|  | Nasdaq | 20,393.13 | |
| | S&P | 6,227.42 | |
|  | Dow | 44,484.42 | |
| | 10-Year | 4.293% | |
| | Bitcoin | $109,371.38 | |
| | Tesla | $315.65 | |
| | Data is provided by |  |
*Stock data as of market close, cryptocurrency data as of 6:00pm ET. Here's what these numbers mean. | - Markets: The S&P 500 and Nasdaq hit new record highs yesterday, thanks in part to a trade deal announced by President Trump with Vietnam. But other movements were serving Alice in Wonderland, topsy-turvy vibes: A weak deliveries report from Tesla actually sent its stock up, while poor private sector jobs data from ADP raised investors' hopes that rate cuts are coming soon. More on all that below…
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AUTO America's largest EV-maker reported its latest production and delivery numbers yesterday, revealing that it beat Wall Street's expectations for the vehicles it made, but fell short on auto deliveries for Q2 2025: - Tesla deliveries fell for a second straight quarter. Wall Street expected 389,000, and the company dispensed 384,122. It's a miss of less than 2%.
- However, 384k is ~13.5% less than what Tesla was able to deliver during the same quarter last year.
The biggest takeaway lurking in the mixed bag: To avoid a second consecutive yearly decline, Tesla has to deliver more than a million vehicles in the second half of the year—which would be a record. Tesla's difficulties in the second quarter stem from competitors like China's BYD and Europe's Renault and Stellantis offering more affordable EV options worldwide, as well as public perception issues surrounding CEO Elon Musk. He left his role as a special government employee in the Trump administration at the end of May and promised to focus "24/7" on his companies. However, this week, he floated a plan to start a new political party as his tensions with President Trump persist. Better days ahead? Investors seemed more concerned about the doneness of their cookout steaks than the EV-maker, sending the stock up nearly 5%. That's thanks to Tesla snapping eight straight months of declining sales in China in June, along with their belief that things can only go up from here. Zoom out: As Reuters reported, Tesla relies on its core EV business for revenue and profit, but the company's trillion-dollar valuation is driven by Musk's big bet on making its road cars into robotaxis.—DL | | |
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WORLD   President Trump announced trade deal with Vietnam. In the agreement, American goods entering Vietnam will not be subject to tariffs, while Vietnamese imports will be assessed a 20% tariff, down from 46% the president announced in April. Goods from other countries that transit through Vietnam en route to the US will be subject to a 40% tariff. The Wall Street Journal reported that the Vietnam deal is the second one Trump negotiated since he raised the issue of so-called reciprocal tariffs (the UK deal was the first). Stocks for shoe and apparel companies that have been diversifying manufacturing out of China, such as Nike, rose on the news.
 The June private sector jobs report was a bummer. Payroll processing firm ADP, which releases the monthly update, found that 33,000 jobs were lost last month, when an addition of 100,000 was expected. It marks the first decrease since March 2023. A press release accompanying the report said that while layoffs remain rare, employers are choosing not to hire for new roles or to replace departing employees. The report is considered an important, but not superior, precursor to the monthly jobs report released by the Bureau of Labor Statistics at the Department of Labor. The government's June report on jobs data is due out this morning.
 Sean "Diddy" Combs found guilty on two charges, acquitted of racketeering. After three days of deliberation, the jury in the music mogul's high-stakes trial in Manhattan federal court found him not guilty of the most serious charges related to sex trafficking and racketeering, which could have meant a sentence of life in prison. But the charges he was found guilty of—two counts of transportation to engage in prostitution—each carry a sentence of up to a decade behind bars and could end his career, according to the Associated Press. Following his conviction, Combs was denied bail. No date has been set yet for his sentencing.—HVL
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MEDIA Late on Tuesday, Paramount Studios announced it settled a lawsuit filed by President Trump against its broadcast network, CBS, regarding a single question and answer in an interview conducted with then-presidential hopeful Kamala Harris in October, which he alleged was deceptively edited. Though 60 Minutes, the news program on which the interview aired and which was also named in the lawsuit, said the accusations were baseless and that the footage was edited in accordance with television news standards, Paramount agreed to pay $16 million toward Trump's future presidential library and his legal fees in order to clear the way for its merger with Skydance Media to resolve successfully. According to The Hollywood Reporter, Paramount executives thought settling represented the best path to completing the deal, as the Trump administration, through the FCC, must approve it. Paramount's move drew widespread criticism. Though the company stressed that its settlement did not include "a statement of apology or regret," Trump's legal team said the victory held "the Fake News media accountable for their wrongdoing and deceit." Not all is resolved for Paramount: South Park announced its streaming rights and the release of a new season are caught up in the pending merger, which its creators called "a shitshow."—HVL | | |
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STAT It may seem like an unexpected place to put your money, but Bloomberg reported yesterday that the global male infertility market is worth $4 billion a year. Legacy, a New York-based startup that lets men conduct their business at home, boasts 40,000 customers, and is backed by $50 million in VC money and celebrity investors including Justin Bieber, Orlando Bloom, and DJ Khaled. Fellow, another sperm bank service that's making it less expensive to analyze and freeze samples, has raised more than $40 million from investors, and is utilized by 11 major hospitals and 2,500 clinics. So, you could say things are going...swimmingly. What makes these businesses timely investments? A popular study from 2017 found that average sperm counts worldwide are believed to be around half the level they were 40 years ago. The reasons for this are unclear, but factors are thought to include diet and stress.—DL |
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NEWS - The House of Representatives is careening toward a final vote on President Trump's spending bill.
- Bryan Kohberger pleaded guilty to the murder of four University of Idaho students in 2022 as part of a deal with prosecutors.
- Del Monte Foods, which probably produced the cans of green beans in your pantry, filed for Chapter 11 bankruptcy protection as it pursues a sale.
- OpenAI is giving its employees a mandatory weeklong vacation to stave off a poaching spree launched by Meta.
- Microsoft announced another round of layoffs—its largest in years—expected to impact thousands of workers across Xbox and other divisions, including 830 from its Redmond, Washington, HQ.
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Interview prep: Here's how to figure out if a company is the right place for you to work. Ad block IRL: A developer built an ad blocker for the physical world into Snap Spectacles. Rock on: The music industry may make AI the next Napster. Guilt-free July Fourth: Enjoy your favorite treats and still reach your weight loss goals—no diets or calorie counting. Join the 18m+ people who have started with a special Independence Day offer: BREW70 for 70% off.* *A message from our sponsor. **This is a product recommendation from our writers. When you buy through this link, Morning Brew may earn a commission. |
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PLAY Brew Mini: Today's puzzle is titled "Gelatinous," so, beware: If you wiggle it at your cat, he may get scared and run across the room. Better to just play the Mini here. Three Headlines and a Lie Three of these headlines are real and one is faker than a smile in a hiking photo. Can you spot the odd one out? - People with swamp crotch keep setting off TSA alarms
- Theo Von is the newest spokesperson for Salesforce AI
- Scammed Brit thought Jennifer Aniston was in love with him—and needed help paying her Apple bill
- Two robots stretchered off in world's first AI football match
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ANSWER We made up the one about Theo Von. Word of the Day Today's Word of the Day is: stave, meaning "to drive away." Thanks to Pat Darcey from North Carolina and several others for keeping our writer's block at bay with the suggestion. Submit another Word of the Day here. |
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✢ A Note From Pacaso This is a paid advertisement for Pacaso's Regulation A offering. Please read the offering circular at invest.pacaso.com. Reserving the ticker symbol is not a guarantee that the company will go public. Listing on the Nasdaq is subject to approvals. |
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