|  | Nasdaq | 21,385.40 | |
| | S&P | 6,373.45 | |
| | Dow | 43,975.09 | |
|  | 10-Year | 4.273% | |
| | Bitcoin | $118,999.23 | |
| | Nvidia | $182.06 | |
| | Data is provided by |  |
*Stock data as of market close, cryptocurrency data as of 4:00am ET. Here's what these numbers mean. | - Markets: Yesterday was more like Meh-day on Wall Street, as the three major indexes closed down in anticipation of the consumer price index reading that's due out today, and on the news that China will receive a 90-day extension of its tariff truce with the US. While the latter may seem like it would be good news, the market doesn't love the lingering uncertainty.
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AUTO Sorry, Henry Ford, your company thinks it's time to overhaul the invention that turned you into a household name. Ford announced yesterday that it's taking a $5 billion gamble to revamp its iconic assembly line so that it can make cheap EVs and compete with Tesla and Chinese EV rivals. Instead of relying on a single conveyor, the Detroit automaker will construct EVs on a three-pronged "assembly tree"—an innovation the company likened to the Model T, aka the world's first mass-produced automobile. Workers on each of the three lines will assemble the back, middle, and front of the vehicle separately, after which they will be bolted together. Ford will also invest $2 billion to retool a Kentucky plant that currently makes gas-powered cars, where it'll use the manufacturing method to produce midsize EV pickup trucks priced at around $30,000 starting in 2027. The designed-from-scratch EV is a major pivot from Ford's current strategy of electrifying existing models, which has fallen flat with customers. Potential game changer Ford is betting the new production process—which was developed by a small Silicon Valley-based team led by Tesla veteran Alan Clarke—will save it time and money: - The company says it'll be 15% faster than its current assembly process, and will involve 20% fewer parts, as well as reduce physical strain for workers.
- The vehicles will be powered by the lithium-iron phosphate prismatic battery favored by Chinese EV-makers, which are 30% cheaper than the lithium batteries Ford currently uses. They'll be produced at a $3 billion Michigan battery plant that Ford is building.
Ford needs something new…because so far, its efforts to create cars that don't burn gas have been incinerating cash. The automaker lost $5.1 billion on EVs in 2024 and expects to lose more this year as its EV sales have been declining.—SK | | |
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Presented By Hypha Labs Studies show mushrooms can help relieve stress, depression, anxiety, PTSD, and even cancer symptoms, with little to no side effects. That's why the functional mushroom market is projected to reach $65b. But this gets even better for fungi enthusiasts and investors alike. A biotech company called Hypha Labs is making it possible to get those benefits from your kitchen countertop through their game-changing, patented micropearls. These micropearls are grown by their proprietary mushroom accelerator in just eight days and contain the exact same nutrients as mushrooms, but at a fraction of big pharma's costs. Plus, you can get an accelerator for free when you invest in the company. Shares are just $0.20 for a limited time. Click here to invest while shares are still available. |
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WORLD  President Trump ordered takeover of Washington, DC, police dept. and activated National Guard. In a press conference yesterday, Trump announced he was declaring a state of emergency in DC to remove homeless encampments and "take our capital back." Because said capital is a federal district in addition to being a city, Trump has the latitude to enact the plan, which included declaring a "crime emergency" in Washington, placing the Metropolitan Police Department under the control of Attorney General Pam Bondi, and directing Defense Secretary Pete Hegseth to activate 800 members of the National Guard. DC Mayor Muriel Bowser, a Democrat, said she would follow the law, but characterized the situation as a "so-called emergency," and noted that violent crime in the city has fallen since 2023, which the Justice Department confirmed in January of this year.
 Two people died in an explosion at a US Steel Plant. The incident occurred at the US Steel Clairton Coke Works plant in Clairton, PA, just before 11am ET yesterday. Two people were found dead, and 10 others were injured. Many of the injuries were non-life-threatening, according to Allegheny County Emergency Services. The explosion occurred inside a battery operating area of the plant and triggered several secondary explosions, according to officials. The cause of the incident is still under investigation. About 1,300 employees work at the Clairton site.
  Trump signed order extending tariff truce with China for 90 days. The executive order came down just hours before a key deadline, which is now November 9, and was expected following a third round of talks between US and Chinese officials in Stockholm in July. The two countries first reached a 90-day truce in May, at which time the US lowered its tariffs on China to 30% and China lowered its tariffs on the US to 10%, while also resuming exports of rare earth metals. This latest delay gives Trump a chance to meet with Putin, which he's scheduled to do this Friday, before taking action on China regarding its purchase of Russian oil. It also means the trade detente will be in place when Trump and Chinese President Xi Jinping are expected to attend the same international meeting in South Korea in October.—HVL
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MEDIA Skydance acquired exclusive US rights to stream UFC fights on Paramount+ with a seven-year deal valued at $7.7 billion in the company's first major move since a merger with Paramount that cost Stephen Colbert his job closed less than a week ago. That doubles what Disney has paid UFC annually to show fights on ESPN+ and signals the end of the pay-per-view model the mixed martial arts org had embraced for decades: - Under its current ESPN+ deal, which expires next year, fans need to pay for both the base monthly streaming subscription ($12) and additional PPV fees to watch the bigger events.
- Once the new partnership begins in 2026, fans of blood-soaked grappling will need only to pay $8–$13 per month for Paramount+, with zero additional costs, to see 13 marquee events and 30 "Fight Nights." Some fights will be simulcast on linear CBS.
Churn notice: UFC operates year-round with no offseason, which means UFC fans are less likely to cancel subscriptions compared to other sports fans. Per Nielsen, Paramount needs that boost, as its streamers accounted for a punchless 2% of TV viewing time in the US in June, trailing far behind Netflix (8.3%) and YouTube (12.8%). Stop, stop, cable is already dead: ESPN and Fox Sports revealed yesterday that all of their channels can be bundled together for one streaming price starting in October.—DL | | |
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LAW Finally, something to talk about with your quiet cousin who's always wearing a Phish shirt. President Trump confirmed in a press conference yesterday that his administration is looking into reclassifying marijuana from a Schedule 1 drug, a classification that includes substances like heroin, to a less dangerous category, like Schedule 3, which includes everything from hormones like testosterone to drugs like Tylenol with codeine. The US marijuana industry welcomed the possibility. Despite seeing rapid growth from legalization around the country, it still faces huge tax and financial barriers: - Under its current classification, dispensaries and other marijuana companies can't deduct business expenses from federal income taxes.
- They're also often shunned by traditional banks and credit card companies.
Playing politics: Last year, under the Biden administration, the DOJ said it would recommend reclassifying the drug, but nothing changed. In the past, Trump voiced his personal disinterest in weed, but donations from huge cannabis companies have reportedly been flooding his PAC. On Monday, he expressed ambivalence to reporters, saying of marijuana, "I've heard some pretty good things, but for other things, I've heard some pretty bad things." Zoom out: The nearly $80 billion industry could be supercharged by the change. Trump said he expects to decide on the issue in the next few weeks.—MM | | |
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STAT Horror movies are on track to claim a record share of the annual US box office. So far this year, they account for 14.4% of domestic ticket sales, breaking the previous high of 12.9% set in 2021, when Halloween and A Quiet Place Part II came out, according to Sherwood News's analysis of data from The Numbers. Sinners did a lot of the heavy lifting: ScreenRant said it is already the highest-grossing original movie of the 2020s. Now, Weapons is helping out. The horror mystery movie, released on August 8, garnered $42.5 million in its opening weekend, good for No. 1 at the US box office.—HVL |
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NEWS - Economist E.J. Antoni was nominated by President Trump to be the next commissioner of the Bureau of Labor Statistics.
- Colombia's Miguel Uribe Turbay, a conservative senator and presidential hopeful, died at age 39, more than two months after being shot at a campaign rally.
- The NFL wants to increase security at team and league facilities after a gunman targeted its headquarters in an NYC shooting in July.
- Kim Davis, a former Kentucky county clerk who refused to issue marriage licenses to gay couples, formally asked the Supreme Court to overturn its same-sex marriage decision.
- StubHub restarted the process of going public, which it plans to do in September, after previously pausing its efforts over concerns about how tariffs would impact the markets.
- Gold imports will not face tariffs, President Trump announced yesterday.
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RECS  Protect: Save yourself the layers of sunscreen and cover your arms in these cute sleeves.**
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PLAY Brew Mini: Even if you normally skip over the terms and conditions, we are confident you'll enjoy our crossword today by that name (but seriously, read the fine print). Play the Mini here. ______ & _____ trivia The answers to the following clues all take the form ___ & ___. - After 15+ years of a shrinking retail footprint, this retailer is opening more than 60 new locations this year.
- The IMDb description of this 2005 film begins, "When Elizabeth Bennet meets the handsome Mr. Darcy, she believes he is the last man she could ever marry…"
- This folk musical duo from Queens performed as Tom & Jerry in high school in the 1950s.
- It was the second-highest-grossing movie in the world last year.
- This ice cream shop based in Portland, OR, has a cult following and opened its first NYC location in 2024.
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ANSWER - Barnes & Noble
- Pride & Prejudice
- Simon & Garfunkel
- Deadpool & Wolverine
- Salt & Straw
Word of the Day Today's Word of the Day is: ambivalence, meaning "simultaneous, contradictory feelings about something." Thanks to David DeMarco from Cedar Bluff, AL, and many others, for getting off the fence and sending the suggestion. Submit another Word of the Day here. |
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✢ A Note From Hypha Labs This is a paid advertisement for Hypha Labs' Regulation A offering. Please read the offering circular at invest.hyphalabs.com. |
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