|  | Nasdaq | 20,916.55 | |
| | S&P | 6,299.19 | |
| | Dow | 44,111.74 | |
|  | 10-Year | 4.196% | |
| | Bitcoin | $113,887.31 | |
|  | Palantir | $173.27 | |
| | Data is provided by |  |
*Stock data as of market close, cryptocurrency data as of 5:00pm ET. Here's what these numbers mean. | - Markets: Stocks fell yesterday as investors ruminated on the latest torrent of tariff news and economic data. The mood was decidedly more upbeat in the Palantir boardroom after the data company named for the seeing stones in The Lord of the Rings exceeded $1 billion in quarterly revenue for the first time.
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FINANCE President Trump alleged that JPMorgan Chase and Bank of America—the two biggest banks in the US—refused to handle more than $1 billion of his money after his first term, the president said in an interview with CNBC yesterday. JPMorgan told CNBC that it did not target conservatives or Trump supporters for debanking; BofA declined CNBC's request for comment. Per the Wall Street Journal, Trump's claims could serve as the catalyst for an executive order as early as this week designed to punish the banking industry for allegedly discriminating against conservatives. Trump's accusations mimic outcries from crypto leaders that they have been "debanked" for political reasons and echo his recent attacks on universities and law firms for perceived slights. What's reportedly in the executive order? - The WSJ, which reviewed a draft of the order, said it doesn't name specific banks, but calls for investigations into whether any institutions violated laws and could result in fines.
- Bloomberg, citing a draft of the EO "being circulated among industry participants," said banks would be subjected to a 120-day review process to learn why they closed certain accounts.
Reputational risk Per Reuters, during the Biden administration, regulators were able to ask banks why they were providing services to Trump in spite of the "reputational risk" issue, which is a way for banks to turn away customers or entities who could hurt the bank's image. In June, the Federal Reserve instructed supervisors not to assess reputational risk on their bank exams, eliminating a legal avenue for turning away clientele. Thus, this is one area where Trump and the banks now appear aligned: - "We don't close accounts for political reasons, and we agree with President Trump that regulatory change is desperately needed," a JPMorgan spokeswoman said.
- Bank of America CEO Brian Moynihan said Trump is "after the right thing, which is the laws, rules, and regulations around our industry."
Zoom out: While banks legally can't say "your money is no good here" because of political affiliation, they can say it if, for instance, someone has been convicted of fraud. Or they could reject a client in crypto because the industry has a higher likelihood of money laundering. The upcoming executive order, however, could change all of that.—DL | | |
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Presented By Toast Need ways to fill the cup for your restaurant or brick-and-mortar business? Toast has you covered. They created a Data by Toast hub to help keep you updated on all the latest trends. Maybe you're wondering which meal is seeing surges in delivery popularity. Or perhaps you're curious what cocktails people are currently loving (our guess would be a summer spritz). Toast can tell you all that and more. Check out the data hub to see monthly menu price monitoring and reports on topics like: - how to build a restaurant team that stays
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- why olive oil is so expensive
With your cup full of those insights, you can make more informed choices that keep your customers happy (and coming back). Dive into the data. |
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WORLD  Scott Bessent will not be the next Fed chair. That is according to President Trump, who ruled out nominating the US Treasury secretary to be the next central bank leader because "he wants to stay where he is." Bessent, who's taken an active role in defending Trump's trade policies, had been widely floated as a potential replacement for current Fed Chair Jerome Powell, whose term ends next year (and whom Trump has repeatedly threatened to fire for not lowering interest rates). Other contenders for the job reportedly include Trump-appointed Fed Governor Christopher Waller, National Economic Council Director Kevin Hassett, and former Fed official Kevin Harsh. "Both Kevins are very good," Trump told CNBC.
 Trump says pharma tariffs could be as high as 250%. The president revealed that he plans to formally announce tariffs on the pharmaceutical industry "within the next week or so" in an attempt to force drug manufacturing to the US, he told CNBC yesterday. It would start with a "small" tariff, Trump said, before rising to 150% in a year to a year and a half, and eventually to 250%. Pharma companies have argued that tariffs could drive up costs and threaten their ability to fund research for new medicines. Trump also said he will soon unveil tariffs on semiconductors, most of which are made in Taiwan.
 Google's new AI model can generate 3D worlds in real time. According to the tech giant, its Genie 3 model can create interactive virtual worlds at 24 frames per second for up to a few minutes—significantly longer than previous versions. Google says the model is a key step toward achieving AGI (artificial general intelligence, aka humanlike intelligence) because it will allow the company to train AI agents in its simulated environments. For instance, AI-powered robots could be taught how to navigate a warehouse using its 3D replica, which uses realistic physics. However, Google cautioned that Genie 3 is still being researched and is not yet available to the public.—AE
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INVESTIGATIONS Following a two-year investigation, the US Coast Guard released a 335-page report this week on the 2023 OceanGate Titan sub implosion that killed five people, including CEO Stockton Rush. The report concluded that the disaster was preventable, noting that the company cut so many corners and skirted countless safety protocols that it would have led to a criminal investigation into Rush if he were still alive. The Coast Guard found that, from the start, the submersible's design was flawed and used questionable materials. Some other red flags: - Rush refused to put the sub through a voluntary certification process, saying it would stifle innovation.
- OceanGate's former director of marine operations was fired days after reporting concerns about the sub's carbon fiber hull in 2018.
- The sub's passengers were classified as "mission specialists" to avoid small passenger vessel regulations.
- OceanGate attempted to train sub pilots in a single day.
- The vessel was stored in an outdoor parking lot in Canada over the winter to save money.
That's not all. The report details the company's toxic work environment, which included firing and threatening to fire staffers for raising safety issues.—MM | | |
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From The Crew Can we trust AI? As AI increasingly powers critical decisions in finance, infrastructure, and beyond, understanding how these systems arrive at their conclusions becomes crucial. Download our in-depth guide to understand AI accountability and learn how to build transparency into your AI systems. |
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AUTO EV-pickup-maker Rivian is suing Ohio for the right to not rely on third-party experts in convincing you that your self-worth is derived from what you drive car dealers. Rivian argued in a lawsuit filed against the Ohio Motor Vehicle Registrar that a 2014 law, which bans direct-to-consumer car sales in the state, serves dealers' interests while driving up costs and inconveniencing Ohioans, who are forced to order cars from the company's out-of-state dealerships. Rivian also claims that the law gives rival Tesla, which has three showrooms in the state, an unfair exemption. What's the point of pro dealers? As of 2021, at least 17 states explicitly banned automakers from selling their own vehicles: - The rules stem from concerns about automotive giants like Ford and GM gaining too much power through vertical monopolies. The dealership model allowed carmakers to focus on making cars rather than hawking them.
- But the Justice Department found in 2009 that allowing direct sales could help automakers reduce costs and lower car prices.
Ohio is just one battleground…with Tesla having successfully lobbied state lawmakers across the country to pass laws allowing it to sell directly to customers or use workarounds like operating showrooms but making customers order cars online. Last year, Rivian and fellow EV-maker Lucid Motors defeated a lawsuit by Illinois autodealers that attempted to prevent them from selling their own cars.—SK | | |
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STAT Illinois now has something new to boast about besides being the state where Abe Lincoln got really into top hats. It became the first US state to regulate AI mental health services this week when Gov. JB Pritzker signed a law banning AI therapy. The law forbids chatbots from acting as therapists and limits how human mental health professionals can use AI to aid their work. Companies face up to $10,000 in fines if they violate the law. The move comes as ChatGPT users—particularly younger ones—increasingly turn to the app for what amounts to free therapy. OpenAI recently made updates to its model to encourage users to use ChatGPT in a healthier way.—AE |
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NEWS - Israeli Prime Minister Benjamin Netanyahu is reportedly considering ordering a full occupation of Gaza, despite objections from some military leaders and opposition from the public.
- Tesla sales in the UK and Germany tanked by nearly 60% last month, while sales for rival BYD soared by 400% in the UK and 390% in Germany.
- US Transportation Secretary Sean Duffy, who is also the interim head of NASA, is set to announce plans to build a nuclear reactor on the moon, Politico reported.
- Linda Yaccarino, who stepped down as CEO of X in July, was named the new chief executive of telehealth company eMed.
- Sonos admitted that a "very low" number of customers have complained that their Roam speakers overheated and melted near the USB-C port.
- Yum Brands failed to meet Wall Street's quarterly revenue expectations following a recent shakeup in leadership and the fading cultural relevance of combination Pizza Hut-Taco Bells.
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RECS  Listen: Ad-free ambient music for sleeping, studying, or relaxing.
Read: A musical about the viral Olympic breakdancer Raygun is the talk of Edinburgh Festival Fringe. Log off: Advice on how to cut back on phone time. Watch: Brew Markets spoke with Shark Tank's Kevin O'Leary about the AI wars, energy, and the future of TikTok. Extra income while you work: If your goal is to make some extra cash, FinanceBuzz can help. Want to make money from home, online, or out and about? Check out these easy money-making ideas.* *A message from our sponsor. |
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PLAY Word Search: You'll need to get up close and personal to complete today's puzzle. Try it here. TV family trivia The Netflix show Wednesday, based on Wednesday Addams of the Addams family, returns for its second season today. Let's see how well you know other television families: We'll give you the last name of a family, and you have to name the show. - The Bluths
- The Tanners
- The Taylors (three options)
- The Griffins
- The Cleavers
- The Cranes
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ANSWER - Arrested Development
- Full House
- Friday Night Lights, Home Improvement, and The Andy Griffith Show
- Family Guy
- Leave It to Beaver
- Frasier
Word of the Day Today's Word of the Day is: slights, meaning "insults or humiliating discourtesies." Thanks to Victor from Bar Harbor, ME, for the suggestion. Submit another Word of the Day here. |
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