|  | Nasdaq | 21,496.54 | |
| | S&P | 6,466.91 | |
| | Dow | 45,631.74 | |
|  | 10-Year | 4.260% | |
| | Bitcoin | $116,950.10 | |
| | Tesla | $340.01 | |
| | Data is provided by |  |
*Stock data as of market close, cryptocurrency data as of 6:00pm ET. Here's what these numbers mean. | - Markets: Wall Street metaphorically hoisted Jerome Powell on its shoulders while singing "For He's a Jolly Good Fellow" yesterday by sending stocks soaring as soon as the Fed chair hinted in his Jackson Hole speech that interest rate cuts are likely coming in September (more on that below). The Dow clinched its first record close of the year, and rate-sensitive tech stocks, which had been having a rough week, came roaring back, with Nvidia, Alphabet, Amazon, Meta, and Tesla all rising.
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ECONOMY Fed Chair Jerome Powell received a standing ovation on stage in Jackson Hole, WY, while delivering his highly anticipated speech at an annual gathering of central bankers yesterday, and that was before he intimated that the Federal Reserve could cut interest rates as soon as next month. Taking a break from leaving President Trump on read, JPow told the assembled crowd, "With policy in restrictive territory, the baseline outlook and the shifting balance of risks may warrant adjusting our policy stance." That's as close as Powell gets to saying rate cuts are likely. Odds of a rate cut at the Fed's next meeting on Sept. 16–17 now sit just above 83%, per FedWatch. What made Powell change his tune? The months of pressure applied by Trump can't be ignored—and even yesterday, during Powell's speech, the president told reporters he would fire Federal Reserve Governor Lisa Cook if she did not resign amid allegations she committed mortgage fraud. But Powell offered reasoning beyond job security at the Fed, including: - Weighing jobs: While hiring has slowed, unemployment has remained low. Powell questioned if it was due to Trump's immigration crackdown, and said that it puts the economy in a "curious kind of balance" that merits caution.
- Evaluating tariffs: Inflation has not spiked as some economists had feared, but consumer prices rose 2.7%, above the Fed's 2% goal, with core prices up 3.1%. Powell said higher prices from tariffs could be a bad one-off, like the Hobbs & Shaw movie, and not a sign of continued inflation.
Rates down, markets up: Markets responded enthusiastically to the potential for a 25 basis points cut to the 4.25%–4.5% rate that's been in place since last December. The Dow immediately rose 700 points, and the S&P 500, NASDAQ, and Russell 2000 all popped. All remained up at market close, with the Dow finishing the day at a new record high of 45,631.74.—DL | | |
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Presented By Miso Robotics That's what NVIDIA CEO Jensen Huang said about robotics. And the numbers back it up: Experts project the robotics market will nearly 4x by 2032. So it's a big deal that both NVIDIA and Amazon helped Miso Robotics perfect their new, fully commercial restaurant kitchen robot. Miso's AI-powered kitchen robots have logged 200k+ hours for major restaurant brands like White Castle. Now, with the launch of their first commercial robot, Flippy Fry Station, Miso's ready to scale. That's a $4b/year revenue opportunity. And after recently announcing a new partnership with Uber AI, Miso is boosting their US-based manufacturing to meet demand for upcoming installations. No wonder 39k+ people have already invested. And you can join them. Become a Miso Robotics shareholder here. |
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WORLD  The US now owns 10% of Intel. It's official: The government has taken the highly unusual step of owning a piece of the beleaguered chipmaker. President Trump said the deal came out of his meeting with the company's CEO, whom he'd previously called on to step down over his ties to China. "They've agreed to do it, and I think it's a great deal for them," Trump told reporters yesterday before Commerce Secretary Howard Lutnick announced the deal was done. The move comes as the latest intervention by Trump's government into the private sector, after taking a "golden share" in the US-Nippon Steel merger and taking a cut of sales to China by other semiconductor makers.
 FBI raids home and office of former National Security Advisor John Bolton. The search of the Maryland home and Washington office of the former Trump administration national security advisor, who is an outspoken critic of the president, reportedly came as part of an investigation into whether he broke the law by mishandling classified documents. It's one of several investigations into people who have spoken out against President Trump during his current term, but the pair also clashed during his first term. Trump fired Bolton in 2019, and he subsequently published a scathing book about Trump, which the president claimed at the time included classified information. Trump said yesterday he did not have prior knowledge of the FBI's search.
 Canada drops retaliatory tariffs on billions' worth of US products. It's August, so there's finally something thawing in Canada: Prime Minister Mark Carney said the country would drop its recently imposed 25% tariffs on goods covered by the United States-Mexico-Canada trade pact as of Sept. 1, bringing them more in line with what the US has put on Canadian goods. The move to drop import duties on ~$21 billion worth of American goods came a day after Carney spoke to President Trump and was widely interpreted as a gesture of goodwill to try to lay the groundwork for future trade talks. But it's not all as friendly as Canada is reputed to be—Carney noted that high tariffs would remain for now on US steel, aluminum, and automobiles.—AR
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EDUCATION Desperate to ensure that freshmen parties continue to resemble sardine cans, elite universities are accepting students off of their waitlists much later into the summer this year, Bloomberg reported yesterday. In a scramble to fill empty spots amid uncertainty surrounding international students and funding cuts, Stanford and Duke sent eleventh-hour acceptance letters to waitlisted applicants, while Harvard and Columbia kept their waitlists active throughout July. Rice University even offered applicants admitted in August a $2,500 grant to defray expenses they might've racked up from committing to other schools. International students in limbo The Trump administration's tightening control over foreign admissions created unpredictability about how many international students could travel to join the class of 2029: - Trump's pause on student visa interviews this spring, along with new requirements to vet applicants' social media profiles, led to interview backlogs at embassies in several countries.
- The number of new international students on US campuses this year is projected to drop by 30% this fall, translating to a $2.6 billion financial hit for colleges, according to international student recruitment company Shorelight.
In general…predicting enrollment has become increasingly complex because students are applying to more colleges, and sometimes committing to multiple schools, as families hunt for the most attractive financial aid offers, education consultant Marc Moody told Town and Country Magazine.—SK | | |
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Together With Fisher Investments 7 ways to achieve a comfortable retirement. Retirement planning shouldn't be complicated. The Definitive Guide to Retirement Income can help you feel confident about your financial future. Explore seven income streams to help keep a $1m portfolio growing for years to come. Learn more. |
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ICYMI Here's everything that didn't make it into this week's newsletters but we immediately sent to the group chat.  Golfer Ben Griffin said the reason he got the shakes during a PGA event last week was due to a creatine overdose. Your golf buddy now has a new excuse for why he's never broken 100 at a muni.
Experts have identified the latest work trend as "job hugging," which is a consultant-approved way of saying people are holding onto their jobs for dear life. A healthy workforce is an equal mix of job side hugs and lingering embraces. A $25 million diamond that was stolen in Dubai was recovered by police a few hours later. When questioned, a suspicious-sounding Lorde told police, "I've never seen a diamond in the flesh." Denmark will put an end to its 25% value-added tax on books, the highest rate on books in the world, in an effort to get more people to read. Even at a nice discount, the Fifty Shades books still aren't worth it. An employment tribunal in the UK ruled that employees in their 20s and 30s talking too much to older co-workers is not age-based harassment. The judge found that the Gen Z employees were "bussin, no cap," and told the complainant that young people are "not your opps."—DL, MM |
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NEWS - National Guard troops patrolling in Washington, DC, as part of President Trump's crackdown on the city have been ordered to start carrying guns by Defense Secretary Pete Hegseth.
- A UN-backed group that's considered to be the world's authority on food crises said that Gaza City and the surrounding areas are experiencing a famine that will spread unless Israel's restrictions on aid are lifted. UN Chief António Guterres called it a "man-made disaster," but Israel rejected the finding as "an outright lie."
- Ghislaine Maxwell said she never saw Donald Trump behave inappropriately in transcripts of her recent meetings with Deputy Attorney General Todd Blanche, which were released by the Justice Department yesterday.
- A federal judge left the immigration detention center known as "Alligator Alcatraz" open for now, but ruled that due to environmental concerns, no new detainees could be brought in, no new construction could start, and construction changes must occur that could force it to shut down.
- Waymo got approval to start testing its self-driving vehicles in New York City.
- Ne Zha II, a Chinese animated film that has smashed global box-office records, opens in the US this weekend.
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COMMUNITY Last week, we asked, "What's a smell that immediately evokes a wave of nostalgia for you?" Here are some of our favorite responses: - "Oddly enough, the smell of diesel. The Disneyland trams used to use it. Reminds me of going to Disneyland as a kid. Carefree and having a magical day!"—Erica from Irvine, CA
- "The smell of canned tuna. When I was a little boy, I opened a can next to Little Grandma Lillian who chastised me for leaving little bits of tuna in the can. She was about 10 years old when the Great Depression upended her life, and any food waste was a crime to her. Tuna can smell = Little Grandma, who by the way always smelled like rose water."—Scott from Annapolis, MD
- "Not exactly nostalgic, but whenever I smell purple Gatorade it takes me back to swim practice when I was 10. I used to drink purple Gatorade as a way to delay having to do the swim practice, lol."—Maddy from Chicago
- "The smell of someone smoking a cig on the beach combined with sea air and suntan lotion. Memories of the '70s in Long Island."—Chris from Southold, NY
This week's question What teacher made the biggest impact on you and why? Sam's answer to get the juices flowing: "My fourth-grade teacher, Mr. S, taught me that adults could be cool, too. He shared his obsession with Ultimate Frisbee and heavy metal with the class, acted like our friend, and was an expert at making nine-year-olds crack up." Submit your response here. |
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PLAY Brew Crossword: Calling all former spelling bee champs. Today's crossword is for you. Open House Welcome to Open House, the only newsletter section that is looking for a tinier version of itself to put out back. We'll give you a few facts about a listing and you try to guess the price.  ZillowToday's quaint cottage is in Kingston, NY, where it sits peacefully on (no joke) Ruby Road. The home, originally built in 1984, has been updated in a grey-free style. Amenities include: - 3 beds, 2 baths
- Outdoor brick oven
- Lush landscaping to look at while you eat your wood-fired pizza
How much for the natural getaway? |
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ANSWER $569,900 Word of the Day Today's Word of the Day is: defray, meaning "to provide for the payment of." Thanks to Lisa from Vancouver for helping to cover us with the 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. |
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