get young phenoms Carlos Alcaraz and Jannik Sinner off his lawn. And speaking of legs, the Tour de France begins on Saturday. Everything else… - Jurors will begin deliberations today in the sex trafficking trial of Sean "Diddy" Combs.
- Costco's new hours go into effect today.
- Jurassic World Rebirth, the seventh film in the franchise, hits theaters on Wednesday.
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NEWS - Republican Senator Thom Tillis of North Carolina said he won't seek reelection in 2026. President Trump had threatened to primary Tillis after he voted against advancing the Senate's tax bill Saturday night.
- F1 brought in $55.6 million domestically in its opening weekend, giving Apple its first bona fide box office hit.
- Tesla said it made its first-ever autonomous delivery of a new car to a customer, which "might be a bigger deal than the robotaxis," according to The Verge.
- Delta is recovering from a brutal weekend with more than 2,800 flight cancellations due to severe weather at its Atlanta hub.
- NBA sharpshooter Malik Beasley is under federal investigation related to gambling allegations tied to league games, according to ESPN.
- A heat wave gripping southern Europe drove temperatures above 104 degrees Fahrenheit in countries including Italy, Spain, and Greece.
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GAMES Turntable: Start your holiday week off right with a freshly brewed Turntable. Play it here. Half trivia With the end of H1 rapidly approaching, we're going halfsies in today's trivia. The answers to the following clues all contain the word "half" in them—can you go 5/5? - How oysters may be presented at happy hour
- Snape's nickname when he was a student at Hogwarts
- Jacob Riis's groundbreaking book on NYC slums in the 1880s
- Organic Valley and Land O'Lakes, among others, make this product
- A Ben & Jerry's flavor with chocolate chip cookie dough and fudge brownies
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ANSWER - On the half shell
- The Half-Blood Prince
- How the Other Half Lives
- Half and half
- Half Baked
Word of the Day Today's Word of the Day is: fête, a fancy way of saying "celebration or festival." Thanks to Robin in Arkansas for the elevated suggestion. Submit another Word of the Day here. |
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✢ A Note From Miso Robotics This is a paid advertisement for Miso Robotics' Regulation A offering. Please read the offering circular at invest.misorobotics.com. ✳︎ A Note From Square-Mastercard Block, Inc. is a financial services platform and not an FDIC-insured bank. FDIC deposit insurance coverage only protects against the failure of an FDIC-insured deposit institution. If you have a Square Checking account, up to $250,000 of your balance may be covered by FDIC insurance on a pass-through basis through Sutton Bank, Member FDIC, subject to aggregation of the account holder's funds held at Sutton Bank and if certain conditions have been met. Square Debit Card is issued by Sutton Bank, Member FDIC, pursuant to a license from Mastercard. See Terms and Conditions. 1 Funds generated through Square's payment processing services are generally available in the Square Checking account balance immediately after a payment is processed. Fund availability times may vary due to technical issues. ACH transfer fund availability: Instant availability does not apply to funds added to the Square Checking account via ACH transfer. ACH credit transfers to your account may take 1–2 business days. |
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