|  | Nasdaq | 21,020.02 | |
| | S&P | 6,358.91 | |
| | Dow | 45,010.29 | |
| | 10-Year | 4.388% | |
|  | Bitcoin | $118,116.06 | |
| | Kripsy Kreme | $4.32 | |
| | 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 rose yesterday as investors raised a glass of sake to toast the US reaching a trade deal with Japan, sending the S&P 500 and the Nasdaq to new record highs. Meanwhile, meme stocks kept partying like it was 2021, with Krispy Kreme and GoPro as the latest to get a boost from the stonks faithful.
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HOMEBUYING While beauty is in the eye of the beholder, how you're currently feeling about the US housing market is probably based largely on where you live. Nationwide, sales of previously owned homes fell 2.7% from May to June, and remained flat when compared to June 2024, according to the National Association of Realtors. Analysts had predicted a smaller slide of 0.7% for last month. This dip in sales coincides with the median price of an existing home climbing to $435,300, which the NAR said is an all-time high. Depending on your zip code, this either checks out or sounds wildly incorrect: - Home prices in the Northeast are up 4.2%, with a median home price of $543,300. The Midwest has also seen prices fly over the average. Per Intercontinental Exchange, the New York City, Milwaukee, and Hartford metro areas have all experienced significant home price increases.
- Meanwhile, the Sun Belt region is a buyer's paradise. Home prices are up a minuscule 0.3%, with an average home price of $374,500 in the South. The metro regions with the biggest price drops were Austin, Tampa, and Miami.
Supply helps explain the disparity High prices, elevated mortgage rates, and trepidations about tariffs and inflation are all factors making potential homebuyers nervous. Redfin reported that 15% of pending contracts fell through in June, up from 13.9% the month before, marking the highest number reported in June since 2017. But it's probably not a coincidence that areas with more housing stock are seeing lower prices: - Per ResiClub, which analyzes data from the US housing market, home prices are on the rise in areas where supply remains far below pre-pandemic levels. But states where the inverse is true, like Texas, Florida, and Louisiana, have seen a slight price correction.
Zoom out: ResiClub reports that 110 of the 300 largest US housing markets saw a decline in prices in June compared to a year ago—a trend that continues to favor buyers with supply increasing.—DL | | |
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WORLD  Trump unveils "massive" trade deal with Japan, including a 15% tariff. President Trump announced that an agreement had been reached Tuesday night that would impose "reciprocal" tariffs on Japanese goods entering the US at 15%. That's lower than the 25% Trump previously threatened, but still high for a tariff on a major trading partner—and the lower figure includes tariffs on cars, which have been facing a 25% duty since April. The deal also calls for Japan to invest $550 billion in the US, with the US receiving "90% of the profits," according to Trump. The news pushed Japanese markets to a one-year high yesterday, with automakers getting the biggest boost. US car companies, which have recently reported big losses due to tariffs, criticized the deal.
 Elon Musk says Tesla could have a "rough" road ahead after sales slumped. Tesla's profit fell 16% last quarter to $1.17 billion compared to $1.4 billion for the same period a year ago as sales of its cars declined. With sales down and the loss of US incentives for consumers to buy EVs due to the recently passed Republican tax bill, Musk said the company would eventually be buoyed by an expanding robotaxi fleet, but that it may not happen until next year. "We probably could have a few rough quarters. I'm not saying we will, but we could," Musk told analysts yesterday.
 Alphabet's sales are up from AI, but so is its spending. Alphabet's $96.4 billion revenue haul for Q2 exceeded expectations, boosted by a 32% year over year revenue growth in its cloud computing business. But the Google parent also reminded investors that you need to spend money to make money—especially in the red-hot AI race. The company bumped its expected capital expenditures for the year up to $85 billion, which is $10 billion higher than the amount it reported in February. The company said the extra cash was necessary to support the "strong and growing demand for our Cloud products and services."—AR
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TECH If everybody already thinks you're spying on them, you might as well double down. Amazon is acquiring Bee, the maker of a bracelet that records everything it hears, the startup's CEO announced this week. How it works: Like a meeting note-taker for brunch, Bee's AI transcribes all of your conversations and generates daily summaries, to-do list items, and even an analysis of your swearing habits (if you ask). It's available as a $50 Fitbit-looking wearable or as a free Apple Watch app, plus a $19/month subscription for either option. Early Bee reviews are not buzzy. "I outsourced my memory to an AI pin and all I got was fanfiction," the senior wearables reporter for The Verge wrote in March. The Wall Street Journal's lead personal tech reviewer similarly deemed Bee unworthy of the privacy trade-off. The startup keeps all transcripts, though not the actual audio, it says. Why Amazon wants Bee: Probably for its wealth of data on human interaction, which would be beneficial to an AI model that's looking to learn. The tech giants have gadgets to sell you: There's Google's Gemini-infused watch, Meta's new computer-mouse wristband and its AI Ray-Bans (still), and OpenAI's secret in-progress device from former Apple design chief Jony Ive.—ML | | |
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TRANSPORTATION The likelihood of your Uber blaring Chappell Roan just went up. The rideshare app announced yesterday that riders in the US will soon be able to set a preference for women drivers. How it works: The app will let you choose "Women Drivers" when booking your ride, like it does for options like "UberXL." Riders will also have the option to pre-book with women and can set their preferences in the app, which won't guarantee a woman driver, but will prioritize them when searching for their ride. - Uber has been testing the program in countries like France since its first rollout, and said it will be available stateside for riders in LA, Detroit, and San Francisco first. It originally introduced the option in Saudi Arabia in 2019, a year after the country began allowing women to drive. Lyft introduced a similar program in the US in 2023.
- Only about one-fifth of Uber drivers are women, according to Uber.
- The company will also allow female drivers to prioritize women passengers.
Lady Uber (LUber, if you're cool)...has been a long time coming. Reports of sexual harassment and assaults in rideshare vehicles—and how the company handles them—have caused concern for some passengers, especially women. The company's most recent report found that 2,717 incidents were reported between 2021 and 2022, down from 5,981 between 2017 and 2018.—MM | | |
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STAT Highly technical white-collar crimes aren't usually the stuff of gripping true crime podcasts, but yesterday, one brought the drama when the UK's highest court overturned the conviction of a banker who was the face of a major scandal. The court quashed the conviction of former UBS and Citigroup trader Tom Hayes, who'd been fighting his 2015 conviction over the Libor scandal for 10 years. It also overturned the conviction of former Barclays trader Carlo Palombo, finding that the juries in both their cases had been given bad instructions. In case the scandal is a hazy post-2008 memory: - Per the BBC, Hayes and Palombo were among 19 people in the UK and the US convicted of rigging the Libor and the Eurobor—interbank loan rates that were used as benchmarks in trillions of dollars' worth of financial contracts around the world. And banks and brokerages were fined ~$10 billion over the scandal.
- Hayes was the first person convicted after the scandal broke, at a time when those involved were the focus of much of the anger toward bankers in the wake of the 2008 financial crisis.
Hayes was sentenced to 14 years in prison, which was reduced to 11 years after an appeal, and he served five and a half years before being released in 2021. Now, the UK's Serious Fraud Office, which won the conviction, says it won't seek a retrial.—AR |
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NEWS - Bryan Kohberger was sentenced to multiple terms of life in prison without parole after pleading guilty to the murder of four University of Idaho students in a plea deal that ruled out the death penalty.
- Columbia University agreed to pay $220 million to resolve the Trump administration's claims that it failed to protect Jewish students from harassment. The school said the deal would restore most of the federal funding that had been stripped from it.
- A federal appeals court in California ruled that President Trump's executive order ending birthright citizenship was unconstitutional, affirming a lower-court decision that blocked its enforcement nationwide and likely teeing the issue up for a return to the Supreme Court.
- A Florida federal judge denied the Trump administration's request to release grand jury transcripts from an investigation into Jeffrey Epstein, throwing a wrench into the White House's efforts to tamp down questions about the DOJ's decision not to release more documents. Separately, the WSJ reported that President Trump was told in May that his name appeared in Epstein-related documents.
- President Trump released a plan aimed at ensuring AI dominance for the US that would cut regulations on the tech.
- More than 100 aid groups warned of mass starvation in Gaza, describing Israel's actions in the region as a "siege."
- The UN's top court issued a nonbinding ruling saying countries impacted by climate change can sue other countries over it, as failure to address the problem could constitute a violation of international law.
- France's President Emmanuel Macron and his wife, Brigitte Macron, filed a defamation lawsuit in Delaware against influencer Candace Owens for claiming the French first lady was born a man.
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PLAY Brew Mini: Today's Mini is designed to help you navigate your morning. Check it out here. Three Headlines and a Lie Three of these headlines are real and one is faker than a thrift store music box sans curse. Can you spot the odd one out? - NYC's gladiatorial combat scene is growing, so I took a swing at it
- Man's pet ball python rescued after getting loose on CTA train car
- Study: Level of joy from eating mozzarella sticks beats seeing puppies
- Original Masters gnome tops $10k at auction
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ANSWER We made up the one about mozzarella sticks and puppies. Word of the Day Today's Word of the Day is: trepidations, meaning "feelings of fear, nervousness, and uncertainty." Thanks to Stephen from East Hartford, CT, for overcoming any reservations and sending in the suggestion. Submit another Word of the Day here. |
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✢ A Note From AT&T Connected Car Requires eligible car and wireless service plan. Additional restrictions apply. ✳︎ A Note From HeartSciences This is a paid advertisement for HeartSciences' Regulation A+ offering. Please read the offering circular at https://invest.heartsciences.com/. |
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